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One of the world's largest producers of polysilicon, including granular silicon, and solar wafers for the solar-panel supply chain.
One of the world's largest producers of polysilicon, including granular silicon, and solar wafers for the solar-panel supply chain.
Sells polysilicon by weight, with prices that swung hard when Chinese capacity expanded; its fluidised-bed granular process uses less electricity per tonne, which is the lever on cost. It also sells wafers to cell makers, and the Zhu Gongshan family's GCL group is the controlling shareholder.
In one line: China's answer to a solar-materials Hemlock Semiconductor.
Moat: narrow (scale, cost advantage, process know-how). Proprietary fluidized-bed granular-silicon process and massive scale give a cost edge in a highly cyclical commodity.
Headquarters: Jiangsu, China · Founded: 1996 · Employees: 8,120
Size GCL Technology (3800.HK) is a Hong Kong Materials company (Industrial Specialties) with a market value of $2.71B, the 364th largest of 891 Hong Kong companies the cockpit tracks. Shares closed at HK$0.64 on 6 Nov 2026.
Performance Over six months the shares fell 30.4%, against +6.0% for the median peer and -13.4% for the Hong Kong market (cap-weighted) — 6th lowest of 20 in its peer set.
Growth Revenue grew 24.6% over the last twelve months (peer median +11.7%); the operating margin is -21.9% (peer median 13.5%).
Valuation It trades at 1.9× enterprise value to sales against a peer median of 5.0× (6th cheapest of 21).
Capital Return on invested capital runs 11.6 points below its cost of capital (6.4% WACC).
Next results Next results expected around 1 Apr 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | HK$16.1B | HK$15.6B | HK$16.4B | HK$37.2B | HK$41.8B |
| Revenue growth | — | -4% | -56% | -11% | — |
| Gross profit | HK$1.73B | HK$1.45B | -HK$2.72B | HK$12.9B | HK$20.3B |
| EBITDA | HK$873M | HK$935M | -HK$2.54B | HK$12.3B | HK$18.8B |
| Net income | -HK$3.57B | -HK$3.11B | -HK$5.15B | HK$2.77B | HK$18.6B |
| Free cash flow | -HK$7.29B | -HK$5.82B | -HK$7.70B | -HK$17.5B | -HK$10.2B |
| Capital expenditure | HK$2.67B | HK$1.69B | HK$4.60B | HK$13.5B | HK$18.5B |
| Total debt | n/a | HK$20.6B | HK$20.3B | HK$17.5B | HK$15.1B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | EV / Sales | Req g |
|---|---|---|---|---|---|---|
| GCL Technology 3800.HK | $2.71B | -30% | +25% | -22% | 1.9× | n/a |
| Tongwei 600438.SS | $8.27B | -29% | -12% | -15% | 1.9× | n/a |
| Xinte Energy 1799.HK | $707M | -41% | +12% | -6% | 1.8× | n/a |
| Daqo New Energy Corp Sponsored ADR DQ | $856M | -32% | -21% | -70% | 1.0× | n/a |
| Wacker Chemie WCH.DE | $4.42B | -24% | -5% | -1% | 0.9× | n/a |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | 3800.HK | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -10.5% | -15.1% | 9th highest of 21 |
| 6-month return | -30.4% | +6.0% | 6th lowest of 20 |
| Distance from 52-week high | -57.6% | -35.2% | 5th lowest of 21 |
| Revenue growth (TTM) | +24.6% | +11.7% | 5th highest of 21 |
| Operating margin | -21.9% | 13.5% | 2nd lowest of 21 |
| EV / Sales | 1.9× | 5.0× | 6th cheapest of 21 |
| ROIC minus cost of capital | -11.6 pp | +0.3 pp | 2nd lowest of 21 |
| EV / EBITDA | 34.5× | 22.5× | 3rd most expensive of 11 |
| Net debt / EBITDA | 4.1× | 0.3× | most indebted of 11 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | EV / Sales | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| GCL Technology 3800.HK | Hong Kong | $2.71B | -30% | +25% | -22% | 1.9× | n/a | n/a |
| H.B. Fuller FUL | United States | $2.68B | -19% | +1% | 11% | 1.3× | 3.5% | +4.5% |
| DIC 4631.T | Japan | $2.68B | +25% | +6% | 7% | 0.7× | -1.0% | +8.5% |
| Jiangsu Pacific Quartz 603688.SS | China | $2.78B | -38% | +15% | 10% | 14.9× | n/a | n/a |
| Shenzhen Leading Semiconductor Industry 603991.SS | China | $2.60B | +12% | +996% | 10% | 4.8× | 21.7% | +12.0% |
| Flat Glass 6865.HK | Hong Kong | $2.87B | -40% | -20% | -2% | 2.4× | 11.2% | +19.1% |
| Xizang Gaozheng Civil Explosives 002827.SZ | China | $2.53B | +92% | -1% | 12% | 10.4× | n/a | n/a |
| Shaanxi Huaqin Technology Industry 688281.SS | China | $2.50B | -18% | +31% | 15% | 9.8× | 27.5% | +24.7% |
| Quanzhou Jiadeli Electronic Materials 603435.SS | China | $2.49B | n/a | +4% | 38% | 21.3× | n/a | n/a |
| Sichuan Yahua Industrial 002497.SZ | China | $2.48B | -56% | +69% | 18% | 1.4× | n/a | n/a |
| WD-40 WDFC | United States | $2.97B | +6% | +11% | 16% | 4.4× | 2.2% | +7.1% |
| Himadri Speciality Chemical HSCL.NS | India | $3.04B | -8% | +25% | 20% | 5.2× | n/a | n/a |
| Kinik 1560.TW | Taiwan | $3.04B | +17% | +19% | 19% | 11.1× | 34.8% | +9.6% |
| Pamica Technology 001359.SZ | China | $2.41B | -1% | +23% | 23% | 10.9× | 38.0% | +12.1% |
| UFP Technologies UFPT | United States | $2.35B | +32% | +9% | 15% | 3.7× | 17.8% | +27.4% |
| Zeon 4205.T | Japan | $2.34B | +6% | +4% | 11% | 0.8× | -1.5% | +6.4% |
| SKSHU Paint 603737.SS | China | $3.14B | -33% | 0% | 4% | 2.1× | 27.7% | +8.9% |
| Kansai Paint 4613.T | Japan | $3.23B | +29% | +3% | 8% | 1.2× | 2.3% | +10.1% |
| Henan Huanghe Whirlwind 600172.SS | China | $2.27B | +29% | +13% | -30% | 11.8× | n/a | n/a |
| Grindwell Norton GRINDWELL.NS | India | $2.25B | +16% | +14% | 16% | 6.2× | 37.8% | +13.4% |
| Jiangsu Shemar Electric 603530.SS | China | $2.23B | -44% | +17% | 29% | 7.9× | 23.4% | +21.1% |