GCL Technology forms $287 million entity to buy stake in Chinese rival

GCL Technology Holdings has set up a CNY 2.06 billion ($287 million) partnership to acquire a 42.5% stake in Inner Mongolia Xinyuan Silicon Material Technology, in a move that may point to emerging consolidation in China's polysilicon sector.Chinese polysilicon manufacturer GCL Technology Holdings Ltd. will set up a CNY 2.06 billion limited partnership to acquire a 42.5% stake in Inner Mongolia Xinyuan Silicon Material Technology Co., Ltd., keeping the granular silicon producer as a non-wholly owned subsidiary, according to a statement to the Hong Kong Stock Exchange this week. The move appears ...

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