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Daqo New Energy Announces Third Quarter 2011 Results

Net Income attributable to our shareholders, net margin and earnings per share

As a result of the aforementioned, net income attributable to Daqo New Energy Corp. shareholders was $12.1million, compared with $25.7 million in the second quarter of 2011 and $17.7 million in the third quarter of 2010.

Net margin was 20.3% in the third quarter of 2011, compared to 36.3% in the second quarter of 2011 and 28.0% in the third quarter of 2010.

Earnings per fully diluted ADS were $0.34, compared with $0.73 in the second quarter of 2011, and $0.65 in the third quarter of 2010.

Financial Condition

As of September 30, 2011, Daqo New Energy Corp. had $66.8 million in cash and cash equivalents and restricted cash, compared with $147.5 million as of June 30, 2011. The change in cash position was primarily due to capital expenditures for business expansion in Xinjiang. As of September 30, 2011, the Company’s accounts receivable balance was $29.1 million, compared to $31.8 million as of June 30, 2011. As of September 30, 2011, total borrowings were $157.6 million, of which $63.1 million were long-term borrowings, compared to total borrowings of $162.7 million, including $67.8 million long-term borrowings as of June 30, 2011.

Outlook for Fourth Quarter 2011

For the fourth quarter of 2011, the Company plans to shut down the polysilicon production facility for approximately two weeks in December for periodical maintenance. For the fourth quarter of 2011, the Company expects to ship 800-850 MT of polysilicon. The company also expects to ship approximately 16 MW of wafer as well as 14 MW of modules. For the module shipment, the company further expects 8 MW will come from its brand name module and expects to provide 6 MW PV modules manufacturing outsourcing service to its customers. This outlook reflects our current and preliminary view and may be subject to change. Our ability to achieve this projection is subject to risks and uncertainties. See “Safe Harbor Statement” at the end of this press release.

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