Tongwei's takeover of polysilicon rival Qinghai Lihao clears antitrust review but terms remain unsettled

Tongwei

Tongwei, the largest polysilicon maker, announced in February 2026 that it would buy all of rival Qinghai Lihao for new shares and cash, a step toward consolidating China's oversupplied silicon industry. China's market regulator has now cleared the deal and audits and valuation are largely done, but the final transaction plan is still being negotiated.

• Announced 25 February 2026: 100% of Lihao, paid in new Tongwei shares (priced at 15.20 yuan) and cash.
• China's State Administration for Market Regulation cleared the deal on antitrust grounds.
• Audits and valuation largely complete; no price disclosed.
• Lihao's first phase makes 50,000 t of polysilicon a year and was commissioned in 2022.