Daqo New Energy Appoints JP Morgan as Depositary Bank
Daqo New Energy has appointed JP Morgan as depositary bank, in relation to the company’s recent US$87.4m American depositary shares (ADS) listing on the New York Stock Exchange.
Based in Chongqing in western China, Daqo, a manufacturer of the polysilicon used in solar powered products, issued 9.2 million ADSs at US$9.50 per ADS. This included 1.2 million ADSs which were issued as part of the over allotment option granted to the underwriters. Daqo plans to use the capital raised to expand its polysilicon and water manufacturing capabilities.
Kenneth Tse, Asia-Pacific head of JP Morgan’s depositary receipts group, said: “The alternative energy sector in China represents tremendous growth potential for companies which are committed to innovation. Daqo has been at the forefront of this sector as a market leader, and we were delighted to assist with their ADS programme by combining our significant depositary receipt experience with our leading execution platform.”