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GCL-Poly has Fulfilled all Resumption Guidance and will Resume Trading

HONG KONG, Oct 31, 2021 – (ACN Newswire via SEAPRWire.com) – Having fulfilled the five conditions set out in the Resumption Guidance on 29 October 2021, GCL-Poly Energy Holdings Limited (Stock Code: 3800.HK) (“GCL-Poly” or the “Company”; together with its subsidiaries, the “Group”) has made an application to The Stock Exchange of Hong Kong Limited (the “Stock Exchange”) for the resumption of trading in GCL-Poly’s shares with effect from 9:00 a.m. on 1 November 2021 (tomorrow) on the Stock Exchange.

Fulfillment of the five conditions in the “Resumption Guidance” are as follows:

1. Conduct an appropriate independent investigation into the various concerns raised by Deloitte in the Auditor Letter, assess the impact on GCL-Poly’s business operation and financial position, disclose the findings and impact, and take appropriate remedial actions

2. Publish all outstanding financial results required under the Listing Rules and address any audit modifications

3. Demonstrate compliance with Rule 13.24 of the Listing Rules (i.e. GCL-Poly shall carry out, directly or indirectly, a business with a sufficient level of operations and assets of sufficient value to support its operations to warrant the continued listing of GCL-Poly’s securities)

4. Announce all material information for GCL-Poly’s shareholders and investors to appraise its position

5. Demonstrate that GCL-Poly has in place adequate internal controls and procedures to comply with the Listing Rules

Meanwhile, thanks to the significantly increased demand in solar products market and the rebound of selling price of solar products, GCL-Poly recorded promising results in the first half of 2021. For the six months ended 30 June 2021, the Group’s unaudited revenue was approximately RMB8,779 million, representing a year-on-year increase of 22.3% as compared with the corresponding period in 2020. Gross profit increased by 97.5% year-on-year to approximately RMB3,599 million. Profit for the period attributable to owners of the Company amounted to approximately RMB2,407 million, while loss for the period attributable to owners of the Company of approximately RMB1,996 million was incurred in the same period in 2020.

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