GCL Technology, a China-based producer of polysilicon, has announced raising HKD 3.505 billion (~$451 million) through a share sale to Hong Kong-headquartered Infini Capital Management. According to GCL Technology, the proceeds will be used to establish reserves for supply-side reform and implement structural adjustments in polysilicon capacity. This step followed a July initiative by China’s major polysilicon manufacturers to launch a CNY 50 billion (~$7 billion) fund intended to acquire and shut 1 million metric tons of lower-quality capacity to stabilize prices. Earlier this year, GCL SI, the solar manufacturing arm of GCL Technology, unveiled perovskite and granular silicon technologies at Intersolar Munich, highlighting its broader focus on next-generation materials. GCL Technology has further confirmed that part of the raised funds will support its silane gas operations, driven by demand from back-contact solar cell technologies. Additionally, HKD 1.9 billion is allocated for working capital and debt repayment, while GCL Technology’s Hong Kong-listed shares rose nearly 4% after the announcement.