Document:

Exhibit 4.25

 

(Summary Translation)

 

	Loan agreement with Chongqing Three Gorges Bank
	Date of the Agreement	December 18, 2013
	Borrower (Party A)	Chongqing Daqo New Energy Co., Ltd.
	Lender (Party B)	Chongqing Three Gorges Bank Wanzhou Branch
	Date and No. of comprehensive credit agreement	
        SXC02262013400017

        December 18, 2013

	Use of loan	Purchase of raw material
	Type of loan	Working capital loan
	Amount	RMB 70 million
	Term of loan	12 months
	Interest rate	Fixed rate at 6.6% per year
	Interest settlement day 	Interest shall be settled on the 20th day of each month.
	Withdrawal	Loan shall be withdrawn in two tranches
	Repayment	Repayment of principal and interest shall be made in once on December 19, 2014
	Guarantee	
        1. Guarantee provided by Daqo Group Co., Ltd.

        2. Guarantee provided by Nanjing Daqo Electrical Co., Ltd.

        3. Guarantee provided by Chongqing Wanzhou Economic Technological
        Development Co., Ltd.

	Party A's covenants	
        Party A shall:

        1. Notify Party B in at least 30 days advance and obtain a written
        consent from Party B in respect of leasing, shareholding restructure, merger, joint venture, spin-off, substantial asset transfer
        and other actions which will affect the realization of Party B's rights;

        2. Notify Party B in written immediately in respect of any matter
        which may jeopardize Party A's normal operation or cause material adverse impact to its ability to its performance of this Agreement;

        3. Notify Party B in written in respect of shut down, dissolution,
        suspension or revocation within 5 days since the occurrence of such event and guarantee to immediately repay the principal and
        interest.

	Events of Default	
        1. Party A authorizes Party B to deduct the funds it
        deposited         the accounts opened at Chongqing Three Gorges Bank for the repayment of loan in the event of default. The
        interest of the default         loan shall be the fixed interest rate as agreed hereof plus 50% thereof and the for
        the         outstanding interest a compound interest will be         imposed.

        2. In the event that Party A does not withdraw the loan as agreed
        hereof, Party B is entitled to charge a daily default penalty according to the interest rate agreed hereof;

       

 

    	1

    	 

    

 

	 	 3. In the event that Party A does not apply the loan as agreed
        hereof, Party B is entitled to cease to grant the loan and require for repayment of the whole or part of the loan or terminate
        the Agreement and impose an interest of 100% over the hereby agreed interest rate for the part of loan that is not applied as agreed.

        4. Party A dispose, transfer or threaten to transfer material
        part of its asset without Party B's prior consent;

        5. Contracting, leasing, shareholding restructure, merger, joint
        venture, decrease of share capital, spin-off, substantial asset transfer and other actions which will affect the realization of
        Party B's rights without Party B's prior consent.

        6. Involved in material financial dispute or deterioration of
        financial status which may materially affect or jeopardize the realization of Party B's creditor's rights.

 

 

    	2Exhibit 4.26

 

 

(English Translation)

Lease Contract (Revised Edition)

 

This Lease Contract
(hereinafter referred to as “this Contract”) is made by and between the following two parties, taking effect since
January 1, 2009.

 

Lessor: Daqo New Material Co.,
Ltd. 

Address: Industrial Park of Wanzhou
District, Chongqing

Legal representative: Xu Guangfu

 

Lessee: Chongqing Daqo New Energy
Co., Ltd. 

Address: (Salt and Gas Chemical
Industrial Park of Wanzhou District) Xianjia Village, Longdu Street, Wanzhou District, Chongqing

Legal representative: Xu Guangfu

 

Given the Lessor and
the Lessee had signed a lease contract taking effect on July 1, 2008 (hereinafter referred to as “2008 Contract”),
certain matters are agreed therein;

 

Given the Lessor and
the Lessee have negotiated on the issue of leasing and made an agreement to modify and restate the 2008 Contract and let this Contract
to replace the 2008 Contract;

 

In accordance with the
Contract Law of the People’s Republic of China and related laws and regulations, the
two parties have made the following agreements upon equal negotiation:

 

Article 1 Effective date of this Contract

The parties agree that
this Contract will take effect from January 1, 2009.

