Document:

English translation of the Loan Agreement

 Exhibit 4.23 

English Translation 
 Contract No.: Wan Zhou Sub-branch Year 2011 Gong Gu Dai Zi No. 2901012011100666 
 Loan Contract for Fixed Assets 
 Borrower: Chongqing Daqo New Energy Co.,
Ltd 
 Chongqing Rural Commercial Bank 

  
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 Dear client: 
 With an aim to safeguard your interests, please carefully read the following notes before executing this Contract: 
  

	1	You have read all the terms hereof and are aware of what they mean; 

  

	2	You have made sure that the relevant certificates and documents you provide to our bank are true, legitimate and valid; 

 

	3	You have confirmed that you have the power to sign on this Contract and understood your rights and duties to be assumed after you sign this Contract;

  

	4	You have known that you have to undertake the relevant legal liability for any frauds or defaults you committed; 

 

	5	You will sign of your own accord and perform this Contract pursuant to its terms in good faith and honesty; 

 

	6	Please use pens, brush pens or signature pens to cleanly fill out those that need to be filled out by you. 

If you have any questions with regard to this Contract, you can bring them to our bank before signing it. 

  
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 Lender: Chongqing Rural Commercial Bank, Wanzhou Sub-Branch (“Party A”) 

Domicile: 99 Taibai Rd, Wanzhou District, Chongqing 
 Legal Representative/ Person in Charge: Xiaojing Huang 
 Tel: 023-58156221 

Borrower: Chongqing Daqo New Energy Co., Ltd (“Party B”) 
 Domicile: 666 Long Du Street, Wanzhou District, Chongqing (inside Salt Chemical Park of Wanzhou District) 
 Legal Representative/ Person in Charge: Guangfu Xu 
 Tel: 023-64866666 

Party B applies to Party A for a loan and Party B agrees to grant a loan to Party A after examination. In accordance with relevant Chinese laws and
regulations, the parties hereby enter into this Contract after negotiations on equality and voluntary. 
 Article 1: Loan 

 

	(I)	Type of loan: medium and long term loan for fixed assets. 

  

	(II)	Purpose of loan: construction and equipment for 250MW silicon chip project 

 

	(III)	Amount of loan: RMB two hundred and forty-five million five hundred thousand 

 

	(IV)	The loan hereunder is a medium and long term loan (short-term/medium and long term). 

 

	1	Term of loan: four years, from October 26, 2011 till October 9, 2015. 

 

	2	Term of withdrawal: from October 26, 2011 till March 11, 2012. In case Party B fails to draw down the loan beyond the withdrawal term, Party A
may re-determine whether to issue the loan and the conditions for loan issuance according to the actual situation. The detailed schedule of loan use is as follows: 

 

	(1)	On __/__, amount         /        ; 

 

	(2)	On __/__, amount         /        ; 

 

	(3)	On __/__, amount         /        ; 

 

	(4)	On __/__, amount         /        . 

 

	3	In case the amount of loan, date of loan, withdrawal date, loan interest rate and such other information specified herein fails to match those specified in the loan
receipt, the latter shall prevail. The loan receipt is the indispensable component of this Contract and shall be equally binding as this Contract. 

 Article 2: Loan Interest Rate 
 Both Parties agree that the interest rate of the loan shall
be determined and adjusted in the [(I)] manner as follows: 
  

	(I)	Floating interest rate: 10% above the base rate. During the loan term, in case of base rate adjustment, the interest rate of the loan shall be adjusted in the
[4] manner as follows with no need for Party A to serve extra notice to Party B and the guarantor: 

  

	1	During the term of loan, if the base rate is adjusted, the loan interest rate shall be adjusted on January 1 of the following year; 

  
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	2	During the term of loan, the interest rate of the loan shall remain unchanged; 

 

	3	During the term of loan, if the base rate is adjusted, the loan interest rate shall be adjusted on the same date of the following year as the adjustment date of the
base rate; 

  

	4	 During the term of loan, if the base rate is adjusted, the loan interest rate shall be adjusted on
1st of the following month; 

  

	(II)	Fixed rate: the annual rate of     /    % will be adopted during the contract term. During the term of loan, even
if the base loan rate of People’s Bank of China (PBOC) is adjusted, the loan interest rate shall remain unchanged. 

  

	(III)	Other manner:         /         

The loan interest prevailing at the issuance of the loan shall be calculated in the above manner based on the base rate for the loan of the same period
and at the same level published by PBOC on the account entry date of the loan specified in the loan receipt. 
 Article 3: Means of Loan

  

	(I)	The loan hereunder is a loan secured by a guarantee (credit/guarantee). In case a guarantee is provided for the loan, a guarantee contract shall be separately
signed. 

  

	(II)	If any event occurs, which Party A deems sufficient to affect the guarantor’s guarantee capability or the value of the collateral, Party B shall provide additional
guarantee acceptable by Party A. 

 Article 4 Account Management 

 

	(I)	Party B opens at Party A an account solely used for the loan issuance (“Loan-Deposit Conversion Account) numbered 2901010120010015262, for the loan-deposit
conversion of the loan issued by Party A to Party B and for Party B’s payment of the loan. 

  

	(II)	Party B opens at Party A a funds gathering account (either a basic deposit account or general deposit account) numbered 2901010120010013168, for the gathering of
the relevant revenue and operating revenue of Party B’s project, and for the external payment under the conditions and in the manner agreed herein. 

  

	(III)	Party B opens at Party A an account solely used for loan repayment (ie. repayment reserve account) numbered __/__, solely used to repay the loan in priority. Party A
will transfer loan repayment funds from the abovementioned funds gathering account opened by Party B at Party A to this loan repayment account on a __/__ (monthly/quarterly/semiannual/annual) basis at a rate of __/__% of the revenue and operating
revenue of Party B’s project __/__(and/or) at an amount not lower than RMB __/__. The subsidies, special subsidies and depreciation funds, etc acquired by Party B in connection with the loaned project or fixed assets input shall also be
transferred into this loan repayment account. 

  

	(IV)	Party B accepts Party A’s monitoring of the abovementioned accounts, and accept Party A’s management and control on the payment of the loan, the funds in the
funds gathering account and the funds in the loan repayment account. 

  
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 Article 5: Manner of Project Funds getting in place 

Party B must get the project funds in place as required in the [(I)] manner as follows and shall transfer the full amount of the project funds to
the designated account opened at Party A numbered 2901010120010013168 (either a basic deposit account or general deposit account) for funds payment. If Party B has already input part of the capital funds, such part shall be subject to Party
A’s examination and approval, and Party B shall still transfer the full amount of the subsequent capital funds for the loaned project or fixed assets investment to the aforesaid designated account for payment. Party B shall inform Party A in
writing and in time of the progress of its input of the capital funds, accept Party A’s monitoring of such account and accept Party A’s management and control on the payment of the capital funds. 

 

	(I)	Party B’s capital funds of the same proportion as the loan planned to be issued by Party A have been fully in place and used together with the loan; the actual
progress of the project or fixed assets investment match the amount already invested. 

  

	(II)	Before Party A issues the loan to Party B, Party B has to first get in place the capital funds accounting for
    /    % of the total project investment, which shall be used together with the loan; the actual progress of the project or fixed assets investment match the amount already invested.

  

	(III)	        /         

Article 6: Party B’s financial metrics shall continuously satisfy the following restrictions: 

 

	(I)	        /        ; 

 

	(II)	        /         

 

	(III)	        /         

 

	(IV)	        /         

Party A may modify the above restrictions with a 10 working days’ prior notice to Party B. 
 Article 7: If the amount of Party B’s single payment of the loan hereunder satisfies any of the following conditions, Party B shall provide Party A with the relevant materials before Party A
issues the loan. 
  

	(I)	The amount of a single payment exceeds 5% of the total project investment (ie RMB thirty-five million); 

 

	(II)	The amount of a single payment exceeds RMB 5 million; 

  

	(III)	        /        ; 

 

	(IV)	        /         

In any of the above circumstances, the materials to be provided by Party B to Party A shall include: 

 

	(I)	The transaction documents between the Borrower and the payee of its loan funds, including: commercial contracts, orders or copies of invoices 

 

	(II)	        /        ; 

 

	(III)	        /        ; 

  
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	(IV)	Other materials required by Party A. 

Article 8: The materials provided by Party B to Party A shall satisfy the following requirements: 

 

	(I)	Legitimate, true, complete, accurate and valid; 

  

	(II)	        /        ; 

 

	(III)	        /        ; 

 

	(IV)	Other requirements raised by Party A. 

Article 9: Party A’s Entrusted Payment 
  

	(I)	Party B hereby irrevocably authorizes and entrusts Party A to pay any single payment of the loan hereunder with an amount that satisfies either (I) or (II) of
Article 7 hereof, which is to say, after Party A’s examination and consent, Party A will make such payment to Party B’s counterparties of transactions which are in conformity with the purpose agreed herein through Party B’s
Loan-Deposit Conversion Account. Party B shall not pay such funds to its transaction counterparties by itself. 

  

	(II)	Under the mode of Party A’s entrusted payment, Party A will conduct a pro forma review on the amount of payment, time of payment, payee, means of payment and
handling account and such other information according to the materials provided by Party B, but such review shall not mean Party A’s involvement in any disputes between Party B and its transaction counterparties or a third party, nor does it
mean Party A needs to assume responsibilities and duties for Party B. Any losses suffered by Party A due to the entrusted payment shall all be compensated by Party B. 

 

	(III)	Under the mode of Party A’s entrusted payment, the failure of the loan funds to be successfully paid to the account of Party B’s transaction counterparties
due to the mistake documents or information provided by Party B or other similar reasons, or any payment failures, mistakes, delays and other risks, responsibilities and losses not caused by Party A’s fault shall all be borne by Party B. Any
losses thus suffered by Party A shall be compensated by Party B. 

  

	(IV)	Under the mode of Party A’s entrusted payment, Party A will pay the funds to Party B’s transaction counterparties mainly according to the remittance proof and
cheques submitted by Party B. Except specially required by Party B and consented by Party A, Party A will not adopt the payment by issuing cheques at the deposit bank of the note issuer through same-city note exchange. In this case, if Party A
receives such cheque in such means of payment, it will refuse to accept the cheque; if Party B needs to make online payment, Party B must first submit the relevant materials to Party A to get its consent as required by the management of Party
A’s entrusted payment mode. 

 Article 10: Party B’s Discretionary Payment 

Discretionary payment mode may be adopted when the amount of Party B’s single payment of the loan hereunder fails to meet the conditions specified in
(I) and (II) of Article 7, provided, however, that Party B shall regularly summarize and report the progress of loan funds payment to Party A at Party A’s request. Party A may check and verify whether the payment of the loan is in
conformity with the agreed purpose by means of account analysis, receipt inspection, on-site investigation and such other means. 

  
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 Article 11: Methods of Loan Repayment 
 Party B will repay the principal and interest of the loan in the [(III)] manner as follows: 
  

	(I)	 To settle the interest by period and repay the principal when mature: Party B will settle and pay the interest on a _/_ (monthly/quarterly) basis, with
the principal and the last period of interest to be repaid in one lump sum. The date of settlement is the
20th of each _/_ (month/last month of a quarter).

  

	(II)	To repay the principal and pay the interest in one lump sum: Party B will repay the principal and pay the interest in full amount on the day the loan becomes mature.

  

	(III)	To settle the interest by period and repay the principal by installments: 

  

	1	 To settle the interest by period: Party B will settle and pay the interest on a monthly (monthly/quarterly) basis, with the date of settlement
is the 20th of each month (month/last month of a
quarter). 

  

	2	To repay the principal by installments: 

  

	(1)	 From 2nd quarter, 2012 to 1st quarter, 2013, to repay the principal not less than RMB 20 million each quarter, which is not less than RMB 80 million in total;

  

	(2)	 From 2nd quarter, 2013 to 1st quarter, 2014, to repay the principal not less than RMB 25 million each quarter, which is not less than RMB 100 million in total;

  

	(3)	 From 2nd quarter, 2014 to before the maturity date of the loan, to repay the remaining principal in full in at least two times of payment per year.

  

	(IV)	To repay the principal and interest in equal amounts: Party B shall repay the principal and interest in equal amounts each month. 

Monthly repaid mount=principal*monthly interest rate*(1 + monthly interest rate)number of months of loan/[(1 + monthly interest rate)number of months of loan –1] 

 

	(V)	To repay the principal in equal amounts: Party B shall repay the principal in equal amounts each month, with interest decreased each month with the principal.

 Monthly repaid mount=principal/number of months of loan + (principal – accumulated amount of repaid principal)*loan
interest rate of the current period 
  

	(VI)	Other methods of repayment:
            /            . 

 No matter which of the above means is adopted, if the last repayment date of the principal does not fall on the date of interest settlement, then the outstanding interest shall be settled together with
the principal (daily interest rate=monthly interest rate/30). 
 If the repayment of principal or the repayment of principal and interest in
equal amounts are adopted, the following shall also be complied with: 
  

	1	A repayment period is one month, and the repayment day shall be the same day of the subsequent months as the actual loan issuance day; if there is no such corresponding
day in one month, the repayment day shall be the last day of such month, and the repayment day of the last period shall be the maturity day of the loan. 

  
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	2	Party B will enjoy a 10-day grace period for payment from the repayment day, and Party B’s failure to repay the loan within the grace period shall not be deemed as
default. In case the due amount fails to be repaid at the expiry of the grace period, then the full amount of the unpaid current-period principal and interest of the loan shall be treated as overdue amount. The overdue period shall start to be
calculated from the repayment day of the current month, and the punitive interest, penalty and compound interest will be calculated and charged as agreed. 

  

	3	Party A will serve additional notice in case of any change in the above repayment day and grace period. 

Article 12: Means of Loan Repayment 

Party B chooses to repay the loan in the [(I)] means as follows: 
  

	(I)	Repayment at the counter: Party B shall go to Party A’s office to handle the repayment. 

