RTTNews | Jun 1, 2021 01:20AM EDT

01:19 Tuesday, June 1, 2021 (RTTNews.com) - Daqo New Energy Corp. (DQ) said Tuesday that it is in the process of applying for an initial public offering of the company's major operational subsidiary, Xinjiang Daqo New Energy, on the Shanghai Stock Exchange's Sci-Tech innovation board. The application documents of the IPO were submitted by the Shanghai Stock Exchange to the China Securities Regulatory Commission for registration on May 28.

Xinjiang Daqo's revenue for the second quarter ending June 30, 2021 is expected to be in the range of RMB 2.46 billion - RMB 2.51 billion. The estimated net profit attributable to the shareholders of Xinjiang Daqo for the quarter ending June 30, 2021 would be in the range of RMB 1.30 billion - RMB 1.33 billion.

Daqo New Energy currently owns 95.6% equity interest of Xinjiang Daqo and a majority of the Company's revenue and net income is contributed by Xinjiang Daqo.

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