Daqo New Energy Corp announced that its subsidiary Xinjiang Daqo New Energy has obtained approval from the Shanghai Stock Exchange for its planned private offering in China’s A-share market.
Daqo New Energy obtains approval for private offering: Manufacturer of high-purity polysilicon for the global solar PV industry, Daqo New Energy Corp, announced that its subsidiary, Xinjiang Daqo New Energy has obtained approval from the Shanghai Stock Exchange for its planned private offering in China’s A-share market. Xinjiang Daqo intends to raise up to RMB 11 billion ($1.6 billion) from this private offering, including approximately RMB 8 billion ($1.21 billion) of the gross proceeds to be used for its 100,000 metric tons of polysilicon expansion project in Baotou City. The rest of the proceeds will be used for working capital purposes. This transaction is subject to market conditions and further approval from the China Securities Regulatory Commission. Last year, Daqo New Energy had announced the share pricing of Xinjiang Daqo New Energy that it plans to list on STAR Market (see Daqo New Energy Expects To Raise RMB 6.45 Billion With IPO)