 

	(II)	Entrusted deduction for repayment: Party B shall deposit the full amount of the current-period principal and interest into the loan repayment account by the stipulated
deadline of the current period. Party B irrevocably authorizes Party A to deduct the various amounts in relation to the loan directly from this account, and such authorization will not be subject to an extra power of attorney.

 In case of entrusted deduction for repayment, Party B shall make sure that Party A may effectively deduct the amounts by
complying with the following requirements: 
  

	1	During the term of loan, to deposit on time the full repayment amount of the current period into the loan repayment account and guarantee that after deduction, there is
still a remaining amount in this account sufficient to satisfy the minimum deposit requirement of this account. 

  

	2	During the term of loan, if Party B changes its loan repayment account, it shall notify Party A in writing 15 days before the date of the entrusted deduction. The
Parties agree that the account cannot be changed until after the new account starts to be used. 

  

	3	During the term of loan, if Party A is unable to effectively deduct the amounts from the loan repayment account, then Party B shall provide another legitimate and valid
account for deduction in time. 

  

	4	In case the loan becomes overdue and Party B still fails to handle the repayment at the counter, Party B may deposit sufficient amounts in the loan repayment account
for Party A to allocate and collect the amounts on the next repayment day. But, Party A will continue to charge punitive interest or penalty for late payment and its compound interest between the deposit day and the allocation day.

 Should Party B fail to make the repayment on time, party A may deduct the amounts from other accounts (including but not
limited to Loan-Deposit Conversion Account, funds gathering account, etc) opened by Party B at the system of Chongqing Rural Commercial Bank, but such right of deduction shall not constitute an absolute obligation of Party A of deduction. Even if
Party A does not exercise this right, it will not be responsible for any bad consequences or records on the side of Party B, such as the punitive interest for late payment. 

  
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 Article 13: Party A’s Rights and Obligations 

 

	(I)	To understand the situation of Party B’s production, operation, financial situation, inventory stock, etc, to supervise and check the use of the loan, and to
require Party B to provide financial statements and other documents, materials and information on time; 

  

	(II)	To deduct any amounts payable by Party B to Party A arising from this Contract from the deposit accounts opened by Party B at Party A; 

 

	(III)	To issue the loan to Party B in full and on time pursuant to this Contract provided that Party B performs the obligations hereunder. 

 

	(IV)	To disclose Party B’s default to the public if Party B fails to perform the repayment obligation; 

 

	(V)	To keep confidential Party B’s liabilities, financial situation, production and operation that come into Party A’s knowledge, except for Party A’s
internal reasonable use or for enterprise credit rating use or otherwise stipulated in laws, rules and regulations. 

 Article
14: Party B’s rights and obligations 
  

	(I)	To obtain and use the loan pursuant to this Contract; 

  

	(II)	To use the loan in conformity with the purpose stipulated herein, not to occupy or misappropriate the loan and to guarantee the legitimacy of the purpose of the loan;

  

	(III)	To repay the loan principal in agreed periods and pay the interest on time; 

 

	(IV)	To immediately notify Party A in writing of the occurrence of any events that may cause a change to the credit-debt relationship hereunder, or any other events that
threaten its normal operations or materially and adversely affect its payment obligation hereunder, including but not limited to production stoppage, closure, close-down, bankruptcy, revocation or cancellation of its production and sale permit and
business license, investigation and punishment of alleged illegal acts; illegal activities of its legal representative or main person in charge, occurrence of major safety liability accidents, involvement in significant lawsuits, serious difficulty
in production and operations, deterioration of financial situation, etc; and to implement the repayment measures accepted by Party A; 

  

	(V)	To immediately notify Party A in writing of any events that deprive the guarantor hereunder in whole or in part of the guarantee capability corresponding to the loan,
including but not limited to production stoppage, closure, deregistration, bankruptcy, involvement in lawsuit or arbitration, administrative punishment imposed and loss suffering, etc, or any events that cause the decrease of the collateral for
mortgage, collateral for pledge and pledge rights as the guarantee of the loan hereunder; and to provide other guarantee accepted by Party A. 

  

	(VI)	To notify Party A in writing 15 days in advance about any changes to Party B’s registered information during the term of the loan, including but not limited to
name, registered capital, legal representative, legal address, business scope, etc. 

  

	(VII)	Party B is willing to bear the costs of insurance, transport, appraisal, registration, safekeeping, authentication, notarization, etc in connection with this Contract
and the guarantees hereunder. 

  
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	(VIII)	After party A releases the loan funds to Party B’s Loan-Deposit Conversion Account, any risks, responsibilities and losses arising from the loan funds being frozen
or deducted by competent authority shall be assumed by Party B. Any losses thus suffered by Party A shall be compensated by Party B. 

  

	(IX)	Party B shall not retreat its project capitals in advance before the principal and interest of the loan hereunder have been fully repaid; without Party A’s
consent, Party B shall not sell its significant corporate assets (except for repaying the loan granted by Party A), or provide guarantee for others on the project assets; during the term of loan, Party B shall not distribute its dividends
until the loan has been repaid according to the installment repayment schedule (Party B shall not distribute its dividends to its shareholders/ Party B shall not distribute its dividends until the loan has been repaid according to the
installment repayment schedule). 

 Article 15: Party B commits to Party A that: 

 

	(I)	the project and purpose for which the loan is granted are in compliance with the requirements of laws and regulations; 

 

	(II)	it will, strictly at Party A’s request, provide Party A on time or regularly with its financial statements and the legitimate, true, complete, accurate and valid
documents with regard to the accounts receivable, accounts payable, inventory breakdown, project progress and operation and such other detailed information; 

 

	(III)	it will diligently and actively assist party A in loan payment management, after-loan management and relevant checks on the loan; 

 

	(IV)	it will timely notify Party A of the occurrence of any significant events that will adversely affect its ability to repay the loan, and will implement the repayment
measures accepted by Party A; 

  

	(V)	it will not dodge Party A’s entrusted payment by breaking the whole payment into parts; 

 

	(VI)	during the course of project construction, any major adjustments to the construction plan or project budgetary estimates shall be notified to Party A in writing
before such adjustment takes place (subject to Party A’s consent/ notified to Party A in writing before the adjustment takes place); 

  

	(VII)	during the term of loan, the merger, division, shareholding change or equity transfer, change of contracting, lease or other operation mode, assignment or sale of major
assets, equity pledge, external investment, external guarantee, material increase of debt financing, new construction projects and such other significant events must be notified to Party A in writing before implementation (subject to Party
A’s consent/notified to Party A in writing before implementation), and such events may be carried out only after the loan debt has been arranged and the corresponding guarantee has been provided or the loan risk control measures accepted by
Party A have been implemented; 

  

	(VIII)	            /            ;

  

	(IX)	            /            .

  
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 Article 16: Amendment to Contract 

 

	(I)	Upon Party A’s consent, Party B may repay the loan ahead of schedule, provided that: 

 

	1	the amount to be repaid earlier must be multiple of RMB 10,000. 

  

	2	Party B shall file the application for earlier repayment in writing and earlier repayment may be allowed only once a month. 

 

	3	if Party B applies to earlier repay the full amount of principal, the interest shall be calculated and charged according to the interest rate agreed herein, the amount
repaid earlier and the actual time of funds occupation from the day following the previous interest settlement day to the actual earlier repayment day. The interest already calculated and collected previously will not be adjusted.

  

	4	When repaying the loan earlier, Party B shall first repay the outstanding principal and interest (if any) as well as the due principal and interest of the current
period. 

  

	5	When repayment of principal or repayment of principal and interest in equal amounts is adopted, after the earlier repayment is made, Party B may select “number of
periods unchanged, monthly repayment amount reduced” or “monthly repayment amount unchanged, number of periods reduced” according to its needs, the former of which is Party A’s default means of adjustment.

  

	6	Party A shall have the right to refuse Party B’s application for earlier repayment. 

 

	(II)	In special cases, if Party B really needs to extend the term of the loan, it shall, with the consent of the guarantor, file a written extension application 15 days
before the expiry of the term of the loan. The Parties shall then sign a separate extension agreement after they agree upon it. 

  

	(III)	During the effective term of this Contract, neither Party shall discretionally amend or terminate this Contract. In case an amendment or termination is really in need,
both parties shall negotiation to reach consensus and enter into a written agreement. 

 Article 17: In any of the
following cases, Party A may negotiate with Party B about the issuance of a supplementary loan and its payment conditions, decide on its own to cease the issuance and payment of the loan hereunder, and recover the issued loan hereunder ahead of
schedule: 
  

	(I)	Party B fails to abide by the stipulations and commitments of account management, goes beyond the agreed restrictions of the financial metrics, or the information
contained in the loan application documents is not true; 

  

	(II)	Party B fails to correctly fill out the relevant loan receipts at the time of withdrawal, or fails to provide the corresponding materials as required by Party A;

  

	(III)	Party B fails to satisfy the withdrawal conditions agreed herein or fails to draw down the loan funds within the stipulated time limit; 

 

	(IV)	Under the mode of guaranteed loan, the guarantee contract fails to take effect or the security interest fails to be established; 

 

	(V)	Under the mode of guaranteed loan, any events that occur to the guarantor deprive the guarantor from the guarantee ability, the collateral is destroyed, damaged, lost
or otherwise materially decreases its value, but Party B fails to provide other security accepted by Party A; 

  

	(VI)	Party B fails to repay the principal and interest of the loan as scheduled; 

  
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	(VII)	Party B’s credit level downgrades; 

  

	(VIII)	Party B fails to pay the loan funds as agreed herein; 

  

	(IX)	Party B’s project progress lags behind the funds use progress; 

  

	(X)	Party b violates this Contract by evading Party A’s entrusted payment by breaking the whole payment into parts; 

 

	(XI)	National policies or supervisory regulations require the suspension or termination of the contract performance; 

 

	(XII)	Other acts in violation of this Contract that Party A firmly believe have been or may be carried out by Party B. 

Article 18: Responsibility for Breach of Contract 
  

	(I)	On the conditions that Party B has performed the agreed obligations hereunder, if Party A fails to issue the loan in full amount as scheduled, which brings losses to
Party B, it shall pay penalty fines to Party B according to the exact amount of breach and the number of actual delay days. The penalty fines shall be calculated based on the loan interest rate agreed herein. 

 

	(II)	For the loan funds that fail to be repaid within the stipulated time period or fail to be used for the purpose agreed herein, the interest shall be calculated and
charged at the punitive interest rate from the day when the loan funds become overdue or begin to fail to be used for the purpose agreed herein until the principal and interest are repaid. For the interest that fail to be paid on time, a compound
interest shall be calculated and charged according to the interest calculation and settlement means and the corresponding punitive interest rate agreed herein. 

 The punitive interest rate for Party B’s failure to repay the loan within the agreed time period shall be an additional 50% on the loan interest rate; The punitive interest rate for Party
B’s failure to use the loan for the purpose agreed herein shall be an additional 100% on the loan interest rate. The punitive interest rate will be adjusted together with the adjustment to the loan interest rate agreed herein.

  

	(III)	If Party B fails to draw and use the loan funds in the agreed manner, fails to comply with the commitments, submits loan application documents containing untrue
information, goes beyond the agreed restriction of financial metrics, commits major cross violation or violates other obligations hereunder, Party A will charge and calculate the interest rate at the punitive interest rate from the day when Party B
obtains the loan until the principal and interest have been repaid. For the interest that fails to be paid on time, a compound interest will be charged and calculated in the interest calculation and settlement means and the corresponding punitive
interest rate agreed herein. The punitive interest rate shall be an additional 100% on the loan interest rate. The punitive interest rate will be adjusted together with the adjustment to the loan interest rate agreed herein.

  

	(IV)	In case Party A has to realize its creditor’s rights through lawsuit, arbitration and notarization for compulsory enforcement, etc, Party B shall bear the full
costs incurred by Party A to realize its creditor’s rights and the corresponding security interest (including but not limited to costs of litigation, arbitration, property preservation, enforcement, assessment, auction, attorney fees, etc)

  
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 Article 19: Dispute Resolution 
 In case of any disputes arising from the performance of this Contract, both Parties shall negotiate or mediate with each other; in case such negotiation or mediation fails, the Parties shall turn to the
[1] manner as follows to resolve the dispute: 
  

	1	To bring a lawsuit to the People’s Court where Party A is located; 

  

	2	To apply for arbitration to Chongqing Arbitration Commission; 

  

	3	After this Contract is notarized by both Parties for compulsory enforcement, if Party B fails to perform or to fully perform the obligations provided hereunder, Party A
may apply for an enforcement certificate to the original notary office and apply to the People’s Court of competent jurisdiction (which means the People’s Court of the domicile of the enforcee or the domicile of the enforcee’s
property) for enforcement of this Contract with the original notarial certificate and the enforcement certificate, and Party B is willing to accept such enforcement. In any cases where no notarization has been handled or the compulsory enforcement
cannot be implemented after notarization, Party A may initiate a litigation directly to the People’s Court where Party A is domiciled. 

 During the litigation or arbitration, other than the terms under disputes, the other terms hereof shall continue to be performed. 
 Article 20: Miscellaneous 
  

	(I)	Party B commits that during the term of loan granted by our bank, if the financing interest rate granted by other banks to the Borrower is higher than the base rate
of PBOC for the loan of the same period, then the loan interest rate of our bank must also be immediately adjusted to this rate. 

  

	(II)	During the term of the loan granted by our bank, if, according to the calculation of our bank, the proceeds achieved by the Borrower’s current deposits and
security deposit at our bank turn out to be less than 20% up on the interest rate of the same-level loan of the same period, the shortfall shall be collected additionally on a quarterly basis in the form of financial consulting fee.

  

	(III)	If the project investment exceeds the budgetary estimates, the exceeding part shall be financed by the Borrower itself. 

 

	(IV)	After the later 125MW silicon chip project has formed a property right, supplementary mortgage security procedures shall be handled at our bank.

  

	(V)	This Contract is the concrete commercial contract under the Maximum Amount Guarantee Contract numbered Wan Zhou Sub-branch Year 2011 Gao Bao Zi No.
2901012011300510. 

 Article 21: Effectiveness of Contract 
 This Contract shall come into effect upon signed or stamped by the Parties. 
 Article 22:
Counterparts 
 This Contract shall be made in duplicate, one for each Party, which shall be equally binding. 

