On the evening of August 27th, China Konka Group, once the “king of color TVs” with annual sales of millions of units, announced through a shareholder meeting resolution to voluntarily delist its stocks from the market. Konka has been incurring losses for four consecutive years since 2022, with accumulated losses exceeding 20 billion yuan.
The announcement stated that as Konka Group Limited’s audited net assets at the end of 2025 were in negative value, the company’s stock had been put under delisting risk warning. If the audited net assets continue to be negative at the end of 2026, the company’s stock will be delisted by the Shenzhen Stock Exchange. Following approval from the board of directors, the company plans to voluntarily withdraw its A-shares and B-shares from trading on the Shenzhen Stock Exchange through a shareholder meeting resolution and transition to the National Equities Exchange and Quotations (NEEQ) for delisting after the market closure.
On the same evening, Konka also released its financial report for the first half of 2026, stating that the company’s operating income was 3.852 billion yuan, a 26.60% decrease compared to the same period last year, and its net loss attributable to shareholders was 173 million yuan, compared to 383 million yuan in the previous year.
According to information on the official website, Konka Group was established in 1980 and went public on March 27, 1992. It owns two major brands, Konka and New Fei, with a total of 13 subsidiary companies. At its peak, Konka’s annual TV sales exceeded millions, consistently ranking at the top in domestic sales and holding the title of “king of color TVs.”
However, since 2018, the company has embarked on a diversification transformation, expanding its business into over 20 categories such as semiconductors, environmental protection, real estate, supply chain finance, and healthcare, causing its core color TV business to be marginalized gradually.
Starting from 2022, Konka began a streak of losses. Financial data shows that from 2022 to 2025, Konka’s net losses attributable to shareholders were 1.723 billion yuan, 2.258 billion yuan, 3.726 billion yuan, and 12.582 billion yuan, with a total accumulated loss of around 20.289 billion yuan. As of the end of June 2026, the company’s asset-liability ratio stood at a high 133.01%, with total interest-bearing liabilities reaching 11.114 billion yuan.
Konka has become a typical case of “failed diversification” in China’s home appliance industry.
In recent years, during the diversification process, Konka repeatedly engaged in acquisitions and joint ventures across different industries in search of a “second growth curve,” but faced multiple equity repurchase lawsuits due to consecutive failures in gambling agreements.
According to reports, Konka faced consecutive failures in gambling agreements in projects such as Efang and Jiangxi Konka New Material. In July 2026, Konka disclosed an arbitration decision where it sought 939 million yuan in performance compensation from the founder of Jiangxi Konka, Zhu Xinming, but was only awarded 61.2 million yuan, resulting in heavy losses.
Additionally, with the failure of Efang’s initial public offering (IPO), as of mid-August 2026, five investment firms including Hainan Huilong Investment, Yancheng Dongfang, and Xiyue New Media, took legal action against Konka, demanding the company fulfill its repurchase obligations, with a total amount exceeding 700 million yuan. These lawsuits not only depleted Konka’s limited cash flow but also severely damaged market confidence.