The 110-year-old company, however, will open its doors again soon -- this time under the ownership of TCL Group, a Chinese electronic appliance company.

More and more Chinese companies are setting their sights on overseas markets, particularly companies with lucrative potential.

"In some acquisitions involving big money, we will see Chinese contenders," said Todd Marin, a senior JP Morgan Chase official.

Prior to this latest acquisition by TCL, Chinese telecommunications company East Communications became the largest shareholder of US-based Inter Wave communication company, taking over six million shares through its wholly-owned subsidiary EastCom based in the United States.

Last October, Meidi Group, headquartered in south China's Guangdong Province, bought the microwave oven parts company of Japanese Sanyo Electric.

Early this year, Sinopec and CNOOC (China National Offshore Oil Corp.), the two largest oil companies in China, purchased oil and gas fields in Indonesia to increase their overseas reserves.

Successful Chinese companies have set their aims on foreign companies able to compete internationally.

TCL's annual sales hit over US$2.5 billion last year, and it has set up branches in Southeast Asia, the United States and Russia.

However, analysts say acquisitions by Chinese companies is just at a trial stage, and most have a long way to go to defy old-line multinationals.

(Xinhua News Agency September 30, 2002)