On 18 September, TCL announced that China Securities Regulatory Commission (CSRC) unconditionally approved its application for acquiring assets and raising funds by issuing shares and convertible bonds and paying in cash.

TCL plans to issue shares and convertible bonds and pay in cash to acquire 39.95% equities of Wuhan Huaxing held by Wuhan Optics Valley Industrial Investment. Meanwhile, TCL will raise supporting funds of no more than RMB2.6 billion (USD0.38 billion) by issuing private convertible bonds.

According to publicly available information, Wuhan Huaxing set up in May 2014 is mainly engaged in development and operation of t3 project. With a total investment of RMB16 billion (USD2.37 billion), the project producing displays of high-end smart phones and portable PCs is the largest LTPS single factory in the world.