The central government has raised the price cap for televisions sold as part of its campaign 'Home appliances down to villages' to 3,500 yuan (HK$3,968) from 2,000 yuan, which will in effect increase subsidies for farmers. But television stocks did not respond strongly to the news yesterday, as analysts said the real benefit of the change remained to be seen. Shares in Hong Kong-listed TCL Multimedia Technology Holdings, one of the world's top three television makers by unit sales, rose 1.7 per cent to close at HK$1.20. Shanghai-listed Sichuan Changhong Electric, another major television maker, climbed 0.89 per cent to 4.54 yuan. Analysts said the policy change would allow farmers to buy more expensive televisions such as LCD models, which would be a boost for television makers. 'Since the campaign launch in February 1, major television makers have not seen a surge in sales volume,' said CASH Management analyst Li Leiyu. 'So time is needed to see if the campaign really benefits the producers.' The campaign is aimed at spurring domestic consumption and entitles each of 180 million rural households a 13 per cent government rebate on purchase of one home appliance. The products include television sets, refrigerators, washing machines, mobile telephones, air-conditioners, water heaters, computers and motorcycles. The previous cap of 2,000 yuan was criticised as limiting farmers' choice of televisions to outdated cathode ray tube (CRT ) models which also damped manufacturers' appetite to get involved in the campaign. A TCL spokesman said yesterday the average selling price of its LCD sets was 4,070 yuan in the first two months of the year. 'As the average selling price is closer to the cap, the company will actively take part in the campaign,' said the spokesman, who expects more LCD televisions will be sold to farmers. TCL successfully bid to supply 45 television models through the campaign, but most of them are CRT televisions.