  
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 Article 23: Exhibits 
 The exhibits of this Contract shall include but not be limited to: 
  

	(I)	Loan receipt; 

  

	(II)	        /        ; 

 

	(III)	        /        . 

Article 24: Notices 
 Any notices
communicated by any Party hereto to the other must be made according to the postal address or telephone number specified herein. In case of any change to the postal address or telephone number, Party B shall notify Party A in writing within 10 days;
otherwise, the documents sent by Party A to the address or telephone number provided herein shall be deemed to have been delivered. Any change to Party A’s postal address or telephone number shall be notified to the other party via
announcement, online bank, telephone bank and such other means. The postal addresses are: 
  

	(I)	Party A: 99 Taibai Rd, Wanzhou District, Chongqing 

  

	(II)	Party B: 666 Long Du Street, Wanzhou District, Chongqing (inside Salt Chemical Park of Wanzhou District) 

Article 25: Reminder 
 Party A has
reminded Party B to fully and accurately understand the terms of this Contract, and has made the relevant explanations at Party B’s request. The Parties share the same knowledge of this Contract. 

 

					
	Lender (Party A):( signature and stamp)	 		 	Borrower (Party B): (signature and stamp)
			
	/seal/	 		 	/seal/
			
	Legal Representative/Person in charge:/s/ [Authorized Signatory]	 		 	Legal Representative/Person in charge:/s/ Guangfu Xu
			
	or authorized agent:	 		 	or authorized agent: Guangfu Xu

 Date of signature: October 26, 2011 

Place of signature: Chongqing Rural Commercial Bank, Wanzhou Sub-Branch 

  
 14English translation of the short-term Syndicated Loan Agreement

 Exhibit 4.24 

English Translation 
 JIANYUYINTUANDUANQI[2011]001 
 SYNDICATED LOAN AGREEMENT 

IN AMOUNT OF RMB200,000,000 
 Among 
 Chongqing Daqo New Energy Co., Ltd. 

As the Borrower 

China Construction Bank, Chongqing Branch 
 As the Lead Manager 
 China Construction Bank, Wanzhou Branch 

China Everbright Bank, Chongqing Branch 
 As the Lenders 
 And 

China Construction Bank, Wanzhou Branch 
 As the Agent Bank 
 Dated: March 1, 2011 

 This AGREEMENT, dated March 1, 2011, is made by and among: 

 

	 	(1)	Chongqing Daqo New Energy Co., Ltd., with its registered address at XianJia Village, Longdu Neighborhood, Wanzhou District, Chongqing, China, and Guangfu Xu as
its legal representative, acting as the Borrower (the “Borrower”); 

  

	 	(2)	China Construction Bank, Chongqing Branch, with its registered address at 123 Minzu Street, Yuzhong District, Chongqing, China, and Li Guo as its legal
representative, acting as the lead manager (the “Lead Manager”); 

  

	 	(3)	China Construction Bank, Wanzhou Branch, with its registered address at 86 Gaosuntang, Wanzhou District, Chongqing, China, and Li Xuejun as its legal
representative, acting as the agent bank (the “Agent Bank”); and 

  

	 	(4)	China Construction Bank, Wanzhou Branch, with its registered address at 86 Gaosuntang, Wanzhou District, Chongqing, China, and Li Xuejun as its legal
representative, and China Everbright Bank, Chongqing Branch, with its registered address at 123 Minzu Street, Yuzhong District, Chongqing, China, and Pan Xiya as its legal representative, acting as the lenders (each a
“Lender” and collectively the “Lenders”). 

 (Individually, a “Party”;
collectively, the “Parties”) 
 NOW, THEREFORE, the Parties agree as follows in good faith through friendly and equal
negotiations: 
  

	1.	Terms and Definitions 

  

	1.1	In this Agreement: 

 “Guaranty
Agreement” means the letter of guaranty dated [•] issued by the Guarantor in favor of and acknowledged by the Syndicate; 

“Guarantor” means Daqo Group Co., Ltd., and Xu Guangzhou and Xiang Xu as natural persons; 

“Financial Year” means the period between January 1 (inclusive) of a calendar year and December 31 (inclusive) of the same
year; 
 “Contribution Ratio” means, in respect of a Lender, the proportion of the Contribution of such Lender to the Total
Contribution; 
 “Contribution Amount” means the RMB Contribution Amount; 

“Cost Affected Lender” means the Cost Affected Lender specified in Article 10.1 hereof; 

  
 2 

 “Cost Increase Notice” means the Cost Increase Notice specified in Article 10.1 hereof;

 “Initial Lender” means China Construction Bank, Wanzhou Branch; and China Everbright Bank, Chongqing Branch; 

“Resigned Agent Bank” means the Resigned Agent Bank specified in Article 15.9 hereof; 

“Credit Line” means the RMB credit line; 
 “Lender” means the Initial Lender and the Assignee Bank; 
 “Loan Interest
Rate” means, in respect of each drawdown of the Loan Fund in RMB, the loan interest rate per annum specified in Article 5.1.1 hereof; 

“Loan Term” means the loan term specified in Article 6.1 hereof; 
 “Loan Fund” means any principal amount that has been or will be lent to the Borrower under the Credit Line in accordance with this Agreement; 

“Agent Bank” means China Construction Bank, Wanzhou Branch, or the Successor Agent Bank; 

“Security Agreement” means Guaranty Agreement or Mortgage Agreement; 
 “Surety” means Guarantor or Mortgager; 
 “Security Interest”
means any agreement or arrangement for mortgage, pledge, lien, deposit or having the effect or purpose of security (whether made or construed pursuant to PRC laws or not); 
 “Majority Lender” means one or more Lenders whose loans account for two-thirds (2/3) or more of the Credit Line; 
 “Non-transfer Party” has the meaning in Article 17.6.1; 
 “Allocation
Amount” has the meaning in Article 8.10.1; 
 “Legal Change Notice” has the meaning in Article 11.1; 

“Penalty Interest” means Overdue Penalty Interest and Misappropriation Penalty Interest; 

“Interest Payment Date” means the first business day immediately following the Interest Calculation Date; 

“Liabilities” mean any and all kinds of actual or contingent, due or pending payment or repayment obligations of the Borrower as a
debtor or guarantor; 

  
 3 

 “SAIC” means the State Administration of Industry and Commerce and its branches;

 “Agreement Currency” has the meaning in Article 16.4; 
 “Repayment Date” has the meaning in Article 6; 
 “Successor Agent
Bank” has the meaning in Article 15.9; 
 “Benchmark Interest Rate” means the RMB Benchmark Interest Rate; 

“Borrower” means Chongqing Daqo New Energy Sources Co., Ltd.; 
 “Borrower Counterparty Account” means the accounts identified in Article 3.2(1) of AnnexIII hereto; 
 “Accounting Standards” mean PRC laws and regulations and the accounting standards accepted within the PRC; 
 “Interest Rate Determination Date” means, in respect of each drawdown of Loan Funds in RMB, the day of such drawdown; 
 “Misappropriation Penalty Interest Rate” has the meaning in Article 5.2.2; 

“Lead Manager” means China Construction Bank, Chongqing Branch; 
 “Cancellation Notice” has the meaning in Article 7.2; 
 “RMB”
means the legal currency of the PRC; 
 “RMB Contribution Amount” means: 

 

	 	1.	in respect of an Initial Lender, the RMB Initial Contribution Amount of such Initial Lender, less such Initial Lender’s portion in the Loan Funds that have
been drawn down in RMB, further less such Initial Lender’s portion in any amount cancelled under this Agreement; and 

  

	 	2.	in respect of an Assignee Bank, the RMB Contribution Amount assigned to such Assignee Bank under Article 17 of this Agreement, less such Assignee Bank’s
portion in the Loan Funds that have been drawn down in RMB, further less such Assignee Bank’s portion in any amount cancelled under this Agreement. 

 “Total Contribution Amount” means the total of RMB Contribution Amount of each Lender. 
 “Initial Contribution Amount” means, in respect of each Initial Lender, the initial contribution amount of such Initial Lender set forth under Article 2 hereof; 

  
 4 

 “Loan Balance” means the aggregate amount of the Loan Fund that has been drawn down in RMB
but not been repaid; 
 “Loan Fund Account” means the accounts set forth under Annex V hereto; 

“RMB Benchmark Interest Rate” means the RMB lending interest rate per annum determined, amended and announced from time to time by the
PBOC; 
 “Available Amount” means Contribution Amount less the aggregate of Loan Fund which has been requested for
drawdown in RMB under a Drawdown Notice issued pursuant to this Agreement but yet to be drawn down; 
 “Financing Agreement”
means this Agreement and any Security Agreement; 
 “Effective Date” has the meaning in Article 26 hereof; 

“Collecting Bank” has the meaning in Article 10.8 hereof; 
 “Law Change Affected Lender” has the meaning in Article 11.1 hereof; 

“Drawdown Period” means the period beginning from the Signing Date (inclusive) and ending on the date of six (6) months thereafter;

 “PBOC” means the People’s Bank of China or its branches; 
 “Assignee Bank” has the meaning in Article 17.3; 
 “Taxes” means
any tax, levy, duty, withholding or other similar expenses imposed by tax, fiscal or other administrative agency in any jurisdiction; 

“Tax Administration” means State Tax Administration, local tax administration and their branches; 

“Replacement Interest Rate Notice” has the meaning in Article 5.3 hereof; 
 “Drawdown Period” has the meaning in Article 4.1 hereof; 
 “Drawdown
Date” means, with respect to any Loan Fund drawn down in RMB, the day on which such Loan Fund is paid to the RMB Loan Fund Account; 

“Drawdown Notice” means, in respect of Loan Fund, a drawdown notice completed and issued by the Borrower pursuant to Article 4.1 hereof;

 “Prepayment Notice” has the meaning in Article 7.1 hereof; 
 “Event of Default” means any event or circumstance described in Article 14.1 hereof; 

  
 5 

 “Confirmation Letter” means a confirmation letter substantially similar to Annex II hereof
and signed and issued by the Borrower; 
 “Information Memorandum” means the information memorandum dated July 25, 2010
prepared by the Borrower regarding the working capital syndicated loan of Chongqing Daqo New Energy Sources Co., Ltd.; 
 “Business
Day” means any day on which the business offices of a commercial bank in the PRC is open for business (not including Saturdays, Sundays, and other public holidays); 
 “Syndicate Member” means the Lead Manager, each Lender and the Agent Bank; 

“Syndicate Member Account” means the account of each Syndicate Member set forth under Annex V hereof; 

“Overdue Penalty Interest Rate” has the meaning in Article 5.2 hereof; 
 “Payment Currency” has the meaning in Article 16.4 hereof; 

“PRC” means the People’s Republic of China; 
 “Material Adverse Effect” means any material changes to the Borrower’s assets, financial or operational conditions, which based on the reasonable judgment of the Majority Lenders
will cause or is likely to cause material adverse effect on the Borrower’s ability to perform any of its main obligations under this Agreement; 
 “Increased Cost” has the meaning in Article 10.1 hereof; 
 “Assignment
Notice” has the meaning in Article 17.3 hereof; 
 “Assignment Certificate” means the assignment certificate signed by
the Assigning Bank, the Assignee Bank and the Agent Bank in the form set forth in Annex IV hereof; and 
 “Total Facility”
means the Total Contribution Amount plus Loan Balance. 
  

	1.2	Interpretation 

  

	 	(1)	Headings hereof are for reference only, and shall not be used as interpretation for this Agreement; 

 

	 	(2)	Any reference of “asset” shall include its current and future property, income, revenue, intellectual property, trade name and property rights of any type;

  
 6 

	 	(3)	Any reference of “person” shall include natural person, corporate legal person, public institution, partnership, state, government body, international
organization, association, group or any other organizations; 

  

	 	(4)	“Continuance” shall be interpreted, with respect to an event of default, as that such event of default has occurred and has not been reasonably remedied, nor
be waived by the Syndicate; 

  

	 	(5)	Any reference of “month” means the period commencing on any day of a calendar month and ending on the corresponding day or, in case of absence of such
corresponding day, the last day of the immediately next calendar month; 

  

	 	(6)	Any reference of “suspension”, “dissolution”, “liquidation”, “bankruptcy”, “reorganization”, “settlement” or
“consolidation” of any person means effecting the same or similar proceedings in accordance with the laws of the jurisdiction where such person is incorporated or conducts its business operations, and “commencing” such
proceedings means that such person has passed resolution to or anyone has applied to commence such proceedings; 

  

	 	(7)	Any reference of any Party or any other person includes its legal successors and permitted assigns; and 

 

	 	(8)	This Agreement, any other agreement or document shall be construed to include itself and any amendment and supplement thereto made in accordance with the terms hereto
and thereto. 

  

	2.	Credit Line 

 The Lenders
hereby agree to extend to the Borrower a credit line for working capital loan of no more than RMB Two Hundred Million only (RMB200,000,000) (the “Credit Line”). 
 The Initial Contribution Amount of each Initial Lender is set forth in Annex I hereto. 
  

	3.	Purpose of the Loan 

  

	3.1	The Borrower shall use each drawdown of the Loan Fund for ordinary business operation needs. 

 

	3.2	The Borrower shall use each drawdown of the Loan Fund for such purpose provided in the Drawdown Notice. The Borrower may not alter the purpose of the Loan, including
without limitation for stock and other security investment, any project prohibited by laws, regulations, rules or PRC policies, any project subject to approval according to law, any project or purpose for which banking loan is prohibited, or any
investment in fixed assets or equity. 

  
 7 

	4.	Drawdown 

  

	4.1	Drawdown Notice 

  

	 	(1)	The Borrower may draw down the Loan Fund pursuant to the terms of this Agreement within the period from effective date of this Agreement until May 20, 2011 (the
“Drawdown Period”). 

  

	 	(2)	The Borrower will submit a Drawdown Notice to the Agent Bank pursuant to Article 4.1 of this Agreement prior to its drawdown of the Loan Fund. 

