Finance
China’s Hisense aims to become the No. 1 TV company in the U.S within 2 years
TV screens show global hit video game “Black Myth: Wukong” at Hisense booth during the IFA Berlin 2024 on September 6, 2024 in Berlin, Germany.
China News Service | China News Service | Getty Images
BEIJING — Chinese home appliance company Hisense aims to become the No. 1 seller of television sets in the U.S. in about two years, Catherine Fang, president of Hisense International, told CNBC in an exclusive interview Monday.
In its bid to boost its brand in the U.S., the company last week became the first official partner of the FIFA Club World Cup that’ll kick off in Miami in June 2025. FIFA President Gianni Infantino, FIFA Secretary General Mattias Grafström, and Hisense Group Chairman Jia Shaoqian attended an event in Shanghai on Oct. 30 to mark the partnership.
“We hope through this sponsorship we can increase our market share,” Fang said in Mandarin, translated by CNBC. Sports events can burnish Hisense’s image as a premium brand, she added.
The company’s newest TVs use an in-house artificial intelligence chip to improve image rendering, Fang said, noting plans to increase the use of AI for improving audio quality, or providing athlete stats via voice command. The company was not immediately able to share to what extent those features were available on TV sets in the U.S.
Hisense’s 55-inch U8 TV series starts at around $700 in the U.S., while the 100-inch version costs around $3,000 or more.
In the second quarter, the company shipped the second highest number of TV sets in North America, behind Samsung, according to research firm Counterpoint.
“Hisense and TCL, which have been focusing on normal LCD TVs, are trying to increase their market share by strengthening their advanced TV portfolios such as QD-LCD and Mini LED LCD,” Counterpoint said.
Hisense also sells home appliances such as refrigerators and washing machines, often called white goods.
Fang said the company aims to become the top Chinese brand of such white goods in North America, also in roughly the next two years.
While China-based companies have been eyeing overseas markets relatively recently as growth at home slows, Hisense has built up its global business over several decades.
Hisense generates half of its revenue outside China, with North America accounting for about 30% of its overseas sales, Fang said.
It appears T. Rowe Price is benefitting from the record growth in actively managed exchange traded funds.
Tim Coyne, the firm’s head of ETFs, reports the firm is seeing significant growth in the area — listing the T. Rowe Price Capital Appreciation Equity ETF (TCAF) and T. Rowe Price U.S. Equity Research ETF (TSPA) as two established strategies that can satisfy investor demand.
“I think having that professionally managed portfolio is really beneficial to clients,” Coyne told CNBC’s “ETF Edge” this week. “We’re seeing just… greater volatility [and] uncertainty across both the equity and fixed income markets.“
According to Coyne, the T. Rowe Price Capital Appreciation Equity ETF suits investors who are looking for long-term growth.
“The objective of the fund is to outperform the S&P 500 with lower volatility and greater tax efficiency,” he said. “It’s also a more concentrated portfolio, typically holding around a hundred names.”
As of April 24, the fund’s top holdings include Microsoft, Amazon, and Apple according to the T. Rowe Price website. But it’s not all Big Tech. The ETF also features smaller positions in companies like Becton Dickinson and Roper Technologies.
The T. Rowe Price Capital Appreciation Equity ETF is down about 5% so far this year while the S&P 500 is off about 7% However, the ETF is up close to 8% over the past year — roughly identical to the S&P 500’s performance.
Coyne notes the T. Rowe Price U.S. Equity Research ETF follows a similar strategy, but with a heavier weighting in top tech stocks.
“This is more of a large-cap growth product [T Rowe Price U.S. Equity Research ETF],” he said. “There are components of characteristics of both passive and active here. This fund is actually managed by our North American directors of research. So again, strong fundamental research is going into the stock selection.”
Both the T. Rowe Price U.S. Equity Research ETF and S&P 500 are down around 7% since the beginning of the year. Meanwhile, the fund is up almost 9% over the past year. That’s less than one percent better than the S&P 500’s performance.
T. Rowe Price U.S. Equity Research ETF vs. S&P 500
‘Some form of bear market’
Strategas Securities’ Todd Sohn thinks investment demand for active managers will continue to be strong.
“This is the type of the environment where it [active management] can actually shine,” the firm’s senior ETF and technical strategist said. “We are in some form of bear market. This is where the active manager really can come into hand and offer their solution they are doing right.”
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