Major consolidation in the photovoltaic industry! TCL Zhonghuan plans to acquire a 66.34% stake in Yida New Energy for 1.258 billion yuan.

Beijing Business Daily (Reporter Wang Manlei) On the evening of March 30, TCL Zhonghuan (002129) disclosed an announcement stating that the company plans to acquire an 8.06% stake in Yidao New Energy Technology Co., Ltd. (hereinafter referred to as “Yidao New Energy”) for RMB 258 million in cash (before the capital increase). At the same time, the company plans to inject RMB 1.0 billion in cash into Yidao New Energy and obtain a 55.56% stake in Yidao New Energy after the capital increase. After the completion of this share transfer and the capital injection, the company will receive a 59.14% stake in Yidao New Energy for RMB 1.258 billion, and in total will accept voting rights entrusted for 7.2% of the shares, thereby collectively controlling 66.34% of the shares of Yidao New Energy.

According to the announcement, the transaction does not constitute a major asset restructuring as defined in the Measures for the Administration of Major Asset Restructuring of Listed Companies, nor does it constitute a related-party transaction. Yidao New Energy specializes in research, development, manufacturing, and sales of high-efficiency solar cells, photovoltaic modules, and system applications. From 2023 to the present, its N-type modules have ranked near the top nationwide in bids, and it has accumulated years of R&D reserves in fields such as different application scenarios and BC battery technology.

It is worth noting that Yidao New Energy previously had an experience of attempting an IPO on the ChiNext board. According to information on the Shenzhen Stock Exchange website, the company’s IPO was accepted in December 2023 and was terminated in August 2024.

TCL Zhonghuan said that this transaction will help improve the competitive landscape in the industry and support the requirement to “anti-overcompetition.” The company stated that refining its industrial-chain layout and accelerating breakthroughs in BC battery modules are key operating strategies. This transaction invests in key assets that align with the company’s long-term strategic requirements, helping to rapidly and efficiently expand the company’s photovoltaic cell and module capacity scale and enrich its product and customer mix. In addition, this transaction will help integrate both parties’ product and technology capabilities, accelerate breakthroughs in new technologies and product capabilities such as BC batteries, and enhance the company’s leading advantages in the global photovoltaic industry.