 

Article 2 Lease subject

The subject of this
Lease Contract includes all the equipment, land, factory buildings and other buildings which are owned or used by the Lessor and
are situated at the Salt and Gas Chemical Industrial Park of Wanzhou District (the above-mentioned equipment, land, factory buildings
and other buildings are collectively referred as “Lease Subject”; the ownership of the above-mentioned equipment, factory
buildings and other buildings and land use right are collectively referred as “Property Right”).

 

Article 3 Lease term and the Lessee’s
purchase option

		1.	The lease term of this Contract is five years, from January 1, 2009 to December 31,
2014.

		2.	If the Lessee wants to extend the lease term for business need, the Lessee is entitled to renew
this Contract for another five years with the Lessor within one month prior to expiration of this Contract under the same conditions
with this Contract and the Lessor shall consent on the renewal. Where the Lessee wants to continue to rent the lease subject within
one month prior to expiration of the extended lease term, the Lessor shall continue to rent the lease subject to the Lessee.

 

    	 

    	 

    

 

		3.	The Lessor hereby irrevocably grants the Lessee the right to: under the conditions permitted by
law in the future, the Lessee is entitled at any time within the period of existence of the lease relationship, and within one
year after the expiry of the lease, ask the Lessor to sell the property right of lease subject to the Lessee or to companies or
individuals designated by the Lessee by the prevailing fair price. The above-mentioned fair price for the property right of lease
subject shall be determined by mutual negotiation. When the both parties can not reach consensus, the price shall be determined
by an independent third party selected by the two sides with assessment.

 

Article 4 Property right

		1.	During the lease term, the property right of the lease subject under Article 1 of this Contract
belongs to the Lessor. The Lessee only has the right to use the lease subject.

		2.	If the Lessor transfers the property right of the lease subject to a third party in accordance
with applicable laws or legal procedures, unless otherwise agreed by the Lessee in writing, this Contract shall continue to be
valid for the new owner. In addition, the Lessor is obliged to notice the Lessee in reasonable period before the transfer, and
the Lessee is entitled to have a preemptive right under the same conditions.

 

Article 5 Rent and payment

		1.	Rent: RMB 6,125,000.00 per month.

		2.	Rent payment: The rent shall be paid by month. The Lessor shall issue the settlement list and invoice
on 25th of each month to the Lessee in order to handle the settlement procedures. And the Lessee shall make payment within ten
working days after receiving the settlement list and invoice of the month.

		3.	The starting and ending date for calculating the rent

		(1)	The starting date for calculating the rent shall be January 1, 2009.

		(2)	Within the lease term, the work stop caused by the Lessee or by natural reasons shall be calculated
by calendar days.

 

Article 6 Obligations and responsibilities
of both parties

		1.	Obligations and responsibilities of the Lessor

		(1)	The Lessor shall not hinder the Lessee’s quiet use, possession or enjoyment of the lease
subject within the lease term, but the proper exercise of the rights under this Contract or related to this Contract by the Lessor
will not constitute the prejudice.

 

    	 

    	 

    

 

		(2)	The Lessor shall work closely with the construction, production and operation of the Lessee to
meet the relevant requirements of the Lessee.

		2.	Obligations and responsibilities of the Lessee

		(1)	Legal and safe operation

The Lessee shall:

		(i)	only use the lease subject for legal purposes;

		(ii)	obtain and maintain all certificates, licenses, permits and authorization on the use and operation
of the lease subject required from time to time and strictly perform the obligations of making payment and other related obligations
under this Contract.

