This also means that the acquisition of Qinghai Lihao by Tongwei shares has been cleared at the anti-monopoly level, and the regulatory authorities have determined that this horizontal merger and acquisition will not produce exclusions and restrictions ", but the announcement also indicates that after the disclosure of the plan. With the change of market environment in the photovoltaic industry, the parties to the transaction still have differences on the terms of the specific scheme, and the company is unable to issue a notice of convening the shareholders'meeting before September 10, 2026. After negotiation, the parties to the transaction will continue to promote the transaction, communicate the progress according to the transaction plan, and subsequently convene the board of directors to re-lock the issuance price .
After the acquisition, Tongwei will become a silicon giant with a production capacity of 1.1 million tons . It accounts for more than 30% of the total production capacity of polysilicon in China (calculated by 3.5 million tons) .
It is noteworthy that another "hot" acquisition case in the photovoltaic industry, , previously released by the General Administration of Market Supervision, showed that on April 1, 2026, The General Administration of Market Supervision received the anti-monopoly declaration of concentration of operators in the case of TCL Zhonghuan New Energy Technology Co., Ltd. acquiring the shares of Yidao New Energy Technology Co., Ltd. and accepted it for examination on April 3, 2026. On May 25
, 2026, the General Administration of Market Supervision unconditionally approved the case and believed that the transaction would help improve the competition pattern of the industry. Weaken the "involution" of low-level homogenization from the root , promote the photovoltaic industry to reduce inefficient supply, and move from scale expansion to quality improvement.
From Tongwei's acquisition of Lihao to TCL Zhonghuan's acquisition of Yidao Xinneng, two major mergers and acquisitions have successively obtained anti-monopoly passes, which also set the tone for the current industrial integration of the photovoltaic industry: in the face of the plight of overcapacity, regulation encourages leading enterprises to optimize the allocation of resources through compliance mergers and reorganizations. Promote the industry from disorderly expansion to high-quality competition. These two cases will also become an important reference model for subsequent mergers and acquisitions in the photovoltaic industry chain.
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