Daqo New Energy completes Xinjiang Daqo's STAR Market IPO

• Polysilicon maker Daqo New Energy has actually completed its going public (IPO) of its primary operational subsidiary Xinjiang Daqo New Energy on the Shanghai Stock Exchange's Sci-Tech advancement board (STAR Market) and also has started trading (SSE:688303).

Xinjiang Daqo released 300,000,000 shares standing for 15.58% of the complete superior shares after the IPO. They were released at RMB21.49 (US$ 3.32) per share, with the entire profits of the IPO reaching RMB6.45 billion (US$ 1 billion). The application was made on 13 July.

Daqo now owns 80.7% of Xinjiang Daqo. On its very first day of trading yesterday, Xinjiang Daqo's shares shut at RMB61.11 (US$ 9.43) per share, up 184.4% compared to the IPO cost.

On 23 June, Daqo finished its enrollment with the China Securities Regulatory Commission (CSRC) after submitting its application earlier that month.

" The successful IPO of Xinjiang Daqo marks an extremely important turning point for the Business," claimed Guangfu Xu, chairman of Daqo New Energy and Xinjiang Daqo. "In numerous regions of the world, including China, solar PV has already gotten to grid parity, making it affordable with typical fossil-fuel energies, also without federal government subsidies."

Xu stated that in the short term, as the expenses of solar PV and also storage "continue to fall", Daqo expects to achieve "broader grid parity for solar PV and also energy storage" in addition to expanding its procedures right into semiconductor-grade polysilicon.