Daqo New Energy Corp. announced its Chairman and Founder, Mr. Guangfu Xu, will step down from his position as Chairman of the Board of Directors (the "Board), effective immediately, but will remain as a director on the Board. Meanwhile, Mr. Longgen Zhang, after more than five years of dedicated service, will step down as Chief Executive Officer and a director of the Company with immediate effect due to personal reasons.

Concurrently, the Company announced the appointment of Mr. Xiang Xu as Chairman of the Board and Chief Executive Officer, effective immediately. Mr. Xiang Xu has strong expertise across the solar industry and corporate management. He has been serving as a Director of the Company since its initial public offering and as Vice Chairman of the Board since June 2022.