Daqo New Energy Corp. received an amended Schedule 13G reporting beneficial ownership by Percy Rockdale LLC, Continental General Insurance Company and affiliated entities, and Michael Gorzynski.
As of September 30, 2025, Mr. Gorzynski may be deemed to beneficially own 33,375,960 Shares (9.99%), including 33,209,930 Shares (9.95%) held via CGIC and 166,030 Shares (0.05%) via Percy Rockdale. Percentages are based on 333,759,632 Shares outstanding as of December 31, 2024. The holdings are reported in ADS terms where each ADS represents five Ordinary Shares.
The filers certify the securities were not acquired and are not held for the purpose of changing or influencing control.
Positive
None.
Negative
None.
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
UNDER THE SECURITIES EXCHANGE ACT OF 1934
(Amendment No. 2)
DAQO NEW ENERGY CORP.
(Name of Issuer)
Ordinary Shares, par value $0.0001 per share
(Title of Class of Securities)
23703Q203
(CUSIP Number)
09/30/2025
(Date of Event Which Requires Filing of this Statement)
Check the appropriate box to designate the rule pursuant to which this Schedule is filed:
Rule 13d-1(b)
Rule 13d-1(c)
Rule 13d-1(d)
SCHEDULE 13G
CUSIP No.
23703Q203
1
Names of Reporting Persons
Percy Rockdale LLC
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
MICHIGAN
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
166,030.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
166,030.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
166,030.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
0.05 %
12
Type of Reporting Person (See Instructions)
OO
Comment for Type of Reporting Person: Represents Shares (as defined below) underlying 33,206 ADSs (as defined below). Each ADS represents five Shares.
SCHEDULE 13G
CUSIP No.
23703Q203
1
Names of Reporting Persons
CONTINENTAL GENERAL INSURANCE CO
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
TEXAS
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
33,209,930.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
33,209,930.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
33,209,930.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
9.95 %
12
Type of Reporting Person (See Instructions)
CO
Comment for Type of Reporting Person: Represents Shares underlying 6,641,986 ADSs. Each ADS represents five Shares.
SCHEDULE 13G
CUSIP No.
23703Q203
1
Names of Reporting Persons
Continental Insurance Group, Ltd.
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
DELAWARE
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
33,209,930.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
33,209,930.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
33,209,930.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
9.95 %
12
Type of Reporting Person (See Instructions)
CO
Comment for Type of Reporting Person: Represents Shares underlying 6,641,986 ADSs. Each ADS represents five Shares.
SCHEDULE 13G
CUSIP No.
23703Q203
1
Names of Reporting Persons
Continental General Holdings LLC
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
MICHIGAN
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
33,209,930.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
33,209,930.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
33,209,930.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
9.95 %
12
Type of Reporting Person (See Instructions)
OO
Comment for Type of Reporting Person: Represents Shares underlying 6,641,986 ADSs. Each ADS represents five Shares.
SCHEDULE 13G
CUSIP No.
23703Q203
1
Names of Reporting Persons
Gorzynski Michael
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
UNITED STATES
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
33,375,960.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
33,375,960.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
33,375,960.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
9.99 %
12
Type of Reporting Person (See Instructions)
IN
Comment for Type of Reporting Person: Represents Shares underlying 6,675,192 ADSs. Each ADS represents five Shares.
SCHEDULE 13G
Item 1.
(a)
Name of issuer:
DAQO NEW ENERGY CORP.
(b)
Address of issuer's principal executive offices:
Item 2.
(a)
Name of person filing:
The names of the persons filing this statement on Schedule 13G (collectively, the "Reporting Persons") are:
Percy Rockdale LLC ("Percy Rockdale"),
Continental General Insurance Company ("CGIC"),
Continental Insurance Group, Ltd. ("CIG"),
Continental General Holdings LLC ("CGH"), and
Michael Gorzynski ("Mr. Gorzynski").
