May 2 (Renewables Now) - Chinese polysilicon producer Daqo New Energy Corp (NYSE:DQ) said today that one of its subsidiaries has received bourse clearance to launch a private offering in China's A-share market to raise up to CNY 11 billion (USD 1.68bn/EUR 1.56bn).
Specifically, Xinjiang Daqo New Energy has received the approval of the Shanghai Stock Exchange. The transaction is subject to market conditions and is pending further clearance by the China Securities Regulatory Commission.
The unit intends to use about CNY 8 billion of the gross proceeds to support a 100,000-tonne polysilicon production expansion in Baotou City, Inner Mongolia, China. The rest of the money will be used for working capital purposes, according to the announcement.
Daqo’s total polysilicon nameplate capacity currently amounts to 105,000 tonnes.