Last night, TCL group release clarification announcement, deny TCL investment of xinjiang energy company will investment in the development of the world\’s biggest rare-earth ore. TCL says that its TCL xinjiang energy companies have not obtained the exploration and mining license, with at least 3 months rare-earth ore mining not planning.

Cooperation is built xinjiang industrial park
Media reports said the, TCL xinjiang energy Co., LTD. Has reached a preliminary agreement with the local government in the near future, will sign the opportune time to invest and develop the world largest rare-earth ore – BaiChengXian in south xinjiang nb-ta mineral super rare metals, predicting ta-nb mineral resources reserves exceed 10 million tons of tantalite reserves, more than 1 million tons, plus other rare comples of rare earth metals.

TCL clarify says, TCL group really signed with urumqi economic and technological development zone framework agreement, but cooperation content is construction \”TCL xinjiang industrial park project\”, plans to LCD color TV production as a starting point, the first construction 3 LCD/LED LCD color TV production line, with an annual output of 100 million products. Based on the long-term development in xinjiang later, gradually built home appliance manufacturing and logistics distribution for the integration of industrial park.

Have not obtained the mining license
Although TCL denies plans to invest to develop rare earth ore, but \”TCL xinjiang energy Co., LTD\” do exist. The company on 1 April this year was formally established. TCL group of huizhou TCL venture investment wholly owned subsidiary of the capital is 13 million yuan of registered capital (65%).

TCL group, says the TCL xinjiang energy Co., LTD have not obtained the prospecting license and the mining license, at present the company each work is still in the prophase preparation stage. Xinjiang TCL energy Co., LTD also promised to at least three months not planning this matters.
Since this year, rare earth plate, following oil&gas boom again after the development of rare earth, including Tibet with rare earth \”in the stock market mingguo\” chase after hold in both hands. Rumors of rare-earth ore TCL investment after all, TCL shares out this month, surging dramatically since more than 30% rise has.

Sales growth but net profit decline is mainly due to the company greatly losses of multimedia. 2010 company multimedia 12 to 235 billion yuan decline, LCD sales rose 11%, obviously lower than domestic industry growth; Overseas down 4%, largely due to the north American business restructuring and strategy OEM (OEM) customer structure adjustment cause.

Meanwhile, the company strategy produce deviation, intelligent TV as a business priorities, LED TV development behind rivals, missed the market opportunities; At the same time the company CCFL LCD TV inventory is overmuch, product price plunged bring large losses. Company LCD TV sales in 2010 for 746.4 million, year-on-year drop 11%, make annual performance losses not 9 billion yuan.

Although the company mobile communication industry and household appliance industry revenue year-on-year rate of increase in 2010 for 98% and 44%, but both in its three-year advocate business wu income than only 15% of and 9%. Instead, accounts for the logistics and services than 21% year-on-year revenue growth in 2010 to 108 billion yuan. 39
In fact, save TCL group in annual losses from the crucial, total more than $10 billion in subsidies, this subsidy amount income than 2.4 billion yuan in 2009 to soar 400%. Among them, the huimin engineering energy subsidies is 260 million yuan, technology fund 130 million yuan, high generation LCD panel program subsidies than 480 million yuan, annual 2009 an increase. And new projects of high generation LCD panel BuTieKuan also account for nearly all subsidies income half.

Notable is, 2010 company monetary fund for 259 billion yuan a year earlier, while only 96 billion yuan, for monetary fund increase, the company says, is \”directed explain photoelectric seo, ca endowment minority shareholders of the subsidiary deposit and pledge loan business increase\” causes.
Previously, TCL group and shenzhen state-owned enterprise of deep super straight technology to create 8.5 generation LCD panel production line, A total investment of 245 billion yuan, including 220 million yuan in fixed asset investment, the rest of the 25 million yuan for liquidity, in previous 100 million yuan of registered capital, deep super company and TCL group each contribution for 50 billion yuan, in 2010, TCL group launched the total scale of no more than 50 billion yuan A share directional additional share-sale plans.

Although TCL group said in August 2011, expected production trial 8.5 generation LCD panel production line project progress rapidly, it will help the long-term stable development of multimedia services. But who wills calculate a bill from the syndicated loan, its annual look at 4%, interest arithmetic mean according to the proportion of capital contribution of the TCL group and subsidiary of ca syndicated loan calculation, photoelectric 2011 TCL group only in 8.5 generation line on the syndicated loan shall assume 3 billion yuan, which directly the interest expenses of the 2010 annual profits swallowed up. The multimedia business if not turning the tide of battle in 2011, will face an enormous financial risk.

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