Major Events - Health 160 (02656) received a subscription rate of 751.77 times for its public offering in Hong Kong, with listing scheduled for September 17 [1] - Huajian Medical (01931) and Renhe International have reached a significant strategic cooperation to establish the world's first vertical RWA exchange focused on the OTC sector [1] - Giant Legend (06683) strategically invested in the operation company of the Bird's Nest to enhance IP and landmark synergy [1] - Yuexiu Property (00123) successfully acquired the Kangqiao land in Hangzhou's Gongshu District for 1.33 billion [1] - China Jinmao (00817) plans to increase capital by 350 million to Beijing Chaoyang and 2.15 billion to Beijing Manmao [1] - Sichuan Energy Investment Development (01713) signed a construction contract with Degge Gesaer Power for development [1] - Qianxun Technology (01640) signed a memorandum of understanding for the proposed acquisition of 100% equity in Punk Code Technology [1] - GCL-Poly Energy (03800) clarified that the profit statement for August-September is not an annual forecast, but based on the trend of polysilicon prices and disclosed data [1] Operating Performance - China Shenhua (01088) reported a coal production of 28.6 million tons in August, a year-on-year decrease of 0.3% [1] - Nanshun (Hong Kong) (00411) announced annual results with a net profit of 303 million HKD, representing a year-on-year increase of 51% [1]

Core Viewpoint - GCL-Poly Energy (03800) issued a clarification regarding a media article discussing its potential profitability in August and September 2025, emphasizing that statements made by the executive director were based on market observations and not formal profit forecasts [1] Group 1 - The company clarified that the statement made by Executive Director Yang Wenzhong during the investor call on August 31, 2025, regarding potential profitability in August and September 2025 was based on observed trends in polysilicon prices [1] - The company highlighted that the comments made during the call were not based on any revenue or profit forecasts for the fiscal year 2025 [1] - The company urged shareholders and potential investors not to interpret the statements as profit forecasts [1]

Core Viewpoint - GCL-Poly Energy (03800) issued a clarification regarding a media article discussing its potential profitability in August and September 2025, emphasizing that the statements made by Executive Director Yang Wenzhong were based on market observations and should not be interpreted as profit forecasts [1] Group 1 - The company clarified that Yang Wenzhong's comments during the investor call on August 31, 2025, regarding potential profitability were based on the observed upward trend in polysilicon prices [1] - The statement regarding profitability was not based on any revenue or profit forecasts for the fiscal year 2025 [1] - The company reminded shareholders and potential investors not to interpret the comments as profit predictions [1]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責，對其準確性或完整 性亦不發表任何聲明，並明確表示概不會就本公告全部或任何部份內容而產生或因倚賴該等內容而引 致之任何損失承擔任何責任。 GCL Technology Holdings Limited 協鑫科技控股有限公司 （於開曼群島註冊成立之有限公司） （股票代號：3800） 有關網上媒體文章的澄清公告 香港，2025年9月16日 於本公告日期，董事會包括執行董事朱共山先生（主席）、朱鈺峰先生、朱戰軍先生、孫瑋女士、蘭天 石先生及楊文忠先生；以及獨立非執行董事何鍾泰博士、沈文忠博士、李俊峰先生及葉棣謙先生。 本公告由協鑫科技控股有限公司（「本公司」，連同其附屬公司，統稱「本集團」）發佈， 旨在澄清2025年9月1日網上媒體刊載題為《China's GCL expects more information soon on polysilicon restructuring》的文章。 本公司謹此澄清，本公司執行董事楊文忠先生（「楊先生」）於2025年8月31日例行投資 者最新情況電話會議中討論本集團 2025年半年度業績及近期市場前景時所作 ...

