SHANGHAI, June 1, 2021
/PRNewswire/ -- Daqo New Energy Corp. (NYSE: DQ) ("Daqo New
Energy", the "Company" or "we"), a leading manufacturer of
high-purity polysilicon for the global solar PV industry, is in the
process of applying for an initial public offering ("IPO") of the
Company's major operational subsidiary, Xinjiang Daqo New Energy
("Xinjiang Daqo"), on the Shanghai Stock Exchange's Sci-Tech
innovation board. The application
documents of the IPO were submitted by the Shanghai Stock Exchange
to the China Securities Regulatory Commission for registration on
As part of its IPO process,
Xinjiang Daqo is requested by the Shanghai Stock Exchange to
publicly disclose estimates of Xinjiang Daqo's revenue and net
profit as prepared in accordance with the Accounting Standards for
Business Enterprises ("PRC GAAP") for the second quarter ending
June 30, 2021 in its IPO prospectus
submitted to the Shanghai Stock Exchange as follows:
The estimated revenue of Xinjiang Daqo under PRC GAAP for the
second quarter ending June 30, 2021
would be in the range of RMB2.46~2.51 billion. The estimated net
profit attributable to the shareholders of Xinjiang Daqo for the
quarter ending June 30, 2021 would be
in the range of RMB1.30~1.33 billion.
Daqo New Energy currently owns 95.6% equity interest of Xinjiang
Daqo and a majority of the Company's revenue and net income is
contributed by Xinjiang Daqo. The financial estimates for the
second quarter ending June 30, 2021
described in this press release were prepared solely for Xinjiang
Daqo in RMB in accordance with PRC GAAP, which are different from
the Company's consolidated financial results for the same period,
as the Company's consolidated financial results are prepared in
accordance with U.S. generally accepted accounting principles and
in U.S. dollars.
Xinjiang Daqo's financial estimates for the second quarter
ending June 30, 2021 are subject to
change upon the completion of Xinjiang Daqo's internal financial
closing and reporting process. The financial estimates described in
this press release are based solely on the information currently
available to Xinjiang Daqo's management. Its actual results could
vary materially from these preliminary estimates. As a result,
investors should exercise caution in relying on this information
and should not draw any inferences from this information regarding
financial or operating data not provided. These preliminary revenue
and net profit estimates should not be viewed as a substitute for
full financial statements of Xinjiang Daqo prepared in accordance
with PRC GAAP. In addition, these preliminary estimates are not
necessarily indicative of the results to be achieved by Xinjiang
Daqo in any future period.
About Daqo New Energy Corp.
Daqo New Energy Corp. (NYSE: DQ) ("Daqo" or the "Company") is a
leading manufacturer of high-purity polysilicon for the global
solar PV industry. Founded in 2007, the Company is one of the
world's lowest cost producers of high-purity polysilicon. It has a
total annual capacity of 70,000 metric tons of high-purity
polysilicon, with another 35,000 metric tons polysilicon capacity
under construction, which is expected to reach full capacity by the
end of the first quarter of 2022.
For more information, please visit www.dqsolar.com
Daqo New Energy Corp.
Phone: +86-187 1658 5553
Mr. Rene Vanguestaine
Phone: +86 178 1749 0483
In the U.S.
Mr. Tip Fleming
Safe Harbor Statement
This announcement contains forward-looking statements. These
statements are made under the "safe harbor" provisions of the U.S.
Private Securities Litigation Reform Act of 1995. These
forward-looking statements can be identified by terminology such as
"will," "expects," "anticipates," "future," "intends," "plans,"
"believes," "estimates," "forecast," "might," "guidance" and
similar statements. Among other things, the outlook for the second
quarter of 2021, Daqo New Energy's strategic and operational plans
and Xinjiang Daqo's IPO plan, contain forward-looking statements.
The Company may also make written or oral forward-looking
statements in its reports filed or furnished to the U.S. Securities
and Exchange Commission, in its annual reports to shareholders, in
press releases and other written materials and in oral statements
made by its officers, directors or employees to third parties.
Statements that are not historical facts, including statements
about the Company's beliefs and expectations, are forward-looking
statements. Forward-looking statements involve inherent risks and
uncertainties, all of which are difficult or impossible to predict
accurately and many of which are beyond the Company's control. A
number of factors could cause actual results to differ materially
from those contained in any forward-looking statement, including
but not limited to the following: the demand for photovoltaic
products and the development of photovoltaic technologies; global
supply and demand for polysilicon; alternative technologies in
solar cell manufacturing; the Company's ability to significantly
expand its polysilicon production capacity and output; the
reduction in or elimination of government subsidies and economic
incentives for solar energy applications; the Company's ability to
lower its production costs; changes in the political and regulatory
environment; and the duration of COVID-19 outbreaks in China and many other countries and the impact
of the outbreaks and the quarantines and travel restrictions
instituted by relevant governments on economic and market
conditions, including potentially weaker global demand for solar PV
installations that could adversely affect the Company's business
and financial performance. Further information regarding these and
other risks is included in the reports or documents the Company has
filed with, or furnished to, the U.S. Securities and Exchange
Commission. All information provided in this press release is as of
the date hereof, and the Company undertakes no duty to update such
information or any forward-looking statement, except as required
under applicable law.
SOURCE Daqo New Energy Corp.