Thursday, March 22, 2012

Shares of Chinese solar billionaire GCL-poly drop 4.8% in the midst of excess

Thursday, March 22, 2012
The most important company controlled by China's richest solar energy entrepreneurs fell by 4.8% in Hong Kong on Friday after a disappointing result report.

GCL-poly energy holdings, which used polysilicon solar cells makes fell HK$ 2.38, their lowest close since mid-January. GCL shares lost about 40% of their value last year.

Net profit of the company rose finished only 6% compared to December 31, this year, although sales increased by 38% to HK$ 25.5 billion or $3.3 billion, the company said on Thursday. Profit was due to falling prices amid industry overcapacity and follow the European financial crisis hurt.

Chairman Zhu place no. 601 at the 2012 Forbes billionaires list with assets of $2.1 billion.

China has in recent years until in the ranks who shot world's largest solar equipment and Panel suppliers. But the wealth of many of their other suffered solar also much late leader in the midst of falling prices. Suntech Power, led by former billionaire Shi Zhengrong, shares have plunged more than 60% last year. US-led Yingli Green energy have about the same amount of fallen.

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