Daqo New Energy's Subsidiary Xinjiang Daqo Obtained Its Shareholders' Approval On The Cash Dividend Plan for 2021

Rhea-AI Summary

Daqo New Energy Corp. (NYSE: DQ) announced that its subsidiary, Xinjiang Daqo, received shareholder approval for a cash dividend plan for 2021. The company reported a net profit of RMB5.72 billion, with a total dividend payout of RMB1.16 billion, representing 20.18% of the net profit. The cash dividend is expected to be paid by June 7, 2022. Daqo New Energy owns 80.7% of Xinjiang Daqo. This move highlights the company's commitment to returning value to its shareholders.

Positive

• Shareholders approved a cash dividend plan totaling RMB1.16 billion, promoting shareholder value.
• Net profit for 2021 was strong at RMB5.72 billion.
• Daqo New Energy's ownership of 80.7% in Xinjiang Daqo strengthens its financial position.

Negative

• None.

SHANGHAI, April 7, 2022 /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 its subsidiary Xinjiang Daqo has obtained its shareholders' approval on the cash dividend plan for 2021.

For the year ended December 31, 2021, the net profit attributable to Xinjiang Daqo's shareholders was RMB5,723,842,382. Xinjiang Daqo has been approved at its shareholders' meeting to pay cash dividend to Xinjiang Daqo's shareholders (including Daqo New Energy) in the aggregate amount of RMB1,155,000,000, which accounts for 20.18% of the net profit attributable to Xinjiang Daqo's shareholders in 2021. The actual payment is expected to take place no later than June 7, 2022. Daqo New Energy expects to receive cash dividend from Xinjiang Daqo in late Q2 or early Q3 subject to foreign exchange related procedures. As of the date of this press release, Daqo New Energy beneficially owns 80.7% of the equity interest in Xinjiang Daqo.

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 manufactures and sells high-purity polysilicon to photovoltaic product manufactures, who further process the polysilicon into ingots, wafers, cells and modules for solar power solutions. The Company has a total polysilicon nameplate capacity of 105,000 metric tons and is one of the world's lowest cost producers of high-purity polysilicon.

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," "might," "guidance" and similar statements. Among other things, statements about Xinjiang Daqo's plan to distribute dividends 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.

Contact:

Kevin He
kevin.he@daqo.com 
+86-18716585553

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SOURCE Daqo New Energy Corp.

FAQ

What is the dividend amount for Daqo New Energy Corp. in 2022?

Daqo New Energy Corp. will distribute a total cash dividend of RMB1.16 billion.

When will the dividend for 2021 be paid to shareholders?

The dividend is expected to be paid by June 7, 2022.

What percentage of net profit does the dividend represent for Xinjiang Daqo?

The dividend accounts for 20.18% of Xinjiang Daqo's net profit.

How much of Xinjiang Daqo does Daqo New Energy Corp. own?

Daqo New Energy Corp. owns 80.7% of Xinjiang Daqo.