Chinese Solar Stocks Rise on Government Aid: Hong Kong Mover
GCL-Poly Energy Holdings Ltd. (3800) and China Singyes Solar Technologies Holdings Ltd. (750) rose in Hong Kong trading after the Chinese government said it will help provide easier financing for solar companies.
GCL-Poly, the biggest maker of polysilicon used in solar cells, rose 6.6 percent to HK$2.09 at 12:04 local time, the most since May 21. Singyes, a panel producer and project developer, jumped as much as 10 percent.
China, the world’s biggest maker of solar panels, also will move to stimulate domestic demand and encourage mergers and acquisitions as part of a package of measures announced last week by the government. China’s solar-panel industry, which supplies more than half the world market, is unprofitable amid a global glut and slower economic growth that’s cut demand.
“Promoting domestic demand is positive for solar-product makers that are suffering from sluggish European market,” Lian Rui, a Beijing-based analyst at research company NPD Solarbuzz, said by phone today.
The nation may issue new policies on solar power subsidies as early as this month, the China Securities Journal reported today, citing people it didn’t identify.
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