FOURTCL Takes Over ThomsonLi Dongsheng’s Normandy*

For China to become a strong nation, we must have our own global companies. We dare to be the first to eat crab. Without the courage to become martyrs, we cannot be pioneers.**

—Li Dongsheng, Chairman of TCL, on being named one of the top ten economic personalities by China Central Television in 2004

EARLY IN JULY 2006, Li Dongsheng faced one of the toughest decisions in his 24-year career. The chairman of TCL International Holdings had just read a financial assessment by the consulting firm McKinsey & Company of TCL’s European affiliate, TTE Europe SAS. TTE Europe had lost €60 million the previous year and was now projected to lose another €200 million. The McKinsey report did not pull its punches: ...

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