Xinjiang Daqo Forecast its Net Profit in 2021 and Proposed Private Offering of 11 Billion Yuan

PVTIME – On January 24, Daqo New Energy Corp.(NYSE: DQ), a leading manufacturer of high-purity polysilicon for the global solar PV industry, released 16 announcements, including its subsidiary Xinjiang Daqo New Energy (hereinafter referred to as Xinjiang Daqo) had provided estimates of its net profit in 2021 to the Shanghai Stock Exchange and to offer ordinary shares in a private offering to qualified institutional buyers in compliance with the Shanghai Stock Exchange Science and Technology Innovation Board (the “STAR Market”) in China.

Xinjiang Daqo estimates that under PRC GAAP, its net profit attributable to Xinjiang Daqo’s shareholders in 2021 would be in the range of 5.6~5.8 billion yuan, representing a 436.69%~455.86% increase as compared to net profit attributable to Xinjiang Daqo’s shareholders of 1.04 billion yuan in 2020.

The gross proceeds of the private offering are expected to be approximately 11 billion yuan, the majority of which will be used to fund Xinjiang Daqo’s 100,000 MT polysilicon expansion project in Baotou City, Inner Mongolia Province, China. Among them, the high-purity silicon-based material project has a total investment of 8 billion yuan.