Stock Alert: Daqo New Energy Shares Up 12%

(RTTNews) - Shares of Daqo New Energy Corp. (DQ) are rising over 12% Friday morning, after the company announced that the application documents regarding a potential initial public offering and listing of the shares of Xinjiang Daqo New Energy Co. Ltd., a principal operating subsidiary of Daqo New Energy, had been submitted to and received by the Shanghai Stock Exchange.

According to Xinjiang Daqo's relevant initial public offering documents, it plans to issue at least 286,764,706 shares, accounting for about 15.00% of its total share capital after the offering. Currently, the company owns about 95.60% of Xinjiang Daqo's shares. Following this initial public offering, the company said it would hold about 81.26% of Xinjiang Daqo's shares.

The stock has been trading in the range of $35.73 - $137.03 for the past one year, and is currently trading at $108.81, up $12.28 or 12.72% in Friday's regular trading session.