Daqo New Energy’s subsidiary Xinjiang Daqo announces proposed private offering of RMB11 Billion in ordinary shares for its 100,000 MT polysilicon expansion project in China

Jan 24, 2022

Shanghai, China—January 24, 2022—DaqoNew Energy Corp. (NYSE: DQ) ("Daqo New Energy," the"Company" or “we”), a leading manufacturer of high-purity polysiliconfor the global solar PV industry, today announced thatits subsidiary, Xinjiang Daqo New Energy (“Xinjiang Daqo”), intends to offer ordinaryshares, subject to market conditions and other factors, in a private offeringto qualified institutional buyers in compliance with the Shanghai StockExchange Science and Technology Innovation Board (the “STAR Market”) in China forits 100,000 MT polysilicon expansion project.

Thegross proceeds of the private offering are expected to be approximately RMB11billion, the majority of which will be used to fund Xinjiang Daqo’s 100,000 MTpolysilicon expansion project in Baotou, Inner Mongolia, China. Theconstruction of this project is expected to commence in March 2022 and to becompleted in the third quarter of 2023.

About Daqo New Energy Corp.

Daqo New Energy Corp.(NYSE: DQ) (“Daqo” or the “Company”) is a leading manufacturer of high-puritypolysilicon for the global solar PV industry. Founded in 2007, the Companymanufactures and sells high-purity polysilicon to photovoltaic product manufactures,who further process the polysilicon into ingots, wafers, cells and modules forsolar power solutions. The Company has a total polysilicon nameplate capacityof 105,000 metric tons and is one of the world's lowest cost producers of high-puritypolysilicon.

Formore information, please visit www.dqsolar.com

Daqo New EnergyCorp.

Investor Relations

Email: dqir@daqo.com

Christensen

In China

Mr. ReneVanguestaine

Phone: +86 178 1749 0483

rvanguestaine@christensenir.com

In the U.S.

Ms. Linda Bergkamp

Phone:+1-480-614-3004
Email: lbergkamp@Christensenir.com

Safe Harbor Statement

This announcement contains forward-lookingstatements. These statements are made under the “safe harbor” provisions of theU.S. Private Securities Litigation Reform Act of 1995. These forward-lookingstatements can be identified by terminology such as “will,” “expects,”“anticipates,” “future,” “intends,” “plans,” “believes,” “estimates,” andsimilar statements. Among other things, Xinjiang Daqo’s private offering andproject expansion plans contain forward-looking statements. The Company mayalso make written or oral forward-looking statements in its reports filed orfurnished to the U.S. Securities and Exchange Commission, in its annual reportsto shareholders, in press releases and other written materials and in oralstatements made by its officers, directors or employees to third parties.Statements that are not historical facts, including statements about theCompany’s beliefs and expectations, are forward-looking statements.Forward-looking statements involve inherent risks and uncertainties, all ofwhich are difficult or impossible to predict accurately and many of which arebeyond the Company’s control. Anumber of factors could cause actual results to differ materially from thosecontained in any forward-looking statement, including but not limited to thefollowing: the demand for photovoltaic products and the development ofphotovoltaic technologies; global supply and demand for polysilicon;alternative technologies in cell manufacturing; the Company’s ability tosignificantly expand its polysilicon production capacity and output; thereduction in or elimination of government subsidies and economic incentives forsolar energy applications; the Company’s ability to lower its production costs;changes in the political and regulatory environment; and theduration of COVID-19 outbreaks in China and many other countries and the impactof the outbreaks and the quarantines and travel restrictions instituted byrelevant governments on economic and market conditions, including potentiallyweaker global demand for solar PV installations that could adversely affect theCompany’s business and financial performance.Further information regarding these and other risks is included in the reportsor documents the Company has filed with, or furnished to, the U.S. Securitiesand Exchange Commission. All information provided in this press release is asof the date hereof, and the Company undertakes no duty to update suchinformation or any forward-looking statement, except as required underapplicable law.