Daqo New Energy closes IPO registration for significant polysilicon system
- Daqo New Energy Corp (NYSE: DQ) on Tuesday said it has actually completed the IPO registration process for its significant subsidiary Xinjiang Daqo New Energy, expecting the share issuance to be concluded within 4 weeks.
The Chinese polysilicon manufacturer, which currently holds a 95.6% equity interest in Xinjiang Daqo, intends to provide the entity on the Shanghai Stock Exchange's Sci-Tech advancement board. As part of the initial public offering (IPO), a minimum of 286,764,706 shares will be put, leaving the moms and dad company with a stake of around 81.26%, as introduced earlier this year.
The issuance process is due to start quickly, Daqo New Energy said without giving economic details concerning the prepared deal.
Xinjiang Daqo is the primary functional subsidiary of Daqo New Energy and brings the majority of the polysilicon maker's net profit and profits.
"We expect that its IPO will most definitely strengthen Xinjiang Daqo's leadership in the polysilicon sector by increasing development, remaining to purchase R&D as well as quality enhancements, and also broadening right into high-end markets such as semiconductor-grade polysilicon," commented Daqo New Energy's Chief Executive Officer Longgen Zhang.
