<SEC-DOCUMENT>0001144204-14-029700.txt : 20140513
<SEC-HEADER>0001144204-14-029700.hdr.sgml : 20140513
<ACCEPTANCE-DATETIME>20140513060131
ACCESSION NUMBER:		0001144204-14-029700
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		9
CONFORMED PERIOD OF REPORT:	20140513
FILED AS OF DATE:		20140513
DATE AS OF CHANGE:		20140513

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			DAQO NEW ENERGY CORP.
		CENTRAL INDEX KEY:			0001477641
		STANDARD INDUSTRIAL CLASSIFICATION:	SEMICONDUCTORS & RELATED DEVICES [3674]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			E9
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-34602
		FILM NUMBER:		14835273

	BUSINESS ADDRESS:	
		STREET 1:		666 LONGDU AVENUE
		CITY:			WANZHOU, CHONGQING
		STATE:			F4
		ZIP:			404000
		BUSINESS PHONE:		(86-23) 6486-6666

	MAIL ADDRESS:	
		STREET 1:		666 LONGDU AVENUE
		CITY:			WANZHOU, CHONGQING
		STATE:			F4
		ZIP:			404000
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>v378353_6k.htm
<DESCRIPTION>6-K
<TEXT>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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        <P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>UNITED STATES</B></P>
        <P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SECURITIES AND EXCHANGE COMMISSION</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Washington D.C. 20549</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P></TD></TR>
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    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 12pt; padding-bottom: 0.25in; font-size: 18pt; text-align: center"><FONT STYLE="font-size: 18pt"><B>FORM 6-K</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>REPORT OF FOREIGN PRIVATE ISSUER</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>PURSUANT TO RULE 13a-16 OR 15d-16 UNDER
        THE</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SECURITIES EXCHANGE ACT OF 1934</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>For the month of May 2014</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Commission File Number: 001-34602</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 12pt; padding-bottom: 0.25in; font-size: 24pt; text-align: center"><FONT STYLE="font-size: 24pt"><B>DAQO NEW ENERGY CORP.</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>666 Longdu Avenue </B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Wanzhou, Chongqing 404000 </B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>People&rsquo;s Republic of China </B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(86-23) 6486-6666 </B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(Address of principal executive offices)</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B></B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Indicate by check mark whether the registrant files or will
file annual reports under cover Form 20-F or Form 40-F.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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    <TD STYLE="width: 20%; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 13%; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">Form 20-F</FONT></TD>
    <TD STYLE="width: 18%; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt"><FONT STYLE="font: 10pt Wingdings">x</FONT></TD>
    <TD STYLE="width: 13%; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;Form 40-F</FONT></TD>
    <TD STYLE="width: 36%; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt"><FONT STYLE="font: 10pt Wingdings">o</FONT></TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Indicate by check mark if the
registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): </FONT><FONT STYLE="font-family: Wingdings">&uml;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Indicate by check mark if the
registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): </FONT><FONT STYLE="font-family: Wingdings">&uml;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-weight: normal">Daqo New
Energy Corp. is filing the following exhibits on this Report on Form&nbsp;6-K, each of which is hereby incorporated by reference:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 11%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Exhibit No.</B></FONT></TD>
    <TD STYLE="width: 1%; padding-bottom: 1pt; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 88%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Exhibit&nbsp;Description</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Exhibit 1.1</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Form of Underwriting Agreement</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Exhibit 5.1 </FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Opinion of Travers Thorp Alberga, the Cayman Islands counsel to the Registrant, regarding the issue of ordinary shares being registered</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Exhibit 8.1</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Opinion of Travers Thorp Alberga regarding certain Cayman Islands tax matters (included in Exhibit&nbsp;5.1)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Exhibit 8.2</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Opinion of Jun He Law Offices regarding certain PRC tax law matters</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Exhibit 23.1</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Consent of Travers Thorp Alberga (included in Exhibit 5.1)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Exhibit 23.2</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Consent of Jun He Law Offices</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-weight: normal">This Report
on Form&nbsp;6-K is incorporated by reference into the Registration Statement on Form&nbsp;F-3 of Daqo New Energy Corp. (Registration
Number 333-195239).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">SIGNATURE</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Pursuant to the requirements of the Securities
Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly
authorized.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-size: 10pt"><B>DAQO NEW ENERGY CORP.</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 7%">&nbsp;</TD>
    <TD STYLE="width: 43%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">By: </FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">/s/ Gongda Yao</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Name:</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Gongda Yao </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Director and Chief Executive Officer</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Date: May 13, 2014&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">EXHIBIT INDEX</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 11%; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt"><B>Exhibit No.</B></FONT></TD>
    <TD STYLE="width: 1%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 88%; text-align: center; padding-bottom: 1pt; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt"><B>Exhibit&nbsp;Description</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Exhibit 1.1</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Form of Underwriting Agreement</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Exhibit 5.1 </FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Opinion of Travers Thorp Alberga, the Cayman Islands counsel to the Registrant, regarding the issue of ordinary shares being registered</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Exhibit 8.1</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Opinion of Travers Thorp Alberga regarding certain Cayman Islands tax matters (included in Exhibit&nbsp;5.1)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Exhibit 8.2</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Opinion of Jun He Law Offices regarding certain PRC tax law matters</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Exhibit 23.1</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Consent of Travers Thorp Alberga (included in Exhibit 5.1)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Exhibit 23.2</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Consent of Jun He Law Offices</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>


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<TYPE>EX-1.1
<SEQUENCE>2
<FILENAME>v378353_ex1-1.htm
<DESCRIPTION>EXHIBIT 1.1
<TEXT>
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<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>2,000,000 American Depositary Shares</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>representing 50,000,000 Shares, par value
$0.0001 per Share</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>DAQO NEW ENERGY CORP.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>UNDERWRITING AGREEMENT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">May [&#9679;], 2014</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Credit Suisse Securities (USA) LLC<BR>
Eleven Madison Avenue<BR>
New York, New York 10010-3629<BR>
United States of America</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">As Representative of the several Underwriters named in Schedule
A hereto</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Ladies and Gentleman:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Daqo New Energy Corp., an exempted company
incorporated in the Cayman Islands (the &ldquo;<B>Company</B>&rdquo;), proposes to issue and sell to the several Underwriters named
in Schedule A hereto (the &ldquo;<B>Underwriters</B>&rdquo;), for whom you are acting as representative (the &ldquo;<B>Representative</B>&rdquo;),
an aggregate of 2,000,000 American depositary shares (the &ldquo;<B>Firm ADSs</B>&rdquo;), each representing 25 of the Company&rsquo;s
ordinary shares, par value $0.0001 per share (the &ldquo;<B>Shares</B>&rdquo;). The respective amounts of the Firm ADSs to be so
purchased by the several Underwriters are set forth opposite their names in Schedule A hereto. In addition, the Company proposes
to sell at the Underwriter&rsquo;s option an aggregate of up to 300,000 additional ADSs (the &ldquo;<B>Option ADSs</B>&rdquo;)
as set forth below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">As the Representative, you have advised
the Company (a) that you are authorized to enter into this Agreement on behalf of the several Underwriters, and (b) that the several
Underwriters are willing, acting severally and not jointly, to purchase the numbers of Firm ADSs set forth opposite their respective
names in Schedule A, plus their pro rata portion of the Option ADSs if you elect to exercise the over -allotment option in whole
or in part for the accounts of the several Underwriters. The Firm ADSs and the Option ADSs (to the extent the aforementioned option
is exercised) are herein collectively called the &ldquo;<B>Offered ADSs</B>.&rdquo; The Shares represented by the Firm ADSs are
hereinafter called the &ldquo;<B>Firm Shares</B>,&rdquo; the Shares represented by the Option ADSs are hereinafter called the &ldquo;<B>Option
Shares</B>&rdquo; and the Firm Shares and Option Shares are hereinafter collectively called the &ldquo;<B>Offered Shares</B>.&rdquo;
Unless the context otherwise requires, each reference to the Firm ADSs, the Option ADSs or the Offered ADSs herein also includes
the Shares represented by such ADSs.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The ADSs purchased by the Underwriters will
be issued pursuant to the Deposit Agreement dated as of October 6, 2010, as amended on December 11, 2012 (the &ldquo;<B>Deposit
Agreement</B>&rdquo;), entered into among the Company, JPMorgan Chase Bank, N.A., as depositary (the &ldquo;<B>Depositary</B>&rdquo;),
and all holders and owners from time to time of the ADSs.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In consideration of the mutual agreements
contained herein and the interest of the parties in the transactions contemplated hereby, the parties hereto agree as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">Section 1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Representations
and Warranties of the Company</I>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.65in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company represents and warrants to, and agrees with, each of the several Underwriters that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.75in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company has filed with the Commission a registration statement, on Form F-3 (File No. 333-195239) under the Act covering the registration
of the Offered ADSs to be sold from time to time, including a related prospectus or prospectuses. At any particular time, this
initial registration statement, in the form then on file with the Commission, including all information contained in the registration
statement (if any) pursuant to Rule 462(b) and then deemed to be a part of the initial registration statement, and all 430A Information,
all 430B Information and all 430C Information, that in any case has not then been superseded or modified, shall be referred to
as the &ldquo;<B>Initial Registration Statement</B>.&rdquo; The Company may also have filed, or may file with the Commission,
a Rule 462(b) registration statement covering the registration of the Offered ADSs. At any particular time, this Rule 462(b) registration
statement, in the form then on file with the Commission, including the contents of the Initial Registration Statement incorporated
by reference therein and including all 430A Information, all 430B Information and all 430C Information, that in any case has not
then been superseded or modified, shall be referred to as the &ldquo;<B>Additional Registration Statement</B>.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0">As of the time of execution and
delivery of this Agreement, the Initial Registration Statement has been declared effective under the Act and is not proposed to
be amended. Any Additional Registration Statement has or will become effective upon filing with the Commission pursuant to Rule
462(b) and is not proposed to be amended. The Offered ADSs all have been or will be duly registered under the Act pursuant to the
Initial Registration Statement and, if applicable, the Additional Registration Statement. No order preventing or suspending the
use of any Statutory Prospectus or any Issuer Free Writing Prospectus has been issued by the Commission.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">For purposes of this Agreement:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;<B>430A Information</B>,&rdquo; with
respect to any registration statement, means information included in a prospectus and retroactively deemed to be a part of such
registration statement pursuant to Rule 430A(b).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;<B>430B Information</B>,&rdquo; with
respect to any registration statement, means information included in a prospectus then deemed to be a part of such registration
statement pursuant to Rule 430B(e) or retroactively deemed to be a part of such registration statement pursuant to Rule 430B(f).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;<B>430C Information</B>,&rdquo; with
respect to any registration statement, means information included in a prospectus then deemed to be a part of such registration
statement pursuant to Rule 430C.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;<B>Act</B>&rdquo; means the United
States Securities Act of 1933, as amended.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;<B>Applicable Time</B>&rdquo; means
[7:00] pm (New York time) on the date of this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;<B>Closing Date</B>&rdquo; has the
meaning defined in Section 2 hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;<B>Commission</B>&rdquo; means the
United States Securities and Exchange Commission.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;<B>Effective Time</B>&rdquo; with
respect to the Initial Registration Statement or, if filed prior to the execution and delivery of this Agreement, the Additional
Registration Statement, means the date and time as of which such Registration Statement was declared effective by the Commission
or has become effective upon filing pursuant to Rule 462(b). If an Additional Registration Statement has not been filed prior to
the execution and delivery of this Agreement but the Company has advised the Representative that it proposes to file one, &ldquo;Effective
Time&rdquo; with respect to such Additional Registration Statement means the date and time as of which such Registration Statement
is filed and becomes effective pursuant to Rule 462(b).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;<B>Exchange Act</B>&rdquo; means
the United States Securities Exchange Act of 1934, as amended.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;<B>Final Prospectus</B>&rdquo; means
the Statutory Prospectus that discloses the public offering price, other 430B Information and other final terms of the Offered
ADSs and otherwise satisfies Section 10 of the Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;<B>General Use Issuer Free Writing
Prospectus</B>&rdquo; means any Issuer Free Writing Prospectus that is intended for general distribution to prospective investors,
as evidenced by its being so specified in Schedule B to this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;<B>Issuer Free Writing Prospectus</B>&rdquo;
means any &ldquo;issuer free writing prospectus,&rdquo; as defined in Rule 433, relating to the Offered ADSs in the form filed
or required to be filed with the Commission or, if not required to be filed, in the form retained in the Company&rsquo;s records
pursuant to Rule 433(g).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;<B>Limited Use Issuer Free Writing
Prospectus</B>&rdquo; means any Issuer Free Writing Prospectus that is not a General Use Issuer Free Writing Prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Initial Registration Statement and the
Additional Registration Statement are referred to collectively as the &ldquo;Registration Statements&rdquo; and individually as
a &ldquo;Registration Statement.&rdquo; A &ldquo;Registration Statement&rdquo; with reference to a particular time means the Initial
Registration Statement and any Additional Registration Statement as of such time. A &ldquo;Registration Statement&rdquo; without
reference to a time means such Registration Statement as of its Effective Time. For purposes of the foregoing definitions, 430A
Information or 430B Information with respect to a Registration Statement shall be considered to be included in such Registration
Statement as of the time specified in Rule 430A or Rule 430B.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;<B>Rules and Regulations</B>&rdquo;
means the rules and regulations of the Commission.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;<B>Securities Laws</B>&rdquo; means,
collectively, the Sarbanes-Oxley Act of 2002 (&ldquo;Sarbanes-Oxley&rdquo;), the Act, the Exchange Act, the Rules and Regulations,
the auditing principles, rules, standards and practices applicable to auditors of &ldquo;issuers&rdquo; (as defined in Sarbanes-Oxley)
promulgated or approved by the Public Company Accounting Oversight Board and, as applicable, the rules of the New York Stock Exchange
(&ldquo;<B>Exchange Rules</B>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;<B>Statutory Prospectus</B>&rdquo;
with reference to a particular time means the prospectus included in a Registration Statement immediately prior to that time, including
any 430A Information, 430B Information or 430C Information with respect to such Registration Statement. For purposes of the foregoing
definition, 430A Information and 430B Information shall be considered to be included in the Statutory Prospectus only as of the
actual time that form of prospectus (including a prospectus supplement) is filed with the Commission pursuant to Rule 424(b) or
Rule 462(c) and not retroactively.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Unless otherwise specified, a reference
to a &ldquo;rule&rdquo; is to the indicated rule under the Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.75in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A)
(x) At their respective Effective Times, (y) on the date of this Agreement and (z) on each Closing Date, each of the Initial Registration
Statement and the Additional Registration Statement (if any) conformed and will conform in all material respects to the requirements
of the Act and the Rules and Regulations and did not and will not include any untrue statement of a material fact or omit to state
any material fact required to be stated therein or necessary to make the statements therein not misleading, and (B) on its date,
at the time of filing of the Final Prospectus pursuant to Rule 424(b) or (if no such filing is required) at the Effective Time
of the Additional Registration Statement in which the Final Prospectus is included, and on each Closing Date, the Final Prospectus
will conform in all material respects to the requirements of the Act and the Rules and Regulations and will not include any untrue
statement of a material fact or omit to state any material fact required to be stated therein or necessary to make the statements
therein, in light of the circumstances under which they were made, not misleading. The preceding sentence does not apply to statements
in or omissions from any such document based upon written information furnished to the Company by any Underwriter through the
Representative specifically for use therein, it being understood and agreed that the only such information is that described as
such in Section 7(b) hereof.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.75in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.75in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A
registration statement on Form F-6 (File No. 333-164310) in respect of the Offered ADSs has been filed with the Commission; such
registration statement in the form then on file with the Commission has been declared effective by the Commission in such form
and is not proposed to be amended; no stop order suspending the effectiveness of such registration statement has been issued and
no proceeding for that purpose has been initiated or, to the Company&rsquo;s knowledge, threatened by the Commission (the various
parts of such registration statement, including all exhibits thereto, each as amended at the time such part of the registration
statement became effective, being hereinafter called the &ldquo;<B>ADS Registration Statement</B>&rdquo;); and the ADS Registration
Statement when it became effective conformed, and any further amendments thereto will conform, in all material respects to the
requirements of the Act and the Rules and Regulations, and did not, as of the applicable effective date, contain an untrue statement
of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein not
misleading.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.75in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in">(iv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A)
At the time of the initial filing of the Initial Registration Statement and (B) at the date of this Agreement, the Company was
not and is not an &ldquo;ineligible issuer,&rdquo; as defined in Rule 405, including (x) the Company or any Subsidiary in the preceding
three years not having been convicted of a felony or misdemeanor or having been made the subject of a judicial or administrative
decree or order as described in Rule 405 and (y) the Company in the preceding three years not having been the subject of a bankruptcy
petition or insolvency or similar proceeding, not having had a registration statement be the subject of a proceeding under Section
8 of the Act and not being the subject of a proceeding under Section 8A of the Act in connection with the offering of the Offered
ADSs, all as described in Rule 405.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.75in">&nbsp;&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.75in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in">(v)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As
of the Applicable Time, neither (i) the General Use Issuer Free Writing Prospectus(es) issued at or prior to the Applicable Time
and the preliminary prospectus dated May 12, 2014 (the &ldquo;<B>Preliminary Prospectus</B>,&rdquo; which is the most recent Statutory
Prospectus distributed to investors generally) and the other information, if any, stated in Schedule B to this Agreement to be
included in the General Disclosure Package, all considered together (collectively, the &ldquo;<B>General Disclosure Package</B>&rdquo;),
nor (ii) any individual Limited Use Issuer Free Writing Prospectus specified in Schedule C to this Agreement, when considered together
with the General Disclosure Package, included any untrue statement of a material fact or omitted to state any material fact necessary
in order to make the statements therein, in the light of the circumstances under which they were made, not misleading. The preceding
sentence does not apply to statements in or omissions from any Statutory Prospectus or any Issuer Free Writing Prospectus in reliance
upon and in conformity with written information furnished to the Company by any Underwriter through the Representative specifically
