FAST NEWS: Daqo New Energy’s Profit Rises 11% in Third Quarter

The Latest: Polysilicon maker Daqo New Energy Corp. (DQ.US) on Thursday reported its revenue roughly doubled year-on-year to $1.2 billion in the third quarter, while its profit rose by a more modest 11% to $323 million over the period. Looking Up: The sluggish profit growth owed largely to costs related to employee stock incentives. Excluding those, the company’s non-GAAP profit doubled to $590 million in the third quarter from $295 million a year earlier. Take Note: The company’s polysilicon production volume fell to 33,401 metric tons (MT) for the third…

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FAST NEWS: Xinjiang Goldwind’s Profits Plummet, Sending Shares to New Low

The latest: Wind power equipment maker Xinjiang Goldwind Science & Technology Co. Ltd. (2208.HK; 002202.SZ) said Wednesday its net profit plunged 63% year-on-year to 445 million yuan ($62 million) in the third quarter, leading to a 27.1% decline in its net profit for the first three quarters of the year to 2.37 billion yuan. Looking up: Xinjiang Goldwind’s impairment related to losses in the value of its assets totaled 17.98 million yuan for the period, a significant decrease of 88.2% compared to the same period last year, mainly due to…

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FAST NEWS: Daqo Secures Major New Polysilicon Order

The latest: Polysilicon maker Daqo New Energy Corp. (DQ.US; 688303.SH) said on Tuesday it has signed a new contract to supply an unspecified customer with 46,200 metric tons (MT) of high-purity polysilicon between 2023 and 2027. Looking up: Four days earlier, Daqo disclosed the signing of an even larger deal to supply 150,300 MT of polysilicon to a subsidiary of Shuangliang Eco-Energy (600481.SH), meaning the company has locked in two large long-term orders in less than a week. Take Note: Both contracts state actual prices for the purchases will be negotiated monthly…

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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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