Following the likes of Tencent, Alibaba, and Xiaomi, Chinese multinational electronics company TCL plans to restructure its business through the sale of nine subsidiaries, pivoting away from consumer electronics and focusing on enterprises.

The Chinese veteran tech company released an official restructuring plan over the weekend, announcing plans to sell its stake in nine mostly consumer-facing appliance businesses to Guangdong-based TCL Industries Holdings, which was set up in September.

The company told TechNode that it would focus on semiconductors and displays as its core business, with an emphasis on research and development of the next generation of display technology and materials.

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Jill Shen

Jill Shen is Shanghai-based technology reporter. She covers Chinese mobility, autonomous vehicles, and electric cars. Connect with her via e-mail: jill.shen@technode.com or Twitter: @yushan_shen