On January 20, Skyworth Group, a Hong Kong-listed company, disclosed two interconnected capital operation plans: it intends to delist from the Hong Kong stock exchange via share repurchase, while simultaneously spinning off its subsidiary Skyworth Photovoltaic for independent listing on the Hong Kong stock exchange by way of introduction.
The announcement clearly states that the group’s privatization and the spin-off of its photovoltaic segment must be completed concurrently; otherwise, the entire transaction will be terminated. Currently, the family of the group’s actual controllers (Huang Hongsheng, Lin Weiping, Lin Jin and Qu Wanfei) holds approximately 66.46% of the shares. This repurchase will target all remaining public shareholdings. If the privatization is successful, Skyworth Group will be delisted from the Hong Kong stock exchange and converted into a non-listed company.
In parallel, Skyworth Photovoltaic will be listed on the Main Board of the Hong Kong Stock Exchange via introduction. Different from a conventional IPO, this listing method does not involve the issuance of new shares or capital raising; it merely lists all the shares of Skyworth Photovoltaic held by the group for trading.
The scheme has designed a share-and-cash equity package for shareholders: each share of Skyworth Group can be exchanged for approximately 0.37 shares of Skyworth Photovoltaic (based on the median valuation of HK$16.57 per share as of November 30, 2025, corresponding to a theoretical value of about HK$6.13), plus an optional cash payment of HK$4.03 or equivalent new shares after delisting. Compared with the closing price of HK$5.18 on the last trading day, the theoretical total value of this package represents a premium of as much as 96%.
The announcement emphasizes that this equity and business restructuring only involves the group’s upper-tier organizational structure, and will not alter the shareholding ratio in associated companies such as Skyworth Digital (currently holding a combined 52.56% controlling stake). The controlling shareholders, actual controllers and daily operations of the associated companies will not be subject to any material impact.
According to public data, Skyworth Photovoltaic focuses on residential and commercial & industrial distributed photovoltaic businesses. In the first half of 2025, its revenue surged by 53.5% to RMB 13.801 billion, accounting for 38% of the group’s total revenue, historically surpassing the traditional TV business. Its cumulative grid-connected capacity has exceeded 25.6GW.
Source：EnergyTrend