MB-GCL @EC2609A

JPMorgan expects policy-driven consolidation in solar industry in 2026, gives 增持 ratings to GCL Technology and 大全新能源

Agricultural Bank of China sees largest increase in holding volume, Southern Hang Seng Tech sees largest percentage increase in holdings

Fitch Rates GCL Technology Holdings' ESG Grade as 2

GCL Technology Holds Stake in Guanghe Qiancheng, Seen as Polysilicon Industry Integration Platform

JPMorgan Maintains Overweight Rating on GCL Technology with Positive Outlook on Future Profitability

Equity Structure of Guanghe Qiancheng Revealed, Exploring Collaborative Opportunities in Polysilicon Industry

GCL Technology Establishes Partnership to Acquire Shares in Inner Mongolia Xin Yuan Silicon Materials

GCL Technology Completes 1.353 Billion Share Subscription Exercise

Significant Increase in Hua Tian International Holdings Shares, Significant Decrease in GCL Technology Holdings Shares

GCL Technology Achieves Profitability Turnaround in Photovoltaic Materials Business

Stock Increase in Hantang International Construction: 356 Million Shares

GCL Technology Completes Issuance of 1.353 Billion Shares

HSX Connect and SZX Connect Holding Records Show Largest Increase for HSFE Fund, Largest Decrease for GCL Technology

HKEX Disclosure Easy Shows Agricultural Bank of China's Holding Increase the Most

Northeast Securities First Coverage of GCL Technology with Buy Rating and Target Price

HKEX Discloses Holding Records of Shanghai-Hong Kong Stock Connect and Shenzhen-Hong Kong Stock Connect: GCL Tech Sees Largest Increase in Shares Held, Weimob Sees Largest Increase in Holding Ratio

Guosen Securities Predicts a Significant Profit Increase for GCL Technology in 2025Q3

HKEX Discloses: CSGC Shares Held and Shandong Molong Holding Ratio Increased Most

Hong Kong Stock Connect Holding Volume Changes on Oct 20, 2025

GCL Technology turns profitable in photovoltaic materials business and successfully raises funds through share issuance

WAN KEI GROUP

ALLEGRO CULTURE

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CH FRONTIER TEC

REGO INTERACT

BG BLUE SKY

YANCHENG PORT

SAU SAN TONG

ILUVATAR COREX

KIN PANG HLDGS

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GCL Technology Holdings Ltd. has announced an HK$800 million equity investment to increase its stake in a non-wholly owned subsidiary. The funds, raised from recent share subscriptions, will be used for the acquisition, which is based on the assumption that the appraised assets are available for transaction under current market conditions. A Limited Partnership was also established to facilitate this acquisition.

Reuters

GCL Global

GCL TECH

GCL Technology Boosts Subsidiary Stake with HK$800 Million Equity Investment

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UNISOUND(09678) fell 11.29%, with a trading turnover 81.4 Million HKD, and a year-to-date fell 24.6%. NANJING PANDA(00553) fell 9.19%, with a trading turnover 579.1 Million HKD, and a year-to-date rose 28.4%. XINTE ENERGY(01799) fell 8.48%, with a trading turnover 48.0 Million HKD, and a year-to-date fell 7.5%.

Top Gainers & Losers

UNISOUND

NANJING PANDA

XINTE ENERGY

BOE VARITRONIX

DRINDA

ZHEJIANG SHIBAO

GENOR

DEEWIN

PATEO

Top 10 HK Stock Losers (1.9)

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JP Morgan holds a constructive view on the photovoltaic industry, despite the recent decline in the CSI Photovoltaic Industry Index. GCL TECH's stock price has fallen due to capacity quota pressures, but JP Morgan believes it can enhance market share and shareholder return on equity by purchasing quotas. The addition of Xinjiang GCL has alleviated concerns about impairment losses. JP Morgan maintains an overweight rating on Daqo New Energy and GCL TECH, with target prices of $38 and HKD 1.7, respectively

