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China Investment Corp has bought a HK$5.5bn ($710m) stake in a Hong Kong-based solar power component maker as the sovereign wealth fund invests in energy and commodities companies to hedge against inflation, reports Bloomberg. CIC will have a 20% stake in GCL-Poly Energy Holdings and the two companies agreed to set up a venture to invest in solar power projects, according a Hong Kong filing. GCL-Poly shares jumped as much as 20% on the news.
GCL-Poly Energy , a Hong Kong-listed power plant operator, has agreed to acquire its chairman’s polysilicon business in China in a HK$26.4bn ($3.4bn) deal. The group said it would buy Jiangsu Zhongneng , a manufacturer of materials for solar cell production, from Zhu Gongshan, its chairman and controlling shareholder. See more detail on FT Alphaville.
GCL-Poly Energy, a Hong Kong-traded power plant operator, is proving that some of China’s savvier dealmakers are waking up to the potential of green power – not to mention the ramifications of Bejing’s recent “buy China” edict – with a deal announced Tuesday to buy a Chinese solar-cell parts maker controlled by its chairman for HK$26.4bn ($3.4bn) as it seeks to expand in the green energy sector.
There may be something we don’t yet know, but the deal so far has shown that among China’s dealmakers, Zhu Gongshan, chairman and controlling shareholder of GCL-Poly, is possibly the man of the moment. Read more