--- title: "SKYWORTH GROUP's capital maneuvering ignites stock prices! The photovoltaic business plans to spin off and go public, with revenue expected to surpass the television business for the first time in 2025" type: "News" locale: "en" url: "https://longbridge.com/en/news/273208772.md" description: "SKYWORTH GROUP plans to spin off its photovoltaic business for listing, with the stock price opening over 42% higher after resuming trading on January 21. The company will withdraw its listing status through a share repurchase plan and distribute photovoltaic shares to shareholders. Each planned share can be exchanged for cash of HKD 4.03 or new shares, with a theoretical total consideration of approximately HKD 10.16, representing a premium of 96.14% compared to before the suspension. The photovoltaic business is expected to exceed revenue from the television business by 2025. On January 21, the stock price increase narrowed to 37.45%, closing at HKD 7.12 per share" datetime: "2026-01-21T09:46:48.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/273208772.md) - [en](https://longbridge.com/en/news/273208772.md) - [zh-HK](https://longbridge.com/zh-HK/news/273208772.md) --- # SKYWORTH GROUP's capital maneuvering ignites stock prices! The photovoltaic business plans to spin off and go public, with revenue expected to surpass the television business for the first time in 2025 As the growth of traditional home appliance business slows down, SKYWORTH GROUP made a "smart choice." On January 21, SKYWORTH GROUP (00751.HK) officially resumed trading, opening up over 42% on the day. This is a clear signal from the market funds to SKYWORTH GROUP. According to the announcement from SKYWORTH GROUP, the company's board meeting on January 4 decided to distribute SKYWORTH Photovoltaic's listing and share repurchase plan. After the share repurchase plan takes effect, the company will apply to the Stock Exchange for the withdrawal of its listing status and will distribute the SKYWORTH Photovoltaic shares held to all shareholders (including the controlling shareholders). Image source: Tuchong Creative SKYWORTH Photovoltaic will apply for listing on the main board of the Hong Kong Stock Exchange by way of introduction. The company will withdraw its listing status through the share repurchase plan, which involves the cancellation of the planned shares in exchange for a cash option, that is, each planned share can be exchanged for HKD 4.03 in cash, or a share option, that is, each planned share can be exchanged for one new share. This means that if shareholders choose the cash option, they can receive HKD 4.03 in cash per share, while also obtaining approximately HKD 6.13 worth of SKYWORTH Photovoltaic shares, theoretically making the total consideration per share about HKD 10.16. This combination provides shareholders with a theoretical value of approximately HKD 10.16 per share, which is a premium of up to 96.14% compared to the closing price of HKD 5.18 per share before the suspension. In addition, the announcement clearly states that based on the estimated valuation as of November 30, 2025, each SKYWORTH Photovoltaic share is valued at approximately HKD 12.90 to HKD 17.26, which, when converted at the reference exchange rate, is approximately HKD 14.18 to HKD 18.96. Regarding issues related to privatization and spin-off listing, Times Finance called SKYWORTH GROUP, but as of the time of publication, no one answered the phone. As of the close on January 21, SKYWORTH GROUP's stock price increase narrowed to 37.45%, closing at HKD 7.12 per share. It is worth noting that recently, Haier New Energy announced the completion of over 1 billion yuan in Series B financing, and prior to this, the company had just initiated listing guidance, aiming for an IPO. The new energy business is becoming a new battleground for home appliance giants, with a trend towards capitalization emerging. "A very sincere" combination The theoretical total consideration of HKD 10.16 per share, compared to the opening price of HKD 7.390 per share on January 21, indicates that the plan offered by SKYWORTH GROUP can be said to be "very sincere." "The main purpose is to get investors to accept the transaction price. If it is a stock of a company that cannot be listed, investors are unwilling to accept it. However, if it is a stock of a company with better development prospects that can be listed, investors will be happy to accept it, thus completing the privatization of SKYWORTH GROUP. At the same time, SKYWORTH GROUP does not have to pay too much cash cost, thus saving funds," said senior investment banker Wang Jiyue to Times Finance He pointed out that privatization generally comes with a premium; without a premium, investors find it hard to accept, leading to the failure of the privatization objective. Therefore, almost all privatization plans are inherently favorable to stock prices. Listing through introduction does not involve financing and does not require a new IPO, directly allowing the stock to be "refreshed" in valuation. Clearly, this is a "changing the cage for a bird" type of operation. This also explains the high opening price performance of Skyworth Group upon resuming trading. The last listed company to operate in this "changing the cage for a bird" model was Dongfeng Motor Group Co., Ltd. (00489.HK), which promoted the listing of Voyah, pushing the stock price from a platform price of HKD 3-5 per share to around HKD 10 per share. "The privatization of Skyworth Group and the spin-off of its photovoltaic business is a bundled transaction, using the equity of Skyworth Photovoltaics as the consideration for the privatization of Skyworth Group. The fundamental reason is that Skyworth's traditional business is in the twilight of the industry, while the photovoltaic industry, despite fierce competition, is still in a rapid growth phase, and the next round of competition in photovoltaics also