Summary by Moomoo AI
Daqo New Energy announced a US$100 million share repurchase program approved by its board of directors, effective from July 22, 2024, through June 30, 2025. The program allows the company to repurchase its ordinary shares or American depositary shares through various means including open-market purchases, negotiated transactions, and block trades.The company plans to fund the repurchase primarily from potentially available cash and existing cash balance. While the program demonstrates management's confidence during the industry downcycle, the actual implementation will depend on market conditions, operations, and regulatory requirements including blackout periods.Daqo New Energy, with a polysilicon nameplate capacity of 205,000 metric tons, maintains its position as one of the world's lowest-cost producers of high-purity polysilicon for the global solar PV industry. The repurchase program reflects the company's commitment to creating shareholder value while pursuing sustainable growth.
