- Daqo New Energy (NYSE:DQ) +16.7% pre-market on news that its Xinjiang Daqo New Energy operational subsidiary completed its IPO process and began trading on the Shanghai Stock Exchange's Star Board.
- On the first trading day, Daqo says Xinjiang Daqo's shares closed at RMB61.11/share, up 184% vs. the IPO price.
- Parent company Daqo also could re-rate from the move, Jefferies analysts say, according to Bloomberg.
- Xinjiang Daqo is the first-ever listing in which a major subsidiary of a U.S.-listed entity will return to the Star Board, and other solar names such as JinkoSolar (NYSE:JKS) and Canadian Solar (NASDAQ:CSIQ) could follow, Jefferies says.
- ETF: TAN
- Recent actions by the U.S. government against Daqo appear largely symbolic and should have little to no impact on the company, Bamboo Works writes in an analysis published on Seeking Alpha.