800 Billion Leading Solar Company Plans to Acquire Industry Unicorn! 600438, Suspended from Trading Starting Tomorrow!

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Tongwei Co., Ltd. (600438) announces an important acquisition.

On the evening of February 24, Tongwei Co., Ltd. announced that it is planning to purchase 100% equity of Qinghai Lihao Clean Energy Co., Ltd. (hereinafter referred to as “Lihao Clean Energy”) through issuing shares and paying cash, along with raising supporting funds.

This transaction will not result in a change of the company’s controlling shareholder or actual controller, does not constitute a related-party transaction, and is not expected to be a major asset restructuring. Since the transaction is still in the planning stage, there are uncertainties involved. At the company’s request, trading of the company’s stock, convertible bonds, and bond conversions will be suspended starting from the market opening on February 25, with an estimated suspension period of no more than 10 trading days.

The announcement shows that the target company, Lihao Clean Energy, was registered in April 2021. Its business scope includes manufacturing and sales of electronic special materials, research and development of electronic special materials, manufacturing of equipment for semiconductor devices, sales of semiconductor device equipment, manufacturing of photovoltaic equipment and components, and sales of photovoltaic equipment and components.

Currently, Tongwei Co., Ltd. has signed a Letter of Intent for equity acquisition with potential transaction parties Duan Yong, Hainan Zhuoyue Enterprise Management Partnership (Limited Partnership), and Hainan Haoyue Enterprise Management Partnership (Limited Partnership). The final transaction details will be based on disclosures in restructuring plans or reports.

According to information on Lihao Clean Energy’s official website, the company mainly engages in the research, production, and sales of semiconductor materials such as high-purity crystalline silicon for photovoltaics and electronic-grade polysilicon. It is a key investment attraction project in Qinghai Province.

The company is located in the Nanchuan Industrial Park of Xining Economic and Technological Development Zone, Qinghai, covering an area of 2,600 acres, with a planned total investment of 20 billion yuan. It aims to build an annual production capacity of 200,000 tons of high-purity crystalline silicon for photovoltaics and 2,000 tons of electronic-grade high-purity silicon, with an expected annual output value of about 20 billion yuan and providing employment for over 3,000 people.

Lihao Clean Energy’s wholly owned subsidiary, Sichuan Lihao Clean Energy Co., Ltd., was established in January 2023. Located in Yibin, the “First City of the Yangtze River,” and a center of the Chengdu-Chongqing economic development belt, it leverages Sichuan’s abundant clean energy hydropower resources to invest in a project producing 200,000 tons of high-purity crystalline silicon for photovoltaics, 5,000 tons of electronic-grade high-purity silicon, and 250,000 tons of industrial silicon annually.

In February this year, Duan Yong, chairman of Lihao Clean Energy, mentioned in his New Year’s speech that the company successfully ranked among the “Top 500 Global Unicorns by 2025” and received the title of “Top 50 Qinghai Enterprises among China’s 500 Largest Enterprises by 2025.”

According to the “Top 50 Qinghai Enterprises” list jointly released by the Qinghai Provincial Department of Industry and Information Technology, the Qinghai State-owned Assets Supervision and Administration Commission, the Qinghai Enterprise Federation, and the Qinghai Entrepreneurs Association, Lihao Clean Energy ranked 25th with a sales revenue of 3.954 billion yuan.

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Editor: Yang Hongbu

【Source: eCompany】