GCL TECH (03800) rose more than 5% in late trading. As of press time, the stock was up 4.93% at HK$0.745, with a turnover of HK$115 million.

On the news front, on September 28, Xuzhou Xinrui Lithium Battery's 400,000-ton lithium iron phosphate project officially broke ground in the Xuzhou Economic and Technological Development Zone. This came just 24 days after the energy conservation report received administrative approval on September 4. The project involves a total investment of 4 billion yuan and, once completed, will be capable of producing 400,000 tons of lithium battery cathode materials annually.

The project that broke ground is another major layout by GCL Group in cultivating new engines in the new energy sector.

Public information shows that in May this year, GCL TECH released its "Overall Strategic Transformation Plan", announcing that the company would transform from a "single-product champion in granular silicon" into a "global multi-product new energy materials platform", expanding from a single granular silicon business into an industrial ecosystem of "silicon-based + lithium-based + carbon-based" materials, and further extending into cutting-edge new energy materials. Among these, lithium iron phosphate will serve as the core growth engine for GCL TECH.