Core Viewpoint - Citigroup's research report indicates that the reduction of shareholding by GCL-Poly Energy's chairman, Zhu Gongshan, to 18.59% does not have a direct impact on the company's operations, but the potential subsequent effects on the equity structure will be monitored [1] Group 1: Company Operations - The report maintains an optimistic outlook on GCL-Poly Energy's operational prospects due to its cost advantages in polysilicon production [1] - The company is expected to benefit from the supply-side reforms in China's photovoltaic industry [1] Group 2: Valuation and Ratings - Citigroup notes that the current price-to-book (PB) ratio is below historical averages, suggesting potential undervaluation [1] - The expected return on equity (ROE) for the company is projected to reach a turning point by 2026 [1] - A buy rating is assigned with a target price of HKD 1.7 [1]