TCL Corp won approval from the China Securities Regulatory Commission to sell as many as 1.5 billion shares to raise 5 billion yuan (US$732 million) via a private placement to fund its 8.5-generation LCD production in Shenzhen.

Chairman Li Dongsheng will invest 250 million yuan to 400 million yuan as a strategy investor.

The plant will be put into trial operation in August and mass output will start in the fourth quarter. It will start full operation in December 2012 and be able to produce 120,000 panels and 17.5 million LCD panels.