Daqo New Energy's Subsidiary Xinjiang Daqo Proposes Cash Dividend Plan for 2021 to Its Annual Shareholders' Meeting For Approval

Rhea-AI Summary

Daqo New Energy Corp. (NYSE: DQ) announced its subsidiary Xinjiang Daqo is proposing a cash dividend plan of RMB 1,155,000,000, equivalent to 20.18% of its 2021 net profit of RMB 5,723,842,382. This plan is set for approval at the annual shareholders' meeting on April 7, 2022. Daqo New Energy holds an 80.7% equity interest in Xinjiang Daqo. The cash dividend reflects the company's strong financial position and commitment to returning value to shareholders.

Positive

• Proposed cash dividend of RMB 1,155,000,000, benefiting shareholders.
• Net profit attributable to shareholders was RMB 5,723,842,382 for 2021.

Negative

• None.

SHANGHAI, March 15, 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's board of directors had approved its cash dividend plan for 2021 and proposed it to Xinjiang Daqo's annual shareholders' meeting for approval on April 7, 2022.

For the year ended December 31, 2021, the net profit attributable to Xinjiang Daqo's shareholders was RMB 5,723,842,382. Xinjiang Daqo's board of directors has approved the plan to pay cash dividend to Xinjiang Daqo's shareholders (including Daqo New Energy) in the aggregate amount of RMB 1,155,000,000, which accounts for 20.18% of the net profit attributable to Xinjiang Daqo's shareholders in 2021. This plan still needs to be submitted to Xinjiang Daqo's annual shareholders meeting for approval on April 7, 2022. 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 the Company'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 

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SOURCE Daqo New Energy Corp.

FAQ

What is Daqo New Energy's dividend plan for 2021?

Daqo New Energy's subsidiary Xinjiang Daqo proposed a cash dividend plan of RMB 1,155,000,000, which is 20.18% of its net profit for 2021.

When will the dividend plan be approved?

The dividend plan will be submitted for approval at Xinjiang Daqo's annual shareholders' meeting on April 7, 2022.

What was the net profit for Xinjiang Daqo in 2021?

The net profit attributable to Xinjiang Daqo's shareholders for 2021 was RMB 5,723,842,382.

How much equity interest does Daqo New Energy hold in Xinjiang Daqo?

Daqo New Energy beneficially owns 80.7% of the equity interest in Xinjiang Daqo.