Nan Fang Du Shi Bao·2025-07-21 14:16Core Viewpoint - The transfer of B shares from Overseas Chinese Town to a subsidiary of China Resources has been completed, resulting in a change of controlling shareholder for Konka Group, with the actual controller remaining the State-owned Assets Supervision and Administration Commission of the State Council [1][2]. Shareholder Changes - The announcement confirms that the share transfer has been completed, with Overseas Chinese Town and its concerted actors no longer holding shares. The new controlling shareholder is Panshi Runchuang, holding 524.02 million A shares (21.76% of total shares), while Hemaotong Limited holds 198.36 million B shares (8.24% of total shares) [2][3]. - The change in controlling shareholder is part of a broader strategy for professional integration among state-owned enterprises to optimize resource allocation [2][3]. Financial Performance - Konka's consumer electronics revenue for 2024 is projected at 10.137 billion yuan, a slight decrease of 0.67% year-on-year, while semiconductor revenue has plummeted by 94.99% to 170 million yuan [4]. - The company has reported a continuous net profit loss since 2011, with a forecasted net loss of 360 million to 500 million yuan for the first half of 2025, compared to a loss of 1.088 billion yuan in the same period last year [4][6]. - The anticipated impact of non-recurring gains and losses on the net profit is estimated to be between 450 million and 700 million yuan, primarily due to changes in accounting for equity stakes and the disposal of financial assets [4][6]. Strategic Implications - The entry of China Resources is expected to lead to strategic adjustments within Konka, particularly in its semiconductor business, as China Resources already has established companies in the semiconductor sector [4][6]. - Changes in the board of directors are anticipated following the entry of China Resources, although specific appointments have not yet been confirmed [4].