Document:

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]:

        

 

    	 	2Exhibit 4.24

Letter of Support

 

TO THE BOARD OF DIRECTORS OF DAQO NEW ENERGY
CORP.

 

We, as major shareholders, acknowledge
the net current liability position of Daqo New Energy Corp. as of December 31, 2018 and agree to provide necessary financial support
to Daqo New Energy Corp. and its subsidiaries through Daqo Group Co., Ltd..(“Daqo Group”), another company wholly owned
by the shareholders of us and a related party of Daqo New Energy Corp., which has sufficient capital and access to resources and
hence the ability do so.

 

The details of our agreed financial support
to Daqo New Energy Corp. include the following:

 

		1.	We agree that Daqo New Energy Corp. does NOT have to repay us the amount of USD 21.3M owed as of
December 31, 2018 to Daqo Group and Daqo New Material Co., Ltd. before April 1, 2020.

 

		2.	In addition, we agree to provide Daqo New Energy Corp. additional financial funding to support
the Company’s operation between January 1, 2019 and March 31, 2020. Daqo New Energy Corp. does NOT have to repay us this
amount before April 1, 2020.

 

		3.	In addition, the management of Daqo New Energy Corp. should immediately suspend the capacity expansion
project in its Xinjiang facilities if they don’t have sufficient financial resources to continue the project after repaying
all other financial obligations.

 

We agree to provide funding
to support the Company to repay all the financial obligations already committed related to the capacity expansion project in its
Xinjiang facilities. Daqo New Energy Corp. does NOT have to repay us this amount before April 1, 2020.

 

	Investor name: 	MILLION FORTUNE INTERNATIONAL LIMITED
	Signature:	/s/ Wanlin Gao	 
	Date:	March 18, 2019	 

 

	Investor name: 	BEST MOUNT INTERNATIONAL LIMITED 
	Signature:	/s/ Jianrong Tang	 
	Date:	March 18, 2019 	 

 

	Investor name: 	ACE PRO HOLDINGS LIMITED
	Signature:	/s/ Bin Cai	 
	Date:	March 18, 2019 	 

 

	Investor name: 	INSTANTUP INVESTMENTS LIMITED
	Signature:	/s/ Dafeng Shi	 
	Date:	March 18, 2019 	 

 

    	 	 

     

    

 

	Investor name: 	GOLD INTELLECT LIMITED
	Signature:	/s/ Guangfu Xu	 
	Date:	March 18, 2019 	 

 

	Investor name: 	PLENTY CHINA LIMITED
	Signature:	/s/ Xiang Xu	 
	Date:	March 18, 2019  	 

 

	Investor name: 	RUIAN INTERNATIONAL LIMITED
	Signature:	 /s/ Fei Ge	 
	Date:	 March 18, 2019	 

 

	Investor name: 	LUCKY PROSPER INVESTMENTS LIMITED
	Signature:	/s/ Dafeng Shi	 
	Date:	March 18, 2019 	 

 

	Investor name: 	JIA XIN ENTERPRISES LIMITED
	Signature:	/s/ Bin Cai	 
	Date:	March 18, 2019  	 

 

	Investor name: 	DUKE ELITE LIMITED
	Signature:	/s/ Xiang Xu	 
	Date:	March 18, 2019 	 

 

	Investor name: 	DAQO GROUP CO., LTD.
	Signature:	/s/ Guangfu Xu	 
	Date:	March 18, 2019Exhibit 4.25

 

(English Translation)

 

EQUITY TRANSFER AGREEMENT

 

	
         

        Transferor (Party A)
	:	Daqo Group Co., Ltd.
	 	 	 
	Transferee (Party B)	:	Xinjiang Daqo New Energy Co., Ltd.

 

WHEREAS:

 

		1.	Party A legally owns 100% equity interest in Xinjiang Daqo Investment Co., Ltd. (hereinafter the “Company”).
Party A hereby intends to transfer all its equity interest in the Company;

 

		2.	Party B agrees to acquire Party A’s 100% equity interest in the Company;

 

		3.	Xinjiang Daqo Tianfu Thermoelectric Co., Ltd. was jointly established and contributed by Shihezi Guoneng Energy Investment
Co., Ltd. and Xinjiang Daqo Investment Co., Ltd.. The construction of thermal power project under Xinjiang Daqo Tianfu Thermoelectric
Co., Ltd. was suspended and Xinjiang Daqo Tianfu Thermoelectric Co., Ltd. is now in the course of liquidation.

