Nanjing Panda Electronics Co plans to halve its accounts receivable by the end of the year despite plans for another 100 TV sales outlets. The company also is considering taking a 40 per cent stake in a US$10 million joint venture with a US company to make coaxal cables for home information services. President Lu Rongchang said the TV manufacturer would then have a total of 500 sales counters across China in a drive to fend off competition in a price-cutting war. China's largest colour TV maker, Sichuan Changhong, slashed prices in a bid for greater market share. Mr Lu said Panda, which had since increased its market share to 11.6 per cent, was largely unscathed by focusing more on marketing efforts. It had since opened more sales counters selling TV sets on credit and contributing to an increase in accounts receivable, which at the end of June had soared to 1.02 billion yuan (about HK$94.86 million), compared with 517 million yuan last year. 'We are taking measures to reduce the accounts receivable that do not come from sales counters,' Mr Lu said. Accounts receivable are now about 700 million yuan and he expected the sum to fall below last year's level. Mr Lu said Panda would sell products on credit only to customers who had good credit worthiness and collateral. Although sales of colour TV sets in the third quarter were largely the same as last year, he said the sales would peak in the fourth quarter. Fourth quarter sales usually accounted for 30 per cent of the whole year's turnover because farmers buy TV sets for winter entertainment. 'We expect the TV market will fare better in the second half,' Mr Lu said, adding Panda planned to sell 1.8 million TV sets this year, compared with 1.7 million last year. Panda's 21-inch colour sets had an ex-factory price of 2,020 yuan, down 5 per cent from early this year.