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COMMITMENTS AND CONTINGENCIES | 12 Months Ended
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Dec. 31, 2024
COMMITMENTS AND CONTINGENCIES. |
COMMITMENTS AND CONTINGENCIES | 13. COMMITMENTS AND CONTINGENCIES (a) Capital commitments As of December 31, 2024, commitments outstanding for the purchases of property, plant and equipment approximated $109.7 million, which will be due subsequent to receipt of the purchases. (b) Repurchase of ordinary shares On July 22, 2024, the Company announced a share repurchase program approved by the board of directors to repurchase up to $100 million worth of its own issued and outstanding ordinary shares or American depositary shares (“ADSs”) representing ordinary shares in open-market purchases, in negotiated transactions off the market, in block trades or through other legally permissible means in accordance with applicable United States securities laws from July 22, 2024 to June 30, 2025. During the year ended December 31, 2024, the Company has not yet repurchased under this share repurchase program. ​ (c) Xinjiang Daqo’s litigation event ​ In April 2024, Xinjiang Daqo received a court summons relating to a contract dispute lawsuit filed against it by Xinjiang Xian’an New Materials Co., Ltd. and its affiliate, Xinjiang Dengbo New Energy Co., Ltd. The plaintiffs previously provided silicon core processing services to Xinjiang Daqo. The plaintiffs requested for termination of the business cooperation agreement with Xinjiang Daqo and for compensation from Xinjiang Daqo for their economic losses totaling RMB1,958.5 million (which was later reduced to RMB1,847.8 million), which consisted largely of alleged consequential damages of the plaintiffs. ​ In July 2024, the Company received the first instance court’s verdict, which affirmed termination of the business cooperation agreement and ordered Xinjiang Daqo to compensate the plaintiffs for their losses and attorney fees totaling RMB3.16 million, while rejecting the plaintiffs’ claims for consequential damages. The plaintiffs appealed to the second instance court. In March 2025, the Company received the second instance court’s verdict, which vacated the decision of the first instance and remanded the case for a new trial. ​ Recently, the Company received a court summons, in which the plaintiffs further reduced the requested amount of compensation from Xinjiang Daqo to RMB742.7 million. At present, the case is under retrial. Based on the content of the case and the actual situation, the results cannot be reasonably estimated, and it is expected that it will not adversely affect the Group's daily production and operations. ​ ​

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- Definition The entire disclosure for significant arrangements with third parties, which includes operating lease arrangements and arrangements in which the entity has agreed to expend funds to procure goods or services, or has agreed to commit resources to supply goods or services, and operating lease arrangements. Descriptions may include identification of the specific goods and services, period of time covered, minimum quantities and amounts, and cancellation rights. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 440 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/440/tableOfContent + Details
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