2021.07.22
The China Securities Regulatory Commission (CSRC) recently approved Xinjiang Daqo New Energy’s initial public offering of A-shares and its listing on the SSE Star Market (stock code: 688303).
Daqo New Energy Corp. (DQ.US) is a US-listed company and has spun off its main domestic operating subsidiary to return to A-shares, and this project was the first of its kind in the market. It is also the first company in the Xinjiang Uygur Autonomous Region to be registered and listed on the SSE Star Market. Established in 2011, the company focuses on the R&D, manufacturing and sales of high-purity polysilicon. It relies on continuous R&D investment and technological innovation for its growth, combined with the advantages of low-cost energy and its location in a silicon industry base cluster. High-purity polysilicon is a basic material for the solar photovoltaic industry, and its quality directly affects the key performance of downstream products. The company produces high-purity polysilicon, which is used in the production of photovoltaic wafers, which are then used in the production of downstream photovoltaic cells, photovoltaic cell modules, photovoltaic power generation systems and other solar photovoltaic products.
Daqo Energy issued 30,000,000 new A-shares (excluding the over-allotment portion) at an issue price of RMB21.49 per share, with an issuance size of RMB 6.447 billion. The actual net proceeds were RMB 6.067 billion after the deduction of issuance expenses.
JunHe assisted the company in this issuance and provided advice regarding the equity restructuring and listing declaration, and provided important advice regarding the company's standardized operation during the preparation process of the IPO. During the review process, JunHe provided detailed legal analysis and feedback on the key issues of concern to the CSRC and the Shanghai Stock Exchange. JunHe's meticulous, professional and experienced legal services won high recognition from the company and the other intermediaries.
The lead partners of this project were Mr. SHI, Tiejun, Mr. YI, Yisong and Mr. LI, Zhi, and it was internally audited by Partner Mr. ZHAO, Jikui.
