Daqo New Energy, a manufacturer of high-purity polysilicon for the solar PV industry, today announced that its subsidiary, Xinjiang Daqo New Energy Stock Co., Ltd. (Xinjiang Daqo), has been successfully listed on the National Equities Exchange and Quotations, an emerging over-the-counter market in China (the "New Third Board"). Xinjiang Daqo operates the polysilicon production facilities of the Company located in Shihezi, Xinjiang Uyghur Autonomous Region. As previously announced, Xinjiang Daqo received approval to list its shares on the New Third Board in April 2016.
Daqo New Energy currently holds 99% of the outstanding equity interest of Xinjiang Daqo, while the remaining 1% is held by Xinjiang Daqo Investment Co., Ltd., a wholly-owned subsidiary of Daqo Group Co., Ltd., an affiliate of the Company.
"The successful listing of Xinjiang Daqo's shares on New Third Board marks a new phase of our development and is expected to expand our access to potential capital sources to support our healthy growth," commented Dr. Gongda Yao, Chief Executive Officer of the Company.
The New Third Board is a national over-the-counter stock exchange that supplements trading activities on the Shanghai and Shenzhen stock exchanges. The New Third Board offers a new channel for enterprises in China to access the capital markets and to gain greater exposure to the investment community.