Chinese PV Industry Brief: Tongwei clears antitrust hurdle for acquisition of polysilicon competitor Qinghai Lihao

Tongwei said it has largely completed auditing, valuation and other due-diligence work for its planned acquisition of a 100% stake in Qinghai Lihao Clean Energy. The company has also received antitrust clearance from China's State Administration for Market Regulation, removing a key regulatory hurdle for the transaction. Tongwei said in August that the acquisition had entered the final stage of negotiations over the transaction plan.

Qinghai Lihao is a privately held joint-stock company registered in 2021 in Xining, Qinghai province. Its business scope includes electronic materials and related manufacturing and trading activities. Industry reports describe Lihao as a rapidly scaling polysilicon producer leveraging Qinghai's renewable power resources. Public reporting on its buildout indicates that a first-phase 50,000 metric ton polysilicon project reached commissioning in 2022, with longer-term capacity ambitions reported to be significantly higher.

The antitrust clearance suggests the transaction has passed a significant regulatory checkpoint, though the dossier does not disclose a closing date, purchase price, or final ownership structure. In the same briefing, Longi Chairman Zhong Baoshen said the company's most difficult period had passed and operating conditions were expected to gradually improve after a first-half net loss attributable to shareholders of CNY 3.68 billion ($542 million), widening about 43% year on year. Longi's back-contact module sales rose 125% from a year earlier, and overseas markets accounted for more than 65% of module revenue.

What remains unknown is whether Tongwei's acquisition will face additional conditions, how Lihao's capacity will be integrated, and whether the deal will materially alter polysilicon supply dynamics. The source also notes separate developments: GCL System Integration and Ant Digital Technologies agreed to develop an AI-enabled carbon-management platform, and JinkoSolar proposed renaming its Cayman Islands-incorporated parent to Jinko Holdings Limited, subject to shareholder approval on Oct. 21.