 

Based on amicable negotiation and the principles of equality,
mutual benefits and consensus, the Parties hereby agree on the matters in relation to the equity transfer as follows:

 

		I.	Equity Transfer

 

		1.	Party A agrees to transfer all its equity interest in the Company to Party B and Party B agrees to acquire the same;

 

		2.	Party A agrees to sell and Party B agrees to acquire the equity interest in the Company with all
the attached benefits and rights and free from, including but not limited to, any encumbrances, charge and other second lien or
claim;

 

		3.	From the effective date of this Agreement, unless otherwise as agreed, Party A shall have no obligation and assume no liability
in relation to the Company’s business operation, indebtedness and creditors’ rights;

 

		4.	As Xinjiang Daqo Tianfu Thermoelectric Co., Ltd. is now in the course of liquidation, Party A shall
bear all the costs in relation to the liquidation of Xinjiang Daqo Tianfu Thermoelectric Co., Ltd. Any debts and liabilities of
Xinjiang Daqo Tianfu Thermoelectric Co., Ltd. shall be assumed itself or by Party A as required by laws and Party B assumes no
obligation in relation to the same. Upon the completion of the liquidation, Party B shall be entitled to the titles of the remaining
asset of Xinjiang Daqo Tianfu Thermoelectric Co., Ltd., except for those belong to Shihezi Guoneng Energy Investment Co., Ltd.,
another shareholder, as required by laws.

 

		II.	The Consideration for the Equity Transfer and the Payment Method

 

		1.	Party A agrees to transfer 100% equity interest in the Company to Party B at the consideration of RMB62,743,725.11, and Party
B agreed to acquire such equity interest in the Company on such consideration and conditions.

 

		2.	This Agreement shall be effective upon the execution or seal of the chop by the Parties hereto. Party B shall pay to the Party
A the amount of RMB62,743,725.11 as agreed upon the completion of the amendment to the registration at the competent commerce and
industry administrative authority by both Parties.

 

    	 	 

     

    

 

		III.	Warranties of Party A

 

		1.	Party A undertakes to Party B that the equity interest in the Company transferred to Party B was genuinely funded by Party
A. Party A is the legal and beneficial owner of the equity interest and has the right to dispose such equity interest at its sole
discretion. The equity interest transferred by Party A is free from any charge, pledge, security or claims from any third party.
Party A shall be liable for any obligation arising from any claims made in relation to the equity interest referred above;

 

		2.	After the transfer of the equity interest, the rights and obligations which Party A would have been entitled to and assumed
shall be transferred to Party B upon the transfer of the equity;

 

		3.	Party B acknowledges the Company’s Memorandum and Articles of Association and undertakes to perform any obligation and
liability as provided therein;

 

		4.	Any indebtedness and creditors’ rights of Xinjiang Daqo Tianfu Thermoelectric Co., Ltd. shall be assumed by Party A.

 

		IV.	Representations and Warranties of Party B

 

		1.	The liabilities assumed by Party B shall not exceed its capital contribution to the Company;

 

		2.	Party B shall acknowledge and abide by the Company’s amended Memorandum and Articles of Association;

 

		3.	Party B undertakes to settle the consideration in the manner as provided in the Clause 2 hereto.

 

		V.	Amendment and Termination of this Agreement

 

This Agreement may
be amended or terminated upon the occurrence of the following, provided that any amendment or termination agreement shall be executed
by both Parties:

 

		1.	This Agreement cannot be performed due to force majeure event
or other reasons that are beyond the control of non-defaulting parties;

 

		2.	Either party is no longer able to perform this Agreement;

 

		3.	The interest of one Party is materially affected due to the other party’s default, making the performance of this Agreement
become unnecessary;

 

		4.	Due to any change of circumstances, both Parties agree to amend or terminate this Agreement.

 

		VI.	Resolutions of Arbitration 

 

Any disputes arising
out of or relating to the performance of this Agreement between the Parties shall be resolved through amicable consultation. Failure
to do so, any party shall be entitled to submit the dispute to the Shihezi Branch of Karamay Arbitration Commission. The case shall
be resolved in accordance with the arbitration rules in force administered thereby when the arbitration is submitted. The arbitral
award shall be final and binding upon the Parties.

 

	 	VII.	This
Agreement is in four counterparts with each Party holding two counterparts. This Agreement shall be effective when the chops of
both Parties are sealed hereon.

 

	Signed or with Party A’s chop	Signed or with Party B’s chop
	 	 
	Date: 	Date:

 

    	2

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