Benzinga | Oct 22, 2020 07:22AM EDT

Daqo New Energy Addresses A Recent Research Report About Co. Exposure To Forced Labor; Co. Says It 'does not tolerate any use of forced labor under any circumstances whether in its own facilities or throughout its entire supply chain'

SHIHEZI, China, Oct. 22, 2020 /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 addressed comments in a recent third-party research report about its exposure to forced labor related risks under the Uyghur Forced Labor Prevention Act passed by the U.S. House of Representatives on September 22 (the "Uyghur Act").

The Company wishes to clarify that it does not tolerate any use of forced labor under any circumstances whether in its own facilities or throughout its entire supply chain. The Company regularly monitors the compliance with its policies by its suppliers and will promptly address any issues if and when they arise.

The Company believes that the impact on its business from potential measures taken by the US Government would be limited given that its wafer customers are serving the global solar PV market and able to accommodate special requirements from specific markets.