On June 12, GCL Technology fell 5.19% in regular trading, trading at HK$0.74/share, with turnover of HK$144 million. The stock has been hovering near its 52-week low, with a cumulative decline exceeding 30% over the past three months.
On the news front, the company's strategic transformation uncertainty continues to pressure the stock. Co-CEO Lan Tianshi recently stated at the SNEC conference that GCL Technology aims to reduce PV product revenue to below 20% of total revenue within three years, with lithium iron phosphate (LFP) becoming the primary product line. The company's core granular silicon business remains loss-making with EPS of -0.096 yuan, while its new LFP business at the Sichuan Leshan facility is still in production ramp-up phase. Despite the board announcing a share purchase plan of up to HK$100 million by directors and senior management, and the company conducting buybacks totaling over HK$100 million in recent days, short selling accounted for 26.31% of total turnover on June 11, reflecting persistent bearish sentiment amid PV industry overcapacity and price war headwinds.
(The above content is based on publicly available market information, generated by a program or algorithm, and is intended solely as a stock movement alert. It does not constitute investment advice or a basis for trading decisions.)
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