 

	 	(3)	The Borrower will complete the Drawdown Notice in the form of Annex III attached hereto, which drawdown Notice will also be signed by and affixed with the common seal
of the Borrower. 

  

	 	(4)	The Drawdown Notice will provide an expected Drawdown Date which shall be a Business Day within the Drawdown Period. 

 

	 	(5)	The Drawdown Notice will provide an amount of the Loan Fund to be drawn down in RMB, which amount will not be more than the Available Amount as of the date of the
Drawdown Notice. 

  

	 	(6)	The Borrower may not cancel any submitted Drawdown Notice. 

  

	 	(7)	Subject to written application by the Borrower and consent of the Agent Bank, the Drawdown Period may be extended but no longer than June 20, 2011.

  

	 	(8)	The Borrower may not submit the first Drawdown Notice unless and until the Agent Bank confirms to the Borrower and the Lenders that the Agent Bank has received all of
the following documents, the form and content of which documents are to the satisfaction of the Majority Lenders. 

  

	 	a.	The original of the duly signed and effective Financing Agreement. 

  

	 	b.	A copy of the Confirmation Letter signed by the authorized signatory of the Borrower, and an original, or a duplicate copy affixed with the common seal of the Borrower
or, as appropriate, the Surety, of the following documents: 

  

	 	i.	The copy of the current and valid enterprise business license issued by the SAIC to the Borrower and the Surety; 

 

	 	ii.	The current and valid shareholders agreement or joint venture contract, as supplemented and amended from time to time, of the Borrower and the Surety;

  
 8 

	 	iii.	The current and valid articles of association, as supplemented and amended from time to time, of the Borrower and the Surety; 

 

	 	iv.	The current and valid enterprise organization code of the Borrower and the Surety; 

 

	 	v.	The current and valid state and local tax registration certificate issued by the Tax Administration to the Borrower and the Surety; 

 

	 	vi.	The current and valid loan card issued by the PBOC to the Borrower; 

  

	 	vii.	The list of current directors of the Borrower and the Surety and the specimen signature of each of such directors and the person in charge of financial matters;

  

	 	viii.	The ID card of the legal representative of the Borrower and the Surety; 

  

	 	ix.	The registered capital verification report issued by the Registered Accountant to the Borrower; 

 

	 	x.	The resolution adopted at the shareholders/board meetings of the Borrower which: 

 

	 	 ̈.	Approves the terms of the Financing Agreement and its execution and performance by the Borrower; 

 

	 	 ̈.	Authorizes relevant person to sign the Financing Agreement on behalf of the Borrower; 

 

	 	 ̈.	Authorizes relevant person to sign any document and notice relating to the Financing Agreement; and 

 

	 	 ̈.	Provides that no repayment for any loan from shareholders and actual controlling person will be made until full repayment of the Syndicate Loan.

  

	 	xi.	The resolution adopted at the shareholders/board meetings of the Surety which: 

 

	 	 ̈.	Approves the terms of the Security Agreement and its execution and performance by the Surety; 

 

	 	 ̈.	Authorizes relevant person to sign the Security Agreement on behalf of the Surety; and 

 

	 	 ̈.	Authorizes relevant person to sign any document and notice relating to the Security Agreement. 

 

	 	xii.	The list of authorized signatories of the Borrower and Surety, their ID evidence and signature specimen; and 

  
 9 

	 	xiii.	Approvals from government agency or any other authority required under the Financing Agreement and any transaction thereunder. 

 

	 	c.	The document evidencing that all of the fees and expenses payable by the Borrower under Article 16 have been fully paid. 

 

	 	d.	The original document evidencing completion of the security registration required under the Security Agreement. 

 

	 	(9)	The Agent Bank shall, within two (2) Business Days after receipt of any document specified under Article 4.1.8, provide the duplicate of such document to the
Lenders. The Lenders will notify its acceptance or not of such document within two (2) Business Days upon its receipt thereof, and failure to do will be construed as its acceptance of such document. The Agent Bank will provide any comment of
the Lenders to the Borrower within five (5) Business Days upon its receipt thereof, and failure to do so will be construed as the Lender’s acceptance of such document. 

 

	 	(10)	Within two (2) Business Days after receipt of a Drawdown Notice for Loan Fund, the Agent Bank will forward such Drawdown Notice to the Lenders and concurrently
notify the Lender of its Contribution Ratio in such Loan Fund. Each of the Lenders will notify the Agent Bank of its agreement or not to provide such Loan Fund in writing within two (2) Business Days upon receipt of such information. If the
Lender decides that the conditions for drawdown provided under this Agreement have not be satisfied, the Agent Bank will immediately notify the Borrower of such decision with a copy to the Lenders. 

 

	4.2	Conditions precedent to drawdown 

Upon satisfaction of all of the following conditions, the Lenders will provide the Loan Fund through the Agent Bank according to
applicable Contribution Ratio pursuant to Article 8.1 of this Agreement. 
  

	 	(1)	 The Agent Bank receives an original of the Drawdown Notice issued by the Borrower under Article 4.1 of this Agreement no later than 11:00 (Beijing
time) on the morning of the 7th Business Day prior to the
expected Drawdown Date provided in the Drawdown Notice. 

  

	 	(2)	All of the presentations of the Borrower in Article 12 of this Agreement are true and accurate as of the date of the Drawdown Notice, and remain true and accurate as of
the expected Drawdown Date provided in the Drawdown Notice. 

  

	 	(3)	The Borrower has provided a document affixed with its common seal evidencing that it has performed the obligations in Article 13.1.7 of this Agreement as of the date of
the Drawdown Notice and the expected Drawdown Date provided in the Drawdown Notice. 

  
 10 

	 	(4)	Subject to Article 13.1.9, the Borrower will perform all of its warranties before issuing the Drawdown Notice, for which the Guarantor will issue a letter of guaranty.

  

	 	(5)	There exists no Event of Default. 

  

	 	(6)	Under lender entrusted payment arrangement, the Borrower will provide evidence for the purpose of the Loan Fund acceptable to the Syndicate to the Agent Bank before
provision of Loan Fund. Under Borrower direct payment arrangement, the Borrower will provide a Loan Fund payment plan acceptable to the Syndicate to the Agent Bank before provision of Loan Fund. 

 

	5.	Interest 

  

	5.1	The interest rate applicable to each Loan Fund drawn down in RMB shall be the RMB Benchmark Interest Rate published on the Interest Rate Determination Date.

  

	5.2	Penalty Interest Rate 

  

	 	(1)	If the Borrower fails to make due repayment of any Loan Fund under this Agreement, the amount overdue will be charged at an interest rate which is 50% higher than the
applicable loan interest rate from the original due date of such amount until its full repayment (the “Overdue Penalty Interest Rate”). 

  

	 	(2)	If any Loan Fund is misused by the Borrower, such amount misused will be charged at an interest rate which is 100% higher than the applicable interest rate from the
date of occurrence of such misuse until the date of its termination (the “Misuse Penalty Interest Rate”). 

  

	 	(3)	If any Loan Fund is overdue and misused, the higher of the Overdue Penalty Interest Rate or the Misuse Penalty Interest Rate will apply. 

 

	 	(4)	Any overdue or misused amount will be charged with compound interest pursuant to relevant provisions of the PBOC. 

 

	5.3	Replacement Interest Rate 

  

	 	(1)	The Agent Bank will notify the Borrower and the Lenders immediately (the “Replacement Interest Rate Notice”) if: 

 

	 	a.	No RMB Benchmark Interest Rate is applicable to the Loan Fund drawn down in RMB on its Interest Rate Determination Date; or 

 

	 	b.	No RMB Benchmark Interest Rate is published for the Loan Fund drawn down in RMB. 

  
 11 

	 	(2)	Upon receipt of the Replacement Interest Rate Notice and within five (5) Business Days after request from the Borrower or the Agent Bank (subject to decision of
the Majority Lenders), the Borrower and the Agent Bank (subject to decision of the Majority Lenders) will immediately negotiate to adjust the Benchmark Interest Rate applicable to the Loan Fund during the Interest Period. 

 

	 	(3)	Subject to agreement of the Borrower and the Agent Bank (subject to decision of the Majority Lenders) within the period provided under Article 5.3.2, the Benchmark
Interest Rate applicable to the Loan Fund during the Interest Period will be the Benchmark Interest Rate so agreed upon by the Borrower and the Agent Bank (subject to decision of the Majority Lenders). 

If the Borrower and the Agent Bank (subject to decision of the Majority Lenders) fail to reach any agreement within the period provided
under Article 5.3.2, the Benchmark Interest Rate applicable to the Loan Fund for the period from the issuance of the Replacement Interest Rate Notice by the Agent Bank to arrival of agreement of the Borrower and the Agent Bank (subject to decision
of the Majority Lenders) regarding the new interest rate will be the latest RMB Benchmark Interest Rate published by the PBOC before liberalization of the Benchmark Interest Rate. 

 

	5.4	Interest Payment Date 

 The interest accrued upon Loan Fund will be paid monthly at the Interest Payment Date, which is the 20th day of each month. 
  

	5.5	Interest Calculation 

  

	 	(1)	Any interest or penalty interest on any outstanding amount under this Agreement will be accrued daily on the basis of 360 days per annum. 

 

	 	(2)	On Interest Rate Determination Date, the Agent Bank will determine the applicable Loan Interest Rate or Penalty Interest Rate pursuant to the terms of this Agreement,
and notify its determination to the Borrower and each of the Lenders immediately. 

  

	 	(3)	The interest on Loan Fund will be accrued on and from credit of the Loan Fund to RMB Loan Fund Account. 

 

	5.6	Interest Repayment 

  

	 	(1)	The Borrower will repay the interest accrued under Articles 5.1, 5.2 and 5.5 of this Agreement on the Interest Repayment Date. 

 

	 	(2)	The Agent Bank will notify the amount of interest and penalty interest payable by the Borrower on the Interest Repayment Date to the Borrower no less than five
(5) Business Days prior to the Interest Repayment Date. 

  
 12 

	6.	Repayment 

  

	6.1	Loan Term 

 The term for the Loan
Fund under this Agreement will be one year (the “Loan Term”), commencing on the Drawdown Date of such Loan Fund and ending on the day immediately before the first anniversary of such Drawdown Date (the “Repayment Date”). The
Borrower will repay all of its debts under this Agreement by the end of the Loan Term for Loan Fund. 
  

	6.2	Repayment 

 The Loan Fund will be
repaid by the Borrower on the relevant Loan Repayment Date. 
  

	7.	Prepayment and cancellation 

  

	7.1	Voluntary prepayment 

  

	 	(1)	The Borrower may prepay all or any of the Loan Fund provided that it has so notified the Agent Bank on less than ten (10) Business Days in advance (the
“Prepayment Notice”) and receives prior consent from the Agent Bank (subject to decision of Majority Lenders). 

  

	 	(2)	The Prepayment Notice will provide the amount and date of prepayment. 

  

	 	(3)	The amount of RMB Loan Balance to be prepaid will be no less than RMB5,000,000. 

 

	 	(4)	The prepayment date will be an Interest Repayment Date, and voluntary Prepayment will occur once only during any Financial Year. 

 

	 	(5)	Prepayment to any principal will include prepayment to any interest or penalty interest accrued upon such principal. 

 

	 	(6)	Any prepaid amount will not be available for drawdown. 

  

	 	(7)	The Borrower may not cancel any issued Prepayment Notice, and will make prepayment on the prepayment date specified in the Prepayment Notice. 

 

	 	(8)	No prepayment fee will be charged upon the Borrower for its prepayment under Article 7.1. 

 

	 	(9)	Prepayment will be made in the reverse order of the maturity of Loan Fund within the relevant Loan Term under Article 6, which means the principal with latest maturity
will be repaid first. 

  
 13 

	7.2	Voluntary cancellation 

  

	 	(1)	The Borrower may cancel any or all of the Total Contribution Amount provided that it has so notified the Agent Bank no less than 30 Business Days in advance (the
“Cancellation Notice”) [and receives prior written consent from the Agent Bank (subject to decision of Majority Lenders). 

  

	 	(2)	Cancellation Notice will provide the amount and date of such cancellation. 

 

	 	(3)	The RMB Total Contribution Amount to be cancelled will be no less than RMB5,000,000. 

 

	 	(4)	The cancellation will take effect on the cancellation date specified in the Cancellation Notice, which will be a Business Day during the Drawdown Period.

  

	 	(5)	Upon effect of cancelled Total Contribution Amount, the RMB Contribution Amount of each Lender will be reduced proportionally. 

 

	 	(6)	Any cancelled portion of the Total Contribution Amount will not be restored. 

 

	 	(7)	The Borrower may not cancel any issued Cancellation Notice. 

  

	7.3	Voluntary cancellation 

 Unless
otherwise agreed under this Agreement, upon the end of the Drawdown Period, the Total Contribution Amount will be cancelled entirely and automatically, the Contribution Amount of each Lender is concurrently cancelled, and any cancelled Contribution
Amount will not be restored. 
  

	7.4	Mandatory cancellation 

 The
Contribution Amount of the Law Change Affected Lender will be cancelled pursuant to Article 11 of this Agreement. 
  

	8.	Payment Terms 

  

	8.1	Disbursement of Loan Fund 

 Each
Lender will disburse its portion of the Loan Fund to be drawn down in RMB based on the Contribution Ratio to the Agent Bank RMB Payment Account no later than 11:00 (Beijing time) on the Morning of the expected Drawdown Date specified in the Drawdown
Notice. 
  

	8.2	Payment of Loan Fund 

  

	 	(1)	Single drawdown of Loan Fund more than RMB30 million will be made under the Lender entrusted payment arrangement, according to which the Agent Bank will disburse the
Loan Fund to the RMB Loan Fund Account according to the Drawdown Notice and payment instruction of the Borrower, and then immediately transfer such Loan Fund to the Borrower Counterparty Account. 

  
 14 

 Under the Lender entrusted payment arrangement, the Agent Bank will disburse the Loan Fund
no more than the amount paid by the Lenders to the Agent Bank RMB Payment Account. 
  