Core Viewpoint - GCL-Poly Energy Holdings Limited (03800.HK) has engaged in a counter-cyclical financing round, introducing a Middle Eastern sovereign fund-backed investor, Infini Capital, to strengthen its capital structure and support its growth initiatives [1][2]. Financing Details - GCL-Poly announced a strategic financing agreement with Infini Capital, involving a private placement of approximately 4.736 billion shares at a subscription price of HKD 1.15 per share, raising a total of HKD 54.46 billion (approximately RMB 5 billion) [1]. - The funds will be allocated for supply-side reform, enhancing polysilicon production capacity, and optimizing the company's capital structure [1][2]. Business Strategy - The financing aims to establish a second growth curve for GCL-Poly, focusing on the production of silane gas (SiH₄), which is essential for semiconductor, photovoltaic, and display panel industries [1][2]. - GCL-Poly plans to set up a specialized industrial fund to consolidate low-quality excess capacity in the industry, promoting resource concentration towards high-quality production and addressing the issue of price competition [3]. Market Context - The silicon industry has faced declining prices, with many producers operating at a loss. GCL-Poly's market share in polysilicon production reached 24.32% in the first half of the year, with revenues of RMB 5.735 billion, down 35.3% year-on-year, and a net loss of approximately RMB 1.776 billion [3][4]. - The average cash production cost for granular silicon is projected to decrease to RMB 25.31 per kilogram by Q2 2025, a 6.5% reduction from Q1 2023 [4]. Investor Background - Infini Capital, headquartered in Abu Dhabi and Hong Kong, has previously supported over HKD 10 billion in funding for Chinese enterprises, particularly in the technology sector [4]. - The firm has also signed a $1 billion strategic partnership with UBTECH, a leading humanoid robotics company in China, indicating a strong interest in innovative sectors [5][6]. Regional Developments - GCL-Poly has expressed intentions to establish a comprehensive silicon ecosystem in the UAE, collaborating with the Mubadala sovereign fund [7]. - The company has also signed a strategic cooperation agreement with ACWA Power in Saudi Arabia, reflecting the growing interest of Middle Eastern investors in Chinese enterprises [7].

Core Viewpoint - GCL-Poly Energy (03800.HK) is raising HKD 54.46 billion (approximately USD 7 billion) through a private placement to Infini Capital, focusing on funding for the polysilicon industry and silane gas applications [1][2]. Group 1: Financing and Strategic Goals - The private placement involves issuing approximately 4.736 billion shares to Infini Capital, which has a diversified investment portfolio including strategic emerging technologies [2][3]. - The funds will be allocated to three main areas: supporting supply-side reforms in the polysilicon industry, enhancing silane gas production capacity, and optimizing the company's capital structure [2][3]. Group 2: Silane Gas Demand and Applications - The demand for silane gas is expected to increase due to the transition from TOPCon to BC solar cells and applications in solid-state and semi-solid batteries [1][2]. - This is the first time the company has publicly mentioned the application of silane gas in BC cells and solid-state batteries, indicating a shift in focus from traditional silicon materials [3][4]. Group 3: Industry Context and Challenges - The overall increase in silane gas demand may not be significant, as the growth in BC cell usage will offset the reduction in TOPCon cell usage [4]. - GCL-Poly aims to differentiate its technology to escape the low-price competition in the industry and establish a sustainable development ecosystem [5].

Core Insights - GCL-Poly Energy, a leading company in the photovoltaic industry, has secured a strategic investment of approximately $700 million from Infini Capital through a private placement agreement [1] - The partnership aims to establish a specialized industrial fund to consolidate inefficient and low-quality excess capacity in the industry, promoting resource concentration towards high-quality production and mitigating disorderly competition [1] - This collaboration will enhance GCL-Poly's competitive advantage and strengthen its presence in both domestic and international high-end markets, converting carbon emission advantages into pricing power [1] Company Developments - GCL-Poly is transitioning from a silicon material supplier to a global energy solutions provider, aligning with national policies promoting high-quality development in the photovoltaic sector [2] - The investment from Infini Capital will support GCL-Poly's increased focus on perovskite technology, aiming to commercialize this advanced technology while consolidating its advantages in the silicon material sector [1][2] - Infini Capital, based in Abu Dhabi and Hong Kong, has recently provided over HKD 10 billion in funding to Chinese high-tech companies, indicating a strong commitment to investing in strategic emerging technologies [2]

