Tongwei stock gained 4.07 percent as Lihao deal won approval

Tongwei stock (ISIN CNE000001GS3) closed at CNY 11.52 on the Shanghai Stock Exchange on September 30, 2026, gaining 4.07 percent from the previous close of CNY 11.07. The move followed regulatory clearance for Tongwei's planned acquisition of Qinghai Lihao Qingneng, a major polysilicon producer.

Lihao approval changes the setup

According to Mysteel on September 29, 2026, China's State Administration for Market Regulation unconditionally approved Tongwei's acquisition of equity in Lihao Qingneng. The authority said ample capacity and numerous competitors would preserve effective competition despite the combined companies' high share of solar-grade polysilicon markets.

The approval strengthens Tongwei's upstream position, but it does not complete the transaction. EnergyTrend reported on September 28, 2026, that shareholder review, regulatory procedures, asset transfer and further transaction steps still remained before closing.

Losses keep pressure on margins

Tongwei's second-quarter revenue was CNY 22.23 billion, down 9.5 percent year over year, while net loss reached CNY 2.67 billion and widened by CNY 3.1 billion, according to Futu in its September 28, 2026 analysis of Tongwei's 2026 half-year report. The first-half revenue total was CNY 34.36 billion, down 15.2 percent from the prior-year period, while net loss reached CNY 5.12 billion.

The operating picture makes the acquisition strategically relevant: upstream consolidation may improve cost coordination, while weak solar demand and polysilicon oversupply continue to weigh on profitability. The same Futu analysis said industry utilization was planned to fall from 56 percent in September to 35 percent in October, with monthly output targeted at 75,000 tonnes.

Analysts see room above CNY 11.52

The consensus published by Investing.com lists 17 analysts, with 9 Buy ratings, 3 Holds and 5 Sells for an overall Neutral view. The average 12-month price target is CNY 14.61, with a high of CNY 25.17 and a low of CNY 4.20; the average target lies 26.82 percent above the September 30 price.

For investors, the contrast is direct: the Lihao approval offers a consolidation route, while the latest results show that earnings have not yet recovered. Tongwei's next earnings report is listed for October 31, 2026, by Investing.com.

Stock remains below its yearly high

Tongwei stock closed at CNY 11.52 on September 30, 2026, with a session range of CNY 11.04 to CNY 11.77 and a 52-week range of CNY 10.32 to CNY 27.75. Its market capitalization was CNY 50.7 billion and volume reached 55,769,412 shares on the Shanghai Stock Exchange.

Upcoming dates for Tongwei stock

• October 31, 2026: Next earnings report

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