RTTNews | Jan 24, 2022 05:40AM EST

05:40 Monday, January 24, 2022 (RTTNews.com) - Daqo New Energy Corporation (DQ), a Chinese maker of high-purity polysilicon said on Monday that its subsidiary, Xinjiang Daqo New Energy, intends to privately place ordinary shares with qualified institutional investors.

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, and be completed in the third quarter of 2023.

Read the original article on RTTNews ( https://www.rttnews.com/3256669/daqo-s-arm-xinjiang-daqo-plans-private-offering-of-rmb11-bln-shares.aspx)

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