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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JinkoSolar Taps China Unit to Raise $1.5 Billion for New Projects

Leading solar panel maker will take advantage of a significantly higher valuation for its Shanghai- listed unit to raise money through a convertible bond issue Key Takeaways: JinkoSolar will issue up to 10 billion yuan worth of convertible bonds through its China-listed subsidiary to help fund two major new projects announced earlier this year The fundraising takes advantage of a major valuation gap between the U.S.-listed company, which trades at a P/E of 40, and the China-listed unit, whose P/E stands at around 130 By Doug Young There’s no question…

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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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Daqo New Energy Sees Strong First-Half Profit, Continued Rising Polysilicon Prices

Producer of the main ingredient used to make solar panels forecasts the profit for its China-listed subsidiary roses 340% in the first half of the year Key Takeaways: Daqo New Energy said the profit for its China-listed unit rose about 340% in the first half of the year, slowing from the 389% growth in the first quarter The company forecast polysilicon prices will continue to rise in the near-term, reversing a previous weakening from record levels at the start of the year By Doug Young When is a 340% profit…

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JinkoSolar Stumbles on Covid Challenges, But Longer-Term Future Remains Bright

Solar panel maker said its revenue fell sequentially from the fourth quarter to the first, but noted the war in Ukraine is speeding a global drive to reduce dependence on fossil fuels Key Takeaways: JinkoSolar blamed Covid disruptions for a 10% sequential decline in its first-quarter revenue, but added such challenges should be ‘short-term and manageable’ Company forecast it will sell 35 GW to 40 GW of capacity this year, implying it is taking market share from rivals By Doug Young Quite a few messages are emanating from two new…

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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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Daqo New Energy Suffering from Year-End Hiccups, or Longer-Term Solar Indigestion?

Polysilicon maker reports demand was returning to normal in the first quarter, following sharp unexpected year-end slowdown Key Takeaways: Daqo New Energy said its main operating unit expects to post 75% sales-volume growth for the first quarter, reversing a sharp unexpected contraction in the fourth quarter Company’s stock has rallied nearly 40% over the last two-and-a-half weeks, but remains significantly undervalued compared with peers By Doug Young Polysilicon maker Daqo New Energy Corp. (DQ.US) has been spewing out new data these last two weeks that paint quite a complex picture…

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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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Daqo Eyes Product, Geographic Diversification With Massive Expansion

Company will spend $1.3 billion on first phase of a major new production base in Inner Mongolia that will ultimately triple its polysilicon capacity Key Takeaways: Daqo has announced a major new investment, reportedly worth $5.2 billion, that will triple its polysilicon production capacity Move will diversify the company beyond its politically sensitive Xinjiang base, and also add several related silicon products to its mix By Doug Young  There are a few different ways to look at the announcement of a massive new investment this week by polysilicon maker Daqo…

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Signs of Bursting Polysilicon Bubble Cast Cloud Over Daqo New Energy

Domestic customer Longi aggressively cut its prices for the key material used to make solar panels for first time in a year-and-a-half as supply glut looms Shares of Daqo New Energy have dropped 40% over the last month amid signs that a two-year surge in polysilicon prices has peaked Company reported its revenue surged nearly fivefold year-on-year in the third quarter on quadrupling of polysilicon prices over that period By Doug Young Solar stocks are in the headlines as we approach this year’s winter solstice, with word that a long-building…

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