On September 16, Xiexin Technologies announced that the company had reached a strategic financing agreement with Infini Capital, an internationally renowned investment institution with the background of the Middle East Sovereign Fund, to place about 4.736 billion shares through directional additional issuance. Raising funds of HK $5.446 billion (equivalent to about RMB 49.
Xiexin Technologies said that the fund raised will be used for the capital reserve of supply-side structural reform and promote the structural adjustment of polysilicon production capacity; Strengthen the second curve , complete overseas substitution with the world's largest production capacity and output of silane gas, and build a new growth pole of GCL with silane gas; optimize the company's capital structure; In addition, 35% (approximately HK $1,887 million) was used for general working capital purposes and repayment of existing loans.
The announcement of the fund-raising cooperation plan announced by Xiexin Science and Technology also reflects the stage problems faced by the silicon industry and enterprises in the current stage of development.
this year, the polysilicon industry plan has attracted much attention through the "storage" action. At present, the familiar version of the "purchasing and storage" mode in the industry is basically as follows: a joint platform company composed of several leading polysilicon enterprises and financial institutions acquires and shuts down low-quality and excess production capacity in a market-oriented way, and at the same time cooperates with inventory digestion to achieve the mechanism of capacity clearance and price stability.
According to the news that the industry has recognized before, the storage action will usher in the first stage this year, that is, the establishment of the joint storage platform company, and the follow-up will enter the substantive integration stage. At that time, the integration funds involved in the storage operation will be quite huge, "up to tens of billions", and the funds to be shared with each leading enterprise participating in the reorganization will not be a small number. In the
first half of this year, Xiexin Technology realized operating income of 5.735 billion yuan, down 35.3% year-on-year, net profit loss of about 17. In 2024, the company realized operating income of 15.098 billion yuan, down 55.2% year-on-year; The net profit attributable to the parent company was -47.
The total loss of the four leading silicon materials in 2024 was more than 19 billion, and the total loss in the first half of 2025 was still more than 8 billion.
At present, the time has entered late September, in order to promote the "storage" into the next substantive stage, Xiexin Science and Technology and other leading silicon materials must be prepared to take out "real gold and silver", which has become a very realistic problem, testing the adequacy of the "blood bank" of the leading enterprises preparing for the "storage".
Although Xiexin Technologies is not yet stretched, the entry of the "tuhao" in the Middle East has undoubtedly filled its "ammunition depot" and made better preparations for the next restructuring work.
According to the announcement, in the first half of this year, the revenue of Xiexin Science and Technology Silicon Material Business was 3.964 billion yuan, accounting for 69.13% of the company's total revenue, and the net profit returned to the mother was a loss of 17. Xiexin Science and Technology urgently needs to seek new profit growth poles.
As Xiexin Technologies disclosed in the announcement, the second purpose of the company's fund-raising will be to strengthen the second profit growth curve and create a new growth pole with silane gas.
According to the official website of Xiexin Science and Technology, at present, Xiexin Science and Technology has an annual production capacity of more than 600000 tons of silane gas. At present, most of the silane gas production capacity is for the production of granular silicon for self-use, and the domestic market share of the export part is about 25%.
It is noteworthy that silane gas can not only be used in photovoltaic, liquid crystal panel, semiconductor and other fields, but also be used as an anode material binder in the production of solid-state and semi-solid-state lithium batteries. Under the background of optical storage integration and explosive development in the future, solid-state batteries and semi-solid-state batteries, as the next generation of III, accelerate the layout of overseas markets." Is China " after a long period of sustained involution competition, China's photovoltaic industry has fallen into the quagmire of industry-wide losses. Although this situation has improved slightly since the second half of the year, driven by the anti-involution action, the fundamentals of the loss have not been reversed. overseas market is the breakthrough that many enterprises have found.". In the first half of
this year, under the background that the major photovoltaic listed companies generally fell into a flood of losses, Hengdian Dongci and Bowei Alloy not only achieved a year-on-year growth in performance, but also achieved a ring-to-ring growth in performance in the second quarter. The main reason is the positive feedback brought by the overseas market business with high gross profit.This also strengthens the confidence of photovoltaic enterprises to go out of the domestic market and seek business growth overseas.
In recent years, domestic photovoltaic enterprises have targeted their development goals overseas, and the Middle East is undoubtedly one of the hot markets. According to the incomplete statistics of digital new energy, as of September 2025, 11 main photovoltaic industry chain enterprises have been publicly reported to have fallen into the Middle East and built photovoltaic manufacturing projects, and have completed the complete layout of " silicon material-silicon wafer-battery-component ". However, at present, the process of silicon materials going to sea is still lagging behind. But at present, the rhythm and process of silicon materials going to sea are still lagging behind other links.
It is reported that Infini Capital, which signed a strategic cooperation agreement with Xiexin Technologies, was founded in 2015. It has dual headquarters in Hong Kong and Abu Dhabi. It has been active in the Middle East capital and Asian enterprise investment market all the year round. Its founder focuses on mergers and acquisitions and restructuring opportunities in the Asian financial industry.
There is no doubt that the "joining" of Wuji Capital will not only bring more abundant financial support to GCL Technology, but also be a deep strategic binding: introducing powerful international strategic partners, enhancing the international vision and influence of enterprises, and adding impetus to accelerating the process of GCL's market layout in the Middle East.
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