for use therein, it being understood and agreed that the only such information furnished by any Underwriter consists of the information
described as such in Section 7(b) hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.75in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in">(vi)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each
Issuer Free Writing Prospectus, as of its issue date and at all subsequent times through the completion of the public offer and
sale of the Offered ADSs or until any earlier date that the Company notified or notifies the Representative as described in the
next sentence, did not, does not and will not include any information that conflicted, conflicts or will conflict with the information
then contained in the Registration Statement. If at any time following issuance of an Issuer Free Writing Prospectus there occurred
or occurs an event or development as a result of which such Issuer Free Writing Prospectus conflicted or would conflict with the
information then contained in the Registration Statement or as a result of which such Issuer Free Writing Prospectus, if republished
immediately following such event or development, would include an untrue statement of a material fact or omitted or would omit
to state a material fact necessary in order to make the statements therein, in the light of the circumstances under which they
were made, not misleading, (A) the Company has promptly notified or will promptly notify the Representative and (B) the Company
has promptly amended or will promptly amend or supplement such Issuer Free Writing Prospectus to eliminate or correct such conflict,
untrue statement or omission.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.75in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in">(vii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company has been duly incorporated and is a validly existing exempted company in good standing under the laws of the Cayman Islands,
with power and authority (corporate and other) to own its properties and conduct its business in the manner as described in the
General Disclosure Package and the Final Prospectus; and the Company is duly qualified to do business as a foreign corporation
in good standing in all other jurisdictions in which its ownership or lease of property or the conduct of its business requires
such qualification.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.75in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.75in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in">(viii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each
of the subsidiaries (collectively, the &ldquo;<B>Subsidiaries</B>&rdquo;, and each a &ldquo;<B>Subsidiary</B>&rdquo;) of the Company,
as listed in Annex A hereto, has been duly incorporated and is validly existing and in good standing under the laws of the jurisdiction
of its incorporation, with power and authority (corporate and other) to own its properties and conduct its business as described
in the General Disclosure Package and the Final Prospectus; and each of the Subsidiaries is duly qualified to do business as a
foreign corporation in good standing in all other jurisdictions in which its ownership or lease of property or the conduct of its
business requires such qualification; except where the failure to be so qualified would not, individually or in the aggregate,
result in a material adverse effect on the condition (financial or otherwise), results of operations, business, properties or prospects
of the Company or the Subsidiaries taken as a whole (the occurrence of any such effect being referred to as a &ldquo;<B>Material
Adverse Effect</B>&rdquo;); all of the issued and outstanding share capital or equity interests, as the case may be, of each of
the Subsidiaries has been duly authorized and validly issued and is fully paid, or has been granted extensions of the deadlines
of such payments, as the case may be, and nonassessable; the share capital or equity interests, as the case may be, of each Subsidiary
owned by the Company, to the extent shown in Annex A hereto, directly or through Subsidiaries, is owned free from liens, encumbrances
and defects; and none of the outstanding share capital of or equity interest in any Subsidiary was issued in violation of pre-emptive
or similar rights of any security holder of such Subsidiary. The memorandum and articles of association or other constitutive or
organizational documents of each of the Company and the Subsidiaries comply with the requirement of applicable law in its respective
jurisdiction of incorporation and are in full force and effect. As of the date of this Agreement, except for the Subsidiaries,
the Company does not own or control, directly or indirectly, any equity or other ownership interest in any corporation, partnership,
joint venture or any other person.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.75in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in">(ix)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Offered ADSs and the underlying Offered Shares to be sold by the Company, when issued and delivered against payment heretofore
pursuant to this Agreement, will not be subject to any security interest, other encumbrance or adverse claims, and have been issued
in compliance with all applicable securities laws. Upon payment of the purchase price in accordance with this Agreement at each
Closing Date, the Depositary or its nominee, as the registered holder of the Offered Shares represented by the Offered ADSs, will
be, subject to the terms of the Deposit Agreement, entitled to all the rights of a shareholder conferred by the memorandum and
articles of association of the Company; except as disclosed in the General Disclosure Package and the Final Prospectus and subject
to the terms and provisions of the Deposit Agreement, there are no restrictions on transfers of the Offered Shares or the Offered
ADSs under the laws of the Cayman Islands, the People&rsquo;s Republic of China (&ldquo;<B>PRC</B>&rdquo;) or the United States,
as the case may be. The Offered Shares represented by the Offered ADSs may be freely deposited by the Company with the Depositary
or its nominee against issuance of the Offered ADSs as contemplated by the Deposit Agreement. There are no outstanding securities
convertible into or exchangeable for, or warrants, rights or options to purchase from the Company, or obligations of the Company
to issue, Shares or any other class of share capital of the Company except as set forth in the General Disclosure Package and the
Final Prospectus under the captions &ldquo;Management&mdash;Share Incentive Plan,&rdquo; &ldquo;Description of Share Capital&mdash;History
of Securities Issuances&rdquo; and &ldquo;Related Party Transactions.&rdquo;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in">(x)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Offered Shares represented by the Offered ADSs and all other outstanding shares of share capital of the Company have been duly
authorized; the authorized equity capitalization of the Company is as set forth in the General Disclosure Package and the Final
Prospectus; all outstanding shares of share capital of the Company are, and, when the Offered ADSs have been delivered and paid
for in accordance with this Agreement on each Closing Date, such Offered ADSs, including the Offered Shares represented thereby,
will have been, validly issued, fully paid and nonassessable, and conform to the information in the General Disclosure Package
and to the description of such Offered ADSs and the Offered Shares contained in the Final Prospectus; the shareholders of the Company
have no preemptive rights with respect to the Shares; none of the outstanding shares of share capital of the Company have been
issued in violation of any preemptive or similar rights of any security holder; neither the filing of the Registration Statement
or the ADS Registration Statement, nor the offering or sale of the Offered ADSs and the Offered Shares as contemplated by this
Agreement gives rise to any rights, other than those which have been waived or satisfied, for or relating to the registration of
any Shares. The form of certificates for the Shares conforms to the corporate law of the Cayman Islands and to any requirements
of the memorandum and articles of association or other constitutive or organizational documents of the Company.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in">(xi)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Deposit Agreement has been duly authorized and is a legal, valid and binding agreement of the Company enforceable against the Company
in accordance with its terms, subject to bankruptcy, insolvency, reorganization, moratorium and similar laws of general applicability
relating to or affecting creditors&rsquo; rights; upon due issuance by the Depositary of the Offered ADSs against the deposit of
the Offered Shares in respect thereof in accordance with the Deposit Agreement, such ADSs will be duly and validly issued and the
holders thereof will be entitled to the rights specified therein and in the Deposit Agreement; and the Deposit Agreement and the
ADSs conform in all material respects to the descriptions thereof contained in the General Disclosure Package as of the Applicable
Time and the Final Prospectus.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in">(xii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;There
are no contracts, agreements or understandings between the Company and any person that would give rise to a valid claim against
the Company or any Underwriter for a brokerage commission, finder&rsquo;s fee or other like payment in connection with this offering.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in">(xiii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Except
as disclosed in the General Disclosure Package and the Final Prospectus, there are no contracts, agreements or understandings between
the Company and any person granting such person the right to require the Company to file a registration statement under the Act
with respect to any securities of the Company owned or to be owned by such person or to require the Company to include such securities
in the securities registered pursuant to a Registration Statement or in any securities being registered pursuant to any other registration
statement filed by the Company under the Act (collectively, &ldquo;<B>Registration Rights</B>&rdquo;), and any person to whom the
Company has granted Registration Rights has agreed not to exercise such rights until after the expiration of the Lock-Up Period
referred to in Section 4 hereof.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in">(xiv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Offered ADSs have been approved for listing on The New York Stock Exchange, Inc. (the &ldquo;<B>NYSE</B>&rdquo;), subject to notice
of issuance.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.75in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in">(xv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No
consent, approval, authorization, or order of, clearance by, or filing or registration with, any person (including any governmental
agency or body or any court or any stock exchange) is required to be obtained or made by the Company for the consummation of the
transactions contemplated by this Agreement or the Deposit Agreement in connection with the issuance and sale of the Offered ADSs
by the Company, including the deposit of any Offered Shares represented by the Offered ADSs with the Depositary and the issuance
of the ADSs and the listing of the ADSs on the NYSE, except such as have been obtained or made and are in full force and effect
and such as may be required under applicable state securities laws and the rules and regulations of the Financial Industry Regulatory
Authority, Inc. (&ldquo;<B>FINRA</B>&rdquo;).</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in">(xvi)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each
of the Company and the Subsidiaries has good and marketable title to all real properties and all other properties and assets owned
by them, in each case free from and clear of all liens, charges, encumbrances, defects, claims, options or restrictions that would
materially affect the value thereof or materially interfere with the use made or to be made thereof by them; and the Company and
each of the Subsidiaries hold any leased real or personal property under valid and enforceable leases with no terms or provisions
that would materially interfere with the use made or to be made thereof by them.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in">(xvii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
execution, delivery and performance of this Agreement and the Deposit Agreement, the consummation of the transactions contemplated
herein, the fulfillment of the terms thereof and hereof, and the issuance and sale of the Offered ADSs, including the deposit of
any Offered Shares represented by the ADSs with the Depositary and the issuance of the ADSs and the listing of the ADSs on the
NYSE, do not and will not result in a breach or violation of any of the terms and provisions of, or constitute a default or a Debt
Repayment Triggering Event (as defined below) under, or result in the imposition of any lien charge or encumbrance upon any property
or assets of the Company or any of the Subsidiaries, the charter or by-laws of the Company or any of the Subsidiaries, any statute,
rule, regulation or order of any governmental agency or body or any court, domestic or foreign, having jurisdiction over the Company
or any of the Subsidiaries or any of their properties, or any agreement or instrument to which the Company or any of the Subsidiaries
is a party or by which the Company or any of the Subsidiaries is bound or to which any of the properties of the Company or any
of the Subsidiaries is subject; a &ldquo;<B>Debt Repayment Triggering Even</B>t&rdquo; means any event or condition that gives,
or with the giving of notice or lapse of time would give, the holder of any note, debenture, or other evidence of indebtedness
(or any person acting on such holder&rsquo;s behalf) the right to require the repurchase, redemption or repayment of all or a portion
of such indebtedness by the Company or any of the Subsidiaries.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in">(xviii)&nbsp;&nbsp;&nbsp;&nbsp;Neither
the Company nor any of the Subsidiaries is (or with the giving of notice or lapse of time would be in default) (A) in violation
of its respective charter, by-laws or other organizational documents or (B) in violation of any law, order, rule or regulation,
judgment, order, writ or decree applicable to the Company, any of the Subsidiaries of any court, stock exchange or any government,
regulatory body, administrative agency or other governmental body having jurisdiction, or (C) in default under any existing obligation,
agreement, covenant or condition contained in any indenture, loan agreement, mortgage, lease or other agreement or instrument to
which any of them is a party or by which any of them is bound or to which any of the properties of any of them is subject, except
such defaults that would not, individually or in the aggregate, result in a Material Adverse Effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.75in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in">(xix)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
Agreement has been duly authorized, executed and delivered by the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.75in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in">(xx)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company and its Subsidiaries possess, and are in compliance with the terms of, all adequate certificates, authorizations, franchises,
licenses and permits (the &ldquo;<B>Licenses</B>&rdquo;) necessary or material to the conduct of the business now conducted or
proposed in the General Disclosure Package and the Final Prospectus to be conducted by them and have not received any notice of
proceedings relating to the revocation or modification of any License that, if determined adversely to the Company or any of the
Subsidiaries, would individually or in the aggregate have a Material Adverse Effect. All of the Licenses possessed by the Company
and the Subsidiaries are valid and in full force and effect, and none of the Licenses contains any materially burdensome restriction
or condition.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in">(xxi)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No
labor dispute with the employees of the Company or any of the Subsidiaries that could have a Material Adverse Effect exists or,
to the knowledge of the Company, is imminent.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in">(xxii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company and its Subsidiaries own, possess or can acquire on reasonable terms sufficient trademarks, trade names, patent rights,
copyrights, domain names, licenses, approvals, trade secrets, inventions, technology, know-how and other intellectual property
(collectively, &ldquo;<B>Intellectual Property Rights</B>&rdquo;) necessary or material to the conduct of the business now conducted
or proposed in the General Disclosure Package and the Final Prospectus to be conducted by them, and the expected expiration of
any such Intellectual Property Rights would not, individually or in the aggregate, have a Material Adverse Effect. There are no
rights of third parties to any of the Intellectual Property Rights owned by the Company or its Subsidiaries; there is no material
infringement, misappropriation breach, default or other violation, or the occurrence of any event that with notice or the passage
of time would constitute any of the foregoing, by the Company or its Subsidiaries or third parties of any of the Intellectual Property
Rights of the Company or its Subsidiaries; there is no pending or, to the best knowledge of the Company after due inquiry, threatened
action, suit, proceeding or claim by others challenging the Company&rsquo;s or any Subsidiary&rsquo;s rights in or to, or the violation
of any of the terms of, any of their Intellectual Property Rights, and the Company is unaware of any facts which would form a reasonable
basis for any such claim; there is no pending or, to the best knowledge of the Company after due inquiry, threatened action, suit,
proceeding or claim by others challenging the validity, enforceability or scope of any such Intellectual Property Rights, and the
Company is unaware of any facts which would form a reasonable basis for any such claim; there is no pending or threatened action,
suit, proceeding or claim by others that the Company or any Subsidiary infringes, misappropriates or otherwise violates or conflicts
with any Intellectual Property Rights or other proprietary rights of others and the Company is unaware of any other fact which
would form a reasonable basis for any such claim; and none of the Intellectual Property Rights used by the Company or its Subsidiaries
in their businesses has been obtained or is being used by the Company, its Subsidiaries or the Variable Interest Entity in violation
of any contractual obligation binding on the Company or any of its Subsidiaries in violation of the rights of any persons, and
which infringement or conflict (if the subject of any unfavorable decision, ruling or finding) or invalidity or inadequacy, individually
or in the aggregate, would result in a Material Adverse Effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.75in">&nbsp;&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in">(xxiii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Neither
the Company nor any of the Subsidiaries is in violation of any statute, rule, regulation, decision or order of any governmental
agency or body or any court, domestic or foreign, relating to the use, disposal or release of hazardous or toxic substances or
relating to the protection or restoration of the environment or human exposure to hazardous or toxic substances (collectively,
&ldquo;<B>Environmental Laws</B>&rdquo;), owns or operates any real property contaminated with any substance that is subject to
any Environmental Laws, is liable for any off-site disposal or contamination pursuant to any Environmental Laws, or is subject
to any claim relating to any Environmental Laws, which violation contamination, liability or claim would individually or in the
aggregate have a Material Adverse Effect; and the Company is not aware of any pending investigation which might lead to such a
claim.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.75in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in">(xxiv)&nbsp;&nbsp;&nbsp;&nbsp;Except
as disclosed in the General Disclosure Package and the Final Prospectus, no stamp or other issuance or transfer taxes or duties
and no capital gains, income, withholding or other taxes are payable by or on behalf of the Underwriters to the PRC or the Cayman
Islands or any political subdivision or taxing authority thereof or therein in connection with (A) the issuance of the Offered
Shares, (B) the deposit by the Company of the Offered Shares with the Depositary, the issuance of the Offered ADSs and the delivery
of the Offered ADSs to or for the account of the Underwriters, (C) the purchase from the Company and the sale and delivery of the
Offered ADSs by the Underwriters to the initial purchasers as part of the Underwriters&rsquo; distribution of the Offered ADSs
as contemplated hereunder; or (D) the execution and delivery of this Agreement or the Deposit Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.75in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in">(xxv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each
of the Company and the Subsidiaries has filed on a timely basis all required tax returns, reports and filings or have been granted
extensions thereof. Such returns, reports or filings are correct and on a proper basis in all material respects and are not the
subject of any disputes with revenue or other authorities other than these disputes which if determined adversely to the Company
or the Subsidiaries, would not have a Material Adverse Effect. The Company and each of the Subsidiaries have paid all taxes (including
any assessments, fines or penalties) required to be paid by them and have no knowledge of any tax deficiency which might be assessed
against any of them, except as would not have a Material Adverse Effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.75in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in">(xxvi)&nbsp;&nbsp;&nbsp;&nbsp;The
statements in the General Disclosure Package and the Final Prospectus under the headings &ldquo;Description of Share Capital&rdquo;
and &ldquo;Description of American Depositary Shares&rdquo; insofar as they purport to constitute a summary of the terms of the
Shares and the ADSs, respectively, and under the headings &ldquo;Risk Factors,&rdquo; &ldquo;Enforceability of Civil Liabilities,&rdquo;
&ldquo;Regulation&rdquo;, &ldquo;Taxation&rdquo; and &ldquo;Underwriting&rdquo; insofar as such statements summarize legal matters,
agreements, documents or proceedings discussed therein, are accurate and fair summaries of such matters described therein in all
material respects.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.75in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.75in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in">(xxvii)&nbsp;&nbsp;&nbsp;The section
entitled &ldquo;Management&rsquo;s Discussion and Analysis of Financial Condition and Results of Operation&mdash;Critical Accounting
Policies&rdquo; in the General Disclosure Package accurately and fully describes (A) accounting policies which the Company believes
are the most important in the portrayal of the financial condition and results of operations of the Company and its Subsidiaries
on a consolidated basis and which require management&rsquo;s most difficult, subjective or complex judgments (&ldquo;<B>Critical
Accounting Policies</B>&rdquo;); (B) judgments and uncertainties affecting the application of Critical Accounting Policies; and
(C) explanation of the likelihood that materially different amounts would be reported under different conditions or using different
assumptions. The Company&rsquo;s senior management have reviewed and agreed with the selection, application and disclosure of Critical
Accounting Policies. The section entitled &ldquo;Management&rsquo;s Discussion and Analysis of Financial Condition and Results
of Operations&rdquo; in the General Disclosure Package accurately and fully describes all material trends, demands, commitments,
events, uncertainties and risks, and the potential effects thereof, that the Company believes would materially affect liquidity
and are reasonably likely to occur. Neither the Company nor any of the Subsidiaries is engaged in any transaction with, or has
any obligation to, its unconsolidated entities (if any) that is contractually limited to narrow activities that facilitate the
transfer of or access to assets by the Company or any of the Subsidiaries, including, without limitation, structured finance entities
and special purpose entities, or otherwise engage in, or have any obligation under, any off-balance sheet transaction or arrangement.
