Following a reorganization that began in 2018 and ended last year, Chinese electronics giant TCL Corp. plans to rename itself TCL Technology Group Corp. and change its stock abbreviation to TCL TECH from TCL CORP., the company said Monday.
Once a leader in China’s consumer electronics market, the Shenzhen-listed company needs a name change with its new focus on technology after a spinoff of its smartphone business last year, TCL said (link in Chinese). The company pledged to narrow its current diversified business and become more specialized in semiconductor display panels and materials, where the new name TCL Tech would more precisely convey its strategic positioning.
Sources close to TCL founder and Chairman Li Dongcheng told Caixin the new name also would over the possibility of the company extending its business into more tech-related fields besides display panels.
The proposal was approved by the company’s board of directors and is yet to be reviewed and cleared by a general meeting of shareholders.
TCL, which used to make and sell BlackBerry and Alcatel smartphones along with household appliances, in April said it finished a reorganization plan to spin off most of its consumer product businesses. The company transformed itself from a hybrid company to one purely focused on display panels and accompanying microchips.
Contact reporter Isabelle Li (firstname.lastname@example.org)