(Yicai Global) June 12 -- Tianjin Zhonghuan Semiconductor Co. [SHE:002129] will wholly own Tianjin Huanmei Energy Technology Co. after buying 51.43 percent stake from its Japanese partner, GMG Eco Energy Co. (GMG), for CNY94 million (USD13.8 million).

Prior to the acquisition, Tianjin Zhonghuan held a 48.57 percent stake in Tianjin Huanmei, while Japanese energy company GMG Eco Energy had a 51.43 percent stake, said a statement from the Chinese semiconductor manufacturer. The acquisition will give Tianjin Zhonghuan full control of Tianjin Huanmei.

Founded in 2015, Tianjin Huanmei mainly engages in the development, production and distribution of semiconductor materials and solar cells, public information shows. Its products are used in several fields including home appliances, transport, construction and communications. It is also a supplier for Tianjin Zhonghuan's solar power plant projects across China.

As of end-2016, Tianjin Huanmei had total assets of CNY237 million and net assets of CNY93,6 million. It achieved net profits of CNY23,6 million on revenues of CNY319 million last year. The acquisition will help expand the company's solar power plant business and is strategically important for improving its new energy solar industrial chain, Tianjin Zhonghuan said.