FAST NEWS: Leapmotor Jumps Wrong Way With 37% Debut-Day Plunge

The latest: Electric vehicle maker Zhejiang Leapmotor Technology Co. Ltd. (9863.HK) made its trading debut in Hong Kong on Thursday with an opening price of HK$41, down 14.6% from its IPO price of HK$48. Looking up: The international portion of the listing, which accounted for 90% of the IPO’s 130 million shares sold, was over-subscribed by 233%. Take Note: Response to the local portion of the offering was anemic, with only 16% of the shares on offer subscribed. In the end, the company raised about HK$6.3 billion ($808 million) as it…

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FAST NEWS: GCL Technology to Build New Polysilicon Plant

The latest: Polysilicon products maker GCL Technology Holdings Ltd. (3800.HK), formerly known as GCL Poly, said Monday that its board approved construction of a new plant and accompanying power supply to produce granular silicon with annual production capacity of 100,000 tons, and high-purity nano-silicon with production capacity of 150,000 tons in the city of Wuhai in the Inner Mongolia region. Looking up: Upon completion of the project, the company’s annual capacity for granular silicon and high-purity nano-silicon will increase to 500,000 tons and 300,000 tons respectively, which will help boost future revenue…

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FAST NEWS: GCL New Energy Plunges with 20% Discount on Share Placement

The latest: GCL New Energy Holdings Ltd. (0451.HK), a subsidiary of GCL Technology Holdings Ltd. (3800.HK), announced on Thursday that it will place 2,275 million shares on a top-up placement basis, representing approximately 9.74% of the enlarged issued share capital, to not less than six independent places. Upon completion of the transaction, GCL Technology’s shareholding will be diluted from 49.24% to 44.44%. Looking up: The net proceeds from the placement will be HK$310 million ($39.8 million), of which 90% will be used to support the cost relating to the investment,…

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FAST NEWS: Ganfeng Lithium Investigated By Chinese Regulator for Suspected Insider Trading

The latest: Lithium compound producer Ganfeng Lithium Co. Ltd. (1772.HK; 002460.SZ) announced  Sunday it’s facing an investigation by the China Securities Regulatory Commission (CSRC) for suspected insider trading in an undisclosed mainland-listed stock on the secondary market. The CSRC decided to file a case against the Company on Jan. 24, 2022. Looking up: The company said the probe will not affect its normal production and operation activities, it will continue to pay attention to the progress of the investigation and actively cooperate with the CSRC. Take Note: The media quoted…

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FAST NEWS: Xinjiang Daqo Gets Approval for Shanghai Private Offering

The latest: Polysilicon maker Daqo New Energy Corp. (DQ.US) announced  Thursday its subsidiary, Xinjiang Daqo New Energy Co. Ltd. (688303.SH), has received approval from the China Securities Regulatory Commission for its planned private share offering in China’s A-share market to no more than 35 institutional investors. Looking up: The private offering will raise 11 billion yuan ($165 million) for Xinjiang Daqo, of which approximately 8 billion yuan will be used for a 100,000 metric tons of polysilicon expansion project in Baotou City, Inner Mongolia, China, and the rest of the proceeds for working capital.  Take Note: While…

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FAST NEWS: Xinjiang Goldwind Posts Strong Profit Growth, But Revenue Decline, in First Quarter

The latest: Wind power equipment maker Xinjiang Goldwind Science & Technology Co. Ltd. (2208.HK; 002202.SZ) said late Tuesday its revenue fell 8.3% in the first quarter of 2022 to 6.4 billion yuan ($962 million). But its profit for the period rose 15.3% to 1.3 billion yuan. Looking Up: Despite the year-on-year revenue decline, the company’s cash flow from the sale of goods and services rose by 8.4% to 8.2 billion yuan from 7.6 billion yuan in the first quarter of 2021. Take Note: The profit increase may have come largely…

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FAST NEWS: GCL Tech Posts Strong Quarterly Profit on High Polysilicon Prices

The latest: Polysilicon products maker GCL Technology Holdings Ltd. (3800.HK), formerly known as GCL Poly, announced late Wednesday that it expects to report a net profit of 3.03 billion yuan ($480 million) for this year’s first quarter, equal to 60% of its net profit for all of last year. Looking up: The big gain came on strong performance for the company’s solar materials business, which recorded revenue of 6.68 billion yuan in the quarter and a consolidated gross margin of 46%. The solar materials business accounted for 95.6% of the…

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FAST NEWS: Nio Halts EV Manufacturing Due to Covid Disruptions

The latest: Nio Inc. (NIO.US; 9866.HK) said on Saturday it has halted production of its electric vehicles (EV) due to supply chain disruptions, according to a Reuters report citing the company’s mobile app. Looking Up: Nio isn’t the only major EV maker to halt its car manufacturing operations due to widespread restrictions as China deals with its worst outbreak of Covid-19 to date. The company’s larger rival Tesla (TSLA.US) halted manufacturing at its China plant in Shanghai for similar reasons in late March. Take Note: The closure is likely to…

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FAST NEWS: Niu’s First-Quarter Sales Zoom Overseas, But Sputter in China on Covid Disruptions

The latest: Niu Technologies (NIU.US) said sales of its electric scooters rose 9.4% in the first quarter of this year to 163,659 units. Looking Up: The company’s international sales nearly tripled to 14,672 scooters for the quarter from 4,995 a year earlier. It attributed the big jump to popularity of its kick scooters launched in the second half of last year. It sold 9,833 kick scooters in the first quarter, accounting for all the big gains. Take Note: Niu’s China sales grew by just 3% year-on-year for the quarter to…

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FAST NEWS: GCL-Poly Jumps on Announcement of New Co-CEO, Proposed Name Change

The latest: GCL-Poly Energy Holdings Ltd. (3800.HK) announced late on Monday that Lan Tianshi has been named to the company’s board and also as its co-CEO. At the same time, it said Zhu Zhanjun, a board member and CEO, will officially become co-CEO, and has been named as the company’s vice chairman. In a separate announcement, the company also proposed changing its name to GCL Technology Holdings Ltd.  Looking Up: Lan is a company veteran, having joined GCL-Poly in 2007. His promotion from technician to executive deputy general manager of…

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