GCL Technology (Stock code: 3800.HK) Fully Exits Xinjiang Rod-Polysilicon Investment, Redirecting Focus on FBR Granular-Polysilicon Production

HONG KONG, April 1, 2025 /PRNewswire/ -- On March 28th, GCL Technology (Stock code: 3800.HK)  released its 2024 annual financial report, revealing that the company has achieved sequential reduction in losses since 2Q2024, with overall operational fundamentals stabilizing and improving amid intense industry competition. 

From January to February 2025, the average cash cost (including R&D) of granular polysilicon further dropped to CNY 27.14/kg, while the tax-exclusive selling price rose to CNY 31.1/kg. Compared to 3Q2024's cash cost of CNY 33.18/kg and tax-exclusive price of CNY 28.98/kg, this marks significant cost reductions and steady price increases. The proportion of high-quality granular polysilicon products has exceeded 95%, with a market share of 25.76%. 

In 2024, GCL Technology's granular polysilicon total capacity reached 480,000 tons, with production hitting 269,200 tons (up 32% YoY) and shipments reaching 281,900 tons (up 45% YoY), achieving a sales-to-production ratio of 105%. 

Notably, GCL Technology announced it has fully exited all direct and indirect investments related to Siemens-method polysilicon production, redirecting focus to its four major 100,000-ton granular polysilicon bases in Xuzhou (Jiangsu), Leshan (Sichuan), Hohhot, and Baotou (Inner Mongolia). 

Business registration records show that on 20^th January, 2025, Jiangsu Zhongneng (a wholly-owned subsidiary of GCL Technology) withdrew its indirect shareholding on Xinjiang Goens, marking the complete divestment of GCL Technology's remaining indirect stakes in Siemens-method polysilicon project. 

Previously, in December 2023, GCL Technology disclosed that its Xinjiang associate planned to distribute dividends and repurchase all shares held by Jiangsu Zhongneng. However, the company retained partial indirect ownership post-transaction. The latest business registration update confirms GCL Technology's full exit from Xinjiang Goens and its complete disengagement from Siemens-method rod-polysilicon investment, severing all ties with Xinjiang-based polysilicon capacity. Hence, currently GCL Technology has neither ownership nor any business activity with Xinjiang Goens.

A GCL Technology's representative emphasized the company's commitment to human rights as a cornerstone of its operations, advocating for freedom, equality, and zero tolerance for forced or discriminatory practices. The company aligns with globally recognized human rights frameworks to ensure compliance with domestic and international standards. 

To date, four of GCL Technology's key production bases have obtained SA8000 Social Responsibility Management System certification, with two additional bases undergoing certification, aiming to cover over 70% of its operations.

SOURCE GCL Technology