Alan Young's questions to DAQO NEW ENERGY (DQ) leadership • Q2 2025
Question
Alan Young of Jefferies asked about the rationale and timeline for the newly announced $100 million share repurchase program. He also questioned if the company would consider selling its A-shares to fund the US buyback and what Daqo's production volume might look like if industry consolidation is successful.
Answer
Deputy CEO Anita Zhu stated the buyback reflects optimism about an industry turning point and is intended to strengthen shareholder confidence. She confirmed that selling A-shares to fund the US buyback is 'definitely back on the table.' Regarding future production, she explained that post-consolidation, all companies would likely operate at utilization rates that match annual demand, implying rates below 100%.