Solar panels made by a company in Xinjiang's Hami. Photo: Liu Xin/GT

Xinjiang Daqo New Energy Co, a raw materials producer for global solar panels based in Northwest China's Xinjiang Uygur Autonomous Region, has obtained approval to get registered on Shanghai tech-heavy STAR market, becoming the first Xinjiang company to list on the board.

The China Securities Regulatory Commission said on Tuesday that Xinjiang Daqo has gained approval for registration on the board, and the company, its brokers and the Shanghai Stock Exchange will negotiate to settle the issuance schedule.

According to the company's prospectus, it focuses on the R&D, manufacturing and sales of high-purity polysilicon, with production capacity reaching 70,000 tons a year.

In September 2020, the company filed an IPO application in Shanghai, through which it aims to raise fund worth 5 billion yuan ($772 million) mainly for its high-purity semiconductor material project and polysilicon project.

Ahead of the company's formal registration on the Shanghai STAR market, the US Department of Commerce added it to its Entity List over alleged human rights abuses.

However, the Global Times reporters visited Xinjiang Daqo's factory in April, and found there is no so-called "forced labor" at all. 

It's a highly automated, efficient modern factory on par with world class facilities in Chinese manufacturing hubs and those in the US and Europe.

The US has been mounting "forced labor" lies against China for some time, which China has repeatedly denied providing abundant evidence.

Chinese Foreign Ministry spokesperson Hua Chunying reiterated at a regular press briefing on May 12 that the allegations of "forced labor" in Xinjiang are an outrageous lie, and those in the US and the West who hype the issue in order to harm Chinese companies and industries are following a malicious agenda to destabilize Xinjiang and contain China.

Global Times