Daqo New Energy Corp. Announces Receipt of Approval to List Shares of Subsidiary Xinjiang Daqo on China’s New Third Board
Daqo New Energy Corp., a leading manufacturer of high-purity polysilicon for the solar PV industry,recently announced that its subsidiary, Xinjiang Daqo New Energy Stock Co., Ltd. (“Xinjiang Daqo”) has received approval to list its shares on the National Equities Exchange and Quotations, an emerging over-the-counter market in China (the “New Third Board”). Xinjiang Daqo operates the polysilicon production facilities of the Company located in Shihezi, Xinjiang Uyghur Autonomous Region.
Daqo New Energy is holding 99% of the outstanding equity interest of Xinjiang Daqo, while the remaining 1% is held by Xinjiang Daqo Investment Co., Ltd., a wholly-owned subsidiary of Daqo Group Co., Ltd., an affiliate of the Company.
“It is very exciting that we have received the approval to have the shares of Xinjiang Daqo listed on the New Third Board. We believe the listing will afford us more flexibility to fund our future growth as the global cost leader in the high-purity polysilicon manufacturing industry through access to capital in both the Chinese and U.S. capital markets, two of the most active in the world,” said Dr. Gongda Yao, Chief Executive Officer of the Company.
The New Third Board is a national over-the-counter stock exchange that supplements trading activities on theShanghai and Shenzhen stock exchanges, including the related Growth Equity Market (GEM) exchanges. The New Third Board offers a new channel for enterprises in China to access the capital markets and to gain greater exposure to the investment community.