The Planned Offering of Daqo New Energy's Subsidiary in China's Market Approved

Source: www.gulfoilandgas.com 6/9/2022, Location: Asia

Daqo New Energy Corp. (DQ) ("Daqo New Energy"), a leading manufacturer of high-purity polysilicon for the global solar PV industry, announced that its subsidiary, Xinjiang Daqo New Energy ("Xinjiang Daqo"), has received approval from the China Securities Regulatory Commission (the "CSRC") for its planned private offering in China's A-share market.

Xinjiang Daqo intends to raise up to RMB11 billion from this private offering, including approximately RMB8 billion of the gross proceeds to be used for its 100,000 metric tons of polysilicon expansion project in Baotou City, Inner Mongolia, China, and the rest of the proceeds for its working capital purposes. This transaction is subject to market conditions. The approval from the China Securities Regulatory Commission is valid until May 29, 2023.


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