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SK On, Chinese partner to swap stakes in battery JVs

Published: 20 Nov. 2025, 20:13

The SK logo is seen at SK Innovation's headquarters in Jongno District, central Seoul, in this file photo. [SK INNOVATION]

SK On, the wholly owned battery subsidiary of Korea's leading refiner SK Innovation, said Thursday it will swap stakes in its joint ventures with a Chinese partner as part of a "portfolio rebalancing" strategy.

SK On and EVE Power Hongkong established two electric vehicle battery joint ventures — Huizhou EVE United Energy (EUE) in 2018 and SK On Jiangsu (SKOJ) in 2019 — to strengthen their presence in the Chinese battery market, SK On said in a regulatory filing.

SK On currently holds a 49 percent stake in EUE and a 70 percent stake in SKOJ, with the remaining shares owned by EVE Power.

Under the agreement, the two companies will exchange their respective stakes, making SK On the full owner of SKOJ and EVE Power the full owner of EUE, SK On said.

SK On will transfer its 49 percent stake in EUE, valued at 475.9 billion won ($324 million), and EVE Power will hand over its 30 percent stake in SKOJ, valued at 434.7 billion won, on Feb. 28 next year, it said.

Due to the difference in valuation, SK On said it will receive 41.2 billion won from EVE Power.

"The stake swap is intended to allow SK On to operate SKOJ as a wholly owned subsidiary so we can respond more quickly to market conditions and more flexibly address customer demand," a company representative said.

SK Innovation is a key affiliate of the chip-to-construction conglomerate SK Group.

Yonhap