On September 24, the official website of the General Administration of Market Supervision announced that
Tongwei's acquisition of Lihao Qingneng shares was unconditionally approved in accordance with the law. Despite the high total share of both parties in the solar-grade polysilicon market, the General Administration believes that the current market has sufficient capacity and more competitors, and the entities will still face effective competition constraints after centralization, and the transaction will not have the effect of excluding and restricting competition in the relevant market.
So far, the most concerned merger and acquisition in the photovoltaic silicon material sector has cleared the key regulatory obstacles. On February 25
this year, Tongwei announced that it planned to acquire 100% of Lihao Qingneng's equity and raise matching funds by issuing shares and paying cash. On the evening of September 9, Tongwei shares disclosed that the reorganization special statement: the basic work such as audit and evaluation has been preliminarily completed, and the Decision on Not Prohibiting the Anti-monopoly Review of Concentration of Operators has been obtained. However, it should be noted that, affected by the changes in the market environment of the industry, the parties to the transaction are still in deep consultation on the terms of the scheme, and it is expected that the notice of the shareholders'meeting will not be issued on time-the anti-monopoly release is not equal to the landing of the transaction, and the subsequent shareholders' meeting review and supervision registration procedures are still needed.
As of the first half of 2025, Tongwei has an annual production capacity of over 900,000 tons of high-purity silicon, accounting for about 30% of the global market, ranking first; Lihao Qingneng has a production capacity of over 200,000 tons by the end of 2025. If the transaction is completed, the total production capacity of Tongwei Silicon Material will reach about 1.1 million tons, and the market share is expected to rise to 34% -37%, further widening the gap with Xiexin Technology and Daqo Energy.
It is worth noting that Lihao Qingneng is not a "burden asset": its N-type material rate exceeds 98%, and its comprehensive power consumption is controlled below 46kWh/kg-Si. In addition, Lihao Qingneng is implementing technological transformation and upgrading to lay out the semiconductor chip track.
Lihao Qingneng official website disclosed on September 6 that the company's 2000 tons of electronic grade polysilicon project has entered trial production, and after the project is put into operation, it is expected to achieve a leap-forward upgrade of product quality from photovoltaic grade (11 N) to electronic grade (13 N), with the goal of achieving a breakthrough in the high-end areas of BC batteries and semiconductor chips. Tongwei is not only interested in production capacity, but also in low-cost green power production capacity and technical reserves of electronic grade silicon materials.
It is noteworthy that on May 25, the silicon wafer giant TCL Central's acquisition of a new energy case was also unconditionally approved by the General Administration of Market Supervision.
These two mergers and acquisitions in the photovoltaic industry have been approved unconditionally at the anti-monopoly level, which further clarifies the official regulatory orientation-photovoltaic enterprises are supported by law to optimize the allocation of resources through market-oriented m & a and reorganization, and to get rid of the current low-level homogeneous "involution" competition in the photovoltaic industry.
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