AASTOCKS

GCL NEWENERGY

JP Morgan holds a constructive view on the photovoltaic industry "anti-involution" and maintains a "Buy" rating on GCL TECH

The Hong Kong stock market's photovoltaic sector performed weakly, with GCL TECH continuing to drop by 6.19%, Flat Glass Group falling by 2%, and Xinyi Solar and New Energy falling by 1% to 1.1%. The polysilicon industry capacity integration platform, Guanghe Qiancheng, has not yet officially opened and is still in the preparation stage

The photovoltaic sector's AH shares are weak, with GCL TECH continuing to decline by 6%. It is reported that the polysilicon industry's capacity acquisition platform has not yet been put into operation

GCL TECH fell 10.56%; Xinyi Solar fell 5.87%, with a transaction volume of HKD 180 million; ASMPT fell 3.40%, with a transaction volume of HKD 170 million; Flat Glass Group fell 6.37%, with a transaction volume of HKD 77.51 million; Tianyue Advanced fell 2.06%, with a market value of HKD 24.1 billion

HK Stock Movers Tracker

Hong Kong Stock Movement: GCL TECH faces continuous reductions in holdings, stock price plummets by 10.56%, market confidence undermined

GCL Technology Holdings (SEHK:3800) has raised significant capital through a share issuance to Infini Global, enhancing its market position and expansion plans. The stock has risen nearly 39% year-to-date, indicating renewed investor confidence despite long-term negative returns. Currently trading at a price-to-sales ratio of 3.4x, GCL appears overvalued compared to industry peers. However, a discounted cash flow analysis suggests it may be undervalued by over 65%. Investors are advised to consider both perspectives before making decisions.

Simplywall

GCL Tech (SEHK:3800): Valuation Insights Following Major Share Issuance to Infini Global

Zhongtai Securities pointed out that the photovoltaic industry is advancing towards high-quality development under the dual drive of policy and technology. The newly added photovoltaic installed capacity nationwide in 2024 is expected to increase by about 45% year-on-year. At the national level, the "anti-involution" policy has been introduced to promote the industry from low-price competition to sustainable development, optimizing the supply-demand relationship. Technologically, the market share of N-type monocrystalline silicon technology will exceed 96.9%. The price of the polysilicon industry is gradually recovering above the cost line, with related Hong Kong stocks including GCL TECH and XINTE ENERGY

Zhitong

Hong Kong Stock Concept Tracking | Continued Progress Against Involution, Obvious Price and Profit Recovery in the Photovoltaic Industry (Including Concept Stocks)

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The Q3 2025 report shows that leading companies in the photovoltaic industry, such as LONGi and TRINA SOLAR, have achieved reduced losses, with a significant recovery in the silicon material segment. GCL TECH and Daqo Energy have successfully turned losses into profits, while Tongwei Co., Ltd. has reduced its losses. However, many companies in the overall industry are still in a state of loss, with significant performance differentiation. Experts point out that corporate self-discipline and demand-side stimulation are key to reversing the industry's predicament

Daqo New Energy

Tongwei Co.,Ltd

LONGi

TRINA SOLAR

Daqo Energy

Leading companies in the photovoltaic industry reduce losses, with the silicon material segment recovering first

