Exhibit 4.23


 


(English Translation)


 


Bank Acceptance Agreement


 


Serial No.: Rural Cooperative Bank Banker’s Acceptance
2017 No. 073


 


Accepting Bank: Xinjiang Shihezi Rural Cooperative Bank
(hereinafter “Party A”)


 


Acceptance Applicant: Xinjiang Daqo New Energy Co., Ltd.
(hereinafter “Party B”)


 


Party B hereby submits an application to Party A, entrusting
Party A to pay certain commercial drafts issued by Party B in a total amount of RMB120,000,000.00, and the information about these
commercial drafts is as follows:


 


	Drawer	 	Payee	 	Amount of Draft	 	Date of Issuance	 	Maturity Date
	Xinjiang Daqo New Energy Co., Ltd.

         
	 	Please refer to details of the draft	 	Subject to the amount set forth on the date of issuance	 	Subject to the actual date of issuance	 	Subject to the date set forth on the date of issuance
	In total:	 	 	 	RMB 120,000,000.00	 	 	 	 




 


Upon review, Party A agrees to promise payment of the above
commercial drafts for Party B. Party A and Party B hereby agree as follows upon mutual negotiation in accordance with provisions
of the Law of the People’s Republic of China on Negotiable Instruments, the Measures for Payments and Settlements and the
Measures for Commercial Drafts issued by the People’s Bank of China:


 


Article 1 Party A promises to pay the above commercial
drafts issued by Party B in a total amount of RMB 120,000,000.00.


 


Article 2 Party B shall open a bank acceptance deposit
account with Party A and agrees to put RMB 60,000,000 into this deposit account as deposit for Party A’s acceptance of the
drafts. Party A and Party B agree that the deposit hereunder shall accrue interest based on the corresponding type of interest
rate for enterprises issued by the accepting bank on the depositing date.


 


Article 3 Party B shall deposit all the amounts payable
under the bank-accepted commercial drafts with Party A ten days before maturity of such drafts in order to prepare for payment
of such amounts.


 


Article 4 Party B shall use the following methods set
forth in Clause 4.1 and Clause 4.2 as its guarantee for performance of this Agreement:


 


		4.1	To make a deposit equal to 50% of the draft amounts as its guarantee for performance of this Agreement;



 


		4.2	Daqo Group Co., Ltd. to act as guarantor for Party B’s performance of this Agreement, and the relevant parties shall
separately sign a Maximum Amount Guarantee Contract. Please refer to the Rural Cooperative Bank Guarantee 2015 No. 82 Maximum Amount
Guarantee Contract for details.



 


Article 5 Party A shall not charge bank acceptance fees,
and the exposure rate shall be charged at 1% of the exposure amount, and Party B shall pay off such exposure rate in one lump sum
at the time of acceptance by Party A, and Party A may directly deduct such fees from the account of Party B.


 




    	 	 



     


    



 


Article 6 Upon acceptance of the above drafts, in case
of any dispute, Party B shall solely handle such dispute with the parties concerned. Before the maturity of the bank-accepted commercial
drafts, Party B still shall deposit all the draft amounts with Party A in accordance with Article 3 hereof.


 


Article 7 Party A shall make unconditional payment of
the draft amounts upon the maturity of the bank-accepted commercial drafts once these drafts are presented to it. If Party B fails
to deposit all draft amounts with Party A before the maturity of such drafts, Party A may deduct funds from any of Party B’s
savings account opened with Party A to use as payment. With respect to the draft amounts advanced by Party A due to shortage in
the account balance of Party B, Party A shall charge penalty interest to Party B at 0.05% of the advanced amounts based on the
actual days of advancement until Party B pays off such advanced amounts.


 


Article 8 Where Party B fails to perform any of its obligations
hereunder, Party A may hold the guarantor jointly liable for such obligations.


 


Article 9 During the term of this Agreement, if Party
B has deteriorated financial conditions, assets loss, is investigated and punished due to illegal operations, suspended for business,
closed for business, restructured, liquidated or has any other event that may affect its performance of obligations hereunder,
it shall notify Party A immediately; where Party A believes that such adverse events will damage or impair its rights or interests
hereunder, it may take one or more of the following measures at the same time, and Party B has no objection thereto:


 


		9.1	to require Party B to provide or supplement new guarantee
acceptable to Party A;



 


		9.2	to require Party B to increase the amount of deposit for
acceptance; and



 


		9.3	to directly deduct amounts from savings account of Party
B and transfer such amounts to the above bank acceptance deposit account of Party B and use it as bank acceptance deposit.



 


Article 10 Party B shall provide materials and information
relevant to its own business operations, financial conditions and underlying transaction of the commercial drafts as per requirements
of Party A, and be liable for authenticity and legality of such materials and information. If Party B provides false information
or conceals true and important facts, Party A may take measures set forth in Article 9 subject to the specific circumstances.


 


Article 11 This Agreement shall be governed by the laws
of the people’s republic of China. If any dispute or controversy arises during performance of this Agreement, it shall be
solved through amicable negotiation, failing which either party may (choose one of the following two measures):


 


11.1        file a lawsuit
to the people’s court at the place where Party A domiciles; or


 


11.2        apply for arbitration
to an arbitration commission.


 


Where this Agreement has been notarized to have the effect that
it can be enforced where upon the maturity of the commercial draft, Party B fails to pay all the draft amounts and interest thereon
and other relevant expenses, and the guarantor fails to perform its obligation of guarantee, Party A may directly apply for enforcement
of this Agreement to the people’s court with jurisdiction.


 


Article 12 This Agreement shall take effect upon signature
and affixation of company seal by authorized signatories of the parties and lose effect till the date when all debts of Party B
hereunder have been fully discharged.


 


Article 13 This Agreement is made in triplicate, with
Party A, Party B and Party C each holding one copy. The appendix hereto is an integral part of this Agreement.


 




	
        Party A: [company seal]

        Authorized signatory: [signature]

         
	 
	
        Party B: [company seal]

        Authorized signatory: [signature]

         
	 
	 	
        Signed on [date]:

        



 





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