Group 1 - Core viewpoint: The report indicates that GCL-Poly Energy (03800) has placed 4.736 billion new shares to Wujing Capital Management at a price of HKD 1.15 per share, with net proceeds intended for establishing capital reserves for anti-involution measures and developing silane gas [1] - The bank expresses optimism about the solar industry, expecting a gradual elimination of excess capacity by the first half of next year, leading to a healthier and more balanced supply-demand relationship [1] - Due to increasing government support for anti-involution initiatives, the target price for GCL-Poly has been raised from HKD 1.45 to HKD 1.65, maintaining a "buy" rating [1]

星展发布研报称，协鑫科技(03800)向无极资本管理配售47.36亿股新股，每股作价1.15港元。所得款项 净额将用作设立反内卷措施资本储备及开发硅甲烷气体。该行表示，对太阳能行业可在明年上半年逐步 消除过剩产能感到乐观，相信供需之间会更加健康和平衡。考虑到内地政府对愈来愈支持反内卷运动， 将协鑫科技目标价由1.45港元上调至1.65港元，维持"买入"评级。 ...

Group 1 - The core point of the article is that GCL-Poly Energy Holdings Limited is issuing 4.736 billion new shares at a price of HKD 1.15 per share to raise funds for establishing a capital reserve for anti-involution measures and developing silane gas [1] - DBS Group expresses optimism about the solar industry, predicting that excess capacity will gradually be eliminated by the first half of next year, leading to a healthier and more balanced supply-demand relationship [1] - Due to increasing government support for anti-involution initiatives, DBS has raised the target price for GCL-Poly from HKD 1.45 to HKD 1.65 while maintaining a "Buy" rating [1]

此外，协鑫科技近日宣布，与中东主权基金背景的无极资本(Infini Capital)达成战略融资协议，通过定 向增发约47.36亿股，募资54.46亿港元，约7亿美元。此次配售股份设6个月锁定期，旨在巩固公司股权 结构稳定。公告称，资金将用于三方面：推进多晶硅产能结构性调整；强化硅烷气第二增长曲线，应对 光伏、半导体、锂电池等领域需求增长；优化资本结构。 消息面上，协鑫科技发布公告，旨在澄清2025年9月1日网络媒体刊载的关于公司可能在2025年8月及9月 录得盈利的文章。公司执行董事杨文忠在2025年8月31日的电话会议中提到，由于市场观察到多晶硅价 格呈上升趋势，若该趋势持续，公司可能会录得盈利。然而，杨文忠强调，这一说法并非基于公司2025 财政年度的任何收入或盈利预测。公告提醒股东及潜在投资者不要将该说法视为盈利预测，并在买卖公 司股份时保持谨慎。 协鑫科技(03800)午后涨超7%，截至发稿，涨6.87%，报1.4港元，成交额10.75亿港元。 ...

此外，协鑫科技近日宣布，与中东主权基金背景的无极资本（Infini Capital）达成战略融资协议，通过 定向增发约47.36亿股，募资54.46亿港元，约7亿美元。此次配售股份设6个月锁定期，旨在巩固公司股 权结构稳定。公告称，资金将用于三方面：推进多晶硅产能结构性调整；强化硅烷气第二增长曲线，应 对光伏、半导体、锂电池等领域需求增长；优化资本结构。 消息面上，协鑫科技发布公告，旨在澄清2025年9月1日网络媒体刊载的关于公司可能在2025年8月及9月 录得盈利的文章。公司执行董事杨文忠在2025年8月31日的电话会议中提到，由于市场观察到多晶硅价 格呈上升趋势，若该趋势持续，公司可能会录得盈利。然而，杨文忠强调，这一说法并非基于公司2025 财政年度的任何收入或盈利预测。公告提醒股东及潜在投资者不要将该说法视为盈利预测，并在买卖公 司股份时保持谨慎。 智通财经APP获悉，协鑫科技(03800)午后涨超7%，截至发稿，涨6.87%，报1.4港元，成交额10.75亿港 元。 ...

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].