Daqo's Arm Xinjiang Daqo Plans Private Offering Of RMB11 Bln Shares

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.

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