On the evening of March 30, TCL Zhonghuan released an announcement stating that the company plans to invest approximately 1.258 billion RMB to acquire a controlling stake in DAS Solar Co., Ltd. through a combination of "equity transfer and capital increase." This move aims to further strengthen its integrated footprint within the photovoltaic industry chain.
According to the announcement, TCL Zhonghuan intends to pay 258 million RMB in cash to acquire an 8.06% stake in DAS Solar from 50 existing shareholders, including Quzhou Zhidao Enterprise Management Partnership (Limited Partnership) and Suzhou Shanshi Equity Investment Partnership (Limited Partnership). Concurrently, the company will inject 1 billion RMB in cash to increase DAS Solar's capital, thereby securing a 55.56% equity interest in the latter following the capital increase.
Upon the completion of these transactions, TCL Zhonghuan will hold a combined 59.14% stake in DAS Solar. By additionally accepting the entrusted voting rights of a 7.2% stake from certain shareholders, TCL Zhonghuan will achieve 66.34% voting control over the target company. Consequently, DAS Solar will become a controlling subsidiary and be consolidated into TCL Zhonghuan's financial statements.
As the target company of this transaction, DAS Solar was founded on August 8, 2018, and specializes in the research, development, manufacturing, and sales of high-efficiency solar cells, photovoltaic modules, and system applications. Financial data reveals that as of the end of December 2025, DAS Solar reported total assets of 12.887 billion RMB and total liabilities of 14.189 billion RMB, alongside a net loss of 1.97 billion RMB attributable to the parent company's shareholders for the 2025 fiscal year.
From a strategic perspective, this transaction is regarded as a crucial maneuver by TCL Zhonghuan amidst the industry's consolidation cycle. TCL Zhonghuan stated that this initiative will further perfect the company's "silicon wafer-cell-module" integrated industry chain, enhance upstream and downstream synergies, and elevate its core technological capabilities. By integrating and optimizing existing production capacities, TCL Zhonghuan aims to achieve both the vertical extension and horizontal expansion of its industrial chain. Furthermore, the company will collaboratively advance the BC (Back Contact) patent technology of its controlling subsidiary alongside the target company's BC cell and module manufacturing processes and production capacities, thereby rapidly bridging its business gaps.
Source：EnergyTrend