Daqo (DQ) Issues Update on $700M Share Repurchase Program

Core Viewpoint - Daqo New Energy Corp. has made significant progress in its $700 million share repurchase program, demonstrating confidence in its undervalued shares and maintaining a positive long-term growth outlook despite industry challenges [1][2]. Share Repurchase Program - The company repurchased 14.55 million American Depositary Shares (ADSs), equivalent to 72.75 million ordinary shares, at an average price of $33.71 per ADS, totaling approximately $491 million, which is nearly 70.1% of the allocated repurchase amount [1]. - By the end of 2023, the total ordinary shares outstanding were around 328.8 million, down from 391 million at the end of 2022 due to share repurchases [1]. - In Q4 2023, the company repurchased 6.45 million ADSs at an average cost of $25.11 per ADS, amounting to about $162 million [2]. Financial Position and Market Outlook - The repurchased ADSs represented 18.6% of the total shares outstanding at the end of 2022, reflecting the company's strong balance sheet and liquidity position [2]. - The management is focused on capital preservation for future growth and is actively monitoring market trends to navigate industry cycles [2]. Stock Performance - Daqo's shares have decreased by 48.9% over the past year, contrasting with a 17.3% increase in the industry [3].