TCL Industries Holdings Co., Ltd. signed an agreement to acquire TCL Financial Holdings (Guangzhou) Group Co., Ltd from TCL Technology Group Corporation (SZSE:000100) for CNY 2.6 billion recently. Within 40 days from the agreement effective date, TCL Industries Holdings Co., Ltd. must pay 51% of the transfer price and within 2 years from the agreement effective date, TCL Industries Holdings Co., Ltd. must pay 49% of the transfer price. TCL Financial Holdings (Guangzhou) Group Co., Ltd. reported total assets of CNY 6.23 billion and net assets of CNY 2.57 billion as at December 31, 2020.

TCL Financial Holdings (Guangzhou) Group Co., Ltd. reported revenues of CNY 361.3 million and net profit of CNY 146.15 million in 2020. The transaction is subject to approval of shareholder of TCL Technology Group Corporation. The transaction has been approved by Board of Directors of TCL Technology Group Corporation.

The transfer must be completed no later than June 30, 2021.