GCL-Poly, Same Time in HK halt

Shares of both GCL-Poly and Same Time Holdings were halted from trading on the Hong Kong stock exchange this morning at the request of the companies, amid speculation they may be close to a deal.

Last October GCL-Poly, the world’s largest maker of polysilicon and wafers for PV, said it was contemplating spending HK$1.8bn ($230m) on a 29% stake in Same Time, which would then overhaul its core printed-circuit-board business and become a PV developer.

At the time, loss-making GCL-Poly explained that the arrangement would give it a separate “platform” for investing in solar projects.

In addition to the 65,000 metric tonnes of polysilicon and 8GW of wafer capacity it operates in China, GCL-Poly has made plain its ambitions to become a developer of large PV projects, both at home and abroad.

In addition to its small but fast growing portfolio of PV plants, the company already owns a significant base of electricity-generation assets spanning coal, gas, biomass and wind.

Among other avenues for investment, GCL-Poly owns a minority stake in fast-growing Chinese PV developer Goldpoly.

GCL-Poly recently warned investors that it expects to record another full-year loss for 2013, albeit one which is significantly smaller than the $454m it lost in 2012.

Like rivals such as US-based REC Silicon, however, GCL-Poly noted that the polysilicon market is rebounding, and is expected to continuing improving throughout 2014.