TCL was established in 1981 as TTK Home Appliances and was one of China’s first joint venture companies. TCL started out producing magnetic tape and eventually expanded the business to smart terminal production, semiconductor displays, photovoltaic energy, industrial finance and investment. TCL has established 48 research centres and development (R&D) organizations and 32 manufacturing bases globally and operates in 160 countries and regions worldwide. In 2019, TCL split into TCL Technology and TCL Industries. TCL Technology focuses on the semiconductor display and materials industry. TCL Industries focuses on smart terminal products and services. In 2022, TCL invested RMB14 billion in R&D.