Complete withdrawal from its Xinjiang rod silicon investment, GCL Technology is to fully focus on the development of FBR granular silicon.
In the evening of January 21st, GCL Technology (03800.HK) released an announcement regarding the latest progress of its granular silicon business. In the 4th quarter of 2024, the company's cash cost of granular silicon once again broke the world record, reaching an industry-wide new low of only RMB28.17 per kilogram (cash cost), injecting a shot in the arm into the photovoltaic industry in the cold winter.
At the same time, GCL Technology also stated in the announcement that the company has completely withdrawn from its direct and indirect investments related to Siemens process polysilicon production and is to fully focus on the development of FBR granular silicon.
The correspondent’s query of business registration information revealed that on January 20th 2025, Jiangsu Zhongneng Silicon Technology Development Co., Ltd. (hereinafter referred to as "Jiangsu Zhongneng"), a wholly-owned subsidiary of GCL Technology, withdrew from its indirect shareholding of Xinjiang Goens Energy Technology Co., Ltd. (hereinafter referred to as "Xinjiang Goens"), and GCL Technology has fully exited its indirectly held equity in Siemens process polysilicon.
In December 2023, GCL Technology announced that its associate, Xinjiang Goens, planned to distribute dividends to its shareholder Jiangsu Zhongneng and repurchase all the equity held by the latter. However, after the sale was completed, GCL Technology still indirectly held a stake of Xinjiang Goens' equity.
The completion of this business registration change means that GCL Technology has fully exited all its investments in Xinjiang Goens.
It is reported that Xinjiang Goens has a rod silicon production capacity of 60,000 tons.
