According to Zhitong Finance APP, XINTE ENERGY (01799) has dropped more than 4%. As of the time of publication, it has decreased by 3.87%, trading at 7.2 Hong Kong dollars, with a transaction volume of 12.7894 million Hong Kong dollars.

On the news front, on December 24, the Shanghai Stock Exchange terminated the Main Board listing review as XINTE ENERGY and its sponsor withdrew their application for issuance and listing. It is reported that XINTE ENERGY originally planned to raise 8.8 billion yuan to fund the construction of a green low-carbon Circular Economy project for the annual production of 200,000 tons of high-end electronic-grade polysilicon through the proposed issuance of A shares, of which the Phase I project of 100,000 tons has been completed and put into production in August 2023 using the company's self-raised funds. Considering the current supply-demand relationship and market environment in the photovoltaic Industry chain, there are no construction plans for the Phase II project of 100,000 tons.

The performance of XINTE ENERGY in the first three quarters of 2024 shows that the company achieved revenue of 16.462 billion yuan, a year-on-year decrease of 29.12%, with net losses for Shareholders totaling 1.405 billion yuan. Institutions point out that the polysilicon Industry is experiencing severe losses, and major manufacturers voluntarily comply with industry self-discipline to initiate production reductions and maintenance to optimize the supply-demand structure of the industry. As of December 26, 2024, the national polysilicon operating rate is only 35%, considering that the Southwest region generally enters the abundant water season in May/June of the following year, it is expected that production will be difficult to recover in the first quarter.