As used herein, the phrase &ldquo;reasonably likely&rdquo; refers to a disclosure threshold lower than &ldquo;more likely than
not.&rdquo; Except as disclosed in the General Disclosure Package, there are no outstanding guarantees or other contingent obligations
of the Company or the Subsidiaries that could reasonably be expected to have a Material Adverse Effect. All governmental tax waivers
from national and local governments of the PRC and other local and national PRC tax relief, concession and preferential treatment
claimed or obtained by the Company or the Subsidiaries are valid, binding and enforceable, subject to the risks and uncertainties
disclosed in the General Disclosure Package.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in">(xxviii)&nbsp;&nbsp;&nbsp;&nbsp;Neither
the Company nor any of its affiliates has taken, directly or indirectly, any action that is designed to or that has constituted
or that would reasonably be expected to cause or result in the stabilization or manipulation of the price of any security of the
Company to facilitate the sale or resale of the Offered ADSs.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in">(xxix)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any
third-party statistical, industry-related and market-related data included in a Registration Statement, or the General Disclosure
Package or the Final Prospectus are based on or derived from sources that the Company believes to be reliable and accurate, and
the Company has obtained the written consents to the use of such data from such sources to the extent required.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in">(xxx)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company and its Subsidiaries carry, or are covered by, insurance in such amounts and covering such risks as is adequate for the
conduct of their respective businesses and the value of their respective properties, if applicable, and as is customary for companies
engaged in similar businesses.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in">(xxxi)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Neither
the Company nor any of its Subsidiaries or any directors or officers, nor, to the Company&rsquo;s best knowledge after due inquiry,
any employee, or any agent or representative of the Company or of any of its Subsidiaries, has (i) used any funds for any unlawful
contribution, gift, entertainment or other unlawful expense relating to political activity; (ii) made or taken an act in furtherance
of an offer, promise or authorization of any direct or indirect unlawful payment or benefit to any foreign or domestic government
official or employee, including of any government-owned or controlled entity or of a public international organization, or any
person acting in an official capacity for or on behalf of any of the foregoing, or any political party or party official or candidate
for political office; (iii) violated or is in violation of any provision of the Foreign Corrupt Practices Act of 1977, as amended,
or any applicable law or regulation implementing the OECD Convention on Combating Bribery of Foreign Public Officials in International
Business Transactions, or committed an offence under the Bribery Act 2010 of the United Kingdom, or any other applicable anti-bribery
or anti-corruption laws; or (iv) made, offered, agreed, requested or taken an act in furtherance of any unlawful bribe or other
unlawful benefit, including, without limitation, any rebate, payoff, influence payment, kickback or other unlawful or improper
payment or benefit. The Company and its Subsidiaries have instituted, maintain and enforce, and will continue to maintain and enforce
policies and procedures designed to promote and ensure compliance with all applicable anti-bribery and anti-corruption laws.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in">(xxxii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
operations of the Company and its Subsidiaries are and have been conducted at all times in compliance with applicable financial
recordkeeping and reporting requirements, including those of the Currency and Foreign Transactions Reporting Act of 1970, as amended,
the applicable money laundering statutes of all jurisdictions where the Company or any of its Subsidiaries conduct business, the
rules and regulations thereunder and any related or similar rules, regulations or guidelines issued, administered or enforced by
any governmental agency (collectively, the &ldquo;<B>Anti-Money Laundering Laws</B>&rdquo;), and no action, suit or proceeding
by or before any court or governmental agency, authority or body or any arbitrator involving the Company or any of its Subsidiaries
with respect to the Anti-Money Laundering Laws is pending or, to the best knowledge of the Company after due inquiry, threatened.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in">(xxxiii)&nbsp;&nbsp;&nbsp;&nbsp;Neither
the Company nor any of its directors, officers, Subsidiaries or, to the best knowledge of the Company after due inquiry, its Subsidiaries,
any employee, agent, or representative of the Company or its Subsidiaries, is currently the subject or the target of any sanctions
administered or enforced by the U.S. government, (including, without limitation, the Office of Foreign Assets Control of the U.S.
Department of the Treasury or the U.S. Department of State and including, without limitation, the designation as a &ldquo;specially
designated national&rdquo; or &ldquo;blocked person&rdquo;), the United Nations Security Council, the European Union, Her Majesty&rsquo;s
Treasury, or other relevant sanctions authority (collectively, &ldquo;<B>Sanctions</B>&rdquo;), nor is the Company or any of its
Subsidiaries located, organized or resident in a country or territory that is the subject or the target of Sanctions, including,
without limitation, Cuba, Iran, North Korea, Sudan and Syria (each, a &ldquo;<B>Sanctioned Country</B>&rdquo;); and the Company
will not directly or indirectly use the proceeds of the offering of the Securities hereunder, or lend, contribute or otherwise
make available such proceeds to any Subsidiary, joint venture partner or other person or entity i) to fund or facilitate any activities
of or business with any person that, at the time of such funding or facilitation, is the subject or the target of Sanctions, ii)
to fund or facilitate any activities of or business in any Sanctioned Country or iii) in any other manner that will result in a
violation by any person (including any person participating in the transactions hereunder, whether as Underwriter, advisor, investor
or otherwise) of Sanctions; furthermore, the Company and its Subsidiaries have not for the past five years knowingly engaged in,
are not now knowingly engaged in, and will not engage in, any dealings or transactions with any person that at the time of the
dealing or transaction is or was the subject or the target of Sanctions or within any Sanctioned Country.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in">(xxxiv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Except
as set forth in the General Disclosure Package and the Final Prospectus, (i) to the extent applicable, the Company, the Subsidiaries
and the Company&rsquo;s Board of Directors (the &ldquo;<B>Board</B>&rdquo;) are in compliance with Sarbanes-Oxley and all applicable
Exchange Rules; (ii) the Company has adopted, or upon consummation of the offering of the Offered ADSs will adopt, corporate governance
guidelines; (iii) the Company maintains a system of internal controls, including but not limited to &ldquo;disclosure controls
and procedures&rdquo; and &ldquo;internal control over accounting matters and financial reporting,&rdquo; each as defined in Rules
13a-15 and 15d-15 under the Exchange Act, an internal audit function and legal and regulatory compliance controls (collectively,
&ldquo;<B>Internal Controls</B>&rdquo;). The disclosure controls and procedures are designed to ensure that material information
relating to the Company, including the Subsidiaries, is made known to the Company&rsquo;s chief executive officer and chief financial
officer by others within those entities, and such disclosure controls and procedures are effective. Except as disclosed in the
General Disclosure Package and the Final Prospectus, the Internal Controls are sufficient to provide reasonable assurances that
(i) transactions are executed in accordance with management&rsquo;s general or specific authorizations, (ii) transactions are recorded
as necessary to permit preparation of financial statements in conformity with the generally accepted accounting principles in the
United States (&ldquo;<B>US GAAP</B>&rdquo;) and to maintain accountability for assets, (iii) access to assets is permitted only
in accordance with management&rsquo;s general or specific authorization, (iv) the recorded accountability for assets is compared
with the existing assets at reasonable intervals and appropriate action is taken with respect to any differences, and (v) the Company
has made and kept books, records and accounts which, in reasonable detail, accurately and fairly reflect in all material respects
the transactions and dispositions of assets of such entity. Except as disclosed in the General Disclosure Package and the Final
Prospectus, since the date of the most recent evaluation of the Internal Controls, there have been no significant changes in the
Internal Controls or in other factors that could significantly affect the Internal Controls, including any corrective actions with
regard to significant deficiencies and material weaknesses. The Internal Controls are, or upon consummation of the offering of
the Offered ADSs will be, overseen by the Audit Committee (the &ldquo;<B>Audit Committee</B>&rdquo;) of the Board in accordance
with Exchange Rules. Except as disclosed in the General Disclosure Package and the Final Prospectus, (A) there has not been any
significant deficiency, material weakness, adverse change in Internal Controls or fraud involving management or other employees
who have a significant role in Internal Controls (each, an &ldquo;<B>Internal Control Event</B>&rdquo;), any violation of, or failure
to comply with, the Securities Laws, or any matter which, if determined adversely, would have a Material Adverse Effect, and (B)
within the next 135 days, the Company does not reasonably expect to publicly disclose or report to the Audit Committee or the Board
an Internal Control Event, any violation of, or failure to comply with, the Securities Laws, or any matter which, if determined
adversely, would have a Material Adverse Effect. The Company has taken all necessary actions to ensure that, upon and at all times
after the filing of the Initial Registration Statement, the Company and the Subsidiaries and their respective officers and directors,
in their capacities as such, will be in compliance in all material respects with the applicable provisions of Sarbanes-Oxley.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in">(xxxv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Board is not reviewing or investigating, and neither the Company&rsquo;s independent auditors nor its internal auditors have recommended
that the Board review or investigate, (i) adding to, deleting, changing the application of, or changing the Company&rsquo;s disclosure
with respect to, any of the Company&rsquo;s material accounting policies; (ii) any matter which could result in a restatement of
the Company&rsquo;s financial statements for any annual or interim period during the current or prior three fiscal years; or (iii)
any Internal Control Event.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in">(xxxvi)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;There
are no pending actions, suits or proceedings (including any inquiries or investigations by any court or governmental agency or
body, domestic or foreign) against or affecting the Company, any of the Subsidiaries or any of their respective properties that,
if determined adversely to the Company or any of the Subsidiaries, would individually or in the aggregate have a Material Adverse
Effect, or would materially and adversely affect the ability of the Company to perform its obligations under this Agreement or
the Deposit Agreement, or which are otherwise material in the context of the sale of the Offered ADSs; and no such actions, suits
or proceedings (including any inquiries or investigations by any court or governmental agency or body, domestic or foreign) are,
to the Company&rsquo;s knowledge, threatened or contemplated.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in">(xxxvii)&nbsp;&nbsp;&nbsp;&nbsp;The
consolidated financial statements (including the notes thereto) included in each Registration Statement, the General Disclosure
Package and the Final Prospectus present fairly the financial position of the Company and its consolidated Subsidiaries and Daqo
New Material Co., Ltd. (the &ldquo;<B>Former Variable Interest Entity</B>&rdquo;) as of the dates shown and their results of operations
and cash flows for the periods shown, and such financial statements have been prepared in conformity with US GAAP applied on a
consistent basis. The other financial and statistical data relating to the Company set forth in the General Disclosure Package
and each Registration Statement are accurately presented and prepared based on the books and records of the Company. There is no
financial statement or schedule (historical or pro forma) that is required to be included in the General Disclosure Package or
any Registration Statement that is not included as required, and the Company, the Subsidiaries and the Former Variable Interest
Entity do not have any material liability or obligation, direct or contingent (including any off-balance sheet obligation), not
disclosed in the General Disclosure Package and each Registration Statement.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in">(xxxviii)&nbsp;&nbsp;&nbsp;&nbsp;Deloitte
Touche Tohmatsu CPA Ltd., who has audited and reviewed the financial statements included in each Registration Statement, the General
Disclosure Package and the Final Prospectus, is an independent registered independent public accounting firm as required by the
Act, the Rules and Regulations and the Public Company Accounting Oversight Board.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.75in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in">(xxxix)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Except
as disclosed in the General Disclosure Package, since the end of the period covered by the latest audited financial statements
included in the General Disclosure Package (i) there has been no change, nor any development or event involving a prospective change,
in the condition (financial or otherwise), results of operations, business, properties or prospects of the Company and the Subsidiaries,
taken as a whole, that is material and adverse, (ii) there has been no dividend or distribution of any kind declared, paid or made
by the Company on any class of its share capital and (iii) there has been no material adverse change in the share capital, short-term
indebtedness, long-term indebtedness, net current assets or net assets of the Company and the Subsidiaries.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in">(xl)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company is not and, after giving effect to the offering and sale of the Offered ADSs and the application of the proceeds thereof
as described in the General Disclosure Package and the Final Prospectus, will not be an &ldquo;investment company&rdquo; as defined
in the Investment Company Act of 1940, as amended (the &ldquo;<B>Investment Company Act</B>&rdquo;).</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in">(xli)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Based
on the Company&rsquo;s current projected income, assets and activities, the Company does not expect to be classified as a &ldquo;passive
foreign investment company&rdquo; (&ldquo;<B>PFIC</B>&rdquo;) as defined in Section 1297 of the United States Internal Revenue
Code of 1986, as amended, for the current taxable year or any subsequent taxable year. The Company has no plan or intention to
take any action that would be reasonably expected to result in the Company becoming a PFIC in the future under current laws and
regulations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.75in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in">(xlii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under
current laws and regulations of the Cayman Islands and any political subdivision thereof, all dividends and other distributions
declared and payable on the share capital of the Company may be paid by the Company to the holder thereof in U.S. dollars and all
such payments made to holders thereof who are non-residents of the Cayman Islands will not be subject to income, withholding or
other taxes under laws and regulations of the Cayman Islands or any political subdivision or taxing authority thereof or therein
and are otherwise free and clear of any other tax, duty, withholding or deduction in the Cayman Islands or any political subdivision
or taxing authority thereof or therein and without the necessity of obtaining any consents, approvals, authorizations, orders,
registrations, clearances or qualifications of or with any governmental agency having jurisdiction over the Company or any of its
Subsidiaries or any of their respective properties (hereinafter referred to as &ldquo;<B>Governmental Authorizations</B>&rdquo;)
in the Cayman Islands or any political subdivision or taxing authority thereof or therein.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in">(xliii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
application of the net proceeds from the offering of the Offered ADSs, as described in the General Disclosure Package and the Final
Prospectus, will not contravene any provision of any current and applicable laws or the current constituent documents of the Company
or any of the Subsidiaries or contravene the terms or provisions of, or constitute a default under, any indenture, mortgage, deed
of trust, loan agreement, note, lease or other agreement or instrument currently binding upon the Company or any of the Subsidiaries
or any Governmental Authorization applicable to any of the Company or any of the Subsidiaries.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in">(xliv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Except
as disclosed in the General Disclosure Package and the Final Prospectus, none of the Subsidiaries is currently prohibited, directly
or indirectly, from paying any dividends to the Company, from making any other distribution on such Subsidiary&rsquo;s share capital
or equity interest, as the case may be, from repaying to the Company any loans or advances to such Subsidiary from the Company
or from transferring any of such Subsidiary&rsquo;s property or assets to the Company. All dividends declared by a Subsidiary in
the PRC may under the current laws and regulations of the PRC be freely transferred out of the PRC and may be paid in United States
dollars, subject to the successful completion of PRC formalities required for such remittance, and except as disclosed in the General
Disclosure Package and the Final Prospectus, all such dividends and other distributions will not be subject to withholding or other
taxes under the laws and regulations of the PRC and are otherwise free and clear of any other tax, withholding or deduction in
the PRC, and without the necessity of obtaining any Governmental Authorization in the PRC.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in">(xlv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company has not, directly or indirectly, distributed and will not distribute any offering material in connection with the offering
and sale of the Offered ADSs other than any preliminary prospectus dated May 12, 2014, any Issuer Free Writing Prospectus, the
Final Prospectus and other materials, if any, permitted under the Act and consistent with Section 5 below. The Company will file
with the Commission all Issuer Free Writing Prospectuses in the time required under Rule 433(d) under the Act. The Company has
satisfied or will satisfy the conditions in Rule 433 under the Act to avoid a requirement to file with the Commission any electronic
road show.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in">(xlvi)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;There
are no affiliations or associations between any member of the FINRA and any of the Company&rsquo;s officers, directors or 5% or
greater securityholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.75in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in">(xlvii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company is a &ldquo;foreign private issuer&rdquo; within the meaning of Rule 405 of under the Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.75in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in">(xlviii)&nbsp;&nbsp;&nbsp;&nbsp;Each
of this Agreement and the Deposit Agreement is in proper form to be enforceable against the Company in the Cayman Islands in accordance
with its terms; to ensure the legality, validity, enforceability or admissibility into evidence in the Cayman Islands of this Agreement
or the Deposit Agreement, it is not necessary that this Agreement or the Deposit Agreement be filed or recorded with any court
or other authority in the Cayman Islands or that any stamp or similar tax in the Cayman Islands be paid on or in respect of this
