On the evening of March 10, Tongwei Co., Ltd. released a flurry of announcements centering on a major asset restructuring to acquire a 100% equity stake in Qinghai Lihao Clean Energy. Simultaneously, the company disclosed that its stock and related derivative products would resume trading starting March 11. On another front, Tongwei took another step forward in its global expansion by recently securing a 200MW order for high-efficiency photovoltaic (PV) modules in Europe.
Proposed 100% Acquisition of Lihao Clean Energy and Trading Resumption on March 11
According to the preliminary transaction plan, Tongwei intends to purchase the 100% equity of Lihao Clean Energy held by 57 shareholders—including Duan Yong, Hainan Zhuoyue, and Hainan Haoyue—through a combination of share issuance and cash payments. Concurrently, the company plans to raise matching funds by issuing shares to no more than 35 eligible specific investors. This transaction is not expected to constitute a major asset restructuring, a connected transaction, or a backdoor listing.
The issue price for the shares utilized to purchase the assets has been set at RMB 15.20 per share. The total amount of matching funds to be raised will not exceed 100% of the transaction value of the assets being acquired through the share issuance. Furthermore, the number of shares to be issued will not exceed 30% of the company's total share capital upon completion of the transaction.
Tongwei stated that Lihao Clean Energy's primary business involves the research and development, production, and sales of high-purity crystalline silicon. This transaction will help increase the company's market share in the high-purity crystalline silicon sector, optimize its capacity layout in regions with abundant resource factors, and improve the flexibility of its production capacity allocation. It will also help enrich the company's product matrix and sales channels, further solidifying and elevating its global market influence in the PV industry, thereby strengthening its sustainable operational capabilities.
Currently, the preliminary transaction plan and related proposals have been reviewed and approved at the seventh meeting of the company's ninth Board of Directors. As the auditing and appraisal work has not yet been completed, the company will temporarily postpone convening a shareholders' meeting. Once these tasks are finalized, the Board of Directors will convene again to review the formal plan. The ultimate implementation of the transaction remains subject to approval by the company's shareholders' meeting, review and approval by the Shanghai Stock Exchange (SSE), and registration approval by the China Securities Regulatory Commission (CSRC).
Expanding the Overseas Terminal Market: Securing a 200MW Module Order in Italy
While integrating its upstream silicon production capacity, Tongwei continues to make significant strides in the downstream module market. During the recently held 2026 KEY - The Energy Transition Expo in Italy, Tongwei officially signed a 200MW high-efficiency PV module cooperation agreement with Coenergia, the leading PV distributor by market share in Italy.
Addressing the specific market pain points in Italy—namely, a high proportion of distributed photovoltaic installations and limited rooftop resources—Tongwei will supply its TNC 3.0 modules, which boast a conversion efficiency exceeding 24.8% and a maximum power output of 670W. This aims to meet the local demand for high-efficiency, low-emission products, marking a new step forward in the large-scale deployment of Tongwei's high-efficiency modules in the Southern European market.
Source：EnergyTrend
