GCL Technology Holdings Ltd. said a group of leading Chinese polysilicon manufacturers is forming a 50 billion-yuan (about US$7 billion) investment vehicle that would acquire and permanently shut down excess production lines. The consortium intends to remove at least 1 million metric tons of annual polysilicon capacity—roughly one-third of China’s current total—to curb oversupply and stabilise prices. Participants are also discussing an OPEC-style coordination mechanism to manage future output, according to GCL. Details on the structure of the fund, the identities of all contributors and the timeframe for the closures have not been disclosed. Polysilicon, a key raw material for solar panels, has faced sharp price declines amid rapid capacity expansions in recent years.