Chinese TV manufacturer LeEco’s takeover of U.S. TV maker Vizio for US $2 billion is still waiting for approval from Chinese government authorities, according to a TechNews report.

With the domestic market approaching saturation, branded Chinese LCD TV vendors see overseas expansion as the only means to grow their market shares and raise their brand recognition. The latest example of this approach is the acquisition of the U.S.-based consumer electronics maker VIZIO by LeEco, a rising Internet brand in the Chinese LCD TV market. Reports of VIZIO being up for sale gained traction after Foxconn’s acquisition of Sharp, and the US $2 billion deal with LeEco was finally announced on July 27.

Earlier reports from China this week claimed Chinese online video platform LeEco formerly branded as LETV acquired leading U.S. LCD TV manufacturer VIZIO, according to a TechNews report.