On July 14, GCL Technology fell 7.94% in regular trading, trading at HK$0.58/share with turnover of approximately HK$99.2 million, breaking below its previous 52-week low of HK$0.61.

The decline comes despite the company's aggressive buyback campaign. On July 13, GCL Technology repurchased 40 million shares at HK$0.62-0.63, spending HK$25.02 million. Since receiving shareholder authorization on May 29, the company has cumulatively repurchased approximately 940 million shares. Executive directors also announced an increase plan of up to HK$100 million in June. However, persistent polysilicon industry headwinds continue to overwhelm these supportive measures.

Industry data shows polysilicon inventory has surpassed 500,000 tons, with N-type silicon material trading at only RMB 3.2-3.3 per kilogram — near or below cash costs for most producers. July domestic output is projected to exceed 100,000 tons while downstream demand remains at only 91,000 tons, sustaining inventory accumulation. Although new mandatory energy consumption standards are expected to eliminate 700,000-800,000 tons of inefficient capacity, market participants view near-term supply-demand rebalancing as distant.

(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.)