Group 1 - GCL-Poly Energy, a leading player in the photovoltaic granular silicon sector, announced a strategic financing agreement with Infini Capital, a well-known international investment institution backed by a Middle Eastern sovereign fund, raising approximately HKD 54.46 billion (around USD 7 billion) through a private placement of about 4.736 billion shares [1] - The funds raised will be primarily used for three purposes: to reserve capital for supply-side reform and structural adjustment of polysilicon production capacity, to explore a second growth curve through silane gas, and to optimize the company's capital structure to stabilize its equity structure [1] - The current polysilicon sector is undergoing supply-side reform, while the market demand for upstream silane gas is rapidly increasing, driven by the upgrading of photovoltaic cell technology and applications in energy storage, integrated circuits, and display panels [1] Group 2 - GCL-Poly Energy and Infini Capital plan to jointly establish a specialized industrial fund aimed at integrating inefficient and low-quality excess capacity within the industry [2] - The fund will focus on market-based acquisitions, professional restructuring, and innovative upgrades to promote the concentration of resources towards high-quality production capacity, guiding the industry back to the essence of value creation and building a healthy, orderly, and sustainable industrial ecosystem [2]

Core Viewpoint - GCL-Poly Energy has announced a strategic financing agreement with InfiniCapital, raising approximately HKD 54.46 billion (around USD 7 billion) through a private placement of about 4.736 billion shares, aimed at strengthening its equity structure and funding growth initiatives [2][3]. Group 1: Financing Details - The financing will be primarily allocated to three areas: enhancing cash reserves for structural adjustments in polysilicon production, strengthening the second growth curve through increased production of silane gas, and optimizing the company's capital structure [2][3]. - The strategic partnership with InfiniCapital, which has a diversified investment portfolio, is expected to provide GCL-Poly with significant support for its growth in high-tech sectors [3]. Group 2: Market Context and Implications - The polysilicon industry is currently undergoing market adjustments, with a rapid increase in demand for silane gas, positioning GCL-Poly to capitalize on this trend [2][3]. - Analysts believe that this financing will enhance GCL-Poly's competitive advantage and allow it to effectively penetrate both domestic and international high-end markets, converting carbon emission advantages into pricing power [3]. Group 3: Future Plans and Financial Performance - GCL-Poly plans to establish a specialized industry fund with InfiniCapital to consolidate inefficient excess capacity in the industry, aiming to promote high-quality production and mitigate chaotic price competition [4]. - Financial projections indicate that GCL-Poly's EBITDA for the first half of 2025 is expected to reach approximately CNY 3.8 billion, a year-on-year increase of 325.8%, while maintaining a competitive cash production cost of CNY 25.31 per kilogram [4].

Core Viewpoint - The photovoltaic (PV) sector is experiencing active trading, with several companies showing significant stock price increases, driven by recent policy discussions aimed at addressing low-price competition and promoting industry self-regulation [1] Industry Summary - The PV industry is identified as a leader in combating "involution," with a current focus on price increases and production limits as key strategies [1] - The recent publication in the "Qiushi" magazine emphasizes the need for effective governance of chaotic low-price competition and encourages industry associations to enhance product quality [1] - The 2025 China Silicon Industry Conference has commenced, focusing on themes of technological innovation, green transformation, and industry self-discipline [1] Company Summary - GCL-Poly Energy (03800) saw a stock price increase of 5.56%, reaching HKD 1.33 [1] - Xinyi Glass (00868) experienced a 4.46% rise, with shares priced at HKD 9.13 [1] - Flat Glass Group (06865) reported a 3.05% increase, trading at HKD 12.15 [1] - Xinyi Solar (00968) rose by 1.17%, with a share price of HKD 3.45 [1] Market Outlook - According to Industrial Securities, the PV sector is positioned for a significant recovery, with potential for valuation restoration due to policy support and technological advancements [1] - Galaxy Securities notes that while the long-term outlook for global PV growth remains stable, the industry has faced years of supply-demand imbalance and ongoing losses, indicating a dual bottom in both market sentiment and fundamentals [1]