Polysilicon producer Daqo New Energy has received approval from the Shanghai Stock Exchange for a private offering on China’s A-share market to support its capacity expansion.
Daqo expects to raise up to RMB11 billion (US$1.66 billion) from the listing of shares in its Xinjiang Daqo subsidiary, supporting its 100,000 metric tons of polysilicon expansion project in Baotou City, Inner Mongolia.
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The first phase of the project is set to be completed before the end of the second quarter of 2023.
Last month, Daqo published record quarter results for its Q1 2022, thanks to higher than anticipated average selling prices (ASPs), and will thus accelerate on its expansion plans.
In February 2022, Daqo had signed a long-term supply agreement that had essentially sold out its inventory for the rest of 2022.