On October 16th, Kangjia Group, known as the “first stock of color TV in the mainland,” received a decision from the Shenzhen Stock Exchange (referred to as the Shenzhen Stock Exchange) to delist. The A-shares and B-shares will be delisted within 5 trading days from the date of the exchange’s announcement. The company had accumulated losses of over 20 billion yuan (RMB, the same below) over the past four years.
According to the announcement from the Shenzhen Stock Exchange, Kangjia held an extraordinary shareholders’ meeting on September 14th, approving the proposal to voluntarily delist and submitting applications to the exchange for the delisting of the A-shares and B-shares. The application has now been approved.
Kangjia’s stock has been suspended since September 4th. As it is a voluntary delisting, the stock will not enter a delisting consolidation period. After delisting, the shares will be transferred to the delisting board for listing and transfer. The company has engaged Jianghai Securities to handle the relevant procedures.
Prior to this, Kangjia provided cash options to shareholders, allowing them to sell their stocks to designated recipients at agreed prices, with A-shares at 2.48 yuan per share and B-shares at 0.73 Hong Kong dollars per share. During the declaration period, about 1.432 billion cash options were validly declared and settled.
Established in 1980, Kangjia went public on the Shenzhen Stock Exchange in 1992. On the last trading day before the suspension, its A-shares closed at 2.46 yuan per share.
According to the Economic Daily, based on Kangjia’s restated financial data, from 2022 to 2025, the company’s net profit attributable to shareholders had been negative for four consecutive years, with accumulated losses of approximately 20.289 billion yuan.
In 2025, the operating income was 9.835 billion yuan, a year-on-year decrease of 11.51%; the net loss attributable to shareholders was 12.582 billion yuan, an increase of about 238% compared to the previous year. At the end of the year, the net assets attributable to shareholders were negative 6.083 billion yuan.
Due to the negative net assets at the end of 2025, Kangjia had been subject to a delisting risk alert since April 30th of this year. The company had previously stated that if the net assets remained negative by the end of 2026 after audit, it would trigger mandatory delisting conditions. In such a scenario, Kangjia subsequently applied for voluntary delisting.
In the first half of this year, Kangjia’s operating income was 3.852 billion yuan, a decrease of 26.6% compared to the previous year; the net loss attributable to shareholders was 173 million yuan, compared to a loss of 383 million yuan in the same period last year. As of the end of June, the net assets attributable to shareholders were negative 6.227 billion yuan.
In its interim report, Kangjia stated that the cost of consumer electronics products continued to rise, and adjusting product structure and prices had not been able to offset cost pressures. The business gross profit was not sufficient to cover related expenses, leading to continued operating losses.
The company also mentioned that the semiconductor business was in the early stages of industrialization. Although some products had been sold, they had not yet achieved scale and efficiency, resulting in overall losses.
In the delisting announcement issued on August 28th, Kangjia stated that there were no plans for significant asset restructuring at the time, nor were there concrete timelines for relisting after delisting.