China-based Baofeng Technology is forming a joint venture to create a new line of smart televisions.
Baofeng will establish a joint venture together with RRS, Aofei Animation and 3nod Digital Group, and the first product of this JV will be Baofeng TV.
According to the JV enterprise agreement, RRS will provide logistics, post-sales, and channel resources to Baofeng TV. Meanwhile, RRS' 30,000 experience stores and 17,000 community service centers will provide support to Baofeng TV. The capitalization amount and share allocation breakdown were not made public by the companies involved in the JV.
Founded in September 2000, RRS is a Hong Kong-listed subsidiary of Haier Group. The company is mainly engaged in comprehensive channel service business for Haier-branded and non-Haier-branded home appliances products.
Liu Yaoping will be appointed chief executive officer of this new JV. Liu once served as vice president of TV division of Skyworth Group.