Daqo New Energy's Arm Announces Proposed Private Offering of RMB11 Bn in Ordinary Shares for its Polysilicon Expansion Project in China

Daqo New Energy Corp., a leading manufacturer of high-purity polysilicon for the global solar PV industry, announced that its subsidiary, Xinjiang Daqo New Energy, intends to offer ordinary shares, subject to market conditions and other factors, in a private offering to qualified institutional buyers in compliance with the Shanghai Stock Exchange Science and Technology Innovation Board in China for its 100,000 MT polysilicon expansion project.

The gross proceeds of the private offering are expected to be approximately RMB11 billion, the majority of which will be used to fund Xinjiang Daqo's 100,000 MT polysilicon expansion project in Baotou, Inner Mongolia, China.

The construction of this project is expected to commence in March 2022 and to be completed in the third quarter of 2023.