GCL-Poly Rises on Bet China to Impose Duties: Hong Kong MoverAibing Guo and Benjamin Haas
GCL-Poly Energy Holdings Ltd., the largest maker of materials used in solar panels, rose to the highest level in more than two weeks as investors bet that China will impose anti-dumping duties on European rivals.
GCL-Poly, which makes polysilicon, rose as much as 6 percent to HK$1.92 in Hong Kong, the highest level since May 21. The stock was at HK$1.88 as of 11:07 a.m. Dumping is a term used when companies are said to have sold products below costs.
The European Union imposed tariffs of as high as 67.9 percent on solar panels from China yesterday, spurring concern that the world’s biggest maker of the devices will retaliate. China is preparing to set anti-dumping duties on polysilicon imports after determining that the U.S. and European Union are subsidizing producers, two people with direct knowledge of the matter said on May 16.
“Once the EU puts up their duties, China will retaliate and put up duties on polysilicon,” Nitin Kumar, a Singapore-based analyst for Nomura Holdings, said by phone today. “Now that the EU has played the first card, China will respond with anti-dumping duties.”