	 	(2)	 Loan Fund may also be made under the Borrower direct payment arrangement, according to which the Agent Bank will disburse the Loan Fund to the RMB Loan
Fund Account according to the Drawdown Notice and payment instruction of the Borrower, and then the Borrower will pay out the Loan Fund directly. The Borrower will provide a summary report of Loan Fund payments no later than the 10th day of each month. 

 

	 	(3)	After execution of this Agreement, if the Borrower disintegrates the Loan Fund to be drawn down to avoid Lender entrusted payment arrangement, the Agent Bank may
suspend disbursement and payment of Loan Fund. 

  

	8.3	Repayment by the Borrower 

 The
Borrower will repay any due and payable RMB amount to the RMB Repayment Account opened by the Borrower with the Agent Bank no later than the first Business Day prior to the maturity date provided under this Agreement. 

 

	8.4	Payment by the Agent Bank 

  

	 	(1)	The Agent Bank will pay the Loan Fund it receives under Article 8.1.1 to the RMB Loan Fund Account no later than 4:00 (Beijing time) on the afternoon of the Drawdown
Date, and make payments pursuant to Article 8.2. 

  

	 	(2)	The Agent Bank will pay the amount it receives under Article 8.3 to the Syndicate Member Account in the order and proportion set forth under Article 8.5 no later than
12:00 (Beijing time) on the morning of day immediately following the date of its receipt of such amount. 

  

	 	(3)	Under Lender entrusted payment arrangement, if the Agent Bank fails to perform payment obligations due to untrue, inaccurate and incomplete information provided by the
Borrower, the Agent Bank will be held liable and the payment obligation of the Borrower under this Agreement will not be affected. 

  

	 	(4)	The Agent Bank will not be held liable for its failure to pay Loan Fund to the Borrower’s counter party due to return of Loan Fund by the bank with the Borrower
Counterparty Account, and the payment obligation of the Borrower under this Agreement will not be affected. The Borrower hereby authorizes the Agent Bank to freeze the Loan Fund returned from the bank with the Borrower Counterparty Account; under
such circumstance, the Borrower will re-submit payment instructions and other necessary information relating to the purpose of the Loan Fund. Upon review of such information to its satisfaction, the Agent Bank will pay the Loan Fund from the RMB
Loan Fund Account to the Borrower Counterparty Account. 

  
 15 

	8.5	Order of payment 

 Any amount
received by the Agent Bank under Article 8.3 will be paid in the following order and proportion: 
  

	 	(1)	Any agent fee due and payable under Article 16.1and reasonable costs and expenses incurred by the Agent Bank in connection with its performance of the Financing
Agreement; 

  

	 	(2)	Any fee due and payable to the Lenders under Article 16.1 according to the Contribution Ratio of each Lender; 

 

	 	(3)	Any interest, including without limitation any compound and penalty interest, due and payable to any Lender in proportion to Loan Balance under this Agreement;

  

	 	(4)	Any principal due and payable to any Lender in proportion to Loan Balance under this Agreement; and 

 

	 	(5)	Any other amount due and payable to Syndicate Member in proportion to Loan Balance under this Agreement. 

For any loan the repayment of which principal or interest is overdue for more than 90 days or any other loan otherwise required by laws,
regulations and rules, it will be repaid by the Borrower, in the order of principal followed by the interest, after its repayment of the fees under Articles 8.5.1 and 8.5.2. 

 

	8.6	Advance Payment 

 The Agent Bank
is not obliged to advance any payment for any Party hereof. 
  

	8.7	Payment Currency 

 Any fee
payable under Article 16.1 shall be repaid in RMB, and any other costs, reimbursements and indemnities under Article 17 will be repaid in the same currency of its incurrence. 

 

	8.8	Set-off 

 The Borrower may not
exercise any set-off right against any of its repayment to Syndicate Member under this Agreement. 

  
 16 

	8.9	Non Business Day 

  

	 	(1)	If any payment under this Agreement is made on a day which is not a Business Day, such payment shall be postponed to the first Business Day immediately following such
day. 

  

	 	(2)	The Borrower will pay interest on the principal amount the repayment of which is postponed under Article 8.9.1 at the Loan Interest Rate applicable to such principal
prior to its maturity. 

  

	8.10	Allocation 

  

	 	(1)	Unless otherwise agreed in Article 8.10.4, any Syndicate Member (the “Collection Bank”) will inform its receipt of any mount due and payable from the Borrower
under this Agreement, other than such payment provided under Article 8.3, to the Agent Bank on the same day of such receipt and immediately transfer such payment to the Agent Bank (the “Allocation Amount”). 

 

	 	(2)	Transfer of the Allocation Amount from the Collection Bank to the Agent Bank under Article 8.10.1 will not be construed as completion of repayment obligation of the
Borrower. 

  

	 	(3)	The Agent Bank will construe the Allocation Amount received under Article 8.10.1 as repayment from the Borrower and pay the Allocation Amount to each of the Syndicate
Member Account under 8.4.3 of this Agreement. 

  

	 	(4)	Article 8.10.1 is not applicable to: 

  

	 	a.	Any amount transferred or indirectly received by any Lender under Article 17; 

 

	 	b.	Any amount received by any Syndicate Member in connection with any suit or arbitration of any claim against the Borrower under this Agreement, provided that
(i) such suit or arbitration has been notified to the other Syndicate Members, and (ii) the other Syndicate Members do not participated in such suit or arbitration within ten Business Days upon receipt of such notice.

  

	9.	Taxes 

  

	9.1	Business and income taxes 

 Any
Syndicate Member will be solely responsible for any and all Taxes imposed on the business income or profit received by the Syndicate Member or any of its branches at the place of incorporation of the Syndicate Member or any of its branches or the
jurisdiction where the Syndicate Member or any of its branches is tax resident, including without limitation business tax and income tax. 

  
 17 

	9.2	Stamp duty 

 The Borrower and
Syndicate Member will bear their respective stamp duty in connection with this Agreement according to laws and regulations. 
  

	10.	Cost Increase 

  

	10.1	If any of the Lenders (the “Cost Affected Lender”) incurs or expects to incur one of the following costs (the “Increased Cost”) after the Effective
Date due to issue, implementation or change of any applicable laws, regulations and their interpretations, or compliance with requirements of the central bank or any fiscal, tax, financial or other authorities having jurisdiction over such Lender:

  

	 	(1)	Any increase of cost or additional cost incurred by the Cost Affected Lender due to its execution or performance of this Agreement; 

 

	 	(2)	Any decrease of any amount received or receivable by the Cost Affected Lender under this Agreement; or 

 

	 	(3)	Any increase of cost or additional cost incurred by the Cost Affected Lender due to its participation in providing any Loan Fund, or maintaining or raising its
Contribution Amount or its portion in any Loan Fund; 

 Then, upon its knowledge of such circumstance, the Cost
Affected Lender will notify the Agent Bank promptly (the “Cost Increase Notice”), which notice will include detailed description of the cause and basis of calculation for the Increased Cost. The Agent Bank will notify the Borrower of the
Cost Increase Notice promptly after its receipt of such notice. 
  

	10.2	Indemnity 

 Within ten
(10) Business Days upon its receipt of the Cost Increase Notice and upon request from the Cost Affected Lender, the Borrower will pay an amount equal to the Increased Cost through the Agent Bank; provided, however, that the Borrower is not
obliged to pay to the Cost Affected Lender any Increased Cost: 
  

	 	(1)	Against which the Borrower has been or will be indemnified under any other term of this Agreement; 

 

	 	(2)	Which is caused by any change of the rate or base o calculation of the tax imposed upon the business income or profit of any Lender or any of its branches;

  

	 	(3)	Which is caused by the Lender’s failure to compliance with the requirements of the central bank or any fiscal, tax, financial or other authorities having
jurisdiction over such Lender; 

  

	 	(4)	Which is caused by the downgrade of the credit rating of the Lender; or 

  

	 	(5)	Which is caused by any other transaction not provided under this Agreement. 

  
 18 

	11.	Change of Law 

  

	11.1	Change of Law Notice 

 If
participation to provide any Loan Fund, or maintaining or raising its Contribution Amount or its portion in any Loan Fund by any of the Lenders (the “Law Change Affected Lender”) is held illegal after the Effective Date directly
attributable to the issue, implementation or change of any applicable laws, regulations and their interpretations, or compliance with requirements of the central bank or any fiscal, tax, financial or other authorities having jurisdiction over such
Lender, the Law Change Affected Lender will notify the Agent Bank promptly upon its knowledge of such circumstance, (the “Law Change Notice”), which notice will include detailed description of the cause and basis of such illegality. The
Agent Bank will notify the Borrower of the Law Change Notice promptly after its receipt of such notice. 
  

	11.2	Cancellation and prepayment 

  

	 	(1)	Upon receipt of the Law Change Notice by the Borrower, the Borrower and the Lenders will make efforts to take concerted actions within the time specified in the Law
Change Notice so as to make this Agreement legal and valid. If the Borrower and the Lenders fail to take efforts to make this Agreement continue to be legal and valid, the Law Change Affected Lender will notify promptly the Agent Bank (the “Law
Change Confirmation Letter”), which will notify the Borrower promptly upon its receipt of such Law Change Confirmation Notice. 

  

	 	(2)	Upon receipt of the Law Change Confirmation Letter by the Borrower, the Contribution Amount of the Law Change Affected Lender will be entirely and automatically
cancelled. 

  

	 	(3)	Within twenty (20) Business Days upon its receipt of the Law Change Confirmation Letter, the Borrower will prepay any portion of the Loan Fund which is provided by
the Law Change Affected Lender and any interest accrued thereupon. 

  

	12.	Representations 

 The
Borrower represents to each Syndicate Member that as of the Effective Date and each of the Drawdown Date: 
  

	 	(1)	Legal status 

 The Borrower and
each of the Sureties other than any natural person is an business enterprise duly incorporated and validly existing under the laws of its place of incorporation. 

  
 19 

	 	(2)	Contractual capability 

 The
Borrower has the powers and capabilities necessary to owner its assets, operate its businesses, execute and perform the Financing Agreement. 
  

	 	(3)	Corporate authority 

 The
Borrower has received corporate authority requisite to execute and perform the Financing Agreement and such authority continues to have full effect. The Financing Agreement has been duly executed by the authorized signatory of the Borrower.

  

	 	(4)	Permits 

 The Borrower has
received all approvals, permits, consents, registrations and filings necessary to own its assets, operate its businesses, execute and perform Financing Agreement, and such approvals, permits, consents, registrations and filings continue to have full
effect. 
  

	 	(5)	Effect of terms 

 The obligations
of the Borrower hereunder constitute valid, effective and binding obligations and shall be performed according to the terms hereunder. 
  

	 	(6)	Breach of other documents 

Execution of this Agreement by the Borrower will not breach or conflict with any of the following: 

 

	 	a.	Any agreement, contract to which Borrower is a party or any other covenants binding on any of the Borrower’s assets; 

 

	 	b.	Shareholder agreement, articles of association and other constitutional documents of the Borrower; or 

 

	 	c.	Any laws and regulations. 

  

	 	(7)	Suits and arbitration 

 There is
no pending or potential litigation, arbitration or administrative, judicial or legal proceedings with similar nature against the Borrower which has or may have Material Adverse Effect. 

 

	 	(8)	Liquidation and bankruptcy 

 No
legal proceedings has been brought against the Borrower for cessation, liquidation, reorganization, bankruptcy, dissolution or proceedings with similar nature. 

  
 20 

 There is no current and ongoing Event of Default, neither has the Borrower breached any
applicable laws, regulations, measures, judgments, verdicts, rulings and administrative decisions. 
  

	 	(9)	Event of default 

 There is no
pending and ongoing Event of Default. 
  

	 	(10)	Compliance with law 

 There is no
incompliance with any laws and regulations applicable to its business operations by the Borrower. 
  

	 	(11)	Ranking of creditor’s right 

Each Syndicate Member’s creditor’s right against the Borrower under this Agreement will rank at least pari passu with any
other creditor’s right against the Borrower which has no legal priority. 
  

	 	(12)	Exemption 

 None of the Borrower
or any of its assets has any exemption or privilege in connection with any suit, judgment, enforcement, recovery or other proceedings in any jurisdiction. 
  

	 	(13)	Information disclosure 

  

	 	a.	As of the date of its issuance, the information disclosed in the Information Memorandum is true, complete and accurate in all material aspects without omission of any
information which has or could have any Material Adverse Effect. 

  

	 	b.	As of the date of issuance of the Information Memorandum, none of the Borrower’s legal status or business, financial or assets conditions has any circumstance
which has or could have any Material Adverse Effect. 

  

	 	c.	The financial statements and reports recently provided to each Syndicate Member by the Borrower are prepared according to Accounting Standards and reflect fairly, truly
and completely the Borrower’s financial conditions as of the date of the statements without omission of any material Liabilities, revenue or loss to the knowledge of the Borrower. 

 

	 	d.	All materials provided from the Borrower to each Syndicate Member are true, complete and valid. 

  
 21 

	13.	Undertakings 

 The Borrower undertakes to
each Syndicate Member that from the Effective Date until repayment of all amounts due and payable to each Syndicate Member hereunder by the Borrower: 
  

	13.1	Positive undertaking 

  

	 	(1)	Ranking of creditor’s right 

The Borrower shall make sure that each Syndicate Member’s creditor’s right against it hereunder rank at least pari passu
with any other creditor’s right against the Borrower which has no legal priority. 
  

	 	(2)	Legal status and capability 

 The
Borrower will maintain its valid legal status and ensure it have the powers and capabilities to perform this Agreement. 
  

	 	(3)	Compliance with laws 

 The
Borrower will ensure its business operations in compliance with all applicable laws and regulations in all aspects. 
  

	 	(4)	Permits 

 The Borrower will
secure promptly all approvals, permits, consents, registrations and filings necessary to execute and perform this Agreement, and such approvals, permits, consents, registrations and filings will continue to have full effect. 

 

	 	(5)	Information 

  

	 	a.	The Borrower will provide a copy of its financial statements (including notes thereto) for any quarter to the Agent Bank no less than 20 days after the end of such
quarter. 

