According to the Zhixin Finanace app, GCL Tech (03800) rose more than 4% in the final trading session of the day and was up 3.79% to HKD 1.37 at the time of publication, with a turnover of HKD 259 million.

On June 3, Xinxin Securities pointed out that the United Arab Emirates is actively transitioning to clean energy and this cooperation between GCL Tech and Mubadala, a sovereign fund, will promote the development of the local photovoltaic industry chain in the UAE from the material end. The bank indicated that the company's overseas polycrystalline silicon project is expected to accelerate its pace and start construction within 2024.

Bocom Intl also pointed out that with the sharp increase in electricity prices in major polycrystalline silicon producing areas such as Sichuan, the cost advantage of granular silicon with low power consumption has expanded. At the same time, with the improvement of quality, the discount of granular silicon has shrunk dramatically and the profit advantage is highlighted. The bank expects that the current severe loss situation in the industry is difficult to sustain, and the price of polycrystalline silicon has bottomed out, and will gradually rebound starting from the third quarter. The bank is bullish on GCL Tech's long-term development prospects and the continuous improvement of market share.