Chinese polysilicon industry creates new “inventory platform” with RMB30 billion capital

According to the business registration details, Beijing Guanghe Qiancheng is structured as a limited liability company set up as a joint venture between foreign‑invested and domestic enterprises. Its business scope covers technical services, R&D, consulting, technology exchanges, transfer, promotion, and corporate management consulting. 

The creation of this new company, with many of the top polysilicon producers as stakeholders, comes months after the industry reportedly considered cutting a third of Chinese production capacity. The capital of the new company is, however, a bit lower than what was reported in August when talks between leading Chinese polysilicon producers aimed to establish an RMB50 billion fund to purchase and shut down at least 1 million metric tonnes of “lower-quality” production.

On December 10, newly updated business registration data revealed the shareholder lineup of Beijing Guanghe Qiancheng, which includes several of the top ten polysilicon producers globally. The ten shareholders are:

• Tongwei PV (Emeishan) Co., Ltd.
• GCL Technology Consulting Services (Suzhou) Co., Ltd.
• Shanghai East Hope Group
• Daqo Energy
• Xinte Energy
• Asia Silicon (Qinghai) Co., Ltd.
• Qinghai Lihao New Energy Technology Co., Ltd.
• Beijing Zhongguang Tonghe Energy Technology Co., Ltd.
• Xinjiang GCL New Energy Materials Technology Co., Ltd.
• Qinghai Nanbo New Energy Technology Co., Ltd.

Liu Hanyuan, Chairman of Tongwei – the leading polysilicon producer in 2024 – said in a recent interview that a “polysilicon inventory” mechanism would work like the master valve of a waterworks: it can regulate the “flow” and keep the demand within a reasonable range, guide prices back to reasonable levels, and ultimately steer the industry toward sustainable development.

According to Caixin Press (a financial news agency affiliated with Shanghai United Media Group), an industry insider disclosed that Beijing Guanghe Qiancheng Technology was set up by key players in the sector to explore potential strategic collaborations, covering technology upgrades, market expansion, capacity optimisation and cost reduction.

The Caixin report also noted that following the creation of this platform company, all shareholders plan to continue increasing their registered capital. Going forward, shareholders will proactively convene meetings to lock in a reasonable price range for polysilicon, as well as set inventory targets and total volumes.

The report further noted that once the new platform company is established, the future price of polysilicon will factor in the inventory costs. The total sales price is projected to exceed RMB60,000 per ton, with inventory costs alone estimated at more than RMB10,000 per ton.

Since Q3 2025, driven by national policies aimed at curbing excessive competition and a broad industry commitment to stop selling products below cost, polysilicon prices have climbed by roughly 50%. Prices have since held steady at around RMB50,000 per ton for several consecutive weeks.

According to data from the Silicon Industry Branch, the current average transaction price for n‑type polysilicon (recycled material) stands at RMB53,200 per ton, unchanged from the prior period. For n‑type granular silicon, the average transaction price is RMB50,500 per ton, also unchanged from the previous period.