Daqo's subsidiary Xinjiang Daqo starts IPO registration
Post date: 01/06/2021 - 11:53
Chinese Daqo New Energy Corp., manufacturer of high-purity polysilicon for the solar PV industry, announced that its major operational subsidiary, Xinjiang Daqo New Energy is in the process of applying for an initial public offering (IPO) on the Shanghai Stock Exchange's Sci-Tech innovation board. Daqo New Energy currently owns 95.6 percent equity interest of Xinjiang Daqo and a majority of the company's revenue and net income is contributed by Xinjiang Daqo.
As part of its IPO process, Xinjiang Daqo is requested by the Shanghai Stock Exchange to publicly disclose estimates of Xinjiang Daqo's revenue and net profit as prepared in accordance with the Accounting Standards for Business Enterprises (PRC GAAP) for the second quarter ending June 30, 2021. According to the company, the estimated revenue of Xinjiang Daqo under PRC GAAP would be in the range of CNY 2.46 to 2.51 billion ($0.35 to $0.39 billion). The estimated net profit attributable to the shareholders of Xinjiang Daqo would be in the range of CNY 1.30 to 1.33 billion ($0.204 to $0.208 billion).
This financial estimates were prepared solely for Xinjiang Daqo in CNY in accordance with PRC GAAP, says the company, which are different from its consolidated financial results for the same period, as they are prepared in U.S. dollars.