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China's TCL to invest 35B yuan in display facility

TCL Corp., a Chinese electronics company, intends to invest about 35 billion Chinese yuan in a facility for display panel production, Reuters reported March 31, citing a Shenzhen Stock Exchange filing.

The plan is reportedly fueled by growing local demand for smartphones and tablets.

Guangdong-based TCL is eyeing the central city of Wuhan for the plant, according to the report.

The company is awaiting government approval.

As of March 31, US$1 is equivalent to 6.89 Chinese yuan.