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This is a Simplified Chinese version. This is part of a case series. This case describes how Chinese businessman Li Dongsheng transforms a new, local television manufacturer (TCL) into an emerging global player. TCL became a majority stakeholder in a joint venture with the French company, Thomson. However, the integration did not produce the expected financial results. Technology, legislation and competition were simultaneously disrupting the industry. The newly established company experienced significant losses in both North America and Europe that threatened its survival. The focus is on the details of the joint venture, turnaround efforts and the tough decisions Dongsheng had to make regarding the future of the new entity. Participants are challenged to propose and evaluate various solutions, given the context of the case.