Benzinga | Jul 22, 2021 07:28AM EDT

Daqo New Energy Highlights Its Xinjiang Daqo Subsidiary Has Completed IPO Process And Started Trading On Shanghai Stock Exchange

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 the Company's major operational subsidiary, Xinjiang Daqo New Energy ("Xinjiang Daqo"), has completed its IPO process and started trading on the Shanghai Stock Exchange's Sci-Tech innovation board (SSE, code: 688303) on 22 July, 2021.

Xinjiang Daqo has issued 300,000,000 shares representing approximately 15.58% of the total 1,925,000,000 shares outstanding after the IPO. The shares were issued at a public offering price of RMB 21.49 per share and the total gross proceeds of the IPO are approximately RMB 6.45 billion. After the IPO, Daqo New Energy owns approximately 80.7% of Xinjiang Daqo. On the first trading day of 22 July, 2021, Xinjiang Daqo's shares closed at RMB 61.11 per share, up 184.4% as compared to the IPO price.

Guangfu Xu, Chairman of Daqo New Energy and Xinjiang Daqo, commented, "The successful IPO of Xinjiang Daqo marks a very important milestone for the Company. We greatly appreciate the constant hard work and dedication of our management and employees, customers, business partners and investors. We could not have made this happen without their unwavering support."

"In many regions of the world, including China, solar PV has already reached grid parity, making it competitive with traditional fossil-fuel energies, even without government subsidies. In the near future, as both the costs of solar PV and energy storage continue to decline, we expect to achieve broader grid parity for solar PV and energy storage, which will start a new chapter for the global energy industry."

"Daqo entered the solar polysilicon industry more than a decade ago and has become a leading player with a most competitive cost structure and first-class quality. With access to the fast-growing capital market in China, we are committed to focus on our core business, continue our efforts on cost reduction and quality improvement, further invest in R&D and innovation and expand our business to new areas such as semiconductor-grade polysilicon."