SHANGHAI, Jan. 26, 2021 /PRNewswire/ -- 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, announced that its subsidiary Xinjiang Daqo New
Energy ("Xinjiang Daqo") had provided estimates of its revenue and
net profit in 2020 to the Shanghai Stock Exchange upon its request
during the process of Xinjiang Daqo's application for an initial
public offering ("IPO") on the Shanghai Stock
Exchange's Sci-Tech innovation board.
Xinjiang Daqo estimates that under PRC GAAP its revenue in 2020
would be in the range of RMB4.5~4.7 billion and its net profit
attributable to Xinjiang Daqo's shareholders in 2020 would be in
the range of RMB0.95~1.05 billion. The financial estimates were
prepared based on Xinjiang Daqo's audited consolidated results for
the nine months ended September 30,
2020 and Xinjiang Daqo's estimates of its consolidated
results for the fourth quarter of 2020 in accordance with PRC
GAAP.
Daqo New Energy currently beneficially owns 95.6% of Xinjiang
Daqo and a majority of the Company's revenue and net income are
contributed by Xinjiang Daqo. The financial estimates described in
this press release were prepared solely for Xinjiang Daqo in RMB in
accordance with PRC GAAP and subject to change upon completion of
Xinjiang Daqo's internal financial closing and reporting process,
which are different from the Company's consolidated financial
results in U.S. dollars under U.S. GAAP for the year ended
December 31, 2020.
The financial estimates described in this press release are
based solely on the information currently available to Xinjiang
Daqo's management. Its actual results could vary materially from
these preliminary estimates. As a result, investors should exercise
caution in relying on this information and should not draw any
inferences from this information regarding financial or operating
data not provided. These preliminary revenue and net profit
estimates should not be viewed as a substitute for full financial
statements of Xinjiang Daqo prepared in accordance with PRC GAAP.
In addition, these preliminary estimates are not necessarily
indicative of the results to be achieved by Xinjiang Daqo in any
future period.
The Company also takes this opportunity to update its guidance
for 2020 as follows. The Company expects the production volume in
Q4 2020 and the full year of 2020 to be in the range of
20,500~21,000 MT and
76,700~77,200 MT, respectively. Sales
volume for Q4 2020 and the full year of 2020 are expected to be in
the range of 23,000~23,200 MT and
74,700~74,900 MT, respectively.
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 is one of the
world's lowest cost producers of high-purity polysilicon. Daqo's
highly-efficient and technically advanced manufacturing facility in
China currently has a nameplate
annual polysilicon production capacity of 70,000 metric tons.
For more information, please visit http://www.dqsolar.com
Safe Harbor Statement
This announcement contains forward-looking statements. These
statements are made under the "safe harbor" provisions of the U.S.
Private Securities Litigation Reform Act of 1995. These
forward-looking statements can be identified by terminology such as
"will," "expects," "anticipates," "future," "intends," "plans,"
"believes," "estimates," "might," "guidance" and similar
statements. Among other things, the outlook for the fourth quarter
and the full year of 2020, Daqo New Energy's strategic and
operational plans and Xinjiang Daqo's IPO plan, contain
forward-looking statements. The Company may also make written or
oral forward-looking statements in its reports filed or furnished
to the U.S. Securities and Exchange Commission, in its annual
reports to shareholders, in press releases and other written
materials and in oral statements made by its officers, directors or
employees to third parties. Statements that are not historical
facts, including statements about the Company's beliefs and
expectations, are forward-looking statements. Forward-looking
statements involve inherent risks and uncertainties, all of which
are difficult or impossible to predict accurately and many of which
are beyond the Company's control. A number of factors could cause
actual results to differ materially from those contained in any
forward-looking statement, including but not limited to the
following: the demand for photovoltaic products and the development
of photovoltaic technologies; global supply and demand for
polysilicon; alternative technologies in cell manufacturing; the
Company's ability to significantly expand its polysilicon
production capacity and output; the reduction in or elimination of
government subsidies and economic incentives for solar energy
applications; the Company's ability to lower its production costs;
changes in the political and regulatory environment; and the
duration of COVID-19 outbreaks in China and many other countries and the impact
of the outbreaks and the quarantines and travel restrictions
instituted by relevant governments on economic and market
conditions, including potentially weaker global demand for solar PV
installations that could adversely affect the Company's business
and financial performance. Further information regarding these and
other risks is included in the reports or documents the Company has
filed with, or furnished to, the U.S. Securities and Exchange
Commission. All information provided in this press release is as of
the date hereof, and the Company undertakes no duty to update such
information or any forward-looking statement, except as required
under applicable law.
View original
content:http://www.prnewswire.com/news-releases/daqo-new-energy-provides-preliminary-estimates-of-revenue-and-net-profit-for-its-subsidiary-and-updates-guidance-for-2020-301214796.html
SOURCE Daqo New Energy Corp.