PVTIME – November 25, Xinjiang Daqo New Energy CO., Ltd. (hereinafter referred as to Daqo) announced that Daqo will use over-raised funds of 57573779 million yuan to make additional investment in a poly-silicon wafer project with an annual output of 35,000 MT. After the additional investment is completed, the total investment of the project will be adjusted to 4.088 billion yuan.
According to public information, Daqo has been focusing on the research and development, production and sales of high-purity polysilicon. Its main products are high-purity polysilicon used in the photovoltaic industry, which is in the upstream link of the photovoltaic industry chain. After years of exploration and development, Daqo has grown into a leading silicon material company.
In July this year, Daqo originally planed to raise 5 billion yuan to be listed on the Board. Its final total fund raised to be 6.447 billion yuan. After deducting the issuance costs, the net amount of funds raised was 6.067 billion yuan.
All the funds raised above will be used for projects with an annual output of 1,000 MT of high-purity semiconductor materials, projects with an annual output of 35,000 MT of polysilicon, and supplementary working capital. Among them, the planned investment in the 35,000 MT polysilicon project is 3.512 billion yuan. As of October 31, 2021, the project has invested a total of 2.573 billion yuan in raised funds, and the remaining unused raised funds are 938,926,700 yuan.
Daqo stated that in order to ensure the implementation of the 35,000-MT polysilicon project, the company decided to use over-raised funds of 575.7379 million yuan to make additional investments in the project. The excess funds raised this time is due to the recent increasing price of steel, copper and other raw materials,the increase of equipment purchase costs, and the changes of measurement of some projects based on the actual construction. The increase in construction costs is in line with the company’s actual production and operation needs.
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