Sharp announced on October 17 that its joint venture in China with Panda, Nanjing Sharp Electronics, will be turned into a wholly owned subsidiary by buying Panda's remaining stake of 8.72% for approximately US$10 million. The subsidiary will primarily focus on the production of LCD televisions for the Chinese market. The joint venture, which was established in 1996, manufactured consumer electronics products and sold high-end televisions and audio equipment.