Agreement, the Deposit Agreement or any other documents to be furnished hereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.75in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.75in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.75in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in">(xlix)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No
holder of any of the Shares or the Offered ADSs after the consummation of the transactions contemplated by this Agreement or the
Deposit Agreement is or will be subject to any personal liability in respect of any liability of the Company by virtue only of
its holding of any such Shares or Offered ADSs; and except as set forth in the General Disclosure Package and the Final Prospectus,
there are no limitations on the rights of holders of the Shares or the Offered ADSs to hold, vote or transfer their securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.75in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in">(l)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under
the laws of the Cayman Islands, each holder of Offered ADSs issued pursuant to the Deposit Agreement shall be entitled, subject
to the Deposit Agreement, to seek enforcement of its rights through the Depositary or its nominee registered as representative
of the holders of the ADSs in a direct suit, action or proceeding against the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.75in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in">(li)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Registration Statement, all Preliminary Prospectuses, the Final Prospectus, any Issuer Free Writing Prospectus and the ADS Registration
Statement, and the filing of the Registration Statement, all Preliminary Prospectuses, the Final Prospectus, any Issuer Free Writing
Prospectus and the ADS Registration Statement with the Commission have been duly authorized by and on behalf of the Company, and
the Registration Statement and the ADS Registration Statement have been duly executed pursuant to such authorization by and on
behalf of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.75in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in">(lii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
choice of laws of the State of New York as the governing law of this Agreement and the Deposit Agreement is a valid choice of law
under the laws of the Cayman Islands and the PRC and will be honored by courts in the Cayman Islands and the PRC. The Company has
the power to submit, and pursuant to Section 15 of this Agreement, has legally, validly, effectively and irrevocably submitted,
to the personal jurisdiction of each U.S. federal court and New York state court located in the Borough of Manhattan, in The City
of New York, New York, U.S.A. (each, a &ldquo;<B>New York Court</B>&rdquo;). The Company has the power to submit, and, pursuant
to Section 19 of the Deposit Agreement, has legally, validly, effectively and irrevocably submitted, to the personal jurisdiction
of each New York Court. The Company has the power to designate, appoint and authorize, and pursuant to Section 15 of this Agreement
and Section 19 of the Deposit Agreement, has legally, validly, effectively and irrevocably designated and appointed an authorized
agent for service of process in any action arising out of or relating to this Agreement, the Deposit Agreement or the Offered ADSs
in any New York Court, and service of process effected on such authorized agent will be effective to confer valid personal jurisdiction
over the Company as provided in Section 15 of this Agreement and Section 19 of the Deposit Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.75in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.75in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in">(liii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Neither
the Company nor any of the Subsidiaries or any of their respective properties, assets or revenues has any right of immunity under
Cayman Islands, PRC or New York law, from any legal action, suit or proceeding, from the giving of any relief in any such legal
action, suit or proceeding, from set-off or counterclaim, from the jurisdiction of any Cayman Islands, PRC, New York or U.S. federal
court, from service of process, attachment upon or prior to judgment, or attachment in aid of execution of judgment, or from execution
of a judgment, or other legal process or proceeding for the giving of any relief or for the enforcement of a judgment, in any such
court, with respect to its obligations, liabilities or any other matter under or arising out of or in connection with this Agreement
or the Deposit Agreement; and, to the extent that the Company, or any of the Subsidiaries or any of their respective properties,
assets or revenues may have or may hereafter become entitled to any such right of immunity in any such court in which proceedings
may at any time be commenced, each of the Company and the Subsidiaries waives or will waive such right to the extent permitted
by law and has consented to such relief and enforcement as provided in Section 15 of this Agreement and Section 19 of the Depositary
Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.75in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in">(liv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any
final judgment for a fixed sum of money rendered by a New York Court having jurisdiction under its own domestic laws in respect
of any suit, action or proceeding against the Company based upon this Agreement and the Deposit Agreement, or an arbitral award
rendered against the Company based on the Deposit Agreement, as the case may be, would be recognized and enforced against the Company
by Cayman Islands courts without re-examining the merits of the case under the common law doctrine of obligation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.75in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in">(lv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
entering into and the consummation of the transactions contemplated in the relevant documents described in the General Disclosure
Package and the Final Prospectus under &ldquo;Corporate History and Structure&rdquo; constitute legal, valid and binding obligations
of all the parties therein, enforceable against all the parties therein, in accordance with their terms; all necessary steps for
transactions contemplated in such documents have been taken and all consents required from the respective parties have been obtained
and are in full force and effect; and, to the extent applicable, all necessary governmental approvals, consents, registrations
and filings and all steps required for the transactions contemplated therein have been obtained, made and taken and are in full
force and effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.75in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.75in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.75in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in">(lvi)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company and each of the Company&rsquo;s directors who signed the Initial Registration Statement is aware of and has been advised
as to, the contents of the Rules on Mergers and Acquisitions of Domestic Enterprises by Foreign Investors jointly promulgated by
the Ministry of Commerce, the State Assets Supervision and Administration Commission, the State Tax Administration, the State Administration
of Industry and Commerce, the China Securities Regulatory Commission (the &ldquo;<B>CSRC</B>&rdquo;) and the State Administration
of Foreign Exchange of the PRC on August 8, 2006 and effective as of September 8, 2006 (the &ldquo;<B>M&amp;A Rules</B>&rdquo;),
in particular the relevant provisions thereof which purport to require offshore special purpose vehicles, or SPVs, formed for listing
purposes and controlled directly or indirectly by PRC companies or individuals, to obtain the approval of the CSRC prior to the
listing and trading of their securities on an overseas stock exchange; the Company has received legal advice specifically with
respect to the M&amp;A Rules from its PRC counsel and the Company understands such legal advice.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.75in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in">(lvii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
issuance and sale of the Offered ADSs (including the Offered Shares underlying the Offered ADSs), the listing and trading of the
Offered ADSs on the NYSE or the consummation of the transactions contemplated by this Agreement and the Deposit Agreement is not
and will not be, as of the date hereof or at each Closing Date, adversely affected by the M&amp;A Rules or any official clarifications,
guidance, interpretations or implementation rules in connection with or related to the M&amp;A Rules.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.75in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in">(lviii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each
of the Company and its Subsidiaries that was incorporated outside of the PRC has taken, or is in the process of taking, all reasonable
steps to comply with, and to ensure compliance by each of the Company&rsquo;s and such Subsidiary&rsquo;s shareholders and option
holders that is, or is directly or indirectly owned or controlled by, a PRC resident or citizen with any applicable rules and regulations
of the relevant PRC government agencies (including but not limited to the Ministry of Commerce, the National Development and Reform
Commission and the State Administration of Foreign Exchange) relating to overseas investment by PRC residents and citizens or overseas
listing by offshore special purpose vehicles controlled directly or indirectly by PRC companies and individuals, such as the Company
(the &ldquo;<B>PRC Overseas Investment and Listing Regulations</B>&rdquo;), including, without limitation, requesting each shareholder
and option holder that is, or is directly or indirectly owned or controlled by, a PRC resident or citizen to complete any registration
and other procedures required under the applicable PRC Overseas Investment and Listing Regulations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.75in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in">(lix)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each
&ldquo;forward-looking statement&rdquo; (within the meaning of Section 27A of the Act or Section 21E of the Exchange Act) contained
in the Registration Statement, each Preliminary Prospectus, the General Disclosure Package, the Final Prospectus and each Issuer
Free Writing Prospectus, if any, has been made or reaffirmed with a reasonable basis and in good faith at the time when such statement
was made.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In addition, any certificate signed by any officer of the Company
and delivered to the Representative or counsel for the Underwriters as required or contemplated by this Agreement shall constitute
a representation and warranty hereunder by the Company, as to matters covered thereby, to each Underwriter.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">Section 2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Purchase,
Sale and Delivery of Offered ADSs</I>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">On the basis of the representations, warranties
and agreements herein contained and subject to the terms and conditions set forth herein, the Company agrees to sell to each Underwriter,
and each Underwriter agrees, severally and not jointly, to purchase from the Company, at a purchase price of $[<FONT STYLE="font-family: Symbol">&middot;</FONT>]
per ADS, the number of Firm ADSs set forth opposite the name of such Underwriter in Schedule A hereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Company will deliver the Firm ADSs to,
or as instructed by, the Representative through the facilities of The Depositary Trust Company (&ldquo;<B>DTC</B>&rdquo;) for the
accounts of the several Underwriters in a form reasonably acceptable to the Representative against payment of the purchase price
in U.S. dollars (same day) funds by wire transfer to an account at a bank acceptable to the Representative at 10:00 A.M., New York
time, on May [&#9679;], 2014, or at such other time not later than seven full business days thereafter as the Representative and
the Company determine, such time being herein referred to as the &ldquo;<B>First Closing Date</B>&rdquo;. For purposes of Rule
15c6-1 under the Exchange Act, the First Closing Date (if later than the otherwise applicable settlement date) shall be the settlement
date for payment of funds and delivery of securities for all the Offered ADSs sold pursuant to the offering. The Firm ADSs so to
be delivered or evidence of their issuance will be made available for checking at the Hong Kong office of Davis Polk &amp; Wardwell
or such other place designated by the Representative at least 24 hours prior to the First Closing Date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In addition, upon written notice from the
Representative given to the Company from time to time not more than 30 days subsequent to the date of the Final Prospectus, the
Underwriters may purchase all or less than all of the Option ADSs at the purchase price per ADS to be paid for the Firm ADSs. The
Company agrees to sell to the Underwriters the respective numbers of Option ADSs specified in such notice. Such Option ADSs shall
be purchased from the Company for the account of each Underwriter in the same proportion as the number of Firm ADSs set forth opposite
such Underwriter&rsquo;s name bears to the total number of Firm ADSs (subject to adjustment by the Representative to eliminate
fractions) and may be purchased by the Underwriters only for the purpose of covering over-allotments made in connection with the
sale of the Firm ADSs.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">No Option ADSs shall be sold or delivered
unless the Firm ADSs previously have been, or simultaneously are, sold and delivered. The right to purchase the Option ADSs or
any portion thereof may be exercised from time to time not more than 30 days subsequent to the date of the Final Prospectus and
to the extent not previously exercised may be surrendered and terminated at any time upon notice by the Representative to the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Each time for the delivery of and payment
for the Option ADSs, being herein referred to as an &ldquo;Option Closing Date&rdquo;, which may be the First Closing Date (the
First Closing Date and each Option Closing Date, if any, being sometimes referred to as a &ldquo;<B>Closing Date</B>&rdquo;), shall
be determined by the Representative but shall be not later than seven full business days after written notice of election to purchase
Option ADSs is given. The Company will deliver the Option ADSs being purchased on each Option Closing Date to or as instructed
by the Representative for the accounts of the several Underwriters in a form reasonably acceptable to the Representative, against
payment of the purchase price therefor in U.S. dollars federal (same day) funds by wire transfer to an account at a bank acceptable
to the Representative. The Option ADSs being purchased on each Optional Closing Date or evidence of their issuance will be made
available for checking at the Hong Kong office Davis Polk &amp; Wardwell or such other place designated by the Representative at
a reasonable time in advance of such Option Closing Date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">Section 3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Offering
by Underwriters</I>. It is understood that the several Underwriters propose to offer the Offered ADSs for sale to the public as
set forth in the Final Prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">Section 4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Certain
Agreements of the Company</I>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.65in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company agrees with the several Underwriters that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.75in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unless
filed pursuant to Rule 462(b) as part of the Additional Registration Statement in accordance with the next sentence, the Company
will file the Final Prospectus, in a form approved by the Representative, with the Commission pursuant to and in accordance with
subparagraph (1) (or, if applicable and if consented to by the Representative, subparagraph (4)) of Rule 424(b) not later than
the earlier of (A) the second business day following the execution and delivery of this Agreement or (B) the fifteenth business
day after the Effective Time of the Initial Registration Statement. The Company will advise the Representative promptly of any
such filing pursuant to Rule 424(b) and provide satisfactory evidence to the Representative of such timely filing. If an Additional
Registration Statement is necessary to register a portion of the Offered ADSs under the Act but the Effective Time thereof has
not occurred as of the execution and delivery of this Agreement, the Company will file the Additional Registration Statement or,
if filed, will file a post-effective amendment thereto with the Commission pursuant to and in accordance with Rule 462(b) on or
prior to 10:00 P.M., New York time, on the date of this Agreement or, if earlier, on or prior to the time the Final Prospectus
is finalized and distributed to any Underwriter, or will make such filing at such later date as shall have been consented to by
the Representative.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.75in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.75in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.75in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company will promptly advise the Representative of any proposal to amend or supplement at any time the Initial Registration Statement,
any Additional Registration Statement or any Statutory Prospectus and will not effect such amendment or supplementation without
the Representative&rsquo;s consent; and the Company will also advise the Representative promptly of (i) the effectiveness of any
Additional Registration Statement (if its Effective Time is subsequent to the execution and delivery of this Agreement), (ii) any
amendment or supplementation of a Registration Statement or any Statutory Prospectus, (iii) any request by the Commission or its
staff for any amendment to any Registration Statement, for any supplement to any Statutory Prospectus or for any additional information,
(iv) the institution by the Commission of any stop order proceedings in respect of a Registration Statement or the threatening
of any proceeding for that purpose, and (v) the receipt by the Company of any notification with respect to the suspension of the
qualification of the Offered ADSs in any jurisdiction or the institution or threatening of any proceedings for such purpose. The
Company will use its best efforts to prevent the issuance of any such stop order or the suspension of any such qualification and,
if issued, to obtain as soon as possible the withdrawal thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.75in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If,
at any time when a prospectus relating to the Offered ADSs is (or but for the exemption in Rule 172 would be) required to be delivered
under the Act by any Underwriter or dealer, any event occurs as a result of which the Final Prospectus as then amended or supplemented
would include an untrue statement of a material fact or omit to state any material fact necessary to make the statements therein,
in the light of the circumstances under which they were made, not misleading, or if it is necessary at any time to amend any Registration
Statement or supplement the Final Prospectus to comply with the Act, the Company will promptly notify the Representative of such
event and will promptly prepare and file with the Commission and furnish, at its own expense, to the Underwriters and the dealers
and any other dealers upon request of the Representative, an amendment or supplement which will correct such statement or omission
or an amendment which will effect such compliance. Neither the Representative&rsquo;s consent to, nor the Underwriters&rsquo; delivery
of, any such amendment or supplement shall constitute a waiver of any of the conditions set forth in Section 6 hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.75in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in">(iv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To
make generally available to its security holders as soon as practicable, but in any event not later than sixteen months after the
effective date of the Registration Statement (as defined in Rule 158(c) under the Act), a consolidated earnings statement of the
Company and its Subsidiaries (which need not be audited) complying with Section 11(a) of the Act and the rules and regulations
of the Commission thereunder (including, at the option of the Company, Rule 158).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.75in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.75in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in">(v)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company will furnish upon request to the Representative copies of each Registration Statement and the ADS Registration Statement
(three of which will be signed and will include all exhibits), each related Statutory Prospectus, and, so long as a prospectus
relating to the Offered ADSs is (or but for the exemption in Rule 172 would be) required to be delivered under the Act, the Final
Prospectus and all amendments and supplements to such documents, in each case in such quantities as the Representative shall request.
