Daqo New Energy Provides Updates on Xinjiang Daqo's Potential IPO in China
Daqo New Energy Corp. (NYSE: DQ) announced progress regarding its subsidiary Xinjiang Daqo New Energy's potential STAR Market IPO in China. The Shanghai Stock Exchange's stock listing committee has reviewed and confirmed that Xinjiang Daqo meets the necessary requirements for offering and listing. The next step involves the registration process with the China Securities Regulatory Commission. Daqo New Energy is a leading producer of high-purity polysilicon, with a production capacity of 70,000 metric tons annually, positioning itself as one of the lowest-cost manufacturers in the solar PV industry.
- Xinjiang Daqo's IPO application approved by the Shanghai Stock Exchange's stock listing committee.
- The company is one of the world's lowest-cost producers of high-purity polysilicon.
- The IPO is subject to registration with the China Securities Regulatory Commission, which may delay the process.
- Forward-looking statements in the PR indicate potential uncertainties and risks related to market demand and production capacity.
SHANGHAI, Feb. 2, 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, provided updates on the status of the proposed initial public offering ("STAR Market IPO") and listing of the shares of its subsidiary Xinjiang Daqo New Energy ("Xinjiang Daqo").
During the 12th review meeting of 2021, the stock listing committee of the Shanghai Stock Exchange STAR Market reviewed Xinjiang Daqo's application and considered that Xinjiang Daqo had met the offering, listing and disclosure requirements related to its potential STAR Market IPO. As a next step, Xinjiang Daqo will need to go through the registration process with the China Securities Regulatory Commission before Xinjiang Daqo's STAR Market IPO can take place.
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," and similar statements. Among other things, Xinjiang Daqo's IPO plan contains 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.
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SOURCE Daqo New Energy Corp.
FAQ
What is the status of Daqo's subsidiary Xinjiang Daqo's IPO?
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