  

	 	b.	The Borrower will provide a copy of its financial statements (including notes thereto) affixed with its common seal for any half of Financial Year to the Agent Bank no
less than 20 days after the end of such half of Financial Year. 

  

	 	c.	The Borrower will provide to the Agent Bank a copy of its financial statements (including notes thereto) for any Financial Year affixed with its common and audited by
the Registered Accountant and a copy of the audit opinion issued by the Registered Accountant thereof no less than 60 days after the end of such Financial Year. 

  
 22 

	 	d.	The Borrower will ensure its financial statements in compliance with laws, regulations and Accounting Standards. 

 

	 	e.	Within five (5) Business Days upon request from the Agent Bank, the Borrower will provide copies of all approvals, permits, consents, registrations and filings
received under Article 13.1.4, which copies will be affixed with the common seal of the Borrower. 

  

	 	f.	All materials provided from the Borrower to each Syndicate Member are true, complete and valid. 

 

	 	(6)	Duty to notify 

 The Borrower
will notify the Agent Bank immediately upon its knowledge of the occurrence of any: 
  

	 	a.	Event of Default; 

  

	 	b.	Suit, arbitration, or administrative, judicial or other similar legal proceedings by or against the Borrower involving an amount equal to or more than RMB1 million; and

  

	 	c.	Event which has or could have Material Adverse Effect. 

  

	 	(7)	Compliance with financial benchmark 

 The Borrower will comply with the following financial benchmark: 
 The leverage
ratio will be no more than 75%; and 
 The current ratio will be no less than 0.5. 

 

	 	(8)	Loan management 

 The Borrower
will provide coordination to the Agent Bank to conduct loan payment management, post-lending management and related examination. 
  

	 	(9)	Loan guaranty 

 The syndicate
loan provided under this Agreement is working capital loan, which is severally and jointly guaranteed by Daqo Group Co., Ltd. which is the de facto controller of the Borrower, and Guangfu Xu and Xiang Xu in the capacity as individuals. 

 

	13.2	Restrictions 

  

	 	(1)	Assets disposition 

 The Borrower
will ensure that without consent of the Majority Lenders, it will not sell, lease, transfer, assign or otherwise dispose any material asset by any single, multiple or series of transactions. 

  
 23 

	 	(2)	Division and merger 

 The
Borrower will ensure that without consent of the Majority Lenders, it will not conduct any merger, division, contracting or any other similar arrangement. 
  

	 	(3)	Reduction of registered capital 

The Borrower will ensure that without consent of the Majority Lenders, it will not reduce registered capital. 

 

	 	(4)	Dividend restriction 

 The
Borrower may not distribute any profit if: 
  

	 	a.	it has not made any full payment of any fee and expense due and payable under this Agreement; and 

 

	 	b.	it has not repaid all of the principal and interest due and payable under this Agreement. 

 

	 	(5)	Contingent liabilities 

 During
the term of this Agreement, the Borrower will maintain its leverage ratio no more than 50% and incur any contingent liabilities other than providing guaranty for any loan provided by us for any member of Daqo Group; otherwise the Syndicate may
freeze the Credit Line then available. 
  

	 	(6)	Shareholding structure 

 Daqo
Group Co., Ltd. is the de facto controller of the Borrower. In the event of any change to the de facto controller of the Borrower, the Syndicate may freeze the Credit Line then available until such change is confirmed to have no adverse effect.

  

	14.	Event of Default 

  

	14.1	Event of Default 

  

	 	(1)	Event of Default by Borrower 

Each of the following events shall constitute an Event of Default: 

 

	 	a.	Payment Breach 

 The Borrower
fails to pay any fund due and payable hereunder in the amount, currency, method and time agreed upon herein. 

  
 24 

	 	b.	Misappropriation of Loan 

 The
Borrower fails to use the Loan Fund for purposes set forth herein. 
  

	 	c.	False Undertakings 

 Any aspect
of the undertakings as described in Article 12 (Undertakings) hereof is untrue, incorrect or misleading as of being made. 
  

	 	d.	Breach of Other Obligations 

 The
Borrower fails to perform or observe any other obligation hereunder. 
  

	 	e.	Incapability of Repayment 

  

	 	(i)	Any creditor of the Borrower announces that any of Liabilities of the Borrower becomes due and payable ahead of the due day as agreed before, and the total due and
payable amount amounts to or exceeds RMB 5 million. 

  

	 	(ii)	The Borrower enters into delayed repayment or debt reorganization arrangement with respect to the Liabilities with any of its creditors, and the total due and payable
amount amounts to or exceeds RMB 5 million. 

  

	 	(iii)	The Borrower ends or suspends the payment to its creditors, or is incapable to, or acknowledges to be incapable to repay the debt, or announces that it will not perform
the repayment obligations when the debt becomes due. 

  

	 	f.	Liquidation and Bankruptcy 

 The
Borrower enters into any cessation of operation, dismissal, liquidation, bankruptcy, suspension of business for correction, settlement, or any other similar legal proceedings. 

 

	 	g.	Enforcement by Creditors 

 Total
market value of the Borrower’s assets which are seized, frozen, distressed, enforced or levied, forfeited or affected by similar legal procedures amounts to or exceeds RMB 10 million, and the Borrower fails to release such legal procedures
within ten (10) days. 
  

	 	h.	Change to Shareholdings 

 Without
the consent of all Lenders, the Borrower changes its shareholding structure. 
  

	 	i.	Material Adverse Effect 

  
 25 

 Any Material Adverse Effect has occurred. 

 

	 	j.	Financial Index 

 The Borrower
fails to observe any of financial indexes listed in Article 7 (Observation of Financial Indexes) of Article 13.1 (Positive Obligations) hereunder. 
  

	 	(2)	Event of Default by Lender 

  

	 	a.	Without reasonable excuses as agreed herein, the Lender fails to provide the Loan to the Borrower in accordance with this Agreement; 

 

	 	b.	Without reasonable excuses as agreed herein, the Lender stops provision of the Loan, or recovers the Loan ahead of the timeline as agreed. 

 

	14.2	Remedies Available to Syndicate Members 

  

	 	(1)	Notices 

  

	 	a.	If any Lender is aware of the occurrence of any Event of Default as described under paragraph 1 of Article 14.1 hereof (Event of Default by Borrower), or believes that
any event will constitute any Event of Default by the Borrower, the Lender shall give an immediate notice regarding it to the Agent Bank. 

  

	 	b.	The Borrower serves a notice to the Agent Bank to inform of the occurrence of an Event of Default, or, any Lender serves a notice in accordance with the item
(1) of paragraph 1 of this Article 14.2 hereof (Relief of Syndicate Members), the Agent Bank shall inform each Lender of the occurrence of such event. 

 

	 	(2)	Right of Remedies 

 During the
existing of any Event of Default, the Agent Bank shall (subject to the decision of Majority Lender) exercise one or more of the remedies according to the following sequence after giving a written notice to the Borrower: 

 

	 	a.	Gives the waiver with respect to related Event of Default, or agrees on the remedies regarding related Event of Defaults. 

 

	 	b.	Announce to suspend the drawdown of all or part of Loan Fund requested in any Drawdown Notice however not withdrew; and drawdown of such amount of Loan Fund will be
suspended immediately upon such announcement; 

  
 26 

	 	c.	Announce to cancel all or part of Total Contribution Amount; and upon such announcement, the Contribution Amount of each Lender will be cancelled in proportion, and the
cancelled part of Total Contribution Amount should not be recovered; 

  

	 	d.	Announce that all or part of the Loan Balance, together with its interest accrued, fees and other payment hereunder shall become due and payable in entirety or in part;
upon such announcement, such payment shall be due and payable immediately, and no further notice by the Agent Bank is required; 

  

	 	e.	Exercise any other rights granted hereby and by laws. 

  

	 	(3)	Actions of Agent Bank 

  

	 	a.	Any available remedy specified in paragraph 2 of Article 14.2 of this Agreement (Remedies Available to Syndicate Members), and the right of any Syndicate Member to file
against the Borrower and initiate a dispute settlement proceeding, shall be proceeded with under the organization of the Agent Bank. However, in the event that the Agent Bank fails to take such action according to the decision of Majority Lenders,
the involved Syndicate Members may take such actions directly. 

  

	 	b.	During the existing of an Event of Default, the Agent Bank is entitled to take any action it deems necessary or reasonable, to protect the right of any Syndicate Member
set forth herein from being affected. 

  

	 	(4)	Undertakings of Syndicate Members 

  

	 	a.	Neither of Syndicate Members will exercise its rights hereunder in the way contradictory to any of those as agreed herein. 

 

	 	b.	Each Syndicate Member undertakes to the other Syndicate Members, unless otherwise expressly specified herein, 

 

	 	(i)	it will not require or accept any repayment of debt from any other person, for setting off the debt owed by the Borrower to such Syndicate Member hereunder;

  

	 	(ii)	it will not separately require or accept any Security Interest or financial support, in connection with any debt owed by the Borrower to any Syndicate Member hereunder.

  
 27 

	 	c.	Without breach of this Agreement by the Borrower, the Lender fails to provide the Loan in full amount and in time according to this Agreement, 

 

	 	(i)	the Borrower is entitled to require the Lender in violation of this Agreement to refund the participation fee to it according to the percentage of Loan Fund not
provided to the Contribution Amount. 

  

	 	(ii)	any losses so caused to the Borrower shall be assumed by the Lender in violation of this Agreement. 

 

	 	(iii)	the Lender violating this Agreement shall indemnify the other Lenders for the losses so suffered by them. 

 

	 	(iv)	the Borrower has the right, at its own discretion, to cancel the Contribution Amount of the Lender violating this Agreement. 

 

	 	(v)	the Lead Manager will make endeavors to coordinate the Loan Fund provided by other banks (including the other participating banks hereunder), in order to satisfy the
needs of the Borrower regarding the Loan Fund. 

  

	 	(5)	Deduction 

 During the existence
of an Event of Default, any of the Syndicate Member may set off any amount due but un-payable by the Borrower under this Agreement with any credit balance in any account maintained by the Borrower with such Syndicate Member (including its any branch
or sub-branch, if applicable), and shall transfer such set-off amount to the Agent Bank for its allocation in accordance with Article 8.9. 
  

	15.	Syndicate Relationship 

  

	15.1	Entrust of Agent Bank 

 All other
Syndicate Members hereby appoints the Agent Bank as its agent in connection with this Agreement, and authorizes the Agent Bank to exercise rights, power, discretion and all other reasonable affiliated rights expressly granted under this Agreement.

  

	15.2	Agency Relationship 

  

	 	(1)	The Agent Bank only acts as the agent of the other Syndicate Member. 

  

	 	(2)	The Agent Bank should not be deemed as the agent of the Borrower in any aspect. 

 

	15.3	Responsibilities of the Agent Bank 

  

	 	(1)	After receiving the original copies or photocopies of any document forwarded by either Party hereto to any other Party hereto through the Agent Bank, the Agent Bank
shall forward such documents within two (2) Business Days; unless otherwise agreed herein, the Agent Bank will not be responsible for the investigation of the sufficiency, correctness or completeness of the format and content of any document
forwarded by any Party to this Agreement. 

  
 28 

	 	(2)	The Agent Bank shall open and maintain an account book in connection with this Agreement, and provide such account book to the other Lenders upon request.

  

	 	(3)	The Agent Bank shall be responsible for the disbursement and payment of the Loan Fund in accordance with the Article 8.1 hereof (Disbursement of Loan Fund) and Article
8.2 hereof (Payment of Loan Fund), as well as the management and control over the Loan Fund. 

  

	 	(4)	The Agent Bank shall inform each Syndicate Member of the notice specifying an Event of Default given by either Party to this Agreement within one (1) business day
after receiving such notice. 

  

	 	(5)	The Agent Bank shall inform each Syndicate Member of it within one (1) business day upon being informed that either Party hereto fails to pay any amount due and
payable to any other Syndicate Member in accordance with this Agreement. 

  

	 	(6)	The Agent Bank shall, subject to the decision of Majority Lenders, organize the Syndicate Members to file and participated in any litigation, arbitration, or legal
dispute settlement procedures with respect to this Agreement, however, provided that, each Lender has, pursuant to the Article 16 hereof (Fees and Expenses), indemnified or prepaid the Agent Bank, for any and all costs, fees, and expenses (including
but not limited to legal fees), paid or to be paid by the Agent Bank for compliance with such instruction. 

  

	 	(7)	The Agent Bank should not be held liable to any other Party hereto due to any other Party’s breach of this Agreement. 

 

	 	(8)	Where any decision of Majority Lenders or any action according to such decision, violates or will violate any law or regulation, the Agent Bank may omit to take any
action under such decision by giving prior notice to each Syndicate Member. 

  

	 	(9)	The Agent Bank shall diligently use all efforts to perform all of its responsibilities hereunder. 

 

	15.4	Rights of Agent Bank 

  

	 	(1)	Unless being aware of the existence of a circumstance to the contrary, the Agent Bank may assume: 

 

	 	a.	All statements regarding facts made by any other Parties in or in connection with this Agreement are true, complete and accurate. 

 

	 	b.	There is no any Event of Default in existing. 

  
 29 

	 	c.	Neither Party fails to perform its obligations under this Agreement. 

  

	 	d.	None of any other Parties or Majority Lenders has exercises any of its rights. 

 

	 	(2)	The Agent Bank may engage lawyers, accountants, appraisers, translators or other professionals it deems necessary, make payment of consulting or services fees to such
professionals, and may rely on opinions obtained from such professionals. 

  

	 	(3)	Then Agent Bank may rely on any communication or document that is true according to its discretion, and take any action based on such reliance.

  

	 	(4)	The Agent Bank may disclose any information it deems reasonably received under this Agreement to any other Party. 

