GCL Technology Holdings Limited (HK:3800)
:3800
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GCL Technology Holdings Limited
(3800)
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Rating:41Neutral
Price Target:
HK$0.86
▼(-11.34% Downside)
Action:Reiterated
Date:05/03/26
The score is held down primarily by weak financial performance—continued net losses and persistent negative operating/free cash flow—despite some improvement in 2025 and a more manageable leverage profile. Technicals add further pressure with the stock trading below major moving averages and negative MACD. Valuation is difficult to support from earnings because the company is loss-making and no dividend yield data is available.
Positive Factors
Strategic position in PV supply chain
GCL is a core supplier of polysilicon — a key raw material for wafers and solar cells — which anchors it in the structural solar PV value chain. This industry positioning supports durable demand exposure to solar installations and long-term relevance to downstream OEMs.
Negative Factors
Persistent negative cash generation
Consistent negative operating and free cash flow through 2023–2025 means the business cannot internally fund operations or capex, forcing reliance on external financing. Over a multi-month horizon this heightens liquidity and refinancing risk and constrains strategic reinvestment options.
Read all positive and negative factors
Positive Factors
Negative Factors
Strategic position in PV supply chain
GCL is a core supplier of polysilicon — a key raw material for wafers and solar cells — which anchors it in the structural solar PV value chain. This industry positioning supports durable demand exposure to solar installations and long-term relevance to downstream OEMs.
Read all positive factors
GCL Technology Holdings Limited (3800) vs. iShares MSCI Hong Kong ETF (EWH)
Market Cap
HK$28.57B
Dividend YieldN/A
Average Volume (3M)589.14M
Price to Earnings (P/E)―
Beta (1Y)1.12
Revenue Growth-4.24%
EPS Growth44.71%
CountryHK
Employees9,305
SectorTechnology
Sector Strength88
IndustrySolar
Share Statistics
EPS (TTM)-0.10
Shares Outstanding33,216,470,000
10 Day Avg. Volume662,714,953
30 Day Avg. Volume589,138,562
Financial Highlights & Ratios
PEG Ratio0.21
Price to Book (P/B)0.69
Price to Sales (P/S)1.90
P/FCF Ratio-5.24
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
HK$1.55Price Target Upside60.14% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering3
EPS Forecast (FY)>-0.01
Revenue Forecast (FY)HK$16.17B
GCL Technology Holdings Limited Business Overview & Revenue Model
Company Description
GCL Technology Holdings Limited manufactures and sells polysilicon and wafers products in the People's Republic of China and internationally. It operates through three segments: Solar Material Business, Solar Farm Business, and New Energy Business...
How the Company Makes Money
The company primarily makes money by selling polysilicon to customers in the photovoltaic manufacturing value chain. Its main revenue stream is the volume of polysilicon delivered multiplied by prevailing contract and/or spot prices; earnings are ...
GCL Technology Holdings Limited Financial Statement Overview
Summary
Income Statement
34
Negative
Balance Sheet
56
Neutral
Cash Flow
24
Negative
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 14.42B | 15.10B | 33.70B | 35.93B | 16.87B |
| Gross Profit | 1.34B | -2.51B | 11.69B | 17.50B | 5.57B |
| EBITDA | 2.24B | -2.73B | 8.07B | 20.74B | 8.46B |
| Net Income | -2.87B | -4.75B | 2.51B | 16.03B | 5.08B |
Balance Sheet | |||||
| Total Assets | 75.92B | 74.87B | 82.77B | 85.56B | 64.10B |
| Cash, Cash Equivalents and Short-Term Investments | 14.97B | 7.00B | 8.52B | 6.89B | 7.13B |
| Total Debt | 18.51B | 19.10B | 15.50B | 13.74B | 12.60B |
| Total Liabilities | 32.48B | 32.58B | 34.45B | 40.01B | 31.80B |
| Stockholders Equity | 39.88B | 37.18B | 42.59B | 42.68B | 29.03B |
Cash Flow | |||||
| Free Cash Flow | -5.23B | -7.53B | -16.07B | -8.06B | -4.10B |
| Operating Cash Flow | -3.74B | -3.30B | -3.85B | 7.87B | 1.88B |
| Investing Cash Flow | -1.96B | -6.04B | -10.91B | -16.55B | 742.87M |
| Financing Cash Flow | 9.60B | 7.69B | 14.96B | 8.40B | 959.20M |
GCL Technology Holdings Limited Technical Analysis
Negative
0.97
Price Trends
0.97
Negative
1.04
Negative
1.15
Negative
Market Momentum
-0.03
Positive
34.51
Neutral
13.69
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For HK:3800, the sentiment is Negative. The current price of 0.97 is above the 20-day moving average (MA) of 0.92, above the 50-day MA of 0.97, and below the 200-day MA of 1.15, indicating a bearish trend. The MACD of -0.03 indicates Positive momentum. The RSI at 34.51 is Neutral, neither overbought nor oversold. The STOCH value of 13.69 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for HK:3800.
