Leading TV manufacturers in China and France have announced they'll set up a joint venture in Shenzhen, the neighbouring city of Hong Kong.

TCL-Thompson Electronics or TTE is jointly funded by China's  Group and French  Company. It is the world's largest TV company. CRIENGLISH.com reported Friday.

The new company has a production capacity of 18 and a half million TV sets per year, and all of them will be sold under the well-known brands of TCL, Thomson and RCA.

The new company's total assets are valued at 518 million US dollars. TCL International holds a 67 percent stake, with Thomson holding the remaining 33 percent.

Source: CRIENGLISH.com