Daqo New Energy Addresses A Recent Research Report about its Exposure to Forced Labor
Daqo New Energy Corp. (NYSE: DQ) has responded to concerns regarding potential exposure to forced labor risks under the Uyghur Forced Labor Prevention Act. The Company asserts its zero tolerance for forced labor and emphasizes compliance monitoring of suppliers. Daqo anticipates limited impact from U.S. government actions due to its global wafer customer base capable of adapting to market-specific requirements. Established in 2008, the Company is a leading low-cost producer of high-purity polysilicon with a production capacity of 70,000 metric tons annually.
- Daqo has a strong commitment to zero tolerance for forced labor.
- The Company monitors compliance among suppliers regularly.
- Limited expected impact from potential U.S. government measures.
- Exposure to forced labor risks may affect public perception.
- Potential regulatory actions could complicate operations.
SHIHEZI, China, Oct. 22, 2020 /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 addressed comments in a recent third-party research report about its exposure to forced labor related risks under the Uyghur Forced Labor Prevention Act passed by the U.S. House of Representatives on September 22 (the "Uyghur Act").
The Company wishes to clarify that it does not tolerate any use of forced labor under any circumstances whether in its own facilities or throughout its entire supply chain. The Company regularly monitors the compliance with its policies by its suppliers and will promptly address any issues if and when they arise.
The Company believes that the impact on its business from potential measures taken by the US Government would be limited given that its wafer customers are serving the global solar PV market and able to accommodate special requirements from specific markets.
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 2008, 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 Xinjiang, China currently has a nameplate annual polysilicon production capacity of 70,000 metric tons.
For more information, please visit 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" and similar 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. 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; 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 that 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.
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