On September 10, Tongwei Co., Ltd. disclosed the progress regarding its transaction to acquire assets through the issuance of shares and payment in cash, along with a plan to raise supporting funds.
According to the announcement, the company intends to acquire a 100% equity stake in Qinghai Lihao Clean Energy Co., Ltd. (hereinafter referred to as "Lihao Clean Energy"). Preliminary groundwork for the transaction, including auditing and asset evaluation, has been completed. Furthermore, the company has obtained the "Decision on Non-Prohibition of Anti-Monopoly Review of Concentration of Undertakings" from the State Administration for Market Regulation (SAMR) regarding the transaction.
However, following the disclosure of the preliminary transaction plan, significant changes occurred in key external factors with a major impact on the deal, such as the photovoltaic industry's market environment. As the involved parties still have disagreements regarding the specific terms and conditions of the transaction, Tongwei Co., Ltd. expects that it will be unable to issue a notice to convene a shareholders' meeting within six months of the announcement date of the initial board resolution deliberating the deal—specifically before September 10, 2026.
Under the previously disclosed transaction plan, Tongwei Co., Ltd. intends to acquire the 100% equity stake in Lihao Clean Energy held by 57 shareholders—including Duan Yong, Hainan Zhuoyue, and Hainan Haoyue—via share issuance and cash payment. Simultaneously, the company plans to issue shares to no more than 35 qualified specific investors to raise supporting funds.
Tongwei Co., Ltd. stated that based on its firm confidence in the long-term prospects of China's photovoltaic industry and a prudent assessment of the asset value of Qinghai Lihao Clean Energy Co., Ltd., the company will continue to advance the transaction following consultations among all parties involved.
Once a consensus is reached on the specific details of the transaction, the company will convene another board meeting to deliberate on the final plan and fulfill the relevant approval, decision-making, and information disclosure procedures in accordance with applicable laws and regulations.
Source：EnergyTrend
