NextFin News — After more than three decades as a public company, Konka Group is preparing to leave the Shenzhen Stock Exchange. The board has approved a plan to seek shareholder consent for the voluntary withdrawal of both its A shares and B shares, with the stock then moving to the National Equities Exchange and Quotations system’s delisting board.

The company, trading as *ST康佳A, released the proposal on the evening of August 27. It still requires a formal shareholder vote to take effect.

The decision follows a 12.58 billion yuan net loss attributable to shareholders in 2025, a sharp widening from the year before. Revenue declined 11.5 percent to 98.35 billion yuan. Asset impairments of nearly 7.7 billion yuan weighed heavily on the result. By the end of 2025, net assets attributable to shareholders stood at negative 60.83 billion yuan.

That negative equity figure prompted the exchange to impose a delisting risk warning at the end of April. Under the rules, another year ending with negative audited net assets would trigger a mandatory exit. Half-year figures released the same day as the delisting plan showed the balance sheet had not recovered: net assets remained negative at 62.27 billion yuan, while the first-half loss narrowed to 1.73 billion yuan on revenue of 38.52 billion yuan, down more than 26 percent.

Shareholders who object or prefer an immediate cash exit will have choice rights. One major shareholder is offering 2.48 yuan per A share; another is offering 0.73 Hong Kong dollars per B share. The relevant record dates fall in late September.

Konka’s history stretches from its 1992 listing, when it was billed as the “first color-TV stock,” through several years as the domestic market leader in the mid-2000s. Revenue peaked near 55 billion yuan in 2019. Since then the core television business has steadily contracted, and efforts to expand into semiconductors and other fields have not produced lasting scale or profits. Non-recurring net losses have continued for fifteen consecutive years through 2025.

The company presents the voluntary route as a way to give shareholders a clearer option rather than wait for a forced delisting if the 2026 accounts fail to improve. No major asset restructuring or timetable for a possible return to a main board has been announced.

At current prices the A shares trade near 2.33 yuan, leaving the company with a modest market value relative to its past prominence. Whether shareholders will approve the plan and how many will exercise the cash option remain to be seen. What is already clear is that a once-dominant name in Chinese consumer electronics is ending its long tenure as a main-board listed company.