The Final Prospectus shall be so furnished on or prior to 3:00 P.M., New York time, on the business day following the execution
and delivery of this Agreement. All other such documents shall be so furnished as soon as available. The Company will pay the expenses
of printing and distributing to the Underwriters all such documents.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.75in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in">(vi)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company agrees to make available to the Underwriters, as soon as practicable after the Initial Registration Statement becomes effective,
and thereafter from time to time to furnish to the Underwriters, as many written and electronic copies of the General Disclosure
Package (or of the Statutory Prospectus as amended or supplemented if the Company shall have made any amendments or supplements
thereto after the Effective Time of the Initial Registration Statement) as the Underwriters may request for the purposes contemplated
by the Act. If the delivery of a prospectus (or in lieu thereof, the notice referred to in Rule 173(a) under the Act) is (or but
for the exemption in Rule 172 would be) required at any time prior to the expiration of nine months after the time of issue of
the Final Prospectus in connection with the offering or sale of Offered ADSs and if at such time any event shall have occurred
as a result of which the Final Prospectus as then amended or supplemented would include an untrue statement of a material fact
or omit to state any material fact necessary in order to make the statements therein, in the light of the circumstances under which
they were made when such Final Prospectus (or in lieu thereof, the notice referred to in Rule 173(a) under the Act) is (or but
for the exemption in Rule 172 would be) delivered, not misleading, or, if for any other reason it shall be necessary during such
same period to amend or supplement the Final Prospectus in order to comply with the Act, to notify you and upon your request to
prepare and furnish without charge to each Underwriter and to any dealer in securities as many written and electronic copies as
you may from time to time reasonably request of an amended Final Prospectus or a supplement to the Final Prospectus which will
correct such statement or omission or effect such compliance; and in case any Underwriter is (or but for the exemption in Rule
172 would be) required to deliver a prospectus (or in lieu thereof, the notice referred to in Rule 173(a) under the Act) in connection
with sales of any of the Offered ADSs at any time nine months or more after the time of issue of the Final Prospectus, upon your
request but at the expense of such Underwriter, to prepare and deliver to such Underwriter as many written and electronic copies
as you may request of an amended or supplemented Final Prospectus complying with Section 10(a)(3) of the Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.75in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.75in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in">(vii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company will arrange for the qualification of the Offered ADSs for sale under the laws of such jurisdictions as the Representative
designates and will continue such qualifications in effect so long as required for the distribution.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.75in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in">(viii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During
the period of five years hereafter, the Company will furnish to the Representative and, upon request, to each of the other Underwriters,
as soon as practicable after the end of each fiscal year, a copy of its annual report to shareholders for such year; and the Company
will furnish to the Representative (i) as soon as available a copy of each report and any definitive proxy statement of the Company
filed with the Commission under the Exchange Act or mailed to shareholders, and (ii) from time to time, such other information
concerning the Company as the Representative may reasonably request. However, so long as the Company is subject to the reporting
requirements of either Section 13 or Section 15(d) of the Exchange Act and is timely filing reports with the Commission on its
Electronic Data Gathering, Analysis and Retrieval system (&ldquo;<B>EDGAR</B>&rdquo;), it is not required to furnish such reports
or statements to the Underwriters.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.75in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in">(ix)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prior
to the First Closing Date, the Company will furnish to the Underwriters, as soon as they have been prepared by or are available
to the Company, a copy of any unaudited interim financial statements of the Company for any period subsequent to the period covered
by the most recent financial statements appearing in the Registration Statement, the General Disclosure Package and the Final Prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.75in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in">(x)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company will use its best efforts to comply with Sarbanes-Oxley, and to use its best efforts to cause the Company&rsquo;s directors
and officers, in their capacities as such, to comply with Sarbanes-Oxley.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.75in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in">(xi)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company will maintain a transfer agent and, if necessary under the jurisdiction of incorporation of the Company, a registrar for
the Shares of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.75in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in">(xii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prior
to each Closing Date, the Company will not issue any press release or other communication directly or indirectly and will not hold
any press conference with respect to the Company, any of the Subsidiaries, the financial condition, results of operations, business,
properties, assets, or liabilities of the Company or any of the Subsidiaries, or the offering of the ADSs, without the prior consent
of the Representative.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.75in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.75in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in">(xiii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon
request of any Underwriter, the Company will furnish, or cause to be furnished, to such Underwriter an electronic version of the
Company&rsquo;s trademarks, servicemarks and corporate logo for use on the website, if any, operated by such Underwriter for the
purpose of facilitating the on-line offering of the Offered ADSs in connection with this offering; <I>provided</I>, <I>however</I>,
that any such license is granted without any fee and may not be assigned or transferred to any person without the Company&rsquo;s
consent other than affiliates of such Underwriter.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.75in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in">(xiv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company agrees not to attempt to avoid any judgment obtained by it or denied to it in a court of competent jurisdiction outside
the Cayman Islands.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.75in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in">(xv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[The
Company agrees with the several Underwriters that the Company will pay all expenses, costs, fees and taxes in connection with (1)
the performance of the obligations of the Company under this Agreement, including but not limited to any filing fees and other
expenses incurred in connection with qualification of the Offered ADSs and the Offered Shares represented thereby for sale under
the laws of such jurisdictions as the Representative designates, (2) the costs and expenses of distributing preliminary prospectuses
and the Final Prospectus (including any amendments and supplements thereto and including wrappers) to the Underwriters and expenses
incurred for preparing, printing and distributing any Issuer Free Writing Prospectuses to investors or prospective investors, (3)
the costs and expenses related to the review by the FINRA of the Offered ADSs (including filing fees and the fees and expenses
of counsel for the Underwriters relating to such review), (4) the costs and expenses relating to investor presentations or any
&ldquo;road show&rdquo; in connection with the offering and sale of the Offered ADSs including travel and out-of-pocket expenses
of the Company and the Underwriters, (5) the fees and disbursements of counsel to the Company and of the Company&rsquo;s independent
registered public accounting firm, (6) the fees and disbursements of counsel to the Underwriters and (7) the performance of the
Company&rsquo;s other obligations hereunder.]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.75in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in">(xvi)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company will use its best efforts to list the Offered ADSs and to maintain such listing on the NYSE.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.75in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in">(xvii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company will use the net proceeds received by the Company from the sale of the Offered ADSs in the manner specified in the Prospectus
and the General Disclosure Package under the caption &ldquo;Use of Proceeds&rdquo; and, in this respect, will not, directly or
indirectly, use the proceeds of the offering, or lend, contribute or otherwise make available such proceeds to any subsidiary,
joint venture partner or other Person: (A) to fund or facilitate any activities or business of or with any Person or in any country
or territory that, at the time of such funding or facilitation, is the subject of Sanctions; or (B) in any other manner that will
result in a violation of Sanctions by any Person (including any Person participating in the offering, whether as underwriter, advisor,
investor or otherwise).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.75in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.75in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in">(xviii)&nbsp;&nbsp;&nbsp;&nbsp;None
of the Entity will engage in, any dealings or transactions with any Person, or in any country or territory, that at the time of
the dealing or transaction is the subject of Sanctions.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in">(xix)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company shall not invest, or otherwise use the proceeds received by the Company from its sale of the Offered ADSs in such a manner
(i) as would require the Company or any of the Subsidiaries to register as an investment company under the 1940 Act, or (ii) that
would result in the Company being not in compliance with any applicable laws, rules and regulations of the State Administration
of Foreign Exchange of the PRC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.75in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in">(xx)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company will not take, directly or indirectly, any action designed to or that would constitute or that might reasonably be expected
to cause or result in, stabilization or manipulation of the price of any securities of the Company to facilitate the sale or resale
of the Offered ADSs.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.75in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in">(xxi)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company will indemnify and hold harmless the Underwriters against any documentary, stamp or similar issue tax, including any interest
and penalties, on the creation, issue, delivery and sale of the Offered ADSs to the Underwriters and on the execution and delivery
of this Agreement or the Deposit Agreement. All payments to be made by the Company hereunder shall be made without withholding
or deduction for or on account of any present or future taxes, duties or governmental charges whatsoever unless the Company is
compelled by law to deduct or withhold such taxes, duties or charges. In that event, the Company shall pay such additional amounts
as may be necessary in order that the net amounts received after such withholding or deduction shall equal the amounts that would
have been received if no withholding or deduction had been made.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.75in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.75in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in">(xxii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For
the period specified below (the &ldquo;<B>Lock-Up Period</B>&rdquo;), the Company will not, directly or indirectly, take any of
the following actions with respect to its Shares or ADSs representing the Shares, or any securities convertible into or exchangeable
or exercisable for any of its Shares, including ADSs representing the Shares (&ldquo;<B>Lock-Up Securities</B>&rdquo;): (i) offer,
sell (including in a short sale), issue, contract to sell, pledge or otherwise dispose of Lock-Up Securities, (ii) offer, sell,
issue, contract to sell, contract to purchase or grant any option, right or warrant to purchase or sell Lock-Up Securities, (iii)
enter into any swap, hedge or any other agreement that transfers, in whole or in part, the economic consequences of ownership of
Lock-Up Securities, (iv) establish or increase a put equivalent position or liquidate or decrease a call equivalent position in
Lock-Up Securities within the meaning of Section 16 of the Exchange Act or (v) file with the Commission a registration statement
under the Act relating to Lock-Up Securities, or publicly disclose the intention to take any such action, without the prior written
consent of the Representative, except (A) issuances of Lock-Up Securities pursuant to this Agreement, (B) grants of employee stock
options, restricted shares or other equity incentives pursuant to the terms of 2009 Share Incentive Plan or issuances of Lock-Up
Securities pursuant to the exercise of such options or (C) issuance of Lock-Up Securities pursuant to the conversion or exchange
of convertible or exchangeable securities or the exercise of options, in each case outstanding on the date hereof. The initial
Lock-Up Period will commence on the date hereof and continue for 90 days after the date hereof or such earlier date that the Representative
consents to in writing; <I>provided</I>, <I>however</I>, that if (1) during the last 17 days of the initial Lock-Up Period, the
Company releases earnings results or material news or a material event relating to the Company occurs or (2) prior to the expiration
of the initial Lock-Up Period, the Company announces that it will release earnings results during the 16-day period beginning on
the last day of the initial Lock-Up Period, then in each case the Lock-Up Period will be extended until the expiration of the 18-day
period beginning on the date of release of the earnings results or the occurrence of the material news or material event, as applicable,
unless the Representative waives, in writing, such extension. The Company will provide the Representative with notice of any announcement
described in clause (2) of the preceding sentence that gives rise to an extension of the Lock-Up Period.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.75in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in">(xxiii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company will not facilitate any shareholder&rsquo;s conversion of Shares to ADSs during the Lock-Up Period (including any automatic
extension thereof as contemplated in Section 4(a)(xxii) and not release the Depositary from the obligations set forth in, or otherwise
amend, terminate or fail to enforce, the Depositary Agreement without the consent of the Representative.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.75in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in">(xxiv)&nbsp;&nbsp;&nbsp;&nbsp;During
the Lock-Up Period (including any automatic extension thereof as contemplated in Section 4(a)(xxii), the Company will cause each
Company option holder that has not entered into a Lock-Up Agreement as contemplated by Section 6(m) to be subject to and comply
with the restrictions set forth in the Lock-Up Agreements including (x) providing each such option holder notice of such restrictions
immediately upon closing of the offering and (y) including a legend with respect to such restrictions on the certificates evidencing
the Shares to be issued to any such option holder upon exercise of the options during the Lock-Up Period; and the Company will
provide the Representative and each option holder with prior notice of any announcement that gives rise to an automatic extension
of the Lock-Up Period (as contemplated in Section 4(a)(xxii)).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.75in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.75in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in">(xxv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company will comply with the terms of the Deposit Agreement so that the ADSs will be duly delivered to the Underwriters, pursuant
to this Agreement at the applicable Closing Date.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in">(xxvi)&nbsp;&nbsp;&nbsp;&nbsp;The
Company will furnish to its shareholders as soon as practicable after the end of each fiscal year an annual report (in English)
(including a balance sheet and statements of income, shareholders&rsquo; equity and cash flows of the Company and its consolidated
subsidiaries prepared in conformity with US GAAP and certified by independent public accountants) and, as soon as practicable after
the end of each of the first three quarters of each fiscal year (beginning with the fiscal quarter ending after the effective date
of the Initial Registration Statement), to make available to its shareholders consolidated summary financial information of the
Company and the Subsidiaries for such quarter in reasonable detail.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">Section 5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Free
Writing Prospectuses</I>. The Company represents and agrees that, unless it obtains the prior consent of the Representative, and
each Underwriter represents and agrees that, unless it obtains the prior consent of the Company and the Representative, it has
not made and will not make any offer relating to the Offered ADSs that would constitute an Issuer Free Writing Prospectus, or that
would otherwise constitute a &ldquo;free writing prospectus,&rdquo; as defined in Rule 405, required to be filed with the Commission.
