UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16 UNDER THE
SECURITIES EXCHANGE ACT OF 1934
For the month of December 2018
Commission File Number: 001-34602
DAQO NEW ENERGY CORP.
666 Longdu Avenue
Wanzhou, Chongqing 404000
People’s Republic of China
(+86-23) 6486-6666
(Address of principal executive offices)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.
| Form 20-F x | Form 40-F ¨ |
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b) (1): ¨
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b) (7): ¨
EXHIBIT INDEX
| Number | Description of Document | |
| Exhibit 99.1 | Press release |
| 2 |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| DAQO NEW ENERGY CORP. | ||
| By: | /s/ Longgen Zhang | |
| Name: | Longgen Zhang | |
| Title: | Director and Chief Executive Officer | |
| Date: December 18, 2018 | ||
| 3 |
Exhibit 99.1
Daqo New Energy’s New Phase 3B Facility Reaches Full Production Capacity
Ahead of Schedule
Shihezi, China—December 18, 2018—Daqo New Energy Corp. (NYSE: DQ) ("Daqo New Energy", the "Company" or “we”), a leading manufacturer of high-purity polysilicon for the global solar PV industry, today announced that its new Phase 3B polysilicon production facility had reached full production capacity ahead of schedule. With the addition of Phase 3B, the Company’s total production capacity has expanded to 30,000 MT.
With Phase 3B currently running at full production capacity, a power purchase agreement with the local electric utility will reduce the Company’s electricity rates by approximately 18% from previous levels. With lower electricity rates, higher manufacturing efficiency, greater economies of scale, and enhanced equipment and process, the Company expects the overall total cost of polysilicon production for its Xinjiang facilities to decrease to approximately US$7.50 per kilogram in the first quarter of 2019.
Mr. Longgen Zhang, CEO of Daqo New Energy, commented, “I’m proud to see our new Phase 3B production facility reach full production capacity ahead of schedule, which demonstrates our strong executional capabilities. Our teams will continue to optimize Phase 3B’s operational efficiency, which will enhance our competitive advantage in cost structure and quality. At the same time, we are continuing to make progress in our Phase 3B’s debottlenecking project, which will increase our annual capacity to 35,000 MT by the end of June, 2019. Our Phase 4A capacity expansion project, which will increase our capacity to 70,000 MT, is progressing smoothly and will lower our costs even further once fully ramped up by the end of the first quarter of 2020. We remain confident in our strategy and believe our leadership position in the polysilicon industry will further strengthen as the market recovers.”
Safe Harbor Statement
This announcement contains forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates” and similar statements. Among other things, the quotations from management in this announcement, as well as Daqo New Energy’s strategic and operational plans, contain forward-looking statements. The Company may also make written or oral forward-looking statements in its reports filed or furnished to the U.S. Securities and Exchange Commission, in its annual reports to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about the Company’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: the demand for photovoltaic products and the development of photovoltaic technologies; global supply and demand for polysilicon; alternative technologies in cell manufacturing; the Company’s ability to significantly expand its polysilicon production capacity and output; the reduction in or elimination of government subsidies and economic incentives for solar energy applications; and the Company’s ability to lower its production costs. Further information regarding these and other risks is included in the reports or documents that the Company has filed with, or furnished to, the U.S. Securities and Exchange Commission. All information provided in this press release is as of the date hereof, and the Company undertakes no duty to update such information or any forward-looking statement, except as required under applicable law.
ABOUT DAQO NEW ENERGY CORP.
Daqo New Energy Corp. (NYSE: DQ) (“Daqo” or the “Company) is a leading manufacturer of high-purity polysilicon for the global solar PV industry. Founded in 2008, the Company is one of the world’s lowest cost producers of high-purity polysilicon. Daqo’s highly-efficient and technically advanced manufacturing facility in Xinjiang, China currently has an annual polysilicon production capacity of 30,000 metric tons, and the Company is undergoing a debottlenecking project and a capacity expansion project and expects to increase its annual polysilicon production capacity to 70,000 metric tons in the first quarter of 2020.
For more information, please visit http://daqo.gotoip1.com/
For further information, please contact:
Daqo New Energy Corp.
Investor Relations Department
Phone: +86-187-1658-5553
Email: dqir@daqo.com
Christensen
In China
Mr. Christian Arnell
Phone: +86-10- 5900-1548
E-mail: carnell@christensenir.com
In US
Mr. Tip Fleming
Phone: +1-917-412-3333
Email: tfleming@Christensenir.com