		(2)	Property rights and interests

The Lessee shall:

		(i)	not conduct or permit to conduct any thing that can be reasonably foreseeable to make the subject
into fine, confiscation, seizure, embezzlement, damage or loss situation; or

		(ii)	not set guarantees or other third-party interests on the lease subject except with the prior written
permission of the Lessor.

		(3)	Maintenance and overhaul

		(i)	The Lessee shall maintain the lease subject in the similar manner at least and the degree of caution
with other similar lease objects owned or operated by it.

 

Article 7 Liabilities for breach of contract

		1.	Lessor’s rights and remedy measures under the default of the Lessee

If any event of default of the
Lessee happens and continues to exist, the Lessor could take the following remedy measures at any time after the occurrence of
the event of default (without prejudice to any other rights of the Lessor under this Contract).

		(1)	to exercise any of the rights provided in the following item 2 (to terminate this Contract in advance);
and/or

		(2)	to accept this action and terminate the renting of the equipment by sending a notice to the Lessee
(without prejudice to the unfinished obligations of the Lessee under this Contract); and/ or

		(3)	to enforce this agreement or to obtain damages for breach of contract by the court with jurisdiction
or by arbitration.

		2.	Terminate this Contract in advance

If any event of default of the
Lessee happens, the Lessor may send a notice to ask the Lessee to return the lease equipment. Under this condition, the Lessee
shall pay to the Lessor the total of the following terms within three (3) days of the event of default (“the termination
date of the agreement”):

		(1)	Any due rent as of the termination date of the contract;

		(2)	Any other fees that should be paid by the Lessee to the Lessor, which are generated on the termination
date of the contract or have been due in accordance with this Contract or other documents; and

 

    	 

    	 

    

 

		(3)	Any other costs and expenses (including legal fees, professional fees, inspection fees, disbursements
and other costs) incurred or payable by the Lessor due to the return of the equipment by the Lessee, which are predictable at the
time of signing this Contract.

		3.	Liquidated damages under the default of the Lessor

If any event of default of the
Lessor happens, the Lessee has the right to request the Lessor to compensate any direct or indirect loss suffered therefrom.

 

Article 8 Declarations and warranties

		1.	The Lessor:

		(1)	The Lessor is a duly incorporated and validly existing enterprise, and it has the right to sign
and has the ability to perform this Contract.

		(2)	The Lessor has obtained all the authorizations, certificates, licenses and qualifications necessary
for the signing and performance of this Contract and they are all legitimate and valid.

		(3)	In signing this Contract, any court, arbitral institution, administrative organ or regulatory body
has not made ​​any judgment, ruling, decision or a
specific administrative act adverse for the Lessor to perform this Contract.

		(4)	The required internal authorization for the Lessor to sign this Contract has been completed. The
signatory of this Contract is the legal representative or authorized representative of the Lessor. After the commencement of this
Contract, it is legally binding upon both parties to this Contract.

		2.	The Lessee:

		(1)	The Lessee is a duly incorporated and validly existing enterprise, and it has the right to sign
and have the ability to perform this Contract.

		(2)	The Lessee has obtained all the authorizations, certificates, licenses and qualifications necessary
for the signing and performance of this Contract and they are all legitimate and valid.

		(3)	In signing this Contract, any court, arbitral institution, administrative organ or regulatory body
has not made ​​any judgment, ruling, decision or a
specific administrative act adverse for the Lessee to perform this Contract.

		(4)	The required internal authorization for the Lessee to sign this Contract has been completed; the
signatory of this Contract is the legal representative or authorized representative of the Lessee. After the commencement of this
Contract, it is legally binding upon both parties to this Contract.

 

Article 9 Force majeure

		1.	Force majeure as referred to in this Contract means unforeseeable, insurmountable and unavoidable
objective events which cause significant impact on one party, including but not limited to natural disasters such as flood, earthquake,
fire and windstorm as well as social events such as war, turmoil, government action, etc.

