Schneider Company, one of the last remaining TV set manufacturers
in Germany, announced its bankruptcy early this year.
The 110-year-old company, however, will open its doors again soon
-- this time under the ownership of TCL Group, a Chinese electronic
appliance company.
More and more Chinese companies are setting their sights on
overseas markets, particularly companies with lucrative
potential.
"In some acquisitions involving big money, we will see Chinese
contenders," said Todd Marin, a senior JP Morgan Chase
official.
Prior to this latest acquisition by TCL, Chinese telecommunications
company East Communications became the largest shareholder of
US-based Inter Wave communication company, taking over six million
shares through its wholly-owned subsidiary EastCom based in the
United States.
Last October, Meidi Group, headquartered in south China's Guangdong
Province, bought the microwave oven parts company of Japanese Sanyo
Electric.
Early this year, Sinopec and CNOOC (China National Offshore Oil
Corp.), the two largest oil companies in China, purchased oil and
gas fields in Indonesia to increase their overseas reserves.
Successful Chinese companies have set their aims on foreign
companies able to compete internationally.
TCL's annual sales hit over US$2.5 billion last year, and it has
set up branches in Southeast Asia, the United States and
Russia.
However, analysts say acquisitions by Chinese companies is just at
a trial stage, and most have a long way to go to defy old-line
multinationals.
(Xinhua News
Agency September 30, 2002)