Any such free writing prospectus consented to by the Company and the Representative is hereinafter referred to as a &ldquo;Permitted
Free Writing Prospectus.&rdquo; The Company represents that it has treated and agrees that it will treat each Permitted Free Writing
Prospectus as an &ldquo;issuer free writing prospectus,&rdquo; as defined in Rule 433, and has complied and will comply with the
requirements of Rules 164 and 433 applicable to any Permitted Free Writing Prospectus, including making timely Commission filing
where required, legending and record keeping. The Company represents that it has satisfied and agrees that it will satisfy the
conditions in Rule 433 to avoid a requirement to file with the Commission any electronic road show. The Company agrees that if
at any time following issuance of an Issuer Free Writing Prospectus any event occurred or occurs as a result of which such Issuer
Free Writing Prospectus would conflict with the information in the Registration Statement, the General Disclosure Package or the
Final Prospectus or would include an untrue statement of a material fact or omit to state any material fact necessary in order
to make the statements therein, in the light of the circumstances then prevailing, not misleading, the Company will give prompt
notice thereof to the Representative and, if requested by the Representative, will prepare and furnish without charge to each Underwriter
an Issuer Free Writing Prospectus or other document which will correct such conflict, statement or omission; provided, however,
that this representation and warranty shall not apply to any statements or omissions in an Issuer Free Writing Prospectus made
in reliance upon and in conformity with information furnished in writing to the Company by an Underwriter through the Representative
expressly for use therein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">Section 6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Conditions
of the Obligations of the Underwriters</I>. The obligations of the several Underwriters to purchase and pay for the Firm ADSs on
the First Closing Date and the Option ADSs to be purchased on each Option Closing Date will be subject to the accuracy of the representations
and warranties on the part of the Company herein (as though made on such Closing Date), to the accuracy of the statements of Company
officers made pursuant to the provisions hereof, to the performance by the Company of its obligations hereunder and to the following
additional conditions precedent:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.65in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.65in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Representative shall have received letters, dated, respectively, the date hereof and at each Closing Date, of Deloitte Touche Tohmatsu
CPA Ltd., confirming that they are a registered public accounting firm and independent public accountants within the meaning of
the Securities Laws and in form and substance satisfactory to the Underwriters, containing statements and information of the type
ordinarily included in accountants&rsquo; &ldquo;comfort letters&rdquo; to underwriters with respect to the financial statements
and certain financial information contained in the Registration Statement, the General Disclosure Package and the Final Prospectus;
provided that the letter delivered on any Closing Date shall use a &ldquo;cut-off date&rdquo; no earlier than three business days
prior to the date the letter is dated.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.65in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.65in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
the Effective Time of the Additional Registration Statement, if any, is not prior to the execution and delivery of this Agreement,
such Effective Time shall have occurred not later than 10:00 P.M., New York time, on the date of this Agreement or, if earlier,
the time the Final Prospectus is finalized and distributed to any Underwriter, or shall have occurred at such later date as shall
have been consented to by the Representative. The Final Prospectus shall have been filed with the Commission in accordance with
the Rules and Regulations and Section 4(a) of this Agreement. The ADS Registration Statement shall have been declared effective
not later than 10:00 P.M., New York time, on the date of this Agreement or such later date as shall have been consented to by the
Representative. Prior to such Closing Date, no stop order suspending the effectiveness of a Registration Statement or the ADS Registration
Statement shall have been issued and no proceedings for that purpose shall have been instituted or, to the knowledge of the Company
or the Representative, shall have been contemplated by the Commission.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.65in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.65in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.65in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.65in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subsequent
to the execution and delivery of this Agreement, there shall not have occurred (i) any change, or any development or event involving
a prospective change, in the condition (financial or otherwise), results of operations, business, properties or prospects or of
the Company and the Subsidiaries taken as a whole which, in the judgment of the Representative, is material and adverse and makes
it impractical or inadvisable to market the Offered ADSs; (ii) any loss or interference with the Company&rsquo;s or any Subsidiary&rsquo;s
business from fire, explosion, flood or other calamity, whether or not covered by insurance, or any change in the share capital
or short-term debt or long term debt of the Company or any of the Subsidiaries, the effect of which, in the judgment of the Representative,
is material and adverse and makes it impractical or inadvisable to market the Offered ADSs; (iii) a change in U.S., the PRC, the
Cayman Islands or international financial, political or economic conditions or currency exchange rates, exchange controls the effect
of which is such as to make it, in the judgment of the Representative, impractical to market or to enforce contracts for the sale
of the Offered ADSs, whether in the primary market or in respect of dealings in the secondary market; (iv) any suspension or material
limitation of trading in securities generally on the NYSE or the Nasdaq Stock Market, or any setting of minimum or maximum prices
for trading on such exchange; (v) any suspension of trading of any securities of the Company on any exchange or in the over-the-counter
market; (vi) any banking moratorium declared by U.S. federal, New York, PRC or the Cayman Islands authorities; (vii) any major
disruption of settlements of securities, payment or clearance services in the United States, the PRC or the Cayman Islands; (viii)
any attack on, outbreak or escalation of hostilities or act of terrorism involving the United States, the Cayman Islands or the
PRC, any declaration of war by the U.S. Congress, the PRC or any other national or international calamity or emergency if, in the
judgment of the Representative, the effect of any such attack, outbreak, escalation, act, declaration, calamity or emergency is
such as to make it impractical or inadvisable to market the Offered ADSs or to enforce contracts for the sale of the Offered ADSs.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.65in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.65in">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Representative shall have received an opinion, dated such Closing Date, of Skadden, Arps, Slate, Meagher &amp; Flom LLP, United
States counsel for the Company, substantially in the form set forth in Annex C hereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.65in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.65in">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Representative shall have received an opinion, dated such Closing Date, of Jun He Law Offices, PRC counsel for the Company, substantially
in the form set forth in Annex D hereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.65in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.65in">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Representative shall have received an opinion dated such Closing Date, of Travers Thorp Alberga, Cayman Islands counsel for
the Company, substantially in the form set forth in Annex E hereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.65in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.65in">(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Representative shall have received an opinion, dated such Closing Date, from Ziegler, Ziegler &amp; Associates LLP, counsel for
the Depositary, substantially in the form set forth in Annex F hereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.65in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.65in">(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Representative shall have received from Davis Polk &amp; Wardwell, United States counsel for the Underwriters, such opinion
or opinions, dated such Closing Date, addressed to the Underwriters, with respect to such matters as the Representative may
require, and the Company shall have furnished to such counsel such documents as they may reasonably request for the purpose
of enabling them to pass upon such matters. In rendering such opinion, Davis Polk &amp; Wardwell may rely as to the
incorporation of the Company and all other matters governed by Cayman Islands laws upon the opinion of Travers Thorp Alberga
and as to all matters governed by the laws of the PRC upon the opinions of King &amp; Wood Mallesons referred to below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.65in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.65in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.65in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.65in">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Representative shall have received from King &amp; Wood Mallesons, PRC counsel to the Underwriters, such opinion or opinions, dated
such Closing Date, with respect to such matters as the Representative may require, and the Company shall have furnished to such
counsel such documents as they may reasonably request for the purpose of enabling them to pass upon such matters.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.65in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.65in">(j)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Depositary shall have furnished or caused to be furnished to the Underwriters a certificate satisfactory to the Representative
of one of its authorized officers with respect to the deposit with it of the Shares represented by the ADSs against issuance of
the ADSs, the execution, issuance, countersignature and delivery of the ADSs pursuant to the Deposit Agreement and such other matters
related thereto as the Representative may reasonably request.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.65in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.65in">(k)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Deposit Agreement shall be in full force and effect and the Company and the Depositary shall have taken all action necessary to
permit the deposit of the Shares and the issuance of the ADSs in accordance with the Deposit Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.65in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.65in">(l)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Representative shall have received a certificate, dated such Closing Date, of the Chief Executive Officer and the Chief Financial
Officer of the Company in which such officers shall state that: the representations and warranties of the Company in this Agreement
are true and correct; the Company has complied with all agreements and satisfied all conditions on its part to be performed or
satisfied hereunder at or prior to such Closing Date; no stop order suspending the effectiveness of any Registration Statement
or the ADS Registration Statement has been issued and no proceedings for that purpose have been instituted or, to the best of their
knowledge and after reasonable investigation, are contemplated by the Commission, the Additional Registration Statement (if any)
satisfying the requirements of subparagraphs (1) and (3) of Rule 462(b) was timely filed pursuant to Rule 462(b), including payment
of any applicable filing fees; and, subsequent to the date of the most recent financial statements in the General Disclosure Package,
there has been no material adverse change, nor any development or event involving a prospective material adverse change, in the
condition (financial or otherwise), results of operations, business, properties or prospects of the Company and the Subsidiaries
taken as a whole, except as set forth in such certificate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.65in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.65in">(m)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
or prior to the date hereof, the Representative shall have received Lock-Up Agreements, substantially in the form of Annex B-I
hereto, from each of the persons or entities named in Annex B-II hereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.65in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.65in">(n)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
ADSs shall have been listed and admitted and authorized for trading on the NYSE.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.65in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.65in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.65in">(o)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
or prior to the First Closing Date, the Offered ADSs shall be eligible for clearance and settlement through the facilities of DTC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.65in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.65in">(p)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;There
shall not be any litigation, proceedings, investigations, processes for administrative sanctions or other actions initiated or
threatened by any Governmental Agency, in each case with due authority, against or involving any party hereto, in the PRC or elsewhere,
that seeks to declare non-compliant, unlawful or illegal, under PRC laws, rules and regulations or otherwise, the issuance and
sales of the Offered ADSs, the listing and trading of the Offered ADSs on the NYSE or the transactions contemplated by this Agreement
and the Deposit Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.65in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.65in">(q)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No
Issuer Free Writing Prospectus, Statutory Prospectus or amendment or supplement to the Registration Statement, the ADS Registration
Statement or the Prospectus shall have been filed to which the Representative objects in writing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.65in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.65in">(r)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FINRA
shall have raised no objection to the fairness and reasonableness of the underwriting terms and arrangements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Company will furnish the Representative
with such conformed copies of such opinions, certificates, letters and documents as the Representative reasonably requests. The
Representative may in its sole discretion waive, on behalf of the Underwriters, compliance with any conditions to the obligations
of the Underwriters hereunder, whether in respect of an Option Closing Date or otherwise.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">Section 7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Indemnification
and Contribution</I>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.65in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.65in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company will indemnify and hold harmless each Underwriter, its partners, members, directors, officers, employees, agents, affiliates
and each person, if any, who controls such Underwriter within the meaning of Section 15 of the Act or Section 20 of the Exchange
Act (each an &ldquo;<B>Indemnified Party</B>&rdquo;), from and against any and all losses, claims, damages or liabilities, joint
or several, to which such Indemnified Party may become subject, under the Act, the Exchange Act, other federal or state statutory
law or regulation or otherwise, insofar as such losses, claims, damages or liabilities (or actions in respect thereof) arise out
of or are based upon any untrue statement or alleged untrue statement of any material fact contained in any part of any Registration
Statement or the ADS Registration Statement, at any time, any Statutory Prospectus as of any time, the Final Prospectus or any
Issuer Free Writing Prospectus, or arise out of or are based upon the omission or alleged omission of a material fact required
to be stated therein or necessary to make the statements therein not misleading, and will reimburse each Indemnified Party for
any legal or other expenses reasonably incurred by such Indemnified Party in connection with investigating or defending against
any loss, claim, damage, liability, action, litigation, investigation or proceeding whatsoever (whether or not such Indemnified
Party is a party thereto), whether threatened or commenced, and in connection with the enforcement of this provision with respect
to any of the above as such expenses are incurred; provided, however, that the Company will not be liable in any such case to the
extent that any such loss, claim, damage or liability arises out of or is based upon an untrue statement or alleged untrue statement
in or omission or alleged omission from any of such documents in reliance upon and in conformity with written information furnished
to the Company by any Underwriter through the Representative specifically for use therein, it being understood and agreed that
the only such information furnished by any Underwriter consists of the information described as such in subsection (b) below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.65in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.65in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.65in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.65in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each
Underwriter agrees, severally and not jointly, to indemnify and hold harmless the Company, each of its directors and each of its
officers who signs a Registration Statement and each person, if any, who controls the Company within the meaning of Section 15
of the Act or Section 20 of the Exchange Act (each, an &ldquo;<B>Underwriter Indemnified Party</B>&rdquo;) from and against any
losses, claims, damages or liabilities to which such Underwriter Indemnified Party may become subject, under the Act, the Exchange
Act, or other federal or state statutory law or regulation or otherwise, insofar as such losses, claims, damages or liabilities
(or actions in respect thereof) arise out of or are based upon any untrue statement or alleged untrue statement of any material
fact contained in any Registration Statement, the ADS Registration Statement, at any time, any Statutory Prospectus at any time,
the Final Prospectus or any Issuer Free Writing Prospectus or arise out of or are based upon the omission or the alleged omission
of a material fact required to be stated therein or necessary to make the statements therein not misleading, in each case to the
extent, but only to the extent, that such untrue statement or alleged untrue statement or omission or alleged omission was made
in reliance upon and in conformity with written information furnished to the Company by such Underwriter through the Representative
specifically for use therein, and will reimburse any legal or other expenses reasonably incurred by such Underwriter Indemnified
Party in connection with investigating or defending against any such loss, claim, damage, liability, action, litigation, investigation
or proceeding whatsoever (whether or not such Underwriter Indemnified Party is a party thereto), whether threatened or commenced,
based upon any such untrue statement or omission, or any such alleged untrue statement or omission as such expenses are incurred;
it being understood and agreed that the only such information furnished by any Underwriter consists of the name and address of
such Underwriter in the first paragraph under the caption &ldquo;Underwriting,&rdquo; the underwriting discounts and commissions
amounts appearing in the table below the seventh paragraph under the caption &ldquo;Underwriting&rdquo; and the information in
the tenth paragraph under the caption &ldquo;Underwriting.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.65in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.65in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.65in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
case any proceeding (including any governmental investigation) shall be instituted involving any person in respect of which indemnity
may be sought pursuant to subsection (a) or <B>Error! Reference source not found.</B> above, such person (the &ldquo;<B>indemnified
party</B>&rdquo;) shall promptly notify the person against whom such indemnity may be sought (the &ldquo;<B>indemnifying party</B>&rdquo;)
in writing and the indemnifying party, upon request of the indemnified party, shall retain counsel reasonably satisfactory to the
indemnified party to represent the indemnified party and any others the indemnifying party may designate in such proceeding and
shall pay the fees and disbursements of such counsel related to such proceeding. In any such proceeding, any indemnified party
shall have the right to retain its own counsel, but the fees and expenses of such counsel shall be at the expense of such indemnified
party unless (i) the indemnifying party and the indemnified party shall have mutually agreed to the retention of such counsel or
(ii) the named parties to any such proceeding (including any impleaded parties) include both the indemnifying party and the indemnified
party and representation of both parties by the same counsel would be inappropriate due to actual or potential differing interests
between them. It is understood that the indemnifying party shall not, in respect of the legal expenses of any indemnified party
in connection with any proceeding or related proceedings in the same jurisdiction, be liable for the fees and expenses of more
than one separate firm (in addition to any local counsel) for all such indemnified parties and that all such fees and expenses
shall be reimbursed as they are incurred. Such firm shall be designated in writing by the Representative, in the case of parties
indemnified pursuant to subsection (a) above, and by the Company, in the case of parties indemnified pursuant to subsection (b).
The indemnifying party shall not be liable for any settlement of any proceeding effected without its written consent, but if settled
with such consent or if there be a final judgment for the plaintiff, the indemnifying party agrees to indemnify the indemnified
party from and against any loss or liability by reason of such settlement or judgment. Notwithstanding the foregoing sentence,
if at any time an indemnified party shall have requested an indemnifying party to reimburse the indemnified party for fees and
expenses of counsel as contemplated by the second and third sentences of this paragraph, the indemnifying party agrees that it
shall be liable for any settlement of any proceeding effected without its written consent if (x) such settlement is entered into
more than 30 days after receipt by such indemnifying party of the aforesaid request and (y) such indemnifying party shall not have
reimbursed the indemnified party in accordance with such request prior to the date of such settlement. No indemnifying party shall,
without the prior written consent of the indemnified party, effect any settlement of any pending or threatened proceeding in respect
of which any indemnified party is or could have been a party and indemnity could have been sought hereunder by such indemnified
party, unless such settlement includes an unconditional release of such indemnified party from all liability on claims that are
the subject matter of such proceeding.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.65in">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
the indemnification provided for in this section is unavailable or insufficient to hold harmless an indemnified party under subsection
(a) or (b) above, then each indemnifying party shall contribute to the amount paid or payable by such indemnified party as a result
of the losses, claims, damages or liabilities referred to in subsection (a) or (b) above (i) in such proportion as is appropriate
to reflect the relative benefits received by the Company on the one hand and the Underwriters on the other from the offering of
the Offered ADSs or (ii) if the allocation provided by clause (i) above is not permitted by applicable law, in such proportion
as is appropriate to reflect not only the relative benefits referred to in clause (i) above but also the relative fault of the
Company on the one hand, and the Underwriters on the other in connection with the statements or omissions, which resulted in such
losses, claims, damages or liabilities as well as any other relevant equitable considerations. The relative benefits received by
the Company on the one hand, and the Underwriters, on the other, shall be deemed to be in the same proportion as the total net
proceeds from the offering of the Offered ADSs (before deducting expenses) received by the Company bear to the total underwriting
discounts and commissions received by the Underwriters. The relative fault shall be determined by reference to, among other things,
whether the untrue or alleged untrue statement of a material fact or the omission or alleged omission to state a material fact
relates to information supplied by the Company or the Underwriters and the parties&rsquo; relative intent, knowledge, access to
information and opportunity to correct or prevent such untrue statement or omission. The amount paid by an indemnified party as
a result of the losses, claims, damages or liabilities referred to in the first sentence of this subsection (d) shall be deemed
to include any legal or other expenses reasonably incurred by such indemnified party in connection with investigating or defending
any action or claim which is the subject of this subsection (d). Notwithstanding the provisions of this subsection (d), no Underwriter
shall be required to contribute any amount in excess of the amount by which the total price at which the Offered ADSs underwritten
by it and distributed to the public were offered to the public exceeds the amount of any damages which such Underwriter has otherwise
been required to pay by reason of such untrue or alleged untrue statement or omission or alleged omission. No person guilty of
fraudulent misrepresentation (within the meaning of Section 11(f) of the Act) shall be entitled to contribution from any person
who was not guilty of such fraudulent misrepresentation. The Underwriters&rsquo; obligations in this subsection (d) to contribute
are several in proportions to their respective underwriting obligations and not joint. The Company and the Underwriters agree that
it would not be just and equitable if contribution pursuant to this Section 7(d) were determined by pro rata allocation (even if
the Underwriters were treated as one entity for such purpose) or by any other method of allocation which does not take account
of the equitable considerations referred to in this Section 7(d).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">Section 8.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Default
of Underwriters</I>. If any Underwriter or Underwriters default in their obligations to purchase the Offered ADSs hereunder on
any Closing Date and the aggregate number of Offered ADSs that such defaulting Underwriter or Underwriters agreed but failed to
purchase does not exceed 10% of the total number of Offered ADSs that the Underwriters are obligated to purchase on such Closing
Date, the Representative may make arrangements satisfactory to the Company for the purchase of such Offered ADSs by other persons,
including any of the Underwriters, but if no such arrangements are made by such Closing Date, the non-defaulting Underwriters shall
be obligated severally, in proportion to their respective commitments hereunder, to purchase the Offered ADSs that such defaulting
Underwriters agreed but failed to purchase on such Closing Date. If any Underwriter or Underwriters so default and the aggregate
number of Offered ADSs with respect to which such default or defaults occur exceeds 10% of the total number of Offered ADSs that
the Underwriters are obligated to purchase on such Closing Date and arrangements satisfactory to the Representative and the Company
for the purchase of such Offered ADSs by other persons are not made within 36 hours after such default, this Agreement will terminate
without liability on the part of any non- defaulting Underwriter or the Company, except as provided in Section 9 (provided that
if such default occurs with respect to the Option ADSs after the First Closing Date, this Agreement will not terminate as to the
Firm ADSs or any Option ADSs purchased prior to such termination). As used in this Agreement, the term &ldquo;Underwriter&rdquo;
includes any person substituted for an Underwriter under this Section. Nothing herein will relieve a defaulting Underwriter from
liability for its default.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">Section 9.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Survival
of Certain Representations and Obligations</I>. The respective indemnities, agreements, representations, warranties and other statements
of the Company or its officers and of the several Underwriters set forth in or made pursuant to this Agreement will remain in full
force and effect, regardless of any investigation, or statement as to the results thereof, made by or on behalf of any Underwriter,
the Company, or any of their respective representatives, officers or directors or any controlling person, and will survive delivery
of and payment for the Offered ADSs. If the purchase of the Offered ADSs by the Underwriters is not consummated for any reason
other than solely because of the termination of this Agreement pursuant to Section 8 hereof, the Company will reimburse the Underwriters
for all out-of-pocket expenses (including fees and disbursements of counsel) reasonably incurred by them in connection with the
offering of the Offered ADSs, and the respective obligations of the Company and the Underwriters pursuant to Section 7 hereof shall
remain in effect. In addition, if any Offered ADSs have been purchased hereunder, the representations and warranties in Section
1 and all obligations under Section 4 shall also remain in effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">Section 10.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Notices</I>.
