Exhibit 4.20


(Summary Translation)


 


Loan Agreement with China Construction Bank, Wanzhou Branch


 


	Date of the Agreement	March 15, 2018 
	 	 
	Borrower (Party A)	Chongqing Daqo New Energy Co., Ltd.
	 	 
	Lender (Party B)	China Construction Bank, Wanzhou Branch
	 	 
	Use of loan	Working capital for purchase of raw materials and payment of employees’ compensations
	 	 
	Amount	RMB70 million
	 	 
	Term of loan	1 year, from March 15, 2018 to March 14, 2019
	 	 
	Interest rate	Calculated as China Construction Bank’s one-year loan prime rate as of the day immediately before Party A’s receipt of the first drawdown of loan, plus 0.137%. This interest rate will not change during the term of loan.
	 	 
	Penalty rate	
        In the event that Party A does not apply the loan according
        to the Agreement, the penalty rate shall be 100% over the interest rate.

         

        In the event of late repayment, the penalty rate shall be 50%
        over the interest rate.

         

        Upon the concurrence of late repayment and misuse of the loan,
        the penalty rate shall be the higher rate of the two rates stated above.

         

	Party A’s covenants	
        Party A shall:

         

        (1) provide information about its financial conditions and results
        of business operations to Party B upon Party B’s request, including its quarterly balance sheets, quarterly profit and loss
        statements and annual cash flow statements, ensure the legality, truthfulness, completeness, accuracy and effectiveness of such
        information, and undertake not to provide false information or conceal material operational or financial facts;

         

        (2) notify Party B in writing within three business days following
        any event materially and adversely affecting Party A’s solvency or other similar events adversely affecting Party B’s
        right as creditor, or any change to the registration of name, legal representative, residence, scope of operations, registered
        capital and Party A’s articles of association and other matters;

         

        (3) use the loan as stipulated in this Agreement and shall not
        misappropriate or misuse the loan, use the loan for any transaction in contravention of law or regulation, use the loan to invest
        in fixed assets or equity investments or any production or operation prohibited by the government, or use the loan to replace any
        existing loans borrowed for investment in fixed assets or equity investments;

         

        (4) accept any reasonable request for inspection and supervision
        from Party B relating to Party A’s business operation and financial activities, and the use and repayment of the loan under
        this Agreement;

        



 




     

     


    

 


	 	(5) comply with the relevant environmental protection regulations
when Party A uses the loan to finance manufacturing activities;


 


(6) not use the loan or collateral under this Agreement to
secure third party’s indebtedness;


 


(7) report to Party B in a timely manner any related party
transaction involving over 10% of Party A’s net assets, if Party A is a group client, including the relationship among the
parties to the transaction, nature, subject, amount of the transaction, and pricing policy;


 


(8) notify Party B of and obtain Party B’s prior written consent to any merger, spinoff, share equity
transfer, outbound investment, material increase in debt financing and other material matters




	 	 
	Party B’s rights 	
        Party B is entitled to participate in Party A’s material
        financing, assets sales, merger, spinoff, restructuring or bankruptcy in order to protect its creditor’s rights. Such participation
        rights include that:

         

        (1) Party A shall seek written consent from Party B if any of
        the above events occurs; and

         

        (2) Party B shall arrange for Party A’s material financing.



 


	Breach	
        In the event that Party B deems that its rights may be jeopardized
        upon the occurrence of a takeover, receivership, lease, restructuring, decrease of share capital, investment, joint venture, merger,
        acquisition, reorganization, spinoff, share transfer, substantial increase of debt financing, suspension of business, dissolution,
        cancellation, bankruptcy, change of or material asset transfer by controlling shareholder or controlling person, suspension, termination,
        material penalty, deregistration, delicensing or material litigation, material difficulty or deterioration in financial condition,
        credit downgrade involving Party A, or Party A’s legal representative or major person-in-charge’s failure to perform
        their duties, Party B may take the following actions:

         

        (1) cease to extend the loan;

         

        (2) demand additional conditions precedent for extending and
        funding of the loan;

         

        (3) change the method of repayment of the loan in accordance
        with this Agreement;

         

        (4) demand acceleration of the loan and require Party A to repay
        all due and outstanding principal, interest and expenses hereunder;

         

        (5) if Party A fails to use the loan as agreed in this Agreement,
        Party B is entitled to request Party A to pay a penalty equal to 100% of the loan amount not used as agreed and refuse to fund
        any outstanding loan amount; and

         

        (6) other remedial measures.



 




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