CIC reduces holding in GCL-Poly to below 5%

The Chinese sovereign wealth fund raises $402 million from the sale of a 7.8% stake in the Hong Kong-listed solar power company.

CIC reduces holding in GCL-Poly to below 5%

China Investment Corp CIC on Thursday raised HK$3.12 million $402 million from the sale of a 7.8% stake in Hong Kong-listed GCL-Poly Energy Holdings. It was the second sell-down by the Chinese sovereign wealth fund in the company in seven months and, like last time, the transaction came on the back of a spike in the share price.

GCL-Poly, which makes polysilicon and wafers for solar cells, has gained 12.8% in the...

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