 

	15.5	Independent Credit Evaluation 

Each of the Lenders hereby confirms that it has conducted and will conduct, wholly on its self, investigation and evaluation of financial
position, credibility, corporate affairs, legal and independent status of the Borrower, and has made its own judgment and decision at its own discretion, and will assume the risks accordingly, including without limitation to: 

 

	 	(1)	Review, investigate or enquire on its behalf about the truth, accuracy or completeness of any information with respect to either Party or the transaction contemplated
hereunder, no matter whether such information has been or will be provided to such Lender by the Agent Bank or the Lead Manager; 

  

	 	(2)	Evaluate or examine on its behalf the financial position, credibility, development, corporate affairs or legal status of any other Party; or 

 

	 	(3)	Investigate or evaluate on its behalf the legality, validity, binding effect, sufficiency or enforceability of this Agreement, or any relating document, or any act
taken or to be taken by any other Lenders. 

  

	15.6	Agent Bank as Lender 

 The Agent
Bank is concurrently a Lender under this Agreement. It shall be entitled to the rights of the Lenders and perform the obligations of the Lenders in accordance with the provisions hereof. 

 

	15.7	Lender’s Decision System 

  

	 	(1)	In the event of the occurrence of any event which expressly requires the decision by Majority Lenders, either Lender may inform the Agent Bank of such occurrence, and
the Agent Bank shall inform each Lender of such event after receiving the notice from any Lender or being aware of such event, to require the decision by Majority Lenders. 

  
 30 

	 	(2)	Each Lender shall inform the Agent Bank of its decision within the required period after receiving the notice given by the Agent Bank in accordance with Article 15.7
hereof. 

  

	 	(3)	Unless otherwise specified herein, the Agent Bank shall act subject to the decision made by Majority Lenders in accordance with this Agreement, and the Agent Bank shall
not be held liable to any other Parties for its action or omission of action according to the decision of Majority Lenders. 

  

	 	(4)	The decision made by Majority Lenders in accordance with this Agreement shall be binding upon each Lender, and each Lender shall provide assistance to the Agent Bank in
executing such decision of Majority Lenders. 

  

	 	(5)	Without obtaining the decision made by Majority Lenders under this Agreement, the Agent Bank shall propose a solution regarding such event, and collect the opinions of
each Lender according to the abovementioned procedure. If any Lender has not inform the Agent Bank of its decision within the period set forth in the notice sent by the Agent Bank, the Agent Bank will deem that such Lender agrees with its proposed
solution. 

  

	 	(6)	The Agent Bank may take the action or omit to take any action if it deems such action or omission will be for the Lender’s benefit. 

 

	15.8	Lender’s Indemnification 

  

	 	(1)	The Agent Bank shall request the Borrower at the first priority to indemnify the Agent Bank any and all reasonable costs, fees, losses, expenses (including legal fees)
and liabilities (unless any of such costs, claims, losses, expenses and liabilities is directly resulted from faults or misconducts of the Agent Bank) incurred or potentially to be incurred by the Agent Bank. If the Borrower fails to make the
aforesaid indemnification within three (3) Business Days upon the request of the Agent Bank, the Clause 15.8.2 hereof shall apply. 

  

	 	(2)	Each Lender shall, within three (3) Business Days upon the request of the Agent Bank, according to the percentage of its contribution to the Total Contribution
Amount, indemnify or prepay to the Agent all reasonable costs, fees, losses, expenses (including legal fees) and liabilities (unless any of such costs, claims, losses, expenses and liabilities is directly resulted from faults or misconducts of the
Agent Bank) incurred or potentially to be incurred by the Agent Bank for conducting the agency activities hereunder. 

  

	 	(3)	The Borrower shall, within three (3) Business Days upon the request of the Agent Bank, indemnify the Lender any indemnities or amount made or prepaid by such
Lender to the Agent Bank in accordance with the Clause 15.8.2 hereof. The Lender intending to request such indemnities pursuant to this Clause shall notify the Agent Bank and provide supporting evidence for such request, and the Agent Bank shall
immediately inform the Borrower upon receiving such notice. 

  
 31 

	15.9	Agent Bank’s Resignation 

  

	 	(1)	Any Agent Bank (“Resigned Agent Bank”) may resign at any time by sending notice to the other Parties in accordance with this Article 15.9.

  

	 	(2)	Majority Lenders shall, within fifteen (15) Business Days upon receiving the resignation notice mentioned in above Clause 15.9.1 issued by the Agent Bank, appoint
a recognized and experienced bank or financial institution as successor to the Agent Bank (“Successor Agent Bank”). If the Majority Lenders fail to do so, the Resigning Agent Bank may at its own discretion nominate a recognized and
experienced bank or financial institution as the Successor Agent Bank. 

  

	 	(3)	The resignation of the Resigned Agent Bank and the appointment of the Successor Agent Bank become effective immediately following the Successor Agent Bank’s
issuance of notice to the other Parties regarding its formal successor. 

  

	 	(4)	Immediately following the resignation of the Resigned Agent Bank and the appointment of the Successor Agent Bank in accordance with the Clause 15.9.3, the Resigned
Agent Bank will be released from any further rights and obligations as an agent of the other Syndicate Member under this Agreement, and the successor to the Agent Bank shall be granted any and all rights and obligations as the agent of other
Syndicate Member hereunder. 

  

	 	(5)	The Resigned Agent Bank shall, within three (3) Business Days following receiving the notice from the Successor Agent Bank, provide the documents, records and
assistance reasonably requested by the Successor Agent Bank necessary for its performance of its rights and obligations hereunder. 

  

	 	(6)	Majority Lenders may require the Agent Bank to resign pursuant to the Clause 15.9.1 hereof by giving notice to the Agent Bank. The Agent Bank shall resign pursuant to
the Clause 15.9.1 hereof upon receiving such notice. Otherwise, Majority Lenders may decide to replace the Agent Bank. 

  

	15.10	Deduction by Agent Bank 

 If any
Syndicate Member owes any amount to the Agent Bank under this Agreement, the Agent Bank may, by giving notice to such Syndicate Member, deduct an amount no more than such amount owed from the amount payable to such Syndicated Member by the Agent
Bank in accordance with this Agreement, as the repayment of the amount owed, and such deducted amount shall be deemed as have been received by the aforesaid Syndicate Member. 

 

	16.	Fees and Compensation 

  

	16.1	Syndicate’s Fees 

 The
Borrower shall pay the syndicate’s fees amounting to RMB 160,000.00 in one lump sum to the Agent Bank within two (2) Business Days upon the execution of this Agreement and at least prior to the issuance of the first drawdown notice. The
Agent Bank shall make corresponding deduction from each Lender according to the Lender’s Initial Contribution Ratio on the day or on the day following receiving the participation fee. 

  
 32 

	16.2	Syndicate’s Costs 

  

	 	(1)	All reasonable fees and costs in connection with the negotiation, preparation, execution and amendment of this Agreement incurred by all Syndicate Members shall be
borne by the Borrower, including the fees for engagement of attorneys and evaluators for the Syndicate Members. 

  

	 	(2)	All reasonable fees and costs in connection with enforcement and protection of its rights hereunder in any jurisdiction by either Syndicate Member shall be borne by the
Borrower, including the fees for engagement of attorneys and evaluators for the Syndicate Members and used for litigation and arbitration proceedings. 

  

	16.3	Indemnification 

 The Borrower
shall rectify its breaches of its obligations hereunder (including but not limited to the following circumstances) within the period reasonably required by any Syndicate Member. If it fails to rectify its breach of this Agreement within the required
time limit, or the rectified result does not satisfy the requirement of the Syndicate Member, then the Borrower shall, within five (5) Business Days following receiving the requirement of indemnification from the Syndicate Member, indemnify the
Syndicate Member any losses caused to or incurred by it (except of any penalty) due to the Borrower’s breach of its obligations hereunder (including not limited to the following circumstances): 

 

	 	(4)	The Borrower fails to repay any amount due and payable on the due day. 

  

	 	(5)	The Borrower repays any amount due and payable on the day other than the due day. 

 

	 	(6)	There is occurrence of any Event of Default. 

  

	 	(7)	The Loan Fund required in any Drawdown Notice is not withdrawn due to the reason attributable to the Borrower. 

 

	 	(8)	The Borrower cancels the Contribution Amount of any Lender by violation of this Agreement. 

 

	 	(9)	The information and materials provided by the Borrower are not true or authentic. 

  
 33 

	16.4	Monetary Compensation 

 In the
event that any Syndicate Member receives any amount in any currency (“Payment Currency”) other than the currency expressly agreed herein used for payment of any amount payable hereunder (“Agreement Currency”) from the Borrower
hereunder, and the value of such Payment Currency is less than related amount receivable by the Syndicate Member hereunder after such Syndicate Member exchanges such Payment Currency to the Agreement Currency, then, such shortage in value as well as
the currency exchange fees incurred by such Syndicate Member for currency exchange shall be compensated by the Borrower. 
  

	16.5	Calculation Basis 

 If any
Syndicate Member intends to submit any requirement in accordance with the Article 16.2, Article 16.3 and Article 16.4 hereof, it shall give notice to the Agent Bank specifying the specific basis for amount calculation. The Agent Bank shall give
prompt notice to the Borrower immediately following receiving such notice. 
  

	16.6	Waiver of Indemnification 

 The
Borrower should not be held liable to any Syndicate Member under the Article 16.2, Article 16.3 and Article 16.4 in any of the following circumstance: 
  

	 	1.	The liabilities are caused by the faults or misconducts of such Syndicate Member. 

 

	 	2.	The Borrowers is obliged to indemnify and have indemnified such Syndicate Member in accordance any other provisions of this Agreement. 

 

	17.	Assignment 

  

	17.1	Assignee 

 This Agreement is
effective and binding upon each Party hereto, its successors and assignees. 
  

	17.2	Assignment by Borrower 

 The
Borrower may not assign any and all of its rights or obligations hereunder. 
  

	17.3	Assignment by Lenders 

  

	 	(1)	Any of the Lenders (the “Assigning Bank”) intending to assign any or all of its rights and obligations under this Agreement to one or multiple banks or
financial institutions (the “Assignee Bank”), shall give a notice to the Borrower and Agent Bank in advance of thirty (30) Business Days (“Assignment Notice”). 

 

	 	(2)	Any of the Lenders intending to transfer any or all of its Contribution Amount, shall obtain the prior written notice from the Borrowers, however, the Borrower failing
to give a notice expressly specifying its disagreement within thirty (30) Business Days following receiving the Assignment Notice shall be deemed has agreed with such transfer. 

  
 34 

	 	(3)	Any of the Lenders only intending to transfer any or all of its contribution in the Loan Balance, shall give a notice to the other Parties at least in advance of three
(3) Business Days, however, does not need to obtain the consent from the other Parties. 

  

	17.4	Effectiveness of Transfer 

 The
transfer by the Lenders in accordance with the Article 17.3 hereof, becomes effective upon the execution of the Assignment Certificate by the Assigning Bank, Assignee Bank and the Agent Bank satisfying the requirement of Annex 4 in both format and
content. The Agent Bank should not refuse or withhold the execution of the Assignment Certificate. 
  

	17.5	Binding Effect of Transfer 

 The
transfer proceeded with and completed in accordance with the Article 17.3 and the Article 17.4 is binding upon all the Parties hereto. 
  

	17.6	Consequence of Transfer 

 On and
from the date the Assignment Certificate becomes effective in accordance with the Article 17.4, the Assignee Bank formally becomes a Lender within the scope of matters assigned under the Assignment Certificate: 

 

	 	1.	The Assigning Bank, on one hand, and the other Parties hereto (“Non-transfer Parties”), on the other hand, will no longer be jointly liable to any and all
rights and obligation under this Agreement relating to any assigned matter; and 

  

	 	2.	The Assigned Bank, on one hand, and the Non-transfer Parties, on the other hand, will be jointly liable to any and all rights and obligation under this Agreement
relating to any assigned matter. 

  

	17.7	Waiver to Assigning Bank 

 The
Assigning Bank will not be liable to the Assignee Bank in respect of: 
  

	 	1.	the formation, signature, truth, accuracy, completeness, validity and enforceability of this Agreement or any other related document; 

 

	 	2.	the probability of the collection of any amount payable hereunder; and 

  

	 	3.	the accuracy or completeness of any representation made by any Party to any other person under or relating to this Agreement. 

  
 35 

	17.8	Further Waiver to Assigning Bank 

The Assigning Bank is not obliged: 
  

	 	1.	accept from any Assigned Bank any rights and/or obligations which have been transferred to such Assignee Bank by it before under the Article 17.3 and Article 17.4
hereof; and 

  

	 	2.	indemnify the Assignee Bank against any loss incurred due to the Borrower or any other Syndicate Member’s failure to perform any obligation under this Agreement.

  

	17.9	Record Keeping 

 The Agent Bank
shall properly maintain the record of each Party hereto and timely inform any other Party of the updated record. 
  

	18.	Rights and Obligations of All Syndicate Members 

  

	18.1	Independent Obligations 

Obligations of each Syndicate Member hereunder are independent. Failure by any Syndicate Member in performance of its obligations
hereunder will not grant a waiver to any other Syndicate Member regarding performance of its obligations hereunder. Neither Syndicate Member will be held liable for any other Syndicate Members’ performance of its obligations hereunder.

  

	18.2	Independent Rights 

 Rights of
each Syndicate Member hereunder are independent. Liabilities assumed by either Party hereto to either Syndicate Member hereunder from time to time are independent. Unless otherwise specified herein, each Syndicate Member has the right to exercise
its rights severally hereunder. 
  

	19	Confidentiality 

  

	19.1	Scope of Confidentiality 

 Each
Party shall keep in confidence any information specified as confidential information provided by any other Party or its authorized representative in respect of this Agreement; provided, however, that such other Party has the right to: 

 

	 	(1)	disclose any information which has been in the public domain (other than those information which has been known to the public due to breach of this Section by such
Syndicate Member); 

  

	 	(2)	disclose such information in connection with any suit or arbitration; 

  

	 	(3)	disclose such information as required by any law or regulation; 

  

	 	(4)	disclose such information in accordance with the listing rules of the securities exchange where such Party is listed; 

  
 36 

	 	(5)	disclose such information as required by any government, financial, tax or any other regulatory departments or any other competent authorities;

  

	 	(6)	disclose such information to its directors, management, employees or professional advisors (including not limited to attorneys and auditors), however provided that, the
disclosing Party has undertaken to such Syndicate Member that it will comply with the confidentiality obligation set forth in the Article 19; 

  

	 	(7)	disclose such information to the extent as permitted under the Article 19.2; and 

 

	 	(8)	disclose such information with the consent of the Borrower. 

