Macquarie believes the European Commission’s decision to launch an investigation into China-made cells and modules, a broader scope than the U.S. investigation, and China’s potential tariff on imported polysilicon from the U.S. and Korea, will ultimately lead to further pressure on polysilicon prices in China. It notes that presumably in anticipation of anti-dumping import tariffs on U.S. and South Korean polysilicon, Chinese state media reported that six domestic polysilicon producers re-started operations after they originally shut down around the turn of the year. Macquarie slashes its EPS estimates on GCL-Poly Energy (Hong Kong Stock Code 3800.HK) by 88% to 1.1 HK cents for FY13 and lowers its target price to HK$0.73 from HK$1.30, and keeps the stock at Underperform “with conviction.” GCL-Poly Energy is up 3.5% at HK$1.18.