GCL-Poly Halted From Trading in Hong Kong Amid Deal Speculation
GCL-Poly Energy Holdings Ltd. (3800), the world’s biggest maker of polysilicon, was halted from trading in Hong Kong amid speculation the company may do a deal with another company.
The company requested the trading halt pending the release of an announcement, Hong Kong-based GCL-Poly said in a statement today. The stock closed at HK$2.62 yesterday.
GCL-Poly said in October it was considering investing HK$1.8 billion ($232 million) in Same Time Holdings Ltd. (451), which would provide a separate, listed company to develop solar-power projects. Shares of Same Time were also halted today pending a company announcement.
The market is speculating “the company may inject its non-key assets such as its solar-power plant business into Same Time,” Karl Liu, a Hong Kong-based analyst from Bank of China International Ltd. said by phone.
Calls to Lv Jinbiao, a GCL-Poly spokesman, and the Hong Kong office of Same Time, weren’t answered.
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