  

	19.2	Scope of Other Disclosure 

 Any
Syndicate Member may disclose the following information to any other person who possibly will enter into or has entered into any agreement regarding the transfer specified in the Article 17 hereof with such Syndicate Member: 

 

	 	(1)	Copies of this Agreement. 

  

	 	(2)	Any information obtained by such Syndicate Member about the Borrower, this Agreement and/or any transaction contemplated herein. 

However, the party receiving such disclosed information shall undertake to such disclosing Syndicate Member regarding compliance with the
confidentiality obligation set forth in the Article 19. 
  

	19.3	Superseding 

 The provisions
under Article 19.1 and Article 19.2 above supersede any prior confidentiality undertaking made by any Syndicate Member with respect to the Borrower, this Agreement and any transaction contemplated herein, before becoming a Party hereto. 

 

	20.	Amendment 

  

	20.1	In Writing 

 Any amendment to
this Agreement shall be made in writing and becomes effective upon the execution of the Agent Bank (subject to the decision of Majority Lenders) and the Borrower. Except as otherwise agreed in accordance with the Article 20.2, such amendment,
supplement or waiver made by the Borrower according to the decision of Majority Lenders is binding upon all the Syndicate Member. 
  

	20.2	Exceptional Circumstances 

 Any
amendment to this Agreement or any waiver of breach of this Agreement in relation to the any of the following issues shall obtain the consent from all related Syndicated Members: 

 

	 	(1)	Change of Credit Line, Contribution Amount or Total Contribution Amount. 

  
 37 

	 	(2)	Change of Drawdown Period or Loan Term. 

  

	 	(3)	Change of Loan Interest Rate or Penalty Interest. 

  

	 	(4)	Change to the definition of “Majority Lender”. 

  

	 	(5)	Amendment to this Article 20. 

  

	20.3	Consent of Agent Bank 

 Any
amendment to this Agreement in relation to any of the following issues shall obtain the consent from the Agent Bank: 
  

	 	(1)	Amendment to Article 8, Article 15 or Article 20. 

  

	 	(2)	Any amendment to or waiver of any right of the Agent Bank hereunder, or imposing new or additional obligations upon the Agent Bank. 

 

	21.	Notice 

  

	21.1	Though Agent Bank 

 Any and all
communications between any of the Borrower and any Syndicate Member shall be made through the Agent Bank. 
  

	21.2	Ways of Notice 

 Any notice,
request, or any other document to the other Party under Agreement shall be made in writing, affixed with the official sea, and delivered to such address, fax number or telex number designated by the recipient in writing from time to time and
addressed to a contact person. The address, fax number and telex number and contact person originally designated by each Party shall be provided in the signature pages of this Agreement. 

 

	21.3	Receipt of Notice 

 Any
communication between the Parties under this Agreement shall be deemed duly given: 
  

	 	(1)	if delivered by hand, upon delivery; 

  

	 	(2)	if sent by telex or fax, upon completion of the transmission and receipt of confirmation report; and 

 

	 	(3)	 if sent by mail (including express mail), at 05:00 p.m. (Beijing time) of the seventh (7th) Business Day after such mail is delivered to the right address by registered mail. 

  
 38 

	21.4	Change of Address 

 Any change to
the contact person, address, fax number or telex number of any Party shall be notified to the Agent Bank immediately. Upon receipt of notice for such change, the Agent Bank shall make any other Parties immediately informed of such change.

  

	22.	Debt Certificate 

 Any Syndicate
Member shall maintain accounts and records relating to this Agreement on its accounting books in line with its accounting practices. The Borrower hereby confirms that, unless found with gross errors, the records maintained by any Syndicate Member in
line with its accounting practices shall be the only evidence for the debts owing by the Borrower to such Syndicate Member under this Agreement. 
  

	23.	Grace Period and Partial Invalidity 

  

	23.1	Accumulative Rights 

 Failure to
or delay in exercising any of its rights under this Agreement by any Syndicate Member shall not be deemed its waiver of such rights. Single or partial exercise of such rights by any Syndicate Member does not preclude such Syndicate Member from its
otherwise or further exercise of such rights or its exercise of any other rights. The rights and remedies provided under this Agreement are accumulative and shall not exclude any rights or remedies to which any Syndicate Member is entitled under
law. 
  

	23.2	Severability 

 If any provision
of this Agreement is held illegal, invalid or unenforceable, the legality, validity or enforceability of the other provisions under this Agreement will not be affected or impaired. 

 

	24.	Counterparts 

 This
Agreement is made in five (5) copies, the Agent Bank holding two (2) copies, the Borrower and each Lender holding one (1) copy, and each executed copy shall have the same effect. 

 

	25.	Applicable Law and Dispute Resolution 

  

	25.1	This Agreement is governed by and interpreted in accordance with PRC law (for purpose of this Agreement, excluding laws of Hong Kong SAR, Macau SAR and Taiwan).

  

	25.2	Dispute Resolution 

 Any dispute
arising from or relating to this Agreement shall be resolved by related Parties through friendly negotiations within five (5) days upon receiving the written notice from any other related Party. If such negotiations fail, such dispute shall be
submitted to the jurisdiction of the local court where the Lead Manager is located. 

  
 39 

	25.3.	Waiver of Immunity 

 The Borrower
hereby irrevocably waives any existing or potential immunity of itself or any of its assets from any suit or legal proceedings in any jurisdiction. 
  

	26.	Effectiveness 

 This
Agreement shall become effective as of the date on which it is signed and affixed with corporate seals by the authorized representatives of all the Parties (“Effective Day”). 

  
 40 

 Annex 1    Initial Contribution Amount of Each Lender 

Initial Contribution Amount in RMB 
 (Currency: Yuan) 
  

					
	 Lender
	  	Initial Contribution Amount	 
	 China Construction Bank, Wanzhou Branch
	  	 	100,000,000	  
	 China Everbright Bank, Chongqing Branch
	  	 	100,000,000	  
		  	  
	  
	 
	 Total
	  	 	200,000,000	  
		  	  
	  
	 

  
 41 

 Annex 2    Form Confirmation Letter 

 

	To:	China Construction Bank, Wanzhou Branch, 

 As the Agent Bank 
 Date: 

 

	Re.:	Working Capital Syndicated Loan Agreement in the Amount of RMB 200,000,000 dated [•] 

 We hereby refer to the Working Capital Syndicated Loan Agreement in the Amount of RMB 200,000,000 dated [•] entered by and among Chongqing Daqo New Energy Sources Co., Ltd. as the Borrower, and
(1) China Construction Bank, Chongqing Branch as the Lean Manager, (2) China Construction Bank, Wanzhou Branch and China Everbright Bank, Chongqing Branch as the Lenders, and (3) China Construction Bank, Wanzhou Branch as the Agent
Bank (hereinafter referred to as “Loan Agreement”). The defined terms in the Loan Agreement used in this certificate shall have the same meaning as defined in the Loan Agreement. 
 I hereby certify that, 
  

	1.	The copies of the documents listed in the Article 4.1 of the Loan Agreement (Drawdown Notice) are true, accurate and complete copies of their respective originals
(including but not limited to the documents attached to this certifcate) and have full effect as of the date of this certificate. 

  

	2.	The resolutions adopted at the shareholders meeting of our company, as recorded in the meeting minutes, are not revoked or replaced and have full effect as of the date
of this certificate. 

  

	3.	We are able to repay our debts. 

  

	4.	The name list of all current directors of our company as of the date of this certificate including all directors as of the date of convention of the board meeting is as
follows: [•] 

  

	5.	Unless otherwise notified by writing, you may deem this certificate as true and accurate as of the date of each Drawdown Date. 

 

					
	Signature of Legal Representative: [•]	 		 	Official Seal:
	(or authorized representative)	 		 	

  
 42 

 Annex 3    Form Drawdown Notice 

 

	To:	China Construction Bank, Wanzhou Branch, 

 As the Agent Bank 
 Date: 

 

	Re.:	Working Capital Syndicated Loan Agreement in the Amount of RMB 200,000,000 dated [•] 

 To Whom It May Concern: 
  

	I.	We hereby refer to the Working Capital Syndicated Loan Agreement in the Amount of RMB 200,000,000 dated [•] entered by and among Chongqing Daqo New Energy Sources
Co., Ltd. as the Borrower, and (1) China Construction Bank, Chongqing Branch as the Lean Manager, (2) China Construction Bank, Wanzhou Branch and China Everbright Bank, Chongqing Branch as the Lenders, and (3) China Construction Bank,
Wanzhou Branch as the Agent Bank (hereinafter referred to as “Loan Agreement”). The defined terms in the Loan Agreement used in this certificate shall have the same meaning as defined in the Loan Agreement. 

 

	II.	This notice is irrevocable. 

  

	III.	We hereby: 

  

	 	1.	inform you that we request all Lenders to drawdown an amount of Loan Fund in accordance with the following terms and conditions, as well as the terms and conditions of
the Loan Agreement. 

  

	 	(1)	Amount of Loan Fund: RMB [•] 

  

	 	(2)	Planned Drawdown Date: [•] 

  

	 	(3)	Repayment Date: [•] 

  

	 	2.	according to the provisions of the Loan Agreement, No. [•] of the following payment method will be used in this drawdown: 

 

	 	(1)	Payment by the Entrusted Lender. We hereby authorize and entrust you to allocate the following Loan Fund amounting to RMB [•] in total, into the RMB Loan Fund
Account, and immediately transfer such amount into the Borrower Counterparty Account. Payment information is specified in the following Entrusted Payment List: 

 

															
	 	  	 	  	Entrusted Payment List	  	 	  	 	  	Currency:
	No.	  	Payment date	  	Amount	  	Name of payee	  	Payee’s bank	  	Payee’s bank
account
(Borrower
Counterparty
Account)	  	Purpose of fund	  	Remark

  

	 	(2)	Direct Payment by Borrower. We hereby authorize and entrust you to allocate the following Loan Fund amounting to RMB [•] in total, into the RMB Loan Fund Account;
main purpose of this fund: [•]. 

  
 43 

	 	3.	We hereby confirm that, all the representations under the Article 12 of the Loan Agreement are still true and accurate as of the date of this notice, and will remain
true and accurate as of the Drawdown Date according to our knowledge. 

  

	 	4.	We hereby confirm that, as of the delivery date of this notice, there is no any Event of Default, and according to our knowledge, there will be no any Event of Default
neither as of the Drawdown Date. 

  

	 	5.	Terms and conditions of the Loan Agreement shall be incorporated in this notice, and constitutes an integral part of this notice. 

 

					
	Signature of Authorized Representative:[•]	 		 	Official Seal:

  
 44 

 Annex 4    Form Transfer Certificate 

 

	To:	[•] 

 Address: [•]

 Contact person: [•] 
 [•] 
 Address: [•] 

Contact person: [•] 
 From:
[Assigning Bank] and [Assignee Bank] 
  

	Re.:	Working Capital Syndicated Loan Agreement in the Amount of RMB 200,000,000 dated [•] 

 We hereby refer to the Article 17 of the Loan Agreement (Transfer). The defined terms in the Loan Agreement used in this certificate shall have the same meaning as defined in the Loan Agreement.

  

	1.	The Assigning Bank and the Assignee Bank hereby consent that all/part of the rights and obligations of the Assigning Bank under the Loan Agreement shall be transferred
to the Assignee Bank in accordance with Article 17 (Transfer) of the Loan Agreement. 

  

	2.	The transfer date is [•]. 

  

	3.	The address of the branch of the Assignee Bank is listed in the attached schedule. 

 

	4.	Article 17.4, Article 17.5, Article 17.6, Article 17.7, Article 17.8 and Article 17.9 of the Loan Agreement together constitute an integral part of this Certificate and
is binding on the Assignee Bank. 

  

	5.	This certificate is governed by PRC law (for purpose of this certificate, excluding laws of Hong Kong SAR, Macau SAR and Taiwan). 

  
 45 

 Schedule        Transferred Contribution

  

			
	Under the Credit Line in amount of [•]:	  	
		
	Contribution of the Assigning Bank	  	Contribution to be Transferred
	[•]	  	[•]
		
	Loan Amount of the Assigning Bank in the	  	Transferred Part
	Loan Balance	  	
	[•]	  	[•]

 Assignee Bank 
 Name: 
 Branch: 
 Notification Address: 
 Tel: 
 Telex: 
 Fax: 
 Contact Person: 

 

					
	[Assigning Bank]	 		 	[Assignee Bank]
	Authorized Signatory:	 		 	Authorized Signatory:
		 		 	
	____________________ (Official Seal)	 		 	____________________ (Official Seal)
		 		 	
	Agent Bank	 		 	
	Authorized Signatory:	 		 	
		 		 	
	____________________ (Official Seal)	 		 	

  
 46 

 Annex 5        Each Party’s Bank Account

  

	Borrower:	Chongqing Daqo New Energy Sources Co., Ltd. 

RMB Loan Fund Account 

	Name:	Chongqing Daqo New Energy Sources Co., Ltd. 

	Bank:	China Construction Bank, Wanzhou Branch 

	Account No.:	50001303600050212151 

	Remark:	Syndicate Loan Issuance 

 Basic Settlement
Account 

	Name:	Chongqing Daqo New Energy Sources Co., Ltd. 

	Bank:	China Construction Bank, Wanzhou Branch 

	Account No.:	50001303600050207456 

	Remark:	Collection of revenues, repayment of principal and interest of loan, payment of syndicate’s fees, other payment 

Syndicate Member 
 Agent Bank RMB Payment
Account 

	Name:	China Construction Bank, Wanzhou Branch — Chongqing Daqo New Energy 

	Bank:	China Construction Bank, Wanzhou Branch 

	Account No.:	10150030360019101000800008 

	Bank No.:	105667030017 

	Remark:	Collection of syndicate loan- China Construction Bank, Wