Polysilicon producer Daqo New Energy has launched a US$120 million share buyback scheme after seeing its cash reserves swell.
Effective for one year until 31 May 2023, the board of directors has approved the company’s decision to repurchase stock it issued as well as outstanding shares in negotiated transactions off the market, in block trades or through other legal means allowed by US security laws.
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Last month, the Chinese company received approval to make a private offering of Chinese shares of its Xinjiang Daqo subsidiary for a value of US$1.66 billion.
That move was made in order to support the expansion of its polysilicon project in Inner Mongolia, as the company had already sold out all its polysilicon stock for this year back in February.