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RELATED PARTY TRANSACTIONS AND BALANCES

12 Months Ended

Dec. 31, 2023

RELATED PARTY TRANSACTIONS AND BALANCES

RELATED PARTY TRANSACTIONS AND BALANCES

11. RELATED PARTY TRANSACTIONS AND BALANCES

(a)The relationships between the Group and major related parties are as follows:

​

Name of the related party		Relationship
Daqo Group Co., Ltd. (“Daqo Group”)		Daqo Group and the Group are controlled by same group of shareholders
Daqo Solar Co. Ltd (“Daqo Solar”)		An affiliated company controlled by Daqo Group
Daqo New Material Co., Ltd. (“Daqo New Material”)		An affiliated company controlled by Daqo Group
Chongqing Daqo Tailai Electric Co., Ltd. (“Chongqing Daqo Tailai”)		An affiliated company controlled by Daqo Group
Nanjing Daqo Transformer Systems Co., Ltd. (“Nanjing Daqo Transformer”)		An affiliated company controlled by Daqo Group
Jiangsu Daqo Changjiang Electric Co., Ltd. (“Jiangsu Daqo”)		An affiliated company controlled by Daqo Group
Nanjing Daqo Electric Co., Ltd. (“Nanjing Daqo Electric”)		An affiliated company controlled by Daqo Group
Zhenjiang Electric Equipment Co., Ltd. (“Zhenjiang Electric”)	​	An affiliated company controlled by Daqo Group
Zhenjiang Moeller Electric Appliance Co., Ltd.(“Zhenjiang Moeller”)	​	An affiliated company controlled by Daqo Group
Zhenjiang Daqo Intelligent Electric Co., Ltd (“Zhenjiang Daqo Intelligent”)	​	An affiliated company controlled by Daqo Group
Nanjiang Daqo Electric Institute Co.,Ltd.(“Electric Institute”)	​	An affiliated company controlled by Daqo Group
Nanjing Daqo Automation Technology Co.,Ltd.(“Nanjing Daqo Automation”)	​	An affiliated company controlled by Daqo Group

​

(b)Related party balances:

The balances due from related parties– short term portion are as follows:

​

​	​	​	​	​	​	​
​	​	December 31,
​		2022			2023
Amounts due from related parties-short term		​			​
Nanjing Daqo Transformer	​	$	14	​	$	32
Others	​		4	​		2
Total	​	$	18	​	$	34

​

The balances due from related parties– long-term portion are as follows:

​	​	​	​	​	​	​
​		December 31,
​	​	2022		​	2023
Amounts due from related parties-long term	​	​	​	​	​	​
Chongqing Daqo Tailai	​	$	9,588	​	$	14,696
Nanjing Daqo Electric	​		2,739	​		2,085
Zhenjiang Moeller	​		1,181	​		990
Zhenjiang Daqo Intelligent	​		793	​		62
Jiangsu Daqo	​	​	—	​	​	6,500
Others	​		2,563	​		700
Total	​	$	16,864	​	$	25,033

​

The balances due to related parties – short-term portion are as follows:

​

​	​	​	​	​	​	​
​	​	December 31,
​		2022			2023
Amounts due to related parties – short term portion		​			​
Nanjing Daqo Transformer	​	$	3,429	​	$	265
Chongqing Daqo Tailai	​	​	80	​	​	—
Daqo New Material	​	​	4,161	​	​	4,044
Nanjing Daqo Electric	​	​	—	​	​	3,485
Jiangsu Daqo	​	​	4	​	​	4
Zhenjiang Electric	​	​	613	​	​	2,575
Others	​	​	130	​	​	283
Total	​	$	8,417	​	$	10,656

​

(c)Related party transactions:

The material transactions with the Group’s related parties were as follows:

​

​	​	​	​	​	​	​	​	​	​	​	​
​	​	​	​	Year Ended December 31,
Name of Related parties		Transaction Nature		2021			2022			2023
Daqo Group		Repayment of interest free loans	​	$	4,650	​	$	—	​	$	—
Zhenjiang Daqo Intelligent		Purchase-Fixed assets	​		—	​	​	6,271	​	​	4,991
Daqo Solar		Proceeds from interest free loans	​		13,213	​	​	—	​	​	—
​		Repayment of interest free loans	​		13,483	​	​	—	​	​	—
Nanjing Daqo Transformer		Purchase-fixed assets	​		12,913	​	​	29,874	​	​	23,760
​	​	Purchase-raw material	​		—	​	​	39	​	​	47
Chongqing Daqo Tailai		Purchase-fixed assets	​		17,812	​	​	22,511	​	​	28,252
Jiangsu Daqo		Purchase-fixed assets	​		5,299	​	​	—	​	​	—
Nanjing Daqo Electric		Purchase-fixed assets	​	​	8,553	​	​	8,209	​	​	12,526
Zhenjiang Electric		Purchase-fixed assets	​	​	—	​	​	—	​	​	1,505
​	​	Purchase-raw material	​	​	1,967	​	​	4,241	​	​	5,017
Electric Institute	​	Purchase-fixed assets	​	​	—	​	​	593	​	​	7,107
Nanjing Daqo Automation	​	Purchase-fixed assets	​	​	2,440	​	​	—	​	​	2,210
Zhenjiang Moeller	​	Purchase-fixed assets	​	​	—	​	​	9,331	​	​	8,755
Total	​	Purchase-fixed assets	​	$	47,017	​	$	76,789	​	$	89,106
​		Purchase-raw material	​	$	1,967	​	$	4,280	​	$	5,064
​	​	Proceeds from related parties loans	​	$	13,213	​	$	—	​	$	—
​	​	Repayment of related parties loans	​	$	18,133	​	$	—	​	$	—

​

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- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

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