Daqo New Energy (DQ) Provides Update on $700M Share Buyback

Daqo New Energy Corp. (NYSE: DQ) today provided an update on its US$700 million share repurchase program approved in 2022 and effective from November 7, 2022 to December 31, 2023.

By the end of 2023, the Company had repurchased 14.55 million ADSs (representing 72.75 million ordinary shares) at an average price of $33.71 per ADS for a total of approximately $491 million, representing approximately 70.1% of the US$700 million maximum amount of the share repurchase program. The number of the Company's total ordinary shares outstanding at the end of 2023 was approximately 328.8 million after reflecting the completed share repurchases, compared with 391.0 million at the end of 2022.

Xiang Xu, Chairman and CEO of the Company, commented, "We are pleased to report that under our previously announced share repurchase program, Daqo New Energy has repurchased 14.55 million ADSs, representing 18.6% of the Company's total shares outstanding at the end of 2022. The share repurchases demonstrate our belief that our shares are undervalued, particularly with regard to the Company's robust balance sheet and liquidity position. We are optimistic about the industry's outlook for long-term growth. In particular, during the fourth quarter of 2023, the Company repurchased 6.45 million ADSs for approximately $162 million, at an average price of $25.11 per ADS. However, in light of the industry's recent developments and challenges, we believe that preserving sufficient capital for our future growth while providing investors with robust, long-term and sustainable returns is critical. Our management team and Board of Directors closely monitor the market and industry trends and are constantly assessing the best strategy for the Company to weather the industry cycles and best serve the interest of our shareholders."

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