Solar stocks continued their downward trend in Hong Kong trading. As of press time, XINTE ENERGY (01799) fell 3.84% to HK$7.26, XINYI SOLAR (00968) dropped 3.21% to HK$3.02, and FLAT GLASS (06865) declined 2.4% to HK$9.77.

Market sources indicate that a much-anticipated polysilicon capacity consolidation and acquisition platform has reportedly been established. Named Beijing Guanghe Qiancheng Technology Co., Ltd., the entity has a registered capital of RMB 3 billion. According to corporate records, a subsidiary of Tongwei holds a 30.35% stake in the platform, while GCL Technology’s unit owns 16.79%. Other shareholders include East Hope, Daqo New Energy, XINTE ENERGY, and Asia Silicon, with stakes of 11.3%, 11.13%, 10.12%, and 7.79%, respectively. The platform comprises 10 shareholders, nine of which are polysilicon producers.

Meanwhile, data from the National Energy Administration shows China’s solar installations in October totaled 12.6GW, down 38.3% year-on-year but up 30.4% month-on-month. SMM reports that November’s solar module output fell 2.43% compared to October.

Analysts at InfoLink note that while battery cell production cuts have been significant, weak end-demand remains unresolved. Some manufacturers may further reduce output amid market volatility. Trading sentiment remains cautious this week, with price trends hinging on upstream-downstream negotiations. Battery cell prices are expected to stabilize in the near term.