Shenzhen Konka A (000016.SZ), once a leading name in the color TV industry, is currently undergoing a major transformation. Recently, the company announced its intention to sell 70% of its shares in Kangqiao Jiacheng, a real estate project located in Shenzhen, at a minimum price of 4.145 billion yuan. This move has sparked significant debate among small and medium-sized shareholders, as the proceeds from this sale are expected to exceed the current market valuation.
The proposal was approved by 98.98% of the shareholders during an extraordinary general meeting. However, it faced strong opposition from minority shareholders, with 64% voting against it initially. In response, the company adjusted the shareholding percentage from 49% to 70%, and also removed the first refusal rights of OCT Group, its controlling shareholder.
This is just one part of a broader asset disposal strategy. Over the past year, Shenzhen Konka A has been actively selling off various assets, including commercial properties in Shanghai and equity stakes in other companies. These transactions have generated approximately 4.5 billion yuan in cash, which the company claims will be used to optimize its asset structure, improve liquidity, and support its core business development.
Despite these efforts, the company’s financial performance remains challenging. In the first half of 2017, Shenzhen Konka A reported a revenue of 11.4 billion yuan, but its net profit was only 30.87 million yuan, a modest increase from the previous year. More concerning is the fact that the net loss attributable to the parent company was 44.46 million yuan, marking a 55% drop compared to the same period in 2016.
The company attributes this to increased competition and rising raw material costs, which have squeezed its gross margins. Its TV business, which accounts for nearly half of its total revenue, saw a significant decline, with sales dropping to 5.29 billion yuan in the first half of 2017—its lowest in five years.
In addition, the company's operating cash flow was negative at -2.3 billion yuan, a sharp decline compared to the previous year. Its current liabilities also rose by 3.4 billion yuan, indicating tight liquidity conditions.
To address these challenges, Shenzhen Konka A has been diversifying its investments. It has acquired stakes in smart card companies, technology firms, and even plans to set up a 5-billion-yuan industrial fund focused on TMT, smart manufacturing, and new energy sectors.
While these moves aim to drive long-term growth, many analysts remain skeptical. The company's former status as a top-tier brand in the color TV industry has faded, and recent leadership changes have led to internal instability. Whether this transformation will lead to recovery or further decline remains to be seen.
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