Tianjin Zhonghuan Semiconductor Co., Ltd. cancelled the acquisition of a 20% stake in Xinjiang GCL New Energy Materials Technology Co., Ltd. from Jiangsu Zhongneng Polysilicon Technology Development Co., Ltd.
August 10, 2018
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Tianjin Zhonghuan Semiconductor Co., Ltd. agreed to acquire a 20% stake in Xinjiang GCL New Energy Materials Technology Co., Ltd. from Jiangsu Zhongneng Polysilicon Technology Development Co., Ltd. for nil consideration on August 11, 2017. The parties entered into the equity transfer agreement on November 28, 2017. Tianjin Zhonghuan Semiconductor Co., Ltd., in return, agreed to fully pay up the outstanding 20% registered share capital of Xinjiang GCL New Energy Materials Technology Co., Ltd., namely CNY 300 million, on or before December 25, 2017. Upon completion of the equity transfer, Jiangsu Zhongneng Polysilicon Technology Development Co., Ltd. and Tianjin Zhonghuan Semiconductor Co., Ltd. will hold 70% and 30% of Xinjiang GCL New Energy Materials Technology Co., Ltd., respectively. The transaction is expected to complete upon the full payment of the outstanding 20% registered share capital. The proceeds will be used for the construction and development of a polysilicon production facility in Qitai County, Changji State.
Tianjin Zhonghuan Semiconductor Co., Ltd. cancelled the acquisition of a 20% stake in Xinjiang GCL New Energy Materials Technology Co., Ltd. from Jiangsu Zhongneng Polysilicon Technology Development Co., Ltd. on August 11, 2018.
Tianjin Zhonghuan Semiconductor Co., Ltd. (TJSEMI) specializes in the manufacturing and marketing of integrated semiconductor devices for solar energy saving industry. Net sales break down by activity as follows:
- manufacturing of semiconductor materials used in the renewable energy industry (91.1%): monocrystalline silicon wafers, photovoltaic cells, solar modules, etc. used in photovoltaic power generation facilities, new energy electric vehicles, wind inverters and smart transmission networks;
- manufacturing of semiconductors for the consumer electronics industry (8%);
- services (0.1%);
-other (0.8%).
China accounts for 75.3% of net sales.
Tianjin Zhonghuan Semiconductor Co., Ltd. cancelled the acquisition of a 20% stake in Xinjiang GCL New Energy Materials Technology Co., Ltd. from Jiangsu Zhongneng Polysilicon Technology Development Co., Ltd.
TCL ZHONGHUAN RENEWABLE ENERGY TECHNOLOGY CO.,LTD. 
