Tongwei Company
| Company type | Public |
|---|---|
| Industry | Energy, Agriculture |
| Founded | 1992 |
| Founder | Liu Hanyuan |
| Headquarters | Chengdu , China |
Area served | Worldwide |
Key people | Liu Shuqi (Chairman and CEO), Liu Hanyuan (former Chairman) |
| Products | Photovoltaic products, livestock feed, polysilicon, solar cells |
Tongwei Company (Tongwei; ) is a Chinese enterprise publicly traded on the Shanghai Stock Exchange, with its headquarters located in Chengdu. The firm operates within the energy and agricultural sectors.
Specializing in photovoltaic (PV) production and agricultural activities, particularly livestock feed, Tongwei stands as the leading global manufacturer of high-purity polysilicon and solar cells.
Background
Established in 1992 under the name Tongwei Feed Co., Ltd by Liu Hanyuan, the company originally concentrated on aquatic feed products. Liu's achievements paved the way for his involvement in political organizations such as the China National Democratic Construction Association and the Chinese People's Political Consultative Conference.
Tongwei made its stock market debut on 16 February 2004 via the Shanghai Stock Exchange.
As competition intensified and profit margins narrowed in the feed industry, Tongwei expanded its operations to sustain its market position.
In response to China's emphasis on renewable energy, Tongwei entered the photovoltaic industry in 2006. The following year, it acquired a polyvinyl chloride manufacturing facility, essential for polysilicon production. Initial hurdles included a lack of experience in PV manufacturing, economic challenges stemming from the 2008 financial crisis, and dependence on government subsidies common among Chinese photovoltaic companies.
Instead of directly contending with established photovoltaic firms, Tongwei pursued innovation by merging its agricultural and energy operations. It pioneered the construction of photovoltaic power plants above aquaculture ponds, enhancing efficiency and reducing costs. This approach supported China's rural development initiatives and Targeted Poverty Alleviation programs.
In 2013, Tongwei expanded its capabilities by acquiring LDK Solar Hi-Tech (Hefei) Co., enabling internal production of solar cells and modules utilizing its own polysilicon resources.
Liu Hanyuan resigned from his role as Chairman in 2019 but continues to maintain substantial influence over the company. His daughter, Liu Shuqi, assumed the positions of Chairman and CEO.
In August 2020, flooding forced Tongwei's polysilicon subsidiary, Yongxiang Co., to shut down a major facility, resulting in a 25% reduction in production capacity.
Maxeon Solar Technologies initiated a patent infringement lawsuit against Tongwei in June 2023 concerning shingled solar cell panel technology.
Tongwei entered the Fortune Global 500 rankings for the first time in August 2023, securing the 476th position.
In December 2023, amidst ongoing industry price competition and declining margins, Tongwei revealed plans to invest $3.9 billion in establishing a large-scale manufacturing plant in Ordos City, Inner Mongolia.