Shares of Daqo New Energy Corp. (NYSE: DQ), a leading polysilicon manufacturer for the solar industry, surged 5.57% on October 30, 2024, following two key announcements from the company.
Firstly, Daqo New Energy appointed Xiaoyu Xu as the new Deputy Chief Executive Officer, effective immediately. Xiaoyu Xu, the daughter of Chairman and CEO Xiang Xu, has been serving as the company's Investor Relations Director and Board Secretary since May 2023. Her promotion to the Deputy CEO role is expected to strengthen Daqo's corporate strategy and drive its next phase of growth as the company aims to capitalize on significant opportunities in the renewable energy transition.
Additionally, Daqo New Energy reported narrowed net losses of $60.7 million for the third quarter of 2024, indicating improvements amid the ongoing challenges in the solar market. While the industry faces headwinds, Daqo's ability to mitigate losses and maintain its position as one of the world's lowest-cost producers of high-purity polysilicon could be bolstering investor confidence in the company's future prospects.
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