Hisense eyes big growth in overseas market

Oct. 23, 2009 (China Knowledge) - Hisense Electric Co Ltd<600060>, a major TV manufacturer and the largest flat panel display maker in China, expects its overseas sales to grow by 300% over the next three years and to account for nearly 40% for its total sales compare with the current 20%, said Chairman Zhou Houjian, the China Daily reported.

The company expects that overseas sales will contribute to the majority of the total, Zhou said during the company's 40th anniversary ceremony at its global headquarters in Qingdao, Shandong Province.

The U.S. will be the company's main focus, and it plans to enter the U.S. market next year, according to the report.

The electronics goods maker also aims to become a leader in the international market in the next five years and will expand into emerging markets, including Australia, Africa, South America and Southeast Asia.

Sales from Australia and North America increased by 162% and 110% respectively from a year earlier, said Zhou.

During the first nine months of the year, Qingdao-based Hisense has seen its sales and profits grow by 19.6% and 135%, respectively, and overseas sales increase by 16.28%.