Daqo New Energy (NYSE:DQ) is a Chinese company which sells polysilicon to photovoltaic product manufacturers. The company makes polysilicon, which is one of the key inputs into the production of solar power panels. The company has also become increasingly integrated downstream and hopes to eventually be an end to end photovoltaic product manufacturer.
Daqo hopes to rely on two main trends in the industry to further propel its growth. It expects that the continued rise in demand for renewable energy will continue to drive sales. The demand for renewable energy is driven both by rising costs of traditional fuel and the push for energy with a smaller environmental impact. The other large trend is the rise of China's middle class. Daqo expects the the modernization of solar panels to be used on a large, industrial scale, with the support of the government.
The company's initial public offering of stock on the NYSE and occurred on October 6, 2010. Its initial price range was $10.50-$12.50, and the stock priced below the range at $9.50. The company sold 8M ADS shares and raised $76M. The lead underwriter of the deal was Morgan Stanley (MS). 
The company was formed in November 2007. In 2008, it recorded total revenues of $56M. In 2009, it recorded $111M in revenues, or a 98% increase from the previous year. The company has also been profitable since 2008. Its net income was $22M in 2008, and in 2009, it rose to $30M, a 36% increase.