GCL Technology Holdings Limited Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
61 Neutral | $37.18B | 12.37 | -10.20% | 1.83% | 8.50% | -7.62% | |
52 Neutral | HK$630.27M | 19.15 | -1.39% | ― | -12.35% | ― | |
52 Neutral | HK$24.79B | 28.74 | 2.93% | 1.41% | ― | ― | |
44 Neutral | HK$8.15B | -7.83 | -3.76% | ― | -28.17% | 68.96% | |
43 Neutral | HK$97.51M | -1.51 | ― | ― | 35.19% | -28.35% | |
41 Neutral | HK$28.57B | -9.56 | -7.50% | ― | -4.24% | 44.71% | |
41 Neutral | HK$226.02M | -0.82 | -24.72% | ― | -34.39% | -25.91% |
* Technology Sector Average
HK:3800
GCL Technology Holdings Limited
0.86
-0.05
-5.49%
HK:0750
China Singyes Solar Technologies Holdings
0.25
-0.03
-10.71%
HK:0757
Solargiga Energy Holdings
0.07
>-0.01
-1.45%
HK:0968
Xinyi Solar Holdings
2.71
0.26
10.70%
HK:0712
Comtec Solar Systems Group Ltd.
0.09
0.01
17.95%
HK:1799
Xinte Energy Co., Ltd. Class H
5.70
1.15
25.27%
GCL Technology Holdings Limited Corporate Events
GCL Technology to Raise US$148 Million via 2027 Convertible Bond Issue
Apr 30, 2026
GCL Technology Holdings plans to issue US$148 million of 6.95% guaranteed convertible bonds due 2027 through a sole global coordinator, with an issue price of 100% of principal and denominations starting at US$200,000. The bonds, convertible at an...
GCL Technology Plans US$148 Million Premium-Priced Convertible Bond Issue
Apr 29, 2026
GCL Technology Holdings has agreed to issue US$148 million of 6.95% guaranteed convertible bonds due 2027, with the bonds to be placed by a sole global coordinator under a general mandate. The bonds are denominated in minimum tranches of US$200,00...
GCL Technology Sets 2026 AGM to Renew Board, Auditor and Share Issuance Mandate
Apr 29, 2026
GCL Technology Holdings has called its annual general meeting for 29 May 2026 in Suzhou, where shareholders will review the audited consolidated financial statements and the reports of the board and external auditor for the year ended 31 December ...
GCL Technology Posts Strong Q1 Solar Material Metrics as Market Rebounds
Apr 21, 2026
GCL Technology Holdings reported preliminary unaudited figures for its solar material business for the first quarter of 2026, highlighting an adjusted EBITDA of about RMB564 million. Management emphasized that these data are from internal accounts...
GCL Technology Narrows Annual Loss as Gross Margin Turns Positive in 2025
Mar 30, 2026
GCL Technology Holdings Limited, a Hong Kong-listed renewable energy materials producer, specializes in polysilicon and other solar photovoltaic inputs that support global solar module manufacturers. The company operates within the clean energy su...
GCL Technology Scraps Planned Convertible Bond Issuance After Mutual Termination
Mar 19, 2026
GCL Technology Holdings Limited has announced that it will no longer proceed with a previously planned issue of convertible bonds that was to be carried out under its general mandate. The company and the intended subscriber mutually agreed on 19 M...
GCL Technology Sets March 2026 Board Meeting to Approve 2025 Results and Consider Dividend
Mar 18, 2026
GCL Technology Holdings Limited has scheduled a board meeting for 30 March 2026 to review and approve the annual results for the year ended 31 December 2025 and to authorise their publication. The board will also consider recommending a final divi...
GCL Technology Signs 2026 Connected Wafer and Silicon Supply Deals With GCL System Integration
Mar 6, 2026
GCL Technology Holdings has entered into new 2026 sale agreements for wafers and silicon material products with connected entity GCL System Integration and its subsidiary, following the expiry of similar 2025 arrangements. The company’s subs...
GCL Technology Extends Long Stop Date for Convertible Bond Issue
Feb 27, 2026
GCL Technology Holdings Limited has announced an extension to the long stop date for closing its previously disclosed proposed issue of convertible bonds under its general mandate. The company and the subscriber have agreed to push the deadline fo...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.