Key Developments: Daqo New Energy Corp (DQ)
7.60USD
23 May 2013
$-0.48 (-5.94%)
$8.08
$7.59
$7.93
$7.10
123,315
52,116
$16.70
$3.40
Latest Key Developments (Source: Significant Developments)
Daqo New Energy Corp Sells Nanjing Daqo New Energy Co., Ltd. To Daqo Group
Daqo New Energy Corp announced that it has sold Nanjing Daqo New Energy Co., Ltd., the entity that operates the Company's module business, to Daqo Group for a consideration of RMB65.6 million. Daqo Group is one of the private electrical equipment manufacturers in China and an affiliate of the Company. Daqo Group's shareholders in aggregate beneficially own over a majority of the Company's total outstanding ordinary shares. The transaction has been approved by the Company's audit committee, which is composed entirely of independent directors. The Company had conducted a public auction of Nanjing Daqo New Energy Co., Ltd. through Nanjing Asset and Equity Exchange before it determined that the terms of the sale of the module business to Daqo Group are fair to the Company. Full Article
Daqo New Energy Corp. Announces Share Repurchase Program
Daqo New Energy Corp. announced that its board of directors has approved a share repurchase program, effective immediately. The board of directors has authorized Daqo New Energy to repurchase up to USD5 million worth of its issued and outstanding ordinary shares or American Depositary Shares, or ADSs, representing ordinary shares in open-market purchases, in negotiated transactions off the market, in block trades or through other legally permissible means prior to December 31, 2012 in accordance with applicable securities laws. Full Article
Daqo New Energy Corp Announces Appointment Of New Chief Financial Officer
Daqo New Energy Corp announced the appointment of Mr. Bing Sun as Chief Financial Officer, effective February 1, 2012. Full Article
Daqo New Energy Corp Announces Departure of CFO
Daqo New Energy Corp announced its Chief Financial Officer (CFO), Jimmy Lai, will leave the Company to pursue other professional interests at the end of November 2011. The Board of Directors is initiating a search for a successor. Current financial controller, Mr. Shihua Su will act as acting CFO until a successor is on board. Full Article
Daqo New Energy Corp Lowers Q2 2011 Revenue Guidance
Daqo New Energy Corp revised its second quarter 2011 revenue guidance. For the second quarter of 2011, the Company expects its total revenue to be in the range of $70-$71 million, compared to a prior guidance of range of $92-$95 million. Due to the impact of price decline throughout the entire photovoltaic (PV) supply chains in the second quarter of 2011, the Company updates its revenue guidance for the second quarter of 2011. According to I/B/E/S Estimates, analysts were expecting the Company to report revenues of $91 million for the second quarter of 2011. Full Article
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