FLASH: Tongwei-Lihao polysilicon deal wins approval

China's State Administration for Market Regulation (SAMR) unconditionally approved Tongwei's acquisition of equity in Lihao Qingneng, a producer of solar-grade polysilicon. The exact decision date was not publicly specified, but the approval was disclosed by September 28 2026. SAMR acknowledged the companies' high combined shares in domestic and international polysilicon markets but concluded that ample capacity and numerous competitors would maintain effective competition. The transaction further consolidates upstream polysilicon capacity and may strengthen Tongwei's cost coordination across the solar supply chain, although it does not resolve the sector's broader overcapacity problem.

Edited by Lucas Wang, wangchenghao@mysteel.com