Daqo New Energy Corp - DQ STOCK NEWS

Daqo New Energy Corp. (NYSE: DQ) announced progress regarding its subsidiary Xinjiang Daqo New Energy's potential STAR Market IPO in China. The Shanghai Stock Exchange's stock listing committee has reviewed and confirmed that Xinjiang Daqo meets the necessary requirements for offering and listing. The next step involves the registration process with the China Securities Regulatory Commission. Daqo New Energy is a leading producer of high-purity polysilicon, with a production capacity of 70,000 metric tons annually, positioning itself as one of the lowest-cost manufacturers in the solar PV industry.

Daqo New Energy Corp. (NYSE: DQ) announced preliminary estimates for its subsidiary, Xinjiang Daqo, indicating 2020 revenue between RMB4.5-4.7 billion and net profit between RMB0.95-1.05 billion. These estimates are based on combined results for the first nine months and projected fourth-quarter performance, adhering to PRC GAAP. Daqo holds a 95.6% stake in Xinjiang Daqo, which contributes significantly to its income. Additionally, the company updated production guidance for 2020, expecting 76,700-77,200 MT for the year.

Daqo New Energy Corp. (NYSE: DQ) has reaffirmed its zero-tolerance policy against forced labor in response to recent third-party research and media comments. The company emphasizes that polysilicon manufacturing is not labor-intensive and relies on highly skilled personnel. Located in Xinjiang, Daqo aims to optimize production by being close to raw materials. The company advocates for responsible discourse within the solar PV industry to address climate change and promote community welfare.

Daqo New Energy Corp. (NYSE: DQ) announced long-term polysilicon supply agreements with JA Solar and another leading solar company. From January 2021 to December 2023, Daqo is set to supply 32,400 MT to 43,200 MT of high-purity mono-grade polysilicon to JA Solar, and 12,000 MT to the other company until December 2022. CEO Longgen Zhang highlighted the significance of these agreements, as approximately 79,800 MT of polysilicon has already been booked for 2021, reflecting the growing importance of solar energy in the global energy market.

Daqo New Energy Corp. (NYSE: DQ) has signed a long-term polysilicon supply agreement with Trina Solar, a leading solar PV system integrator. The agreement covers the delivery of 30,000 MT to 37,600 MT of high-purity mono-grade polysilicon from November 2020 to December 2023. Prices will be negotiated monthly based on market conditions, with Trina making an advance payment. This partnership aims to boost innovation and efficiency in solar PV products, aligning with the growing demand for renewable energy.

Daqo New Energy Corp. (NYSE: DQ) will conduct its annual general meeting (AGM) on December 29, 2020, at its Shanghai office. Shareholders recorded by December 8, 2020, are eligible to attend. Daqo, a leading polysilicon manufacturer for the solar PV industry, claims to be among the lowest-cost producers globally, with an annual production capacity of 70,000 metric tons. For further details, shareholders can access the company's annual report for free via their website or by contacting the investor relations department.

Daqo New Energy Corp. (NYSE: DQ) reported its third quarter 2020 results, highlighting a polysilicon production volume of 18,406 MT and sales volume of 13,643 MT. While revenue decreased to $125.5 million from $133.5 million in Q2, gross profit surged to $45.3 million, with a gross margin of 36.0%. Notably, net income jumped to $20.8 million, with earnings per ADS rising to $0.29. The company expects higher production in Q4 and emphasizes ongoing market demand for polysilicon, aiming to produce up to 76,800 MT for the full year.

Daqo New Energy Corp. (NYSE: DQ) is set to release its unaudited financial results for Q3 2020 on November 23, 2020, before U.S. markets open. A conference call is scheduled for 8:00 AM Eastern Time on the same day. Interested participants can join via specified dial-in numbers or access the webcast. Daqo, a leading polysilicon manufacturer for the solar PV industry, operates a facility in Xinjiang, China, with an annual capacity of 70,000 metric tons. The company emphasizes its low production costs and the challenges posed by market demand and external factors in its forward-looking statements.

Daqo New Energy Corp. (NYSE: DQ) announced a change in the ADS ratio from 1 ADS representing 25 Ordinary Shares to 1 ADS representing 5 Ordinary Shares, effective November 17, 2020. This adjustment equates to a one-for-five ADS split for existing ADS holders, who will receive four additional ADSs for each held by the record date of November 9, 2020. The alteration aims to align the ADS program with current standards as per the amended deposit agreement with JPMorgan Chase Bank.