SK On Swaps Chinese Joint Venture Stake to Fully Own SK On Jiangsu: Portfolio Rebalancing and Control Strengthening
SK On decided to fully own SK On Jiangsu Co., Ltd. through a stake swap of its Chinese joint ventures. As part of portfolio rebalancing, SK On will dispose of its entire 49% stake in Huizhou EVE United Energy Co., Ltd. and acquire the remaining 30% stake in SK On Jiangsu held by EVE Power Hongkong Co., Ltd.
The swap difference of 200 million CNY (approx. 41.2 billion KRW, at the base rate of 1 CNY=206.20 KRW) will be paid by EVE ASIA Co., Limited (originally Hubei Yiwei Power Co., Ltd.), with no change in economic terms.
The acquisition amount is 434.7 billion KRW, representing 2.75% of SK On's equity (15.83 trillion KRW), indicating limited financial burden.
The expected acquisition date is September 9, 2026, subject to regulatory approvals. If not closed within 9 months after contract signing, the deal automatically terminates and stakes revert.
SK On is a major subsidiary of SK Innovation, accounting for approximately 43.8% of SK Innovation's total assets as of the latest fiscal year-end.
[AI Comprehensive Analysis]This stake swap is a strategic move to simplify SK On's China operations and gain full control over SK On Jiangsu. The short-term financial impact is limited, and it is expected to contribute to operational efficiency and long-term value enhancement.
KOSPI Filing Information
Filing: [Correction of Description] Decision on Acquisition of Stocks and Investment Securities of Other Corporations (Major Management Matters of Subsidiary)