All communications hereunder will be in writing and, if sent to the Underwriters, will be mailed or delivered and confirmed to:
Credit Suisse Securities (USA) LLC, Eleven Madison Avenue, New York, N.Y. 10010-3629, United States of America Attention: Legal
&amp; Compliance Department &ndash; Investment Banking Division; if sent to the Company, will be mailed or delivered and confirmed
to it at Daqo New Energy Corp., 666 Longdu Avenue, Wanzhou, Chongqing 404000, People&rsquo;s Republic of China, Attention: Chief
Financial Officer; provided, however, that any notice to an Underwriter pursuant to Section 7 will be mailed, delivered or telegraphed
and confirmed to such Underwriter.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">Section 11.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Successors</I>.
This Agreement will inure to the benefit of and be binding upon the parties hereto and their respective successors and the officers
and directors and controlling persons referred to in Section 7, and no other person will have any right or obligation hereunder.
No purchaser of the Offered ADSs from any Underwriter shall be deemed as a successor or assign merely because of such purchase.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">Section 12.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Representation</I>.
The Representative will act for the several Underwriters in connection with the transactions contemplated by this Agreement, and
any action under this Agreement taken by the Representative will be binding upon all the Underwriters.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">Section 13.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Counterparts</I>.
This Agreement may be executed in any number of counterparts, each of which shall be deemed to be an original, but all such counterparts
shall together constitute one and the same Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">Section 14.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Absence
of Fiduciary Relationship</I>. The Company acknowledges and agrees that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.65in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.65in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Representative has been retained solely to act as an underwriter in connection with the sale of the Offered ADSs and no fiduciary,
advisory or agency relationship between the Company and the Representative has been created in respect of any of the transactions
contemplated by this Agreement or the Final Prospectus, irrespective of whether the Representative has advised or is advising the
Company on other matters;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.65in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.65in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
price of the Offered ADSs set forth in this Agreement was established by the Company following discussions and arms-length negotiations
with the Representative and the Company is capable of evaluating and understanding and understands and accepts the terms, risks
and conditions of the transactions contemplated by this Agreement;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.65in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.65in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company has been advised that the Representative and its affiliates are engaged in a broad range of transactions which may involve
interests that differ from those of the Company and that the Representative has no obligation to disclose such interests and transactions
to the Company by virtue of any fiduciary, advisory or agency relationship; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.65in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.65in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.65in">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company waives, to the fullest extent permitted by law, any claims it may have against the Representative for breach of fiduciary
duty or alleged breach of fiduciary duty and agrees that the Representative shall have no liability (whether direct or indirect)
to the Company in respect of such a fiduciary duty claim or to any person asserting a fiduciary duty claim on behalf of or in right
of the Company, including shareholders, employees or creditors of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">Section 15.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Applicable
Law</I>. This Agreement shall be governed by, and construed in accordance with, the laws of the State of New York.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Company hereby submits to the non-exclusive
jurisdiction of the U.S. federal and state courts in the Borough of Manhattan in The City of New York in any suit or proceeding
arising out of or relating to this Agreement or the transactions contemplated hereby. The Company irrevocably and unconditionally
waives, to the fullest extent permitted by law, any objection to the laying of venue of any suit or proceeding arising out of or
relating to this Agreement or the transactions contemplated hereby in U.S. federal and state courts in the Borough of Manhattan
in the City of New York, and irrevocably and unconditionally waives, to the fullest extent permitted by law, and agrees not to
plead or claim in any such court that any such suit or proceeding in any such court has been brought in an inconvenient forum.
The Company irrevocably appoints Law Debenture Corporate Services Inc., 400 Madison Avenue, 4th Floor, New York, New York 10017
as its authorized agent in the Borough of Manhattan in The City of New York upon which process may be served in any such suit or
proceeding, and agrees that service of process upon such agent, and written notice of said service to the Company by the person
serving the same to the address provided in Section 10, shall be deemed in every respect effective service of process upon the
Company in any such suit or proceeding. The Company further agrees to take any and all action as may be necessary to maintain such
designation and appointment of such agent in full force and effect for a period of seven years from the date of this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The obligation of the Company pursuant to
this Agreement in respect of any sum due to any Underwriter shall, notwithstanding any judgment in a currency other than United
States dollars, not be discharged until the first business day, following receipt by such Underwriter of any sum adjudged to be
so due in such other currency, on which (and only to the extent that) such Underwriter may in accordance with normal banking procedures
purchase United States dollars with such other currency; if the United States dollars so purchased are less than the sum originally
due to such Underwriter hereunder, the Company agrees, as a separate obligation and notwithstanding any such judgment, to indemnify
such Underwriter against such loss. If the United States dollars so purchased are greater than the sum originally due to such Underwriter
hereunder, such Underwriter agrees to pay to the Company an amount equal to the excess of the dollars so purchased over the sum
originally due to such Underwriter hereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">If the foregoing is in accordance with the
Representative&rsquo;s understanding of our agreement, kindly sign and return to the Company one of the counterparts hereof, whereupon
it will become a binding agreement among the Company and the several Underwriters in accordance with its terms.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">Very truly yours,</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">DAQO NEW ENERGY CORP.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 5%">By:</TD>
    <TD STYLE="width: 45%; border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Name:&#9;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Title:&#9;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">SIGNATURE PAGE TO UNDERWRITING AGREEMENT</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The foregoing Underwriting Agreement is</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">hereby confirmed and accepted as of the date first</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">above written.</P></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="font-size: 10pt">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="font-size: 10pt">CREDIT SUISSE SECURITIES (USA) LLC</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%; font-size: 10pt">By:</TD>
    <TD STYLE="width: 45%; border-bottom: Black 1pt solid">
</TD>
    <TD STYLE="width: 50%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">Name:&#9;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">Title:&#9;</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Acting on behalf of itself and as the<BR>
Representative of the several Underwriters<BR>
named in Schedule A hereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">SIGNATURE PAGE TO UNDERWRITING AGREEMENT</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">SCHEDULE A</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Underwriter</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Number of Firm <BR>
ADS to be<BR>
Purchased</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Number of Option<BR>
ADS to be<BR>
Purchased</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left; text-indent: 0in">Credit Suisse Securities (USA) LLC</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">[&#9679;]</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">[&#9679;]</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: 0in; padding-bottom: 1pt">[&#9679;]</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; text-indent: 0in">[&#9679;]</P></TD><TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; text-indent: 0in">[&#9679;]</P></TD><TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="width: 74%; text-indent: 0in">Total</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">2,000,000</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">300,000</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">SCHEDULE B</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">General Use Issuer Free Writing Prospectus</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Free Writing Prospectus, dated [&#9679;],
2014, filed by the Company with Commission under Rule 433]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other Information Included in the
General Disclosure Package</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">SCHEDULE C</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Limited Use Issuer Free Writing Prospectus</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The electronic roadshow recording
relating to the Offered ADSs posted on the website www.netroadshow.com.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>


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    <!-- Field: /Page -->

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">ANNEX A</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; text-indent: 0in; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 50%; padding-right: 0; padding-left: 0; text-align: center; text-indent: 0in; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 0in; font-size: 10pt"><B>Subsidiary</B></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0in; font-size: 10pt"><B>Place of Incorporation</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 0in; font-size: 10pt">Chongqing Daqo New Energy Co., Ltd.</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0in; font-size: 10pt">People&rsquo;s Republic of China</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt">Xinjiang Daqo New Energy Co., Ltd. </TD>
    <TD STYLE="padding-right: 0; padding-left: 0; font-size: 10pt">People&rsquo;s Republic of China</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">ANNEX B-I</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Form of Lock-Up Agreement</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Credit Suisse Securities (USA) LLC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Eleven Madison Avenue</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">New York, New York 10010</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">United States of America</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Ladies and Gentlemen:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The undersigned understands that Credit
Suisse Securities (USA) LLC (&ldquo;<B>Credit Suisse</B>&rdquo;) proposes to enter into an underwriting agreement (the &ldquo;<B>Underwriting
Agreement</B>&rdquo;) with Daqo New Energy Corp., an exempted company incorporated in the Cayman Islands (the &ldquo;<B>Company</B>&rdquo;),
providing for the underwritten purchase and sale (the &ldquo;<B>Offering</B>&rdquo;) of 2,000,000 American depositary shares (&ldquo;<B>ADSs</B>&rdquo;),
each representing 25 ordinary shares, par value US$0.0001 per share, of the Company (&ldquo;<B>Ordinary Shares</B>&rdquo;). The
underwritten ADSs and the underlying Ordinary Shares are hereinafter referred to as the &ldquo;<B>Offered Securities</B>.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">As an inducement to Credit Suisse to enter
into the Underwriting Agreement, the undersigned hereby agrees that, beginning on the date of this letter (the &ldquo;<B>Letter
Agreement</B>&rdquo;) and continuing for 90 days after the date of the prospectus used to sell the Offered Securities (the &ldquo;<B>Lock-Up
Period</B>&rdquo;), the undersigned will not offer, sell, contract to sell, pledge, grant any option to purchase, purchase any
option or contract to sell, make any short sale, establish or increase a put equivalent position or liquidate or decrease a call
equivalent position within the meaning of Section 16 of the Exchange Act or otherwise dispose of any ADSs or Ordinary Shares, or
any securities of the Company that are substantially similar to the ADSs or Ordinary Shares, or any options or warrants to purchase
any ADSs or Ordinary Shares, or any securities convertible into, exchangeable for or that represent the right to receive ADSs or
Ordinary Shares, whether now owned or hereinafter acquired, owned directly by the undersigned (including holding as a custodian)
or with respect to which the undersigned has beneficial ownership within the rules and regulations of the SEC (collectively the
&ldquo;<B>Undersigned&rsquo;s Shares</B>&rdquo;), without, in each case, the prior written consent of Credit Suisse. The foregoing
restrictions are expressly agreed to preclude the undersigned from engaging in any hedging or other transaction which is designed
to or which could reasonably be expected to lead to or result in a sale or disposition of the Undersigned&rsquo;s Shares even if
such Undersigned&rsquo;s Shares would be disposed of by someone other than the undersigned. Such prohibited hedging or other transactions
would include, without limitation, any short sale or any purchase, sale or grant of any right (including without limitation any
put or call option) with respect to any of the Undersigned&rsquo;s Shares or with respect to any security that includes, relates
to, or derives any significant part of its value from such Undersigned&rsquo;s Shares. In addition, the undersigned agrees that,
without the prior written consent of Credit Suisse, he, she or it will not, during the Lock-Up Period, make any demand for or exercise
any right with respect to, the registration of any Offered Securities or any security convertible into or exercisable or exchangeable
for the Offered Securities. The foregoing restrictions shall not apply to (or otherwise limit or restrict) (1) the exercise of
options to purchase ADSs or Ordinary Shares, including options issued pursuant to the Company&rsquo;s equity compensation plans
described in its Annual Report on Form 20-F for the year ended December 31, 2013, provided that such ADSs or Ordinary Shares shall
remain subject to the terms of this Letter Agreement; (2) the receipt from the Company of ADSs or Ordinary Shares in connection
with the vesting of restricted stock units or the disposition of ADSs or Ordinary Shares to the Company or third parties in connection
with the payment of taxes due in connection with any such vesting; (3) the transfer of ADSs or Ordinary Shares to the Company upon
the exercise of options to cover tax withholding obligations in connection with such exercise; (4) any ADSs or Ordinary Shares
beneficially owned or acquired hereafter by Granite Global Ventures III L.P., GGV III Entrepreneurs Fund L.P. or Venture Star Investment
(HK) Limited, provided that any such ADSs or Ordinary Shares acquired hereafter were not acquired from the undersigned; or (5)
the establishment of a trading plan pursuant to Rule 10b5-1 under the Exchange Act for the transfer of ADSs or Ordinary Shares;
provided that (i) such plan does not provide for the transfer of ADSs or Ordinary Shares during the Lock-Up Period and (ii) to
the extent a public announcement or filing under the Exchange Act, if any, is required of or voluntarily made by or on behalf of
the undersigned or the Company regarding the establishment of such plan, such announcement or filing shall include a statement
to the effect that no transfer of ADSs or Ordinary Shares may be made under such plan during the Lock-Up Period.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Notwithstanding the foregoing, the undersigned
may transfer the Undersigned&rsquo;s Shares (i) as a <I>bona fide </I>gift or gifts, provided that the donee or donees thereof
agree to be bound in writing by the restrictions set forth herein, (ii) to any trust for the direct or indirect benefit of the
undersigned or the immediate family of the undersigned, provided that the trustee of the trust agrees to be bound in writing by
the restrictions set forth herein, and provided further that any such transfer shall not involve a disposition for value, (iii)
to partners or immediate family members of the undersigned provided that the transferee agrees to be bound in writing by the restrictions
set forth herein, and provided further that any such transfer shall not involve a disposition for value, (iv) in distributions
to limited partners or stockholders of the undersigned, provided that such distributee or distributees agree to be bound in writing
by the restrictions set forth herein or (v) with the prior written consent of Credit Suisse; <I>provided, however</I>, that no
filing by any party (donor, donee, transferor or transferee) under the Securities Exchange Act of 1934 shall be required or shall
be voluntarily made in connection with such transfer (other than a filing on a Form 5 made after the expiration of the Lock-Up
Period). For purposes of this Letter Agreement, &ldquo;immediate family&rdquo; shall mean any relationship by blood, marriage or
adoption, not more remote than first cousin.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Notwithstanding the foregoing, if (1) during
the last 17 days of the 90-day lock-up period, the Company issues an earnings release or material news or a material event relating
to the Company occurs; or (2) prior to the expiration of the 90-day lock-up period, the Company announces that it will release
earnings results or becomes aware that material news or a material event will occur during the 16-day period beginning on the last
day of the 90-day lock-up period, the restrictions imposed by this lock-up agreement shall continue to apply until the expiration
of the 18-day period beginning on the issuance of the earnings release or the occurrence of the material news or material event,
as applicable, unless the Initial Purchaser waives, in writing, such extension.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In furtherance of the foregoing, the Company
and its transfer agent and registrar are hereby authorized to decline to make any transfer of shares of the Undersigned&rsquo;s
Shares if such transfer would constitute a violation or breach of this Letter Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">This Letter Agreement shall be binding on
the undersigned and the successors, heirs and assigns of the undersigned, and shall expire upon the expiration of the Lock-Up Period.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>This agreement shall be governed by,
and construed in accordance with, the laws of the State of New York.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">[<I>Signature Pages Follow</I>]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Very truly yours,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; width: 40%">&nbsp;</TD>
    <TD STYLE="width: 20%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 40%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Guangfu Xu </FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Xiang Xu </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Dafeng Shi </FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Fumin Zhuo </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Gongda Yao</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Rongling Chen </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Minsong Liang </FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Shuming Zhao </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Arthur Wong</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Tracy Tianqun Zhou </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Guoping Zhu</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Bing Sun </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2"><FONT STYLE="font-size: 10pt">Gold Intellect Limited </FONT></TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-size: 10pt">Plenty China Limited </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 6%">&nbsp;</TD>
    <TD STYLE="width: 34%">&nbsp;</TD>
    <TD STYLE="width: 20%">&nbsp;</TD>
    <TD STYLE="width: 6%">&nbsp;</TD>
    <TD STYLE="width: 34%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2"><FONT STYLE="font-size: 10pt">Lucky Prosper Investments Limited </FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">ANNEX B-II</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Guangfu Xu</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Xiang Xu</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Dafeng Shi</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Fumin Zhuo</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Gongda Yao</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Rongling Chen</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Minsong Liang</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Shuming Zhao</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Arthur Wong</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Tracy Tianqun Zhou</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Guoping Zhu</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Bing Sun</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Gold Intellect Limited</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Plenty China Limited</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Lucky Prosper Investments Limited</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">ANNEX C</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Form of Opinion of Skadden, Arps, Slate,