		2.	As the occurrence of a force majeure event leads to the failure of this Contract to be fulfilled,
the party suffering from the force majeure shall immediately inform the other party of the force majeure event in writing and shall
provide details of the force majeure event and written information about nonperformance or delayed performance of this Contract
within 3 days. After being approved and consulted by both parties, they consent to terminate this Contract or temporarily
delay the performance.

 

    	 

    	 

    

 

Article 10 Notice

		1.	Unless otherwise stipulated, all notices under this Contract or in relation to this Contract may
be delivered in written letter or fax. When delivered in the following ways, notices shall be deemed valid:

		(1)	If delivered by written letter, it is to be effective on the date of receiving or the seventh date
after delivery, and the earlier date of those two dates shall prevail; and

		(2)	If delivered by fax, it is to be effective on the date that the document is sent and the sender
has informed the other party about the delivery by phone.

 

Article 11 Governing laws and dispute resolution

		1.	This Contract is governed by and construed in accordance with the laws of China.

		2.	Any dispute arising from or in connection with this Contract shall be submitted to China International
Economic and Trade Arbitration Commission (CIETAC) for arbitration which shall be conducted in accordance with the CIETAC arbitration
rules in effect at the time of applying for arbitration. The place of arbitration is in Beijing and Chinese is used in arbitration
proceedings. The arbitral award is final and binding upon both parties.

 

Article 12 Interpretation of this Contract

The understanding and
interpretation of this Contract shall be based on the purpose of this Contract and intent of the text. The title of this Contract
is only for convenience to read and does not affect the interpretation of this Contract.

 

Article 13 Uniqueness and integrity of
this Contract

This Contract is the
unique and intact agreement between the Lessor and the Lessee on the lease subject and replaces all the preceding agreements, contracts
or understanding between the two parties on the lease. Any modification of this Contract shall be made in writing and be signed
by the Lessor and the Lessee.

 

Article 14 Duplication

This Contract is made
in duplicate, both of which shall be deemed as original; all copies together constitute the same one.

This Contract is signed
and stamped by the following two parties to be obeyed, effective on January 1, 2009.

 

    	 

    	 

    

 

	The Lessor (Seal): 	Common Seal	 	The Lessee (Seal): 	Common Seal
	Daqo New Material Co., Ltd. (Seal)	 	Chongqing Daqo New Energy Co., Ltd. (Seal)
	 	 	 
	Person in Charge (Signature): 		 	Person in Charge (Signature): 	/s/ Yao
	 	 	 
	Signing Date: August 19, 2009	 	Signing Date: August 19, 2009

  

    	 

    	 

    

 

 

	
        Certificate for Registration and Record
        of Chongqing Housing Lease Contract

         

        Contract registration and record No. (2009)
        00012

         

        Lessor: Daqo New Material
        Co., Ltd.

         

        Lessee: Chongqing Daqo New
        Energy Co., Ltd.

         

         

        The Lessor rents to
        the Lessee the premise located in No. 666 Longdu Street, Wanzhou District, Chongqing. The premise certificate number is
        301 of certificate of origin (2009) 08419, 08420, 08421, 08422 and 08423. The premise is for office use and others.
        The rented construction area is ​​20005.39 square
        meters and the lease term is from January 1, 2009 to December 31, 2013. The Housing Lease Contract has already been
        registered and recorded in accordance with the relevant provisions of Regulations on Chongqing Urban Real Estate Transaction Management
        in real estate management department.

         

        Real Estate Management
        Department (Seal)

         

        Wanzhou District Housing Exchange of Chongqing
        (Seal)

         

        November 9, 2009 
	Notes:

                                                                                       1. The certificate is held by both parties of the lease contract.

                                                                                       2. The matters described in this certificate have been registered and recorded by the real estate management department. In case of any change, both sides need to apply to the real estate management department for change of registration of the certificate.

                                                                                       3. The details agreed by both parties shall see the Housing Lease Contract.

                                                                                       4. The certificate will be legal and valid within the lease term.

                                                                                       5. The certificate may not be altered. Once altered, the certificate becomes invalid.  

                                                                                 

                                                                                Note:

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