Davis Polk advised Credit Suisse Securities (USA) LLC as the underwriter of an SEC-registered shelf takedown offering by Daqo New Energy Corp. of 2,000,000 American depositary shares with total proceeds of US$58 million. Credit Suisse has an option to purchase up to an additional 300,000 ADSs. The ADSs are listed on the New York Stock Exchange under the symbol DQ.
Daqo New Energy is a leading polysilicon manufacturer based in Chongqing and Xinjiang, China. Utilizing the chemical vapor deposition process, or the modified Siemens process, Daqo New Energy manufactures and sells high-quality polysilicon to photovoltaic product manufacturers who further process the polysilicon into ingots, wafers, cells and modules for solar power solutions.
The Davis Polk corporate team included partner James C. Lin, counsel Faisal Baloch and associate Paul C. Marks. Partner John D. Paton and associate Omer Harel provided tax advice. Counsel Marcie A. Goldstein provided FINRA advice. Members of the Davis Polk team are based in the Hong Kong, Beijing, London and Washington DC offices.