Markets· IPO

Xinjiang Daqo New Energy’s IPO to debut on SSE STAR Market

minutes 2021/07/21 09:35:57

Jul 21, 2021 (China Knowledge) - Xinjiang Daqo New Energy (688303) to start trading on the Shanghai Stock Exchange's STAR Market Jul 22, tomorrow. The firm has issued 300.00 mln shares priced at RMB 21.49 per share raising RMB 6.45 bln. Its price-to-earnings ratio (PE) stands at 39.71. During subscription the IPO was 2,426 times oversubscribed.

China International Capital Corporation (CICC) acts as the lead underwriter and sponsor for the IPO.

Xinjiang Daqo New Energy is a China-based company principally engaged in the research and development, manufacturing and sales of high-purity polysilicon. The Company's main product is polysilicon. The Company's products are mainly used in the production of photovoltaic silicon wafers, which are used in the production of downstream photovoltaic cells, photovoltaic cell modules and photovoltaic power generation systems and other solar photovoltaic products. The Company mainly conducts its business in the domestic market.

In FY 2020, Xinjiang Daqo New Energy garnered a total revenue of RMB 4.66 bln, up 92% YoY. In terms of net income, it achieved RMB 1043.25 mln, rising 322% YoY. In Q1 2021, the company reported revenue of RMB 1.66 bln, a YoY increase of 41%, and its net profits reached RMB 582.02 mln, up 130% YoY.

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