(b)
Address or principal business office or, if none, residence:
The address of the principal office for Percy Rockdale and Mr. Gorzynski is 595 Madison Avenue, 30th Floor, New York, NY 10022. The principal business address for each of CGIC, CIG and CGH is 11001 Lakeline Blvd., Ste. 120, Austin, TX 78717.
(c)
Citizenship:
Each of Percy Rockdale and CGH is a Michigan limited liability company. CIG is a Delaware corporation. CGIC is a Texas domiciled life and health insurance company. Mr. Gorzynski is a citizen of the United States of America and Poland.
(d)
Title of class of securities:
Ordinary Shares, par value $0.0001 per share
(e)
CUSIP No.:
23703Q203
Item 3.
If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)
Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)
Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)
Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)
Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)
An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)
An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)
A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)
A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)
A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)
A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J),
please specify the type of institution:
(k)
Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.
Ownership
(a)
Amount beneficially owned:
The Reporting Persons own American Depositary Shares of the Issuer ("ADSs"), as set forth herein. Each ADS represents five of the Issuer's Ordinary Shares, par value $0.0001 per share (the "Shares").
As of the close of business on September 30, 2025:
(i) Percy Rockdale directly beneficially owned 166,030 Shares underlying ADSs it directly owned.
(ii) CGIC directly beneficially owned 33,209,930 Shares underlying ADSs it directly owned.
(iii) As the sole owner of CGIC, CIG may be deemed the beneficial owner of the 33,209,930 Shares underlying ADSs beneficially owned by CGIC.
(iv) As the sole owner of CIG, CGH may be deemed the beneficial owner of the 33,209,930 Shares underlying ADSs beneficially owned by CGIC.
(v) As the sole Manager of Percy Rockdale and as a manager and Executive Chairman of CGH, Mr. Gorzynski may be deemed to beneficially own 33,375,960 Shares, consisting of (i) the 166,030 Shares underlying ADSs directly beneficially owned by Percy Rockdale and (ii) the 33,209,930 Shares underlying ADSs directly beneficially owned by CGIC.
(b)
Percent of class:
The following percentages are based on 333,759,632 Shares outstanding, which is the total number of Shares outstanding as of December 31, 2024, as disclosed in the Issuer's Annual Report on Form 20-F filed with the Securities and Exchange Commission on April 29, 2025.
As of the close of business on September 30, 2025:
(i) Percy Rockdale may be deemed to beneficially own approximately 0.05% of the outstanding Shares;
(ii) CGIC may be deemed to beneficially own approximately 9.95% of the outstanding Shares;
(iii) CIG may be deemed to beneficially own approximately 9.95% of the outstanding Shares;
(iv) CGH may be deemed to beneficially own approximately 9.95% of the outstanding Shares; and
(v) Mr. Gorzynski may be deemed to beneficially own approximately 9.99% of the outstanding Shares.
(c)
Number of shares as to which the person has:
(i) Sole power to vote or to direct the vote:
See Cover Pages Items 5-9.
(ii) Shared power to vote or to direct the vote:
See Cover Pages Items 5-9.
(iii) Sole power to dispose or to direct the disposition of:
See Cover Pages Items 5-9.
(iv) Shared power to dispose or to direct the disposition of:
See Cover Pages Items 5-9.
Item 5.
Ownership of 5 Percent or Less of a Class.
Item 6.
Ownership of more than 5 Percent on Behalf of Another Person.
Not Applicable
Item 7.
Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
Not Applicable
Item 8.
Identification and Classification of Members of the Group.
If a group has filed this schedule pursuant to §240.13d-1(b)(1)(ii)(J), so indicate under Item 3(j) and attach an exhibit stating the identity and Item 3 classification of each member of the group. If a group has filed this schedule pursuant to §240.13d-1(c) or §240.13d-1(d), attach an exhibit stating the identity of each member of the group.
See Exhibit 99.1 to the Schedule 13G filed by the Reporting Persons with the Securities and Exchange Commission on March 25, 2024
Item 9.
Notice of Dissolution of Group.
Not Applicable
Item 10.
Certifications:
By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11.
SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.
