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Eric Ng

Aileen Chuang

GCL Technology, one of China’s largest solar panel raw materials makers, and Yunfeng Financial Group, plan to take advantage of Hong Kong’s sustained stock market recovery to raise HK$6.6 billion (US$848.5 million) to fund their expansion.
GCL agreed to sell 4.74 billion shares to Infini Capital Management, a Hong Kong and Abu Dhabi-based firm owned by Tony Chin, the Jiangsu-based maker of polysilicon and solar wafers said in a Hong Kong stock exchange filing on Tuesday.
The selling price at HK$1.15 was 8.7 per cent lower than GCL’s closing price on Monday. GCL shares gained 4 per cent to HK$1.31 at 11.47am.
The Hang Seng Index has surged 33 per cent so far this year – making Hong Kong one of the world’s best performing stock markets – extending a recovery that has seen the market gain 74 per cent since early 2024.
GCL plans to use two-thirds of the proceeds to fund “supply-side reform to promote the structural adjustment of polysilicon production capacity”, and expand its capacity in making silane gas to help China displace imports.
Last month, Beijing announced policies aimed at curbing what it called “disorderly competition in the excess capacity and price war-inflicted solar equipment industry” by encouraging industry players to mothball unprofitable capacity.
GCL, the world’s largest supplier of silane with 600,000 tonnes of annual capacity, uses the gas to make polysilicon and solar cells. It also supplies it to the semiconductor and solid-state lithium battery industries.
Rising Chinese demand for silane gas, coupled with US tariffs of 245 per cent on its import, are set to trigger higher global prices.
Chinese output, meanwhile, was expected to be redirected to serve local needs and tighten international supply, industry information provider ChemAnalyst said in a report in April.
“Silane gas is evolving to become a significant growth driver for the group,” GCL said in its 2024 annual results filing in March.
Meanwhile, Yunfeng Financial Group, backed by Alibaba Group Holding founder Jack Ma, announced plans on Tuesday to raise HK$1.17 billion through an existing shares placement, in a move aimed at boosting its virtual asset services. Alibaba owns the South China Morning Post.
Yunfeng plans to use the proceeds to upgrade system facilities, recruit talent and fund the launch of comprehensive virtual asset trading and investment management services, it said in a Hong Kong stock exchange filing on Tuesday.
The fundraising would “further strengthen the financial position of the group to support future business development initiatives”, Yunfeng said.
Its shares slumped 10.6 per cent to HK$6.55 at open on Tuesday following the announcement.
Yunfeng plans to place 191.3 million of existing shares at HK$6.10 each, a discount of around 16.8 per cent to the closing price of HK$7.33 on Monday. Despite this, the placing price marked a premium of 16.3 per cent over the past five trading days and 38.3 per cent over the past 10 trading days.
Yunfeng’s stock has jumped sixfold this year, riding on its expansion into Web3 - the proposed blockchain-powered next stage of the internet characterised by decentralisation - amid Hong Kong’s digital-asset initiative.
Last month, Yunfeng announced a major push into what it called “frontier areas”, which included Web3. The company planned to increase investments in digital currencies such as stablecoins and “actively explore” tokenisation of real-world assets, according to its filings.
Last week, its securities arm received approval from the Securities and Futures Commission to upgrade its license to provide virtual asset dealing services.


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Banking & Finance

GCL and Yunfeng leverage Hong Kong’s booming stock market to secure funding for expansion, tech upgrades, and virtual asset ventures


GCL and Yunfeng leverage Hong Kong’s booming stock market to secure funding for expansion, tech upgrades, and virtual asset ventures.


GCL, Yunfeng eye Hong Kong market surge to raise US$848.5 million for solar, digital-asset plays

.css-1c6uqr6{color:inherit;font-weight:inherit;font-size:inherit;font-family:inherit;line-height:inherit;overflow-wrap:break-word;}GCL and Yunfeng leverage Hong Kong’s booming stock market to secure funding for expansion, tech upgrades, and virtual asset ventures

GCL and Yunfeng leverage Hong Kong’s booming stock market to secure funding for expansion, tech upgrades, and virtual asset ventures