On January 16, 2009, IBM has made a strategic investment of approximately 108 million RMB (US$15.79 million; US$1=6.84 RMB) in Chinese consumer electronics and plasma display panel maker Sichuan Changhong Electric, Caijing of China reported on January 17. Previously IBM did not own any stake in Sichuan Changhong. Acting through a Chinese unit, IBM acquired a 1.56% stake - around 29.57 million shares - in the company from the Changhong Group, which remains the largest stakeholder of Sichuan Changhong with a stake of 29.08%. Through this transaction, IBM has become the second largest stakeholder of Sichuan Changhong. Further details have not been disclosed.