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Subsidies Slashed, Solar Subsidiary Sold

GCL Poly Energy has agreed to sell just over half of its principal subsidiary for up to 12.75 billion yuan ($1.99 billion) to shore up its finances. Photo: VCG
GCL Poly Energy has agreed to sell just over half of its principal subsidiary for up to 12.75 billion yuan ($1.99 billion) to shore up its finances. Photo: VCG

China’s largest supplier of polysilicon wafers — a key component of many electronics, including solar panels — has agreed to partially sell one of its major operations for up to 12.75 billion yuan ($1.99 billion), as solar-power subsidies are cut.

The sale of 51% of Jiangsu Zhongneng Polysilicon Technology Development Co. Ltd. to the Shanghai Electric Group, one of the country’s largest manufacturers of industrial equipment, will be completed half in cash and half in shares, GCL Poly Energy said in a filing to the Hong Kong Stock Exchange on Wednesday.

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