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ORGANIZATION AND PRINCIPAL ACTIVITIES

12 Months Ended

Dec. 31, 2023

ORGANIZATION AND PRINCIPAL ACTIVITIES

ORGANIZATION AND PRINCIPAL ACTIVITIES

1. ORGANIZATION AND PRINCIPAL ACTIVITIES

Daqo New Energy Corp. (the “Company”) and its subsidiaries are collectively referred to as the Group, which is a manufacturer of high-purity polysilicon for the global solar PV industry. The Company was founded in 2007. The Group manufactures and sells high-purity polysilicon to photovoltaic product manufactures.

The Company’s major operational subsidiary Xinjiang Daqo completed the initial public offering (“IPO”) on the Shanghai Stock Exchange’s Sci-Tech Innovation Board on July 22, 2021, and raised net proceeds of approximately $935.0 million, to fund its business operations. Following the IPO, the Company holds approximately a total ownership of 80.7% of Xinjiang Daqo, directly and indirectly.

In June 2022, Xinjiang Daqo, received the total gross proceeds of approximately RMB11 billion (an equivalence of $1,640 million) from its private offering on the Shanghai Stock Exchange. Upon completion of the private offering, the Company beneficially owns approximately 72.68% of Xinjiang Daqo. Proceeds from the offering were primarily used for Phase 5A polysilicon project with capacity of 100,000 metric tons (“MT”) in Inner Mongolia in China.

As of December 31, 2023, The Company’s principal subsidiaries are as follows:

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​	​	​	​	​	​	​	​
​	​	​	​	Date and Jurisdiction of	​	Equity interest	​
Name of subsidiaries		Principal Business Activities		Establishment		attributable to the Group
Xinjiang Daqo	​	Manufacturing of polysilicon	​	February 2011	​	72.68	%
Inner Mongolia Daqo New Energy		Manufacturing of polysilicon		October 2021		72.68	%

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The entire disclosure for organization, consolidation and basis of presentation of financial statements disclosure.

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