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Why Daqo New Energy Stock Sank Today




What happened

Actions ofDaqo New Energy (NYSE: DQ) fell about 14.7% today, according to data from S&P Global Market Intelligence. China’s stock of solar power materials lost ground in conjunction with price moves for the Xinjiang Daqo subsidiary, which made its initial public offering (IPO) yesterday on the Shanghai Stock Exchange (SSE).

Xinjiang Daqo’s stock price climbed around 184% on its first day of trading in the market, and Daqo New Energy stock jumped around 20% during the session thanks to the enthusiasm for listing in Shanghai. price changes for its subsidiary.

Solar panels.

Image source: Getty Images.

So what

Many Chinese companies that list their stocks on the US stock exchanges have recently turned to listings on the Shanghai Stock Exchange and the Hong Kong Stock Exchange in order to raise capital and reduce exposure to risks associated with listing alone. stock Exchange. Other than raising new capital, Xinjiang Daqo’s SSE listing is unlikely to have much of an impact on Daqo New Energy’s long-term shareholders.

Xinjiang Daqo sold 3 million shares when it went public, which is about 15.6% of the company’s total outstanding shares. The sale raised 6.45 billion Chinese yuan, or about $ 1 billion based on the current exchange rate. Prior to the public offering, Daqo New Energery held a 95.6% stake in Xinjiang Daqo.

Now what

Renewable energy technologies could see an increase in demand over the next decade and beyond, but Daqo is not the only major producer of polysilicon, and the space could become increasingly competitive. The company is already showing substantial sales and profits, but investors should understand that Daqo’s performance is sensitive to price changes in the polysilicon market.

Daqo New Energy has a market capitalization of around $ 5 billion and is valued at around 3.3 times expected sales this year and 8.6 times expected earnings this year.

This article represents the opinion of the writer, who may disagree with the official recommendation position of a premium Motley Fool consulting service. Were motley! Challenging an investment thesis – even one of our own – helps us all to think critically about investing and make decisions that help us become smarter, happier, and richer.




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