SHANGHAI, July 22, 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, today announced that the Company's major
operational subsidiary, Xinjiang Daqo New Energy ("Xinjiang Daqo"),
has completed its IPO process and started trading on the Shanghai
Stock Exchange's Sci-Tech innovation board (SSE, code: 688303) on
22 July, 2021.
Xinjiang Daqo has issued 300,000,000 shares representing
approximately 15.58% of the total 1,925,000,000 shares outstanding
after the IPO. The shares were issued at a public offering price
of RMB 21.49 per share and the total gross proceeds
of the IPO are approximately RMB 6.45
billion. After the IPO, Daqo New Energy owns approximately
80.7% of Xinjiang Daqo. On the first trading day of 22 July, 2021, Xinjiang Daqo's shares closed at
RMB 61.11 per share, up 184.4% as
compared to the IPO price.
Guangfu Xu, Chairman of Daqo New
Energy and Xinjiang Daqo, commented, "The successful IPO of
Xinjiang Daqo marks a very important milestone for the Company. We
greatly appreciate the constant hard work and dedication of our
management and employees, customers, business partners and
investors. We could not have made this happen without their
unwavering support."
"In many regions of the world, including China, solar PV has already reached grid
parity, making it competitive with traditional fossil-fuel
energies, even without government subsidies. In the near future, as
both the costs of solar PV and energy storage continue to decline,
we expect to achieve broader grid parity for solar PV and energy
storage, which will start a new chapter for the global energy
industry."
"Daqo entered the solar polysilicon industry more than a decade
ago and has become a leading player
with a most competitive cost structure and first-class quality.
With access to the fast-growing capital market in China, we are committed to focus on our core
business, continue our efforts on cost reduction and quality
improvement, further invest in R&D and innovation and expand
our business to new areas such as semiconductor-grade
polysilicon."
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. It has a
total annual capacity of 70,000 metric tons of high-purity
polysilicon, with another 35,000 metric tons polysilicon capacity
under construction, which is expected to reach full capacity by the
end of the first quarter of 2022.
For more information, please visit www.dqsolar.com
Daqo New Energy Corp.
Investor Relations
Phone: +86-187 1658 5553
Email: dqir@daqo.com
Christensen
In China
Mr. Rene Vanguestaine
Phone: +86 178 1749 0483
rvanguestaine@christensenir.com
In the U.S.
Mr. Tip Fleming
Phone: +1-917-412-3333
Email: tfleming@Christensenir.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," "forecast," "might," "guidance" and
similar statements. Among other things, 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 solar 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.
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SOURCE Daqo New Energy Corp.