December 23rd, $GCL TECH (03800.HK)$Announcement states that the company has completed the placement of 2.037 billion shares, with Hillhouse emerging as one of the participants.
According to the announcement, this placement raised a total of HKD 4.994 billion, with over 90% of the proceeds allocated for granular silicon projects in Inner Mongolia and Jiangsu Zhongneng. The STAR Market Daily inquired with Hillhouse and other relevant parties, but they declined to comment.
Since October this year, after the Central Committee of the Chinese Communist Party officially issued the 'Guidelines on Fully, Accurately, and Comprehensively Implementing New Development Concepts for Carbon Peak and Carbon Neutrality,' reporters from the STAR Market Daily found that venture capital firms have started to lay out their 'carbon neutrality' strategies.
Apart from Hillhouse, Sequoia, Primavera Capital, Shenzhen Capital Group, Yida Capital, and Fortune Venture Capital have also bet on the carbon neutrality track. As Hillhouse participated in GCL-Poly’s HKD 5 billion financing, market insiders believe that as a leading domestic investment institution, Hillhouse has already begun a new round of strategic deployment.
Hillhouse Subscribes to GCL-Poly Placement
The announcement shows that this placement by GCL-Poly represents 7.52% of the company's issued shares, at a placement price of HKD 2.49 per share, which is about a 2.4% discount compared to the closing price of HKD 2.55 on December 14, before the proposed issuance on December 15. A total of no fewer than six placees were involved.
Among them, Hillhouse Capital and Xinhua Asset Management led the investment, both being long-term investors.
This is not Hillhouse’s first move in the photovoltaic sector. Upon investigation, it was found that from top to bottom...