The family of GCL-Poly chairman and founder, Zhu Gongshan, already controlled more than 50% of Jiangsu Zhongneng, which is China’s largest manufacturer of polysilicon and wafers intended for use in photovoltaics, and one of the largest in the world.
GCL-Poly will fund the acquisition by putting up $200m in cash, selling $350m of secured notes, and issuing 10 million new shares at HK$2.20
