Exhibit 4.28


(Summary Translation)


 





Loan Agreement with Xinjiang Shihezi Rural Cooperative Bank,
Ruoqiang County Rural Credit Cooperative Association, Wushi County Rural Credit Cooperative Association, Turpan City Rural Credit
Cooperative Association, and Kuche County Rural Credit Cooperative Association




 







	Date of the Agreement	
        November 1, 2018 

	 	 
	Lender (Party A)	
        Xinjiang Shihezi Rural Cooperative Bank

        Ruoqiang County Rural Credit Cooperative Association

        Wushi County Rural Credit Cooperative Association

        Turpan City Rural Credit Cooperative Association

        Kuche County Rural Credit Cooperative Association 

	 	 
	Borrower (Party B)	
        Xinjiang Daqo New Energy Co., Ltd. 

	 	 
	Use of loan	
        Payment for project funds and equipment costs 

	 	 
	Amount	
        RMB120 million 

	 	 
	Term of loan	
        36 months  

	 	 
	Interest rate	
        Fixed rate at 5.145833 ‰ per month 

	 	 
	Penalty rate	
        In the event that Party B does not repay the loan in accordance
        with the Agreement, the penalty rate shall be 50% over the interest rate

         

        In the event that Party B does not apply the loan in
accordance with the Agreement, the penalty rate shall be 100% over the interest rate 

	 	 
	Repayment of interest	
        Interest shall be paid monthly at the 21st
of each month 

	 	 
	Repayment of principal	
        Principal shall be repaid in full by the maturity date
of the loan 

	 	 
	Collateral 	
        Secured by the land and machinery of Xinjiang Daqo
New Energy Co., Ltd. 

	 	 
	Party A’s rights and obligations	
        (1) Party A has the right to require Party B to provide all
        materials relevant to the loan;

         

        (2) Party A has the right to deduct any amount due under the
        Agreement from the balance of Party B’s account;

         

        (3) In the event of Party B’s evasion of supervision,
        delay in repayment of principal and interest or other serious defaults, Party A has the right to report to the relevant authorities
        and disclose Party B’s defaults to the public;

         

        (4) Party A has the obligation to fund the loan in accordance
        with the Agreement;

         

        (5) Party A shall keep information regarding Party B’s
        liabilities, financial condition and operations confidential unless otherwise agreed in the Agreement or otherwise stipulated by
        the laws and regulations; 



 




    	 	 



     


    

 


	Party B’s rights and obligations	
        (1) Party B has the right to use the loan proceeds in accordance
        with the Agreement;

         

        (2) Party B shall repay the principal and interest when due
        and payable;

         

        (3) Party B shall provide information about its financial conditions
        and results of business operations to Party A, including its balance sheets and profit and loss statements, and ensure the legality,
        truthfulness, completeness, accuracy and effectiveness of such information;

         

        (4) Party B shall notify Party A in writing within five days
        following any suspension of business, termination, closure, suspension or cancellation of operating licenses, and repay the principal
        and interest immediately;

         

        (5) Party B shall notify Party A in at least 30 days advance
        and obtain a written consent from Party A in respect of contracting and leasing, restructuring, merger, acquisition, spinoff, decrease
        of share capital, share transfer, asset transfer and other actions that will affect the interest of Party A;

         

        (6) Party B shall notify Party A in writing within seven days
        following any change to the registration of certain matters, including but not limited to Party B’s legal address, correspondence
        address, scope of operations and legal representative.

	 	 
	Breach	
        (1) In the event that Party B fails to draw down the loan in
        accordance with the agreement, Party A is entitled to charge penalty at the contractual interest rate;

         

        (2) In the event that Party B fails to repay the loan in accordance
        with the Agreement, Party A is entitled to require Party B to repay such principal and interest within a specified period of time,
        and may offset such principal and interest from the balance in all accounts of Party B opened with Party A, and charge 50% over
        the interest rate;

         

        (3) In the event that Party B fails to apply the loan in accordance
        with the Agreement, Party A is entitled to require Party B to repay part or all of the loan in advance or terminate this Agreement,
        and charge 100% over the interest rate;

         

        (4) In the event that Party A deems that its rights may be jeopardized
        upon the occurrence of a cancellation, refusal to supervision, takeover, receivership, contracting and leasing, restructuring,
        decrease of share capital, investment, joint venture, merger, acquisition, spinoff, share transfer, material asset transfer, and
        material difficulty or deterioration in financial condition, Party A is entitled to require Party B to correct its breach and take
        remedy measures within three days following the notice of Party A. Otherwise, Party A has the right to cancel the line of credit
        and require Party B to accelerate the repayment of the principal and interests in whole or part;

         

        (5) In the event that Party B delays the payment of the interest
        exceeding two months, Party A is entitled to declare the principal and interest of the loan are due immediately and charge penalty
        on all the outstanding amount.



 




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