TCL Zhonghuan, a Shenzhen-listed unit of TCL Technology, finalized a definitive agreement on March 30, 2026, to acquire majority control of Chinese solar manufacturer DAS Solar for CNY 1.258 billion ($182.7 million) in cash. The transaction includes CNY 258 million to purchase 8.06% of DAS Solar’s pre-money equity from 50 existing shareholders and CNY 1 billion in new capital, securing 55.56% of post-money equity. TCL Zhonghuan will also receive voting rights over an additional 7.20% of shares from founder Liu Yong and affiliated partnerships, bringing its total ownership to 59.14% and voting control to 66.34%. The deal, approved by TCL Zhonghuan’s board, requires state asset approvals, antitrust filings, and final closing. DAS Solar, founded in 2018, operates over 50 GW of cell capacity and 70 GW of module capacity, specializing in n-type TOPCon and back-contact (BC) technologies.