On March 22, Hongshi Holdings Group Co., Ltd. received the official reply from the State Administration for Market Regulation, which decided not to conduct further review on its acquisition of shares of Asia Silicon (Qinghai) Co., Ltd. and allowed the concentration to be implemented as of today. This means that Hongshi Group has smoothly passed the review of the concentration of business operators for the acquisition of shares of Asia Silicon, and will become the controlling shareholder of Asia Silicon after the completion of this transaction.

Asia Silicon is a world-leading manufacturer and supplier of high-purity polysilicon materials and a national high-tech enterprise. Its output and quality both rank among the top globally. It is currently a polysilicon manufacturing enterprise with a leading proportion of using green energy in the country, and is also one of the first batch of modern polysilicon enterprises in China that independently developed process packages and achieved a fully closed-loop and clean production, a national intellectual property advantage enterprise, a national technology innovation demonstration enterprise and a national-level green factory.

Hongshi Group is among China's top 500 enterprises and top 500 private enterprises. It has more than 50 large cement enterprises in 12 domestic provinces and 4 countries including Laos, Nepal and Indonesia, with an annual cement production capacity of 120 million tons, ranking among the top four in the country. After this acquisition, Hongshi Group and Asia Silicon will fully exert their comprehensive competitiveness in terms of funds, technology, brand and talent, based on the advantages of clean energy in Qinghai, take Asia Silicon as the main body, accelerate the construction of the polysilicon business segment of Hongshi Group and make greater contributions to the early realization of the “dual carbon” goals.

After providing legal services for Hongshi Group's investment acquisitions in the Belt and Road countries such as Myanmar, Nepal, Indonesia and Laos, T&C Law Firm once again served as the legal advisor for Hongshi Group's acquisition of Asia Silicon. Relying on its rich experience and professional capabilities in investment acquisition transactions, it provided services for this transaction, including due diligence, drafting of transaction documents, negotiations and declaration of concentration of business operators.

The team members for this transaction include partners Wang Lixin and Jin Zhen, senior lawyers Lu Fang, as well as Beijing o partner Yu Shengli and lawyers Wang Xiaochi and Lei Yi.