On December 8, Xiexin Technologies announced that it intends to establish Wuhu Xiexin Zhichuang Enterprise Management Partnership (Limited Partnership) to acquire 42.469% of Inner Mongolia Xinyuan Silicon Materials held by Hongyuan Green Energy and Xizang Ruihua at a total cost of 2.01 billion yuan. The members of
the Partnership include GCL Suzhou, GCL Xuzhou, Cinda, Xinsheng and Anyi. Prior to the acquisition, GCL Technology had held 57.531% equity interest in Xinyuan Silicon Materials through its subsidiaries, and Xinyuan Silicon Materials remained its non-wholly owned subsidiary after the transaction.
Inner Mongolia Xinyuan Silicon Material was established in 2021, mainly engaged in research and development, manufacturing and sales of granular silicon. Before the
acquisition, Xiexin Technology had a production capacity of 480,000 tons of silicon materials, including 420,000 tons of granular silicon.
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