Daqo obtains authorization for US$ 1.66 bn fundraise to expand polysilicon output

• Polysilicon producer Daqo New Energy has actually received authorization from the Shanghai Stock Exchange for an exclusive offering on China's A-share market to sustain its capability expansion.

Daqo expects to elevate up to RMB11 billion (US$ 1.66 billion) from the listing of shares in its Xinjiang Daqo subsidiary, supporting its 100,000 metric tons of polysilicon expansion project in Baotou City, Inner Mongolia.

The very first phase of the project is set to be completed before the end of the second quarter of 2023.

Last month, Daqo released record quarter results for its Q1 2022, thanks to greater than expected ordinary market price (ASPs), and also will certainly hence speed up on its development strategies.

In February 2022, Daqo had signed a long-term supply agreement that had actually basically sold out its supply for the rest of 2022.