Xiamen Overseas Chinese Electronics Corporation (XOCECO), the majority owner of Xiamen Overseas Chinese Electronics Company, is negotiating with Taiwan-based Chunghwa Picture Tubes Company, the fifth largest LCD manufacturer in the world, on selling part of XOCECO's stake to Chunghwa.
XOCECO had achieved only CNY15.07 million net profit in the first half of the year and is in great need of funds for further development.
XOCECO currently holds 58.27% of the company's shares. Xiamen Overseas Chinese Electronics Company is mainly engaged in color TV and monitor production.
Local media report that due to inadequate management at each of XOCECO's affiliates, XOCECO has been troubled by a lack of operational funds in recent years.