Meagher &amp; Flom LLP,<BR>
U.S. Counsel to the Company</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">[Separately provided]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">ANNEX D</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Form of Opinion of Jun He Law Offices,<BR>
PRC Counsel to the Company</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">[Separately provided]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">ANNEX E</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Form of Opinion of Travers Thorp
Alberga,<BR> Cayman Islands Counsel to the Company</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">[Separately provided]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">ANNEX F</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Form of Opinion of Ziegler, Ziegler
&amp; Associates LLP<BR>
Counsel to the Depositary</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">[Separately provided]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<DOCUMENT>
<TYPE>EX-5.1
<SEQUENCE>3
<FILENAME>v378353_ex5-1.htm
<DESCRIPTION>EXHIBIT 5.1
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><img src="tlogo2.jpg"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Office:</B>&#9;+852 2801 6066</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Mobile:</B>&#9;+852 6621 8994</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">rthorp@traversthorpalberga.com</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">To: Daqo New Energy Corp.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&#9;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">12 May 2014</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Dear Sirs</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Daqo New Energy Corp. </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We have acted as Cayman Islands legal advisers
to Daqo New Energy Corp. (the &quot;<B>Company</B>&quot;) in connection with the Company&rsquo;s registration statement on Form
F-3, including the prospectus dated 2 May 2014 and the preliminary prospectus supplement dated 12 May 2014, filed with the United
States Securities and Exchange Commission (the &quot;<B>Commission</B>&quot;) under the United States Securities Act of 1933 (the
&quot;<B>Act</B>&quot;), as amended, (together, the &quot;<B>Registration Statement</B>&quot;), related to the registration of
ordinary shares of par value US$0.0001 (&quot;<B>Ordinary Shares</B>&quot;), including Ordinary Shares represented by American
Depositary Shares (&quot;<B>ADSs</B>&quot;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This opinion is given in accordance with
the terms of the Legal Matters section of the Registration Statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>1</B></TD><TD STYLE="text-align: justify"><B>Documents Reviewed</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For the purposes of this opinion we have
reviewed originals, copies or final drafts of the following documents, and such other documents as we have deemed necessary:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">1.1</TD><TD STYLE="text-align: justify">the Certificate of Incorporation dated 22 November 2007 and the Certificate of Incorporation on
Change of Name dated 21 August 2009;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">1.2</TD><TD STYLE="text-align: justify">a Certificate of Good Standing issued by the Registrar of Companies in the Cayman Islands (the
&quot;<B>Certificate of Good Standing</B>&quot;);</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">1.3</TD><TD STYLE="text-align: justify">the Third Amended and Restated Memorandum and Articles of Association of the Company as adopted
by a resolution passed on 7 January 2010 and effective on 12 October 2010 (the &quot;<B>M&amp;A</B>&quot;);</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">1.4</TD><TD STYLE="text-align: justify">the written resolutions of the board of Directors dated 13 April 2014 (the &quot;<B>Resolutions</B>&quot;);</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">1.5</TD><TD STYLE="text-align: justify">a certificate from a Director of the Company addressed to this firm, a copy of which is attached
hereto (the &quot;<B>Director's Certificate</B>&quot;);</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">1.6</TD><TD>the register of members of the Company (the &quot;<B>Register of Members</B>&quot;); and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><img src="tfooter.jpg"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">1.7</TD><TD STYLE="text-align: justify">the Registration Statement.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>2</B></TD><TD><B>Assumptions</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following opinions are given only as
to and based on circumstances and matters of fact existing at the date hereof and as to the laws of the Cayman Islands as the same
are in force at the date hereof. In giving this opinion, we have relied upon the completeness and accuracy (and assumed the continuing
completeness and accuracy as at the date hereof) of the Director's Certificate, as to matters of fact, without further verification
and have assumed that copy documents or drafts of documents provided to us are true and complete copies of, or in the final forms
of, the originals.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><B>3</B></TD><TD STYLE="text-align: justify"><B>Opinions</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Based upon, and subject to, the foregoing
assumptions, and having regard to such legal considerations as we deem relevant, we are of the opinion that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">3.1</TD><TD STYLE="text-align: justify">the Company has been duly incorporated and is validly existing and in good standing under the laws
of the Cayman Islands;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">3.2</TD><TD STYLE="text-align: justify">the Shares to be offered and issued by the Company as contemplated by the Registration Statement
have been duly authorised for issue, and when issued by the Company against payment in full of the consideration therefor, in accordance
with the terms set out in the Registration Statement and the M&amp;A and when duly registered in the Company&rsquo;s Register of
Members (shareholders), the Shares will be validly issued, fully paid and non-assessable (which term means when used herein that
no further sums are required to be paid by the holders thereof in connection with the issue of such Shares);</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">3.3</TD><TD STYLE="text-align: justify">the statements under the caption &quot;Taxation&quot; in the prospectus supplement forming part
of the Registration Statement, to the extent that they constitute statements of Cayman Islands law, are accurate in all material
respects and such statements constitute our opinion; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">3.4</TD><TD STYLE="text-align: justify">under the Companies Law (2013 Revision) of the Cayman Islands, the register of members of a Cayman
Islands company is by statute regarded as prima facie evidence of any matters which the Companies Law (2013 Revision) directs or
authorises to be inserted in there. A third party interest in the shares in question would not appear. An entry in the register
of members may yield to a court order for rectification (for example, in the event of fraud or manifest error).</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We hereby consent to the filing of this
opinion as an exhibit to the Registration Statement and to the reference to our firm under the headings &quot;Enforceability of
Civil Liabilities&quot;, &quot;Taxation&quot; and &quot;Legal Matters&quot; and elsewhere in the prospectus and the preliminary
prospectus supplement included in the Registration Statement. In providing our consent, we do not thereby admit that we are experts
within the meaning of Section 11 of the Act or that we are in the category of persons whose consent is required under Section 7
of the Act or the Rules and Regulations of the Commission thereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This opinion is limited to the matters
detailed herein and is not to be read as an opinion with respect to any other matter.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <td style="width: 50%; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Yours faithfully</font></td>
    <td style="width: 50%; text-align: justify">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <td style="text-align: justify">&nbsp;</td>
    <td style="text-align: justify">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <TD STYLE="text-align: justify; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">/s/ TRAVERS THORP ALBERGA</font></td>
    <td style="text-align: justify">&nbsp;</td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>TRAVERS THORP ALBERGA&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>


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<TYPE>EX-8.2
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<FILENAME>v378353_ex8-2.htm
<DESCRIPTION>EXHIBIT 8.2
<TEXT>
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<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><img src="tlogo.jpg"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">20/F, China Resources Building<BR>
8 Jianguomenbei Avenue</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Beijing 100005, PRC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">T: (86-10) 8519-1300</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">F: (86-10) 8519-1350</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">junhebj@junhe.com</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; text-indent: 0.5in">May 12, 2014</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><B>Daqo New Energy Corp.</B><BR>
666 Longdu Avenue<BR>
Wanzhou, Chongqing 404000<BR>
People&rsquo;s Republic of China&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Re: Certain PRC Tax Matters &nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Dear Sir/Madam,&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">We are qualified lawyers of the People&rsquo;s
Republic of China (the &ldquo;<B>PRC</B>&rdquo;, for the purpose of this opinion, PRC does not include the Hong Kong Special Administrative
Region, the Macau Special Administrative Region and Taiwan Region) and as such are qualified to issue opinion on the laws of the
PRC.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">We have been requested by Daqo New Energy
Corp. (the &ldquo;<B>Company</B>&rdquo;) to issue this opinion (the &ldquo;<B>Opinion</B>&rdquo;) in connection with (A) the Company&rsquo;s
registration statement on Form F-3 publicly filed with the Securities and Exchange Commission (the &ldquo;<B>SEC</B>&rdquo;) on
April 14, 2014 (the &ldquo;<B>Registration Statement</B>&rdquo;), as amended and supplemented, and including the prospectus that
forms a part of the Registration Statement (the &ldquo;<B>Prospectus</B>&rdquo;), as amended, relating to the offering (the &ldquo;<B>Offering</B>&rdquo;)
of American depositary shares (the &ldquo;<B>ADSs</B>&rdquo;) each representing 25 of the Company&rsquo;s ordinary shares, par
value $0.0001 per share (the &ldquo;<B>Shares</B>&rdquo;); and (B) the sale of the ADSs and listing of the ADSs on New York Stock
Exchange.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">In so acting, we have examined the Registration
Statement<B>,</B> originals or copies, certified or otherwise identified to our satisfaction, provided to us by the Company and
such other documents, corporate records, certificates, approvals and other instruments as we have deemed necessary for the purpose
of rendering this Opinion, including, without limitation, originals or copies of the agreements and certificates issued by PRC
authorities and officers of the PRC Subsidiaries. In such examination, we have assumed the accuracy of the factual matters described
in the Registration Statement and that the Registration Statement and other documents will be executed by the parties in the forms
provided to and reviewed by us. We have also assumed the genuineness of all signatures, seals and chops, the authenticity of all
documents submitted to us as originals, and the conformity with the originals of all documents submitted to us as copies, and
the truthfulness, accuracy and completeness of all factual statements in the documents.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <TD STYLE="width: 20%"><P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-size: 8pt">Beijing
        Head Office</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-size: 8pt; font-weight: normal">Tel:
        (86-10) 8519-1300</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-size: 8pt; font-weight: normal">Fax:
        (86-10) 8519-1350</FONT></P></td>
    <TD STYLE="width: 20%"><P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-size: 8pt">Shenzhen
        Office</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-size: 8pt; font-weight: normal">Tel:
        (86-755) 2587-0765</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-size: 8pt; font-weight: normal">Fax:
        (86-755) 2587-0780</FONT></P></td>
    <TD STYLE="width: 20%"><P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-size: 8pt">Dalian
        Office</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-size: 8pt; font-weight: normal">Tel:
        (86-411) 8250-7578</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-size: 8pt; font-weight: normal">Fax:
        (86-411) 8250-7579</FONT></P></td>
    <TD STYLE="width: 20%"><P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-size: 8pt">Hong
        Kong Office</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-size: 8pt; font-weight: normal">Tel:
        (852) 2167-0000</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-size: 8pt; font-weight: normal">Fax:
        (852) 2167-0050</FONT></P></td>
    <TD ROWSPAN="2" STYLE="width: 20%"><P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-size: 8pt">Silicon
        Valley Office</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-size: 8pt; font-weight: normal">Tel:
        (1-888) 886-8168</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-size: 8pt; font-weight: normal">Fax:
        (1-888) 808-2168</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-size: 8pt; font-weight: normal">&nbsp;</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 7.5pt"><FONT STYLE="font-size: 8pt">www.junhe.com</FONT></P></td></tr>
<tr style="vertical-align: top">
    <TD><P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-size: 8pt">Shanghai
        Office</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-size: 8pt; font-weight: normal">Tel:
        (86-21) 5298-5488</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-size: 8pt; font-weight: normal">Fax:
        (86-21) 5298-5492</FONT></P></td>
    <TD><P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-size: 8pt">Guangzhou
        Office</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-size: 8pt; font-weight: normal">Tel:
        (86-20) 2805-9088</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-size: 8pt; font-weight: normal">Fax:
        (86-20) 2805-9099</FONT></P></td>
    <TD><P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-size: 8pt">Haikou
        Office</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-size: 8pt; font-weight: normal">Tel:
        (86-898) 6851-2544</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-size: 8pt; font-weight: normal">Fax:
        (86-898) 6851-3514</FONT></P></td>
    <TD><P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-size: 8pt">New
        York Office</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-size: 8pt; font-weight: normal">Tel:
        (1-212) 703-8702</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-size: 8pt; font-weight: normal">Fax:
        (1-212) 703-8720</FONT></P></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><img src="tlogo1.jpg"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Based on and subject to the foregoing, and
subject to the qualifications, assumptions and limitations stated herein and in the Registration Statement we are of the opinion
that the statements set forth under the caption &ldquo;Taxation&rdquo; in the Registration Statement, to the extent that they
constitute statement of PRC enterprise income tax law, are true and accurate in all material respects and that such statements
constitute our opinion.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">We do not express any opinion herein concerning
any law other than the enterprise income tax law of the PRC in effect as of the date of this opinion and there is no guarantee
that the enterprise income tax law will not be changed, amended or revoked in the immediate future or in the longer term with
or without retroactive effect.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">We hereby consent to the filing of this Opinion
with SEC as an exhibit to the Registration Statement and to the reference to our firm under the headings &ldquo;Taxation&rdquo;
in the Registration Statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%"><FONT STYLE="font-size: 10pt">Yours faithfully,</FONT></TD>
    <TD STYLE="width: 50%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">/s/ Jun He Law Offices</FONT></TD>
    <TD>&nbsp;</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Jun He Law Offices</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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<DOCUMENT>
<TYPE>EX-23.2
<SEQUENCE>5
<FILENAME>v378353_ex23-2.htm
<DESCRIPTION>EXHIBIT 23.2
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><img src="tlogo.jpg"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">20/F, China Resources Building<BR>
8 Jianguomenbei Avenue</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Beijing 100005, PRC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">T: (86-10) 8519-1300</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">F: (86-10) 8519-1350</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">junhebj@junhe.com</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; text-indent: 0.5in">May 12, 2014</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><B>Daqo New Energy Corp.</B><BR>
666 Longdu Avenue<BR>
Wanzhou, Chongqing 404000<BR>
People&rsquo;s Republic of China&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Dear Sir/Madam,&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">We hereby consent to the use of our name
under the captions &ldquo;Enforceability of Civil Liabilities,&rdquo; &ldquo;Taxation&rdquo; and &ldquo;Legal Matters&rdquo; in
the prospectus included in the registration statement on Form F-3, originally filed by Daqo New Energy Corp. on April 14, 2014
with the Securities and Exchange Commission under the Securities Act of 1933, as amended. In giving such consent, we do not thereby
admit that we come within the category of persons whose consent is required under Section 7 of the Securities Act of 1933, as
amended, or the regulations promulgated thereunder.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <TD STYLE="width: 30%; text-align: justify; layout-grid-mode: char"><font style="font-size: 10pt">Yours faithfully,</font></td>
    <TD STYLE="width: 70%; padding-top: 7.8pt; padding-bottom: 7.8pt; text-align: justify; layout-grid-mode: char"></td></tr>
<tr style="vertical-align: top">
    <TD STYLE="text-align: justify; layout-grid-mode: char">&nbsp;&nbsp;</td></tr>
<tr style="vertical-align: top">
    <TD STYLE="text-align: justify; layout-grid-mode: char; border-bottom: Black 1pt solid"><font style="font-size: 10pt">/s/ Jun He Law Offices</font></td>
    <TD STYLE="padding-top: 7.8pt; padding-bottom: 1pt; text-align: justify; layout-grid-mode: char"></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Jun He Law Offices</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 20%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 8pt"><B>Beijing Head Office</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 8pt">Tel: (86-10) 8519-1300</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 8pt">Fax: (86-10) 8519-1350</FONT></P></TD>
    <TD STYLE="width: 20%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 8pt"><B>Shenzhen Office</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 8pt">Tel: (86-755) 2587-0765</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 8pt">Fax: (86-755) 2587-0780</FONT></P></TD>
    <TD STYLE="width: 20%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 8pt"><B>Dalian Office</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 8pt">Tel: (86-411) 8250-7578</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 8pt">Fax: (86-411) 8250-7579</FONT></P></TD>
    <TD STYLE="width: 20%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 8pt"><B>Hong Kong Office</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 8pt">Tel: (852) 2167-0000</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 8pt">Fax: (852) 2167-0050</FONT></P></TD>
    <TD ROWSPAN="2" STYLE="width: 20%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 8pt"><B>Silicon Valley Office</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 8pt">Tel: (1-888) 886-8168</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 8pt">Fax: (1-888) 808-2168</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 7.5pt"><FONT STYLE="font-size: 8pt">www.junhe.com</FONT></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 8pt"><B>Shanghai Office</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 8pt">Tel: (86-21) 5298-5488</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 8pt">Fax: (86-21) 5298-5492</FONT></P></TD>
    <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 8pt"><B>Guangzhou Office</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 8pt">Tel: (86-20) 2805-9088</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 8pt">Fax: (86-20) 2805-9099</FONT></P></TD>
    <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 8pt"><B>Haikou Office</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 8pt">Tel: (86-898) 6851-2544</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 8pt">Fax: (86-898) 6851-3514</FONT></P></TD>
    <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 8pt"><B>New York Office</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 8pt">Tel: (1-212) 703-8702</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 8pt">Fax: (1-212) 703-8720</FONT></P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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