EnergyTrend has learned that on August 10, Tongwei issued an announcement disclosing the latest progress on its proposed asset acquisition through share issuance and cash payment, as well as the raising of supporting funds, detailing the current status of its project to acquire a 100% equity stake in Lihao Clean Energy.
According to the announcement, Tongwei intends to acquire the 100% equity stake in Lihao Clean Energy held by 57 shareholders—including Duan Yong, Hainan Zhuoyue Enterprise Management Partnership (Limited Partnership), and Hainan Haoyue Enterprise Management Partnership (Limited Partnership)—via share issuance and cash payment. Simultaneously, the company plans to issue shares to no more than 35 eligible specific investors to raise supporting funds.
The progress announcement indicates that preliminary foundational work, including auditing and asset valuation, has been largely completed. The parties involved are still negotiating and communicating on the specific transaction plan, and a formal transaction agreement has not yet been finalized.
A brief recap of prior developments:
February 2026: Tongwei announced plans to acquire 100% equity of Lihao Clean Energy, whereupon trading of the company's shares and corresponding convertible bonds was suspended.
March 10, 2026: The company's Board of Directors reviewed and approved the preliminary transaction plan. On March 11, the complete set of preliminary plan documents was publicly disclosed on the Shanghai Stock Exchange (SSE), and trading resumed.
Public records show that Lihao Clean Energy specializes in the R&D, production, and sales of high-purity crystalline silicon, with its production base located in Qinghai. Its core products are polysilicon tailored for N-type photovoltaics, while also expanding into electronic-grade polysilicon business.
The announcement clarified that this transaction does not constitute a related-party transaction, is not expected to constitute a major asset restructuring, nor does it constitute a backdoor listing. The transaction price has not been finalized and will subsequently be negotiated and determined by the parties based on the valuation results issued by an asset valuation agency, which will be disclosed in the restructuring report. Whether the supporting funds are successfully raised will not affect the progress of the asset acquisition itself.
Tongwei noted that the transaction is still subject to another review by the Board of Directors, approval by the general meeting of shareholders, and approvals from relevant competent authorities before it can be formally implemented. Uncertainties remain regarding the outcomes of these reviews and approvals.
Source：EnergyTrend
