China-based TV maker Changhong Electric's attempt to raise 2.8 billion yuan (US$383 million) by issuing new shares for its PDP (plasma display panel) project was recently rejected by the China Securities Regulatory Commission, according to a recent report from the Chinese-language website Sina.com.

Changhong highlighted the rejection will not affect the company's development of PDP. The company will still follow its original schedule with its plant to kick off operations in November 2008, said the report.

Another report from Sina.com indicated that the China-based company will commence its OLED panel production in the second half of 2008. Chunghong's OLED panel will target the handset market, pointed out the paper.