requires an independent financing platform," said Wang Jiyue. With such a "sincere" proposal, Skyworth Group naturally has full confidence in the spin-off of its photovoltaic business for listing. "Firstly, there is the cash flow issue; using stock as consideration will reduce direct cash outflow for privatization. Secondly, Skyworth Photovoltaics will use the introduction method for listing rather than the IPO method, which will make the review process more convenient and does not require finding new cornerstone investors, nor does it incur high intermediary fees," Wang Jiyue said. "The third issue is the imagination space; investors holding Skyworth stocks will exchange them for Skyworth Photovoltaics stocks, which have different industry attributes, leading to different imagination spaces. If the pricing of Skyworth Photovoltaics stocks is relatively reasonable, investors may be more willing to accept the stocks, thereby facilitating the privatization transaction," he added. Image source: Tuchong Creative Photovoltaic business revenue may surpass traditional television business for the first time According to its official website, Skyworth Group Co., Ltd. was established in 1988 and mainly engages in four major businesses: smart home appliances, smart system technology, new energy, and modern services. The group has two listed companies: Skyworth Group and Skyworth Digital (000810.SZ). In the first half of 2025, its smart home appliance business accounted for 37.8% of domestic revenue, down from 43.8% in the same period of 2024. In contrast, its smart system technology business accounted for 9.3%, down from 11.5% in the same period of 2024; modern services and others accounted for 4.2%, down from 5.0% in the same period of 2024. According to the mid-term report for 2025, the overall gross margin of Skyworth Group declined in the first half of 2025, mainly due to three reasons: the narrowing gross margin space of the modern services business, which dragged down the overall gross margin of the group; The cost of raw materials for the home appliance business has also increased due to global supply chain tensions and U.S. tariff policies; the cost increases of certain raw materials such as steel and electronic components have also put pressure on the group's overall gross profit. However, SKYWORTH GROUP also mentioned that the new energy business continued to introduce more financing partners and optimize cooperation models in the first half of the year, positively impacting the improvement of gross profit margins. Times Finance noted that SKYWORTH GROUP's new energy business experienced leapfrog growth in the first half of 2025, with a cumulative installed capacity of grid-connected power stations exceeding 25.6 gigawatts. Revenue from the new energy business surpassed 13.836 billion yuan, a year-on-year increase of 53.5%, accounting for 38% of the group's total revenue. In terms of business model, SKYWORTH GROUP's new energy business provides complete solutions for a series of links such as power station development through the "photovoltaic + inclusive + digital technology" business model, while promoting household distributed photovoltaic business to the forefront of the industry. In addition, commercial and industrial photovoltaic business and "source-network-load-storage integration" construction are also within the scope of SKYWORTH GROUP's business. SKYWORTH GROUP founder Huang Hongsheng stated in his annual speech on January 11, 2026, that the revenue scale of SKYWORTH's photovoltaic business is expected to exceed its traditional television business for the first time in 2025. He believes that the demand for photovoltaic products overseas will grow significantly in the future, and SKYWORTH's strategy is to export the industrial chain cluster to the Middle East, Europe, and South America, and to undertake EPC (Engineering Procurement Construction) locally. From 2022 to 2024, SKYWORTH's photovoltaic business achieved operating revenues of 11.93 billion yuan, 23.217 billion yuan, and 20.146 billion yuan, accounting for 22.30%, 33.63%, and 30.99% of SKYWORTH GROUP's revenue, respectively; achieving net profits of 356 million yuan, 865 million yuan, and 793 million yuan, accounting for 25.30%, 48.98%, and 68.36% of SKYWORTH GROUP's net profit, respectively. In Huang Hongsheng's view, SKYWORTH's photovoltaic business has greater growth potential overseas. According to the Haikou Jiangdong New District Management Bureau, on December 18 last year, Haikou Jiangdong New District assisted SKYWORTH Photovoltaic in successfully facilitating the official construction of its 3MW rooftop distributed photovoltaic power station project at the UMC Steel Plant in Chonburi Province, Thailand. The SKYWORTH Photovoltaic Thailand project, from strategic planning to implementation, deeply relies on the unique geographical advantages and policy dividends of Hainan Free Trade Port as an important open gateway to the Pacific and Indian Oceans, actively building Hainan Free Trade Port into a strategic pivot radiating ASEAN and connecting the world ### Related Stocks - [00751.HK](https://longbridge.com/en/quote/00751.HK.md) ## Related News & Research - [Skyworth Group Limited's (HKG:751) Top Key Executive Wang Wong is the most upbeat insider, and their holdings increased by 37% last week](https://longbridge.com/en/news/273567949.md) - [Ecomembrane unit SBS Solar signs EUR 3.6 million PV procurement contract](https://longbridge.com/en/news/290717449.md) - [German government set to buy stake in KNDS ahead of planned IPO](https://longbridge.com/en/news/290358620.md) - [09:38 ETL'inverter di stringa intelligente da 506 kW di Huawei ha vinto il PREMIO Smarter E a Intersolar Europe 2026](https://longbridge.com/en/news/290703623.md) - [Hyprop commissions ZAR 45 million solar-PV expansion at Glen Shopping Centre, lifting capacity to 4,304 kWp](https://longbridge.com/en/news/290178923.md)