Skyworth Digital Technology Plans IPO
Southern Metropolitan News, 4/09/09
Zhang Xuebin, president of consumer electronics manufacturer Skyworth Digital Holdings (0751.HK), has revealed that the company plans to independently list its set-top box subsidiary, Skyworth Digital Technology (Shenzhen), on the Chinese domestic small and medium enterprise board. During the 2008 fiscal year, the subsidiary's sales reached RMB 1-2 bln, with net profit of approximately RMB 130 mln. The company has also seen sales growth for each of the past 3 years of over 50%.
Zhang revealed that Skyworth products are available in over 1,800 retail outlets in third- and fourth-tier Chinese cities, and the company plans to increase that by 1,100 (approximately 60%), this year. Zhang expects the third- and fourth-tier city market to grow by between 100% and 150% in 2009, with large cities to see growth in LCD sales volume of up to 20%.
Yang Dongwen, vice president of Skyworth Group, stated that the company's domestic color television production will reach 35 mln units in 2009. Of those, 20-23 mln will be LCD televisions.
Keywords: revenue TV set Yang Dongwen production volume 0751.HK IPO LCD profit sales volume set-top box Skyworth television Zhang Xuebin
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