Daqo New Energy’s subsidiary Xinjiang Daqo announces proposed private offering of RMB11 Billion in ordinary shares for its 100,000 MT polysilicon expansion project in China – EQ Mag Pro
SHANGHAI : Daqo New Energy Corp. (NYSE: DQ) (“Daqo New Energy,” the “Company” or “we”), a leading manufacturer of high-purity polysilicon for the global solar PV industry, today announced that its subsidiary, Xinjiang Daqo New Energy (“Xinjiang Daqo”), intends to offer ordinary shares, subject to market conditions and other factors, in a private offering to qualified institutional buyers in compliance with the Shanghai Stock Exchange Science and Technology Innovation Board (the “STAR Market”) in China for its 100,000 MT polysilicon expansion project.
The gross proceeds of the private offering are expected to be approximately RMB11 billion, the majority of which will be used to fund Xinjiang Daqo’s 100,000 MT polysilicon expansion project in Baotou, Inner Mongolia, China. The construction of this project is expected to commence in March 2022 and to be completed in the third quarter of 2023.
About Daqo New Energy Corp.
Daqo New Energy Corp. (NYSE: DQ) (“Daqo” or the “Company”) is a leading manufacturer of high-purity polysilicon for the global solar PV industry. Founded in 2007, the Company manufactures and sells high-purity polysilicon to photovoltaic product manufactures, who further process the polysilicon into ingots, wafers, cells and modules for solar power solutions. The Company has a total polysilicon nameplate capacity of 105,000 metric tons and is one of the world’s lowest cost producers of high-purity polysilicon.
