GCL Solar Energy Technology Holdings, which makes polysilicon and wafers for making solar cells, has decided to pull its initial public offering on the U.S. market, citing poor market conditions.

The company filed the request with the U.S. Securities and Exchanges Commission Friday. GCL filed to go public in July 2008.

GCL runs its operation in China through Jiangsu Zhongneng Polysilicon Technology Development Co. Only last month, the news broke that it was selling Jiangsu Zhongneng to Hong Kong-based GCL-Poly Energy Holdings for about HKD $26.35 billion ($3.4 billion).

GCL-Poly Energy operates mostly co-generation power plants in China. By the end of 2008, the company was running or co-operating 19 power plants totaling 1.05 gigawatts in capacity.

The company had hoped to raise up to $600 million by selling American depositary shares and be listed on the New York Stock Exchange, according to its SEC filing last October. It initially wanted to raise up to $862.5 million.

Founded in 2006, GCL has a polysilicon manufacturing complex in Xuzhou in the Jiangsu province, and it was planning to start making wafers there this year. The company had been outsourcing wafer production, said the October SEC filing.

GCL produced its first batch of polysilicon in September 2007. For the first eight months of 2008, the company churned out 1,021 metric tons of polysilicon.

The company also was planning to build a polysilicon plant in Xilinhot in Inner Mongolia.