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TCL Multimedia Technology's shares jumped as much as 11 per cent in a single day when the company resumed trading in Hong Kong's stock market yesterday after announcing the closure of its loss-making businesses in Europe.

The shares of the listed arm of the world's largest TV maker TCL traded at HK$0.82 at its peak before retreating slightly to HK$0.81 and ending the day with a 9.46 per cent gain.

"Shares of TCL Multimedia Technology jumped as investors welcomed its move... ," Fulbright Securities General Manager Francis Lun said.

Shanghai-based Haitong Securities analyst Gu Qing said: "The market for a long time had been expecting the company to reconstruct its operations in Europe... it's not too late for it to cut its wrist to save its life."

Trading in TCL Multimedia Technology's shares was suspended from October 27 as the company planned to wind up its loss-making operations in Europe.

The much-awaited announcement came after the company reported a net loss of HK$1.52 billion during its first nine months of operation in Europe. It will close down most of its European TV manufacturing operations and return the Thomson trademark to the French video-technology giant of the same name.

"The nine-month loss was entirely because of the European operation and was originally part of a joint venture with Thomson," TCL Multimedia Technology Chairman Li Dongsheng said. "There were a few options for us to reconstruct this loss-making business but we finally chose to transform its business model."

Except for OEM, or original equipment manufacturing business, the Huizhou-based company will stop all its sales and marketing activities in Europe. It is also expected to cut jobs later and sell off part of its assets and inventories in TTE Europe, TCL's joint venture with Thomson.

ICBC East Asia described the company's overhaul as a "positive move". But the lender did not expect TCL's shares to rise significantly in the short term.

The restructuring helped the company eliminate potential operating risks arising out of its European businesses while allowing it to concentrate further on China's market, which was expected to provide it with the much needed cash flow, said Goldman Sachs in its latest report.

TCL estimates the cost of the restructuring to be about HK$450 million, most of which would be used to pay off laid-off workers. "The restructuring will lay a foundation for us to make profit in Europe before 2008," Li said.

The company had earlier said that its worldwide revenue would decline in 2007 but rebound in 2008 as its new business model in Europe would help cut its operating costs.