TCL Zhonghuan has agreed to acquire the majority stakes 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.
TCL Zhonghuan has signed a definitive agreement to acquire control of DAS Solar through a combination of share transfers, capital injection and delegation of voting rights, in one of the most closely watched solar industry consolidation deals of 2026.
The Shenzhen-listed company, a unit of TCL Technology, said on March 30 that it had completed the transaction documents after securing a 90-day exclusive negotiating period under a framework agreement signed on January 16.
Under the terms of the deal, TCL will pay Zhonghuan CNY1.258 billion ($182.7 million) in cash. This includes CNY258 million to acquire 8.06% of DAS Solar’s pre-money equity from 50 existing shareholders, and CNY1 billion in new capital, giving it 55.56% of post-money equity. The transaction implies a pre-investment valuation of CNY800 million, roughly 10% of the company’s peak valuation. TCL Zhonghuan will also receive voting rights over an additional 7.20% of the shares of founder Liu Yong and affiliated partnerships.
Upon completion, TCL Zhonghuan will own 59.14% of DAS Solar and control 66.34% of the voting rights. DAS Solar becomes a consolidated subsidiary.
The deal has been approved by TCL Zhonghuan’s board and does not require shareholder approval, according to the company. The remaining steps include state asset approval, antitrust filings and final closing.
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 the bidding for n-type TOPCon and BC modules in recent years.
However, the company is facing financial pressure. At the end of 2025, DAS Solar reported liabilities of CNY 14.189 billion and negative net assets of CNY 1.292 billion.
The acquisition would expand TCL Zhonghuan downstream from wafers to cells and modules, strengthening vertical integration. The company, through its subsidiary Maxeon, owns BC-related intellectual property, while DAS Solar contributes production capacity. According to the announcement, the combination could accelerate commercialization in B.C.
Views on the sector are mixed. Proponents see a cheap acquisition of a strategic asset at a low valuation and a signal of broader consolidation in the sector. Risks include near-term earnings pressure from DAS Solar losses, possible goodwill impairment and challenges in integrating operations, talent and customers.
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