Tonly Holdings (stock code: 1249 ; the spun-out company from TCL Multimedia) is principally involved the OEM and ODM businesses in relation to audio visual products (AV Products), such as DVD players, blue-ray disc players, audio products, etc., for international brands.
Prior to the spin-off, Tonly Holdings was a wholly owned subsidiary of TCL Multimedia (1070).
In order to satisfy PN15 of the Listing Rules (i.e. a clear business delineation is required for spin-offs), TCL Corporation, TCL Industries and TCL Multimedia (Parents to 1249) have undertaken NOT to engage in the manufacture and sale of AV Products (businesses of 1249).
From this particular precedent, it is clear that the requirement for business delineation of 1249 and its parent was fulfilled at the time by delineation of finished products.