CIC reduces holding in GCL-Poly to below 5%

China Investment Corp CIC on Thursday raised HK$3.12 million $402 million from the sale of a 7.8% stake in Hong Kong-listed GCL-Poly Energy Holdings. It was the second sell-down by the Chinese sovereign wealth fund in the company in seven months and, like last time, the transaction came on the back of a spike in the share price.

GCL-Poly, which makes polysilicon and wafers for solar cells, has gained 12.8% in the past two sessions on the back of rising polysilicon spot prices and a positive industry outlook. The share price is up 34.3% since CIC started to trim its stake in the company in June last...