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Updated Friday, November 20, 2009 10:47 am TWN, Bloomberg

China Sovereign Fund buys stake in GCL-Poly

SHANGHAI -- China Investment Corp. bought a HK$5.5 billion (US$710 million) stake in the nation's biggest producer of polysilicon as the sovereign wealth fund invests in energy and commodities companies to hedge against inflation. The fund will have a 20 percent stake in Hong Kong-listed GCL-Poly Energy Holdings Ltd., and the companies agreed to set up a venture to invest in solar-power projects, according to a stock exchange filing in Hong Kong Wednesday. GCL-Poly jumped as much as 20 percent, the most since June 23, when it resumed trading Thursday after a three-day suspension.

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