Daqo New Energy Corp. (DQ), a manufacturer of polysilicon for the solar PV industry, Thursday said its subsidiary Xinjiang Daqo has provided an update on a contract dispute lawsuit filed against it by Xinjiang Xian'an New Materials Co., Ltd. and its affiliate, Xinjiang Dengbo New Energy Co., Ltd.
The plaintiffs, who previously provided silicon core processing services to Xinjiang Daqo, had requested for termination of the business cooperation agreement with Xinjiang Daqo, and sought compensation of RMB 747.2 million from the company for their economic losses.
In July 2024, the court had ordered to terminate the agreement and pay RMB 3.16 million compensation to the plaintiffs for their losses and attorney fees, while rejecting the plaintiffs' claims for consequential damages. The plaintiffs appealed and the second instance court's verdict remanded the case for a retrial.
Recently the company received the retrial verdict, which affirmed the termination of the agreement and a compensation of RMB 3.30 for the plaintiffs' losses and attorney fees, and rejected their claims for consequential damages.
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