According to EnergyTrend, the State Administration for Market Regulation (SAMR) released an announcement on September 24, unconditionally approving the concentration of business operators arising from Tongwei Co., Ltd.’s acquisition of equity in Qinghai Lihao Clean Energy Co., Ltd. in accordance with the law.

Public records show that Tongwei Co., Ltd. first disclosed the transaction on February 24, 2026. Tongwei planned to acquire 100% equity of Lihao Clean Energy through shareissuance and cash payment, while raising supporting funds concurrently.

In terms of business scope, Lihao Clean Energy is mainly engaged in the production of solargrade polysilicon, with a supporting electronicgrade polysilicon project under construction. Tongwei Co., Ltd. covers the full photovoltaic industrial chain, including industrial silicon, polysilicon, silicon wafers, solar cells and PV modules.

In its review announcement, SAMR stated that it conducted research on the PV industrial chain and solicited opinions from industry associations as well as upstream and downstream enterprises during the review process. The authority concluded that despite the combined high market share of the two parties in the domestic and global solargrade polysilicon markets posttransaction, the solargrade polysilicon market currently features sufficient production capacity and numerous market participants. The combined entity will still be subject to effective competitive constraints. The transaction will not eliminate or restrict competition in the relevant markets, hence the decision for unconditional approval.

According to previous announcements from Tongwei, foundational work such as auditing and assessment for this transaction has been preliminarily completed. Affected by changes in the industry landscape after the release of the restructuring plan, all transaction parties are still negotiating the terms of the deal. The Company is unable to issue a notice for the general meeting of shareholders within the original time limit. The parties will continue to push forward the acquisition. Once an agreement on the transaction terms is reached, the board of directors will reconvene to review the proposal, and subsequent approvals and information disclosure will be performed in compliance with regulatory requirements.

Antitrust clearance represents only one of the preapproval requirements for this restructuring. Closing is still subject to internal corporate decisionmaking, relevant reviews by the China Securities Regulatory Commission (CSRC), asset transfer and other procedures. There remains uncertainty over the final completion of the transaction.

Source：EnergyTrend