Daqo releases US$ 120m share buyback scheme

• Polysilicon producer Daqo New Energy has actually launched a US$ 120 million share buyback scheme after seeing its cash reserves swell.

Effective for one year till 31 May 2023, the board of supervisors has authorized the firm's decision to repurchase supply it provided as well as exceptional shares in negotiated deals off the market, in block trades or with various other legal method enabled by United States protection regulations.

Last month, the Chinese company got authorization to make an exclusive offering of Chinese shares of its Xinjiang Daqo subsidiary for a value of US$ 1.66 billion.

That move was made in order to sustain the development of its polysilicon project in Inner Mongolia, as the company had actually currently sold out all its polysilicon supply for this year back in February.