PVTIME – TCL Zhonghuan Renewable Energy Technology Co., Ltd. (002129.SZ), a leading distributor and producer of discrete semiconductor devices, declared on 4th December 2023 the successful completion of the transfer of its entire 27% equity stake in Xinjiang GCL New Energy Materials Technology Co., Ltd. (Xinjiang GCL) to a Wuhan Financial Holding Group subsidiary named Guotong Trust, at an agreed price of 696,600,000 yuan.
Xinjiang GCL is a a joint venture of TCL Zhonghuan, GCL, and Jiangsu Zhongneng Polysilicon Technology Development Co., Ltd. Zhongneng Polysilicon possesses a 38.6% interest, while GCL owns 34.5% interest and TCL Zhonghuan holds 27% interest. The principal objective of the firm is to conduct research, manufacture, and distribute polysilicon and monocrystalline silicon. In 2022, Xinjiang GCL achieved a production of 64,501,000 tonnes of silicon materials, securing the fifth position in China, following Tongwei, Daqo, Xinte, and GCL, and ranking as the sixth in the world, according to GCL’s annual report.
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