Kong-listed unit would acquire Alcatel's 45 per cent stake in their mobile-phone joint venture for consideration of HK$63.34 million ($8.1 million) worth of TCL Communication shares. In June 2007, TCL announced that its mobile phone division planned to cease using the Alcatel brand and switch entirely to the TCL brand within five years. In April 2008, Samsung Electronics announced that it would be outsourcing the production of some LCD TV modules to TCL. In July 2008, TCL announced that it planned to raise 1.7 billion yuan ($249 million) via a share placement on the Shenzhen Stock Exchange to fund the construction of two production lines for LCD televisions; one for screens of up to 42 inches, and the other for screens of up to 56 inches. TCL sold a total of 4.18 million LCD TV sets in 2008, more than triple the number during 2007. In January 2009, TCL announced plans to double its LCD TV production capacity to 10 million units by the end of 2009. In November 2009, TCL announced that it had formed a joint-venture with the Shenzhen government to construct an 8.5-generation thin film transistor-liquid crystal display production facility in the city at a cost of $3.9 billion. In March 2010, TCL Multimedia raised HK$525 million through the sale of shares on the Hong Kong Stock Exchange, in order to fund the development of its LCD and LED businesses and to generate working capital. In May 2011, TCL launched the China Smart Multimedia Terminal Technology Association in partnership with Hisense Electric Co. and Sichuan Changhong Electric Co., with the aim of helping to establish industry standards for smart televisions. In January 2013, TCL bought the naming rights for Grauman's Chinese Theatre for $5 million. In 2014, TCL changed the meaning of its identifying initials from "Telephone Communication Limited" to a branding slogan, "The Creative Life", for commercial purposes. In February 2014, TCL spent 280 million RMB to purchase 11 percent shareholdings of Tianjin 712 Communication & Broadcasting Co., Ltd, a Chinese military-owned company which produces communication devices and navigation systems for the Chinese army. In August 2014, TCL partnered with Roku for use as TCL's primary Smart TV platform. TCL Corporation and Tonly Electronics was implicated in bribing a government official in Guangdong province in exchange for government subsidies. In October 2014, TCL acquired the Palm brand from HP for use on smartphones. In 2016, TCL