Jul. 28, 2010 (China Knowledge) - TPV Technology Ltd<0903> declined to comment on the reports that the Hong Kong-listed firm will take over the LCD TV business in the Chinese market from Royal Philips Electronics, according to a non-executive director of TPV Technology.
 
Reports said that the two partners has inked a letter of intent, under which TPV Technology will have the rights to use the Philips brand in its TV products as well as the latter firm's related patent rights, employees, clients and inventories.
 
Recognized as one of the leading original equipment manufacturers or OEMs of LCD TVs, TPV Technology, does not perform well and expects to drive growth of its own brand AOC by taking advantage of the Philips brand, said analyst.

In the first quarter of this year, TPV Technology reaped US$2.39 billion in operating revenue, reflecting a year-on-year increase of 72.9%, and its net profit skyrocketed 170% to US$40.2 million.