GCL TECH(HK:03800) Hua Xia Shi Bao·2025-07-28 09:43Core Viewpoint - GCL-Poly Energy Holdings Limited (03800.HK) announced a significant reduction in shareholding by major shareholder Zhu Gongshan, raising concerns due to unusual language in the announcement, indicating that this is not a typical share reduction [1][2] Group 1: Shareholding Changes - Zhu Gongshan's shareholding decreased from 6.405 billion shares to 5.295 billion shares, representing approximately 18.59% of the company's total issued shares [1] - The announcement mentioned that Zhu Gongshan has engaged legal counsel and is taking appropriate actions to comply with the Securities and Futures Ordinance [2] - The company indicated that past announcements may need updates, suggesting potential discrepancies in previous disclosures [2] Group 2: Company Performance and Industry Context - GCL-Poly is a leading enterprise in the photovoltaic upstream materials sector, with a projected production capacity of 260,000 tons by 2024, despite facing a loss of 4.75 billion yuan in 2024 due to industry-wide downturns [3] - The company is part of the GCL Group, which has a total asset scale of nearly 200 billion yuan and ranks among the Global 500 for several consecutive years [3] - The photovoltaic industry is showing signs of recovery, with significant price increases in polysilicon products, indicating a potential positive shift in market conditions [6] Group 3: Financial Strategies and Innovations - GCL-Poly is exploring diversification by engaging in stablecoin business, collaborating with Taibao Investment Hong Kong to develop infrastructure for asset tokenization [7] - This initiative aims to broaden financing channels and promote the transparency and standardization of green low-carbon assets [7]