On December 8, GCL Technology announced that it plans to acquire a 42.469% equity stake in Inner Mongolia Xinyuan Silicon Material Technology Co., Ltd. from Honyuan Green Energy and Tibet Ruihua by forming a limited partnership with multiple parties.
The announcement indicates that the limited partnership includes GCL Suzhou, GCL Xuzhou, Cinda, Xinsheng, and Anyi, with the provisional name Wuhu GCL Zhichuang Enterprise Management Partnership (Limited Partnership).
According to the partnership agreement, the total size of the partnership will reach RMB 2.064 billion. GCL Suzhou and Cinda, as limited partners, will subscribe RMB 760 million and RMB 1.3 billion, respectively. Xinsheng, Anyi, and GCL Xuzhou, as general partners, will contribute RMB 1 million, RMB 1.5 million, and RMB 1.5 million, respectively.
Following the establishment of the limited partnership, the limited partnership, Honyuan Green Energy, and Tibet Ruihua will each enter into a Sale and Purchase Agreement to execute the acquisition, with the total overall acquisition consideration being RMB 2.01 billion.
Prior to the acquisition, GCL Technology already held a 57.531% equity stake in Xinyuan Silicon Material through its subsidiaries. Following the transaction, Xinyuan Silicon Material will remain a non-wholly-owned subsidiary of GCL Technology and will continue to be included within the scope of the Group's consolidated financial statements.
Information shows that Inner Mongolia Xinyuan Silicon Material was established in 2021, and its core business is the research and development, manufacturing, and sales of granular silicon, along with related supporting new energy businesses. Financial data shows that the company's revenue was approximately RMB 5.437 billion in 2023, with a net profit of approximately RMB 621 million; its revenue was approximately RMB 4.792 billion in 2024, with a net loss of approximately RMB 477 million.
Source：EnergyTrend