TCL Zhonghuan to acquire control of DAS Solar in consolidation move

<p class="p1"><span class="s1">TCL Zhonghuan has agreed to take majority control of Chinese solar manufacturer DAS Solar, a producer of advanced n-type modules based on tunnel oxide passivated contact (TOPCon) and back-contact (BC) technologies.</span></p><p>TCL Zhonghuan has signed a definitive agreement to acquire control of DAS Solar through a combination of share transfers, capital injection, and voting rights delegation, in one of the most closely watched solar sector consolidation deals of 2026.</p>
<p>The Shenzhen-listed company, a unit of TCL Technology, said on March 30 that it had finalized transaction documents after securing a 90-day exclusive negotiation window under a framework agreement signed Jan. 16.</p>
<p>Under the terms of the deal, TCL Zhonghuan will pay CNY 1.258 billion ($182.7 million) in cash. This includes CNY 258 million to acquire 8.06% of DAS Solar’s pre-money equity from 50 existing shareholders, and CNY 1 billion in new capital, giving it 55.56% of post-money equity. The transaction implies a pre-investment valuation of CNY 800 million, roughly 10% of the company’s peak valuation. TCL Zhonghuan will also receive voting rights over an additional 7.20% of shares from founder Liu Yong and affiliated partnerships.</p>
<p>Following completion, TCL Zhonghuan will hold 59.14% of DAS Solar and control 66.34% of voting rights. DAS Solar will become a consolidated subsidiary.</p>
<p>The deal has been approved by TCL Zhonghuan’s board and does not require shareholder approval, according to the company. Remaining steps include state asset approvals, antitrust filing, and final closing.</p>
<p>Founded in 2018, DAS Solar has built significant capacity in n-type technologies. By the end of 2025, it had more than 50 GW of cell capacity and more than 70 GW of module capacity, with a strong presence in n-type TOPCon and BC module bidding in recent years.</p>
<p>However, the company faces financial pressure. As of the end of 2025, DAS Solar reported liabilities of CNY 14.189 billion and negative net assets of CNY 1.292 billion.</p>
<p>The acquisition would extend TCL Zhonghuan downstream from wafers into cells and modules, strengthening vertical integration. The company, via subsidiary Maxeon, holds BC-related intellectual property, while DAS Solar contributes manufacturing capacity. The combination could accelerate BC commercialization, according to the announcement.</p>
<p>Industry views are mixed. Supporters see a low-cost acquisition of a strategic asset at a depressed valuation and a signal of broader industry consolidation. Risks include near-term earnings pressure from DAS Solar’s losses, potential goodwill impairment, and integration challenges across operations, talent, and customers.</p>