GCL TECH (3800.HK) saw a synchronized surge in main capital during yesterday's trading session, with the closing price effectively breaking through the short-term support zone, leading to a rapid increase in sentiment across the entire photovoltaic industry chain. On the news front, GCL TECH officially announced the establishment of a new overseas factory project, coupled with the implementation of multi-channel technological iterations in the industry chain, significantly enhancing market expectations. The overseas expansion combined with the technological upgrade path is viewed as a new starting point for the company's core competitiveness, stimulating market capital to further increase growth expectations. Throughout the day, the main buying pressure was strong and consistent, with sector rotation driving GCL TECH to become a focal point of the market. From a technical perspective, the intraday momentum was relatively strong, and the trading volume significantly increased, validating the participation of main capital. Each time the price approached important resistance points during the session, divergent selling pressure increased, indicating relative caution among high-position chasing funds. Currently, the frequent events in the photovoltaic concept are highly attractive to short-term capital, making it an important battleground for quick in-and-out trading. In the medium to short term, attention should be paid to the global trade environment and the progress of overseas project realization. If marginal expectations fall short of market hopes, the diversion of sector hotspots may exacerbate the withdrawal pressure on individual stocks. It is recommended to closely monitor the continuous advancement of main capital and policy news, and to implement effective risk control for quick in-and-out trading

Technical Forecast

Morning Trend | GCL TECH's main force lifts, is there a rebound window stimulated by new photovoltaic news?

Northeast Securities released a research report stating that it has initiated coverage on GCL TECH, giving it a "Buy" rating. The company recently announced the latest progress of its photovoltaic materials business segment. In the third quarter of this year, the company's unaudited profit from the photovoltaic materials business was approximately 960 million RMB (the same below) (including after-tax proceeds of about 640 million RMB from the sale of an associate), achieving a turnaround from loss to profit. The company's unaudited adjusted EBITDA from the photovoltaic materials business in the third quarter was approximately 1.41 billion RMB, also achieving a turnaround from loss to profit, which is basically in line with market expectations. The report indicates that under the background of anti-involution, GCL TECH is expected to accelerate the arrival of a performance inflection point, giving it a target price of HKD 1.5

Northeast Securities: Initiates coverage on GCL TECH with a "Buy" rating and a target price of HKD 1.50

CITIC Securities maintains a "Buy" rating on GCL TECH, expecting the profit from the photovoltaic materials business to be approximately 960 million yuan in the third quarter of 2025, with an EBITDA of about 1.41 billion yuan. The report points out that the price of polysilicon is rebounding, with the average selling price of granular silicon increasing month-on-month, and future prices are expected to rise steadily, driving profit growth. The company plans to increase polysilicon production capacity through mergers and acquisitions, and industry consolidation will help balance supply and demand and boost prices

Cathay Securities and Haitong Securities: Maintain GCL TECH "Buy" rating, continuing to combat involution

Jiao Yin International released a research report stating that GCL TECH's photovoltaic materials business segment is expected to achieve a profit of RMB 960 million in the third quarter of 2025 (the same below) (including a post-tax profit of RMB 640 million from the sale of the joint venture company Xinhua Semiconductor), turning a profit. Driven by the anti-involution policy that prohibits sales below cost, the price of polysilicon has significantly increased since late July, with the tax-inclusive price of granular silicon rising from a minimum of RMB 34,000 per ton to the current RMB 50,000. At the same time, Jiao Yin International expects that the increase in operating rates will significantly dilute unit depreciation and expenses, jointly driving the granular silicon business to profitability. Jiao Yin International has raised its net profit forecast for GCL TECH, adjusting the target price slightly to HKD 1.54 based on a price-to-earnings ratio of 16 times for 2026, maintaining a "Buy" rating

Jiangyin International: Maintains GCL TECH rating "Buy" as significant increase in polysilicon prices drives turnaround

MB-GCL @EC2609A(28806.HK)

GCL Technology Boosts Subsidiary Stake with HK$800 Million Equity Investment

Top 10 HK Stock Losers (1.9)

JP Morgan holds a constructive view on the photovoltaic industry "anti-involution" and maintains a "Buy" rating on GCL TECH

The photovoltaic sector's AH shares are weak, with GCL TECH continuing to decline by 6%. It is reported that the polysilicon industry's capacity acquisition platform has not yet been put into operation

Hong Kong Stock Movement: GCL TECH faces continuous reductions in holdings, stock price plummets by 10.56%, market confidence undermined