TCL Electronics Holdings says t is weighing a separate stock exchange listing for its PV business, which generated HKD 21.06 billion ($2.7 billion) in revenue in 2025.
TCL Electronics Holdings said it is considering a spinoff and separate listing of its solar business, potentially distributing shares in the spunoff entity directly to existing shareholders, according to a filing to the Hong Kong Stock Exchange (HKEX) this week.
The proposal remains at a preliminary stage. As of the announcement, no application for the spinoff had been submitted to HKEX, and the company has not disclosed a valuation, distribution ratio, ownership structure, or timetable.
TCL Electronics said separating the PV business would let it concentrate on its global smart home appliance segment while giving the solar unit an independent growth strategy and broader access to financing.
Revenue from the company’s PV segment rose 63.6% to HKD 21.06 billion in 2025, following growth of 104.4% to HKD 12.874 billion in 2024, according to the company’s results announcements. Gross profit reached HKD 1.81 billion in 2025, implying a gross margin of about 8.6% based on reported revenue. The segment represented roughly 18.4% of TCL Electronics’ total 2025 revenue of HKD 114.58 billion, up from about 13% in 2024.
