Several of China’s major polysilicon producers have teamed up on a joint venture that industry insiders said is designed to tackle overcapacity in the solar industry.
Beijing Guanghe Qiancheng Technology Co. Ltd. was officially established on Tuesday with a registered capital of 3 billion yuan ($424 million), with its shareholders including nine polysilicon makers and the China Photovoltaic Industry Association (CPIA).
A subsidiary of Tongwei Co. Ltd., the world’s largest manufacturer of polysilicon and solar cells, is Guanghe Qiancheng’s largest shareholder with a 30.35% stake. The new entity is run by a management team made up of several industry veterans such as Guo Xuming, general manager of Asia Silicon (Qinghai) Co. Ltd., and Liu Yiyang, executive secretary general of the CPIA.
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