China’s Tongwei Bids to Buy Rival and Hasten Solar Consolidation

Chinese polysilicon giant Tongwei Co. plans to buy a smaller domestic rival, as the industry bids to shrink chronic oversupply of the solar-panel material.

Tongwei said it intends to use cash and shares to acquire privately held Qinghai Lihao Qingneng Co., according to an exchange filing on Tuesday that didn’t disclose the size of the transaction. The buyer’s shares have now been suspended for up to 10 days.