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 News (Reporter Wang Manlei) On the evening of March 30, TCL Zhonghuan (002129) disclosed an announcement stating that the company plans to acquire 8.06% of the shares of 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 make a capital increase of RMB 1.0 billion to Yidao New Energy in cash and obtain 55.56% of the shares after the capital increase. After the completion of this share transfer and the capital increase delivery, the company will obtain 59.14% of the shares of Yidao New Energy for RMB 1.258 billion and, in total, accept voting rights entrustment covering 7.2% of the shares, thereby controlling 66.34% of the shares of Yidao New Energy in total.

The announcement shows that the transaction does not constitute a material asset reorganization as stipulated in the Measures for the Administration of Material Asset Reorganizations of Listed Companies, nor does it constitute a related-party transaction. Yidao New Energy specializes in R&D, manufacturing, and sales of high-efficiency solar cells, photovoltaic modules, and system applications. From 2023 to date, N-type module bid-award performance ranks among the top nationwide. The company has accumulated years of R&D reserves in various application scenarios, BC battery technology, and other areas.

It is worth noting that Yidao New Energy had previously attempted an IPO of the ChiNext Board. The Shenzhen Stock Exchange website shows that 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 fulfillment of the “anti-involution” requirements. The company stated that improving the layout of the industrial chain and accelerating breakthroughs in BC battery modules are important business strategies. This transaction invests in key assets that match the company’s long-term strategic requirements, helping to quickly and efficiently enhance the scale of the company’s photovoltaic cell and module capacity and enrich its product and customer mix. In addition, the transaction will help integrate both parties’ product technology capabilities, accelerate breakthroughs in new technologies and products such as BC batteries, and enhance the company’s leading advantages in the global photovoltaic industry.

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