Daqo New Energy initiates USD-120m share buyback programme

The board of Chinese solar-grade polysilicon producer Daqo New Energy Corp (NYSE:DQ) has approved a USD-120-million (EUR 112m) share buyback programme that will be effective for one year.

The company said in a statement it is authorised to repurchase own issued and outstanding ordinary shares or American depositary shares (ADSs) representing ordinary shares both on and off the open market, in block trades or through other legally permissible means.

The programme will run from June 1, 2022, until May 31, 2023. It does not obligate Daqo New Energy to acquire any particular number of ordinary shares or ADSs at any specific time, the firm noted.

Recently, a subsidiary of Daqo New Energy got bourse clearance to launch a private offering in China's A-share market to raise up to CNY 11 billion (USD 1.65bn/EUR 1.54bn).

(USD 1.0 = EUR 0.937)

(CNY 1.0 = USD 0.150/EUR 0.140)

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