Xinjiang Daqo New Energy Co.,Ltd. announced a private placement of not more than 577,500,000 A shares for a gross proceeds of CNY 11,000,000,000 on January 23, 2022. The transaction will include participation from qualified institutional buyers in compliance with the Shanghai Stock Exchange Science and Technology Innovation Board. The issuance price will be not lower than 80% of the average price of the company's shares as of 20 trading days since issuance date.

The shares issues will have a hold period of six months from the date of closing. The transaction has been approved by the 20th meeting of the 2nd directorate and is subject to shareholder and China Securities Regulatory Commission approvals.