XML 20 R2.htm IDEA: XBRL DOCUMENT v3.22.1
CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Dec. 31, 2021
Dec. 31, 2020
Current assets:    
Cash and cash equivalents $ 723,775 $ 76,596
Restricted cash 191 41,808
Notes receivable 365,911 153
Short-term investments 280,251 0
Accounts receivable, net of allowance for doubtful accounts of nil and nil as of December 31, 2019 and 2020, respectively 0 0
Prepaid expenses and other current assets 41,684 11,477
Advances to suppliers 3,397 7,949
Inventories 327,771 42,159
Amounts due from related parties   129
Total current assets 1,742,980 180,271
Property, plant and equipment, net 1,559,110 1,027,086
Prepaid land use rights, net 40,741 30,829
Other non-current assets 820 957
TOTAL ASSETS 3,343,651 1,239,143
Current liabilities:    
Short-term bank borrowings, including current portion of long-term bank borrowings 0 70,431
Accounts payable 81,469 18,953
Notes payable   49,355
Advances from customers - short-term portion 202,958 37,783
Payables for purchases of property, plant and equipment 142,937 49,555
Accrued expenses and other current liabilities 40,848 30,148
Amounts due to related parties - short-term portion 10,815 5,150
Income tax payable 71,472 22,678
Lease liability - short-term portion   82
Total current liabilities 550,499 284,135
Long-term bank borrowings 0 123,222
Advances from customers - long-term portion 90,661 3,265
Deferred government subsidies 21,935 21,907
Amount due to related parties - long-term portion   4,238
Deferred tax liabilities 16,726 3,461
Total liabilities 679,821 440,228
Commitments and contingencies (Note 17)
Ordinary shares;    
$0.0001 par value 500,000,000 shares authorized as of December 31, 2021 and 2020; 369,878,552 shares issued and 365,235,402 shares outstanding as of December 31, 2020; 377,177,802 shares issued and 372,534,652 shares outstanding as of December 31, 2021 38 37
Additional paid-in capital 1,016,855 412,450
Retained earnings 1,079,042 330,118
Accumulated other comprehensive income 67,773 26,267
Treasury shares, at cost (4,643,150 shares as of December 31, 2020 and 2021) (1,749) (1,749)
Total Daqo New Energy Corp. shareholders' equity 2,161,959 767,123
Non-controlling interest 501,871 31,792
Total shareholders' equity 2,663,830 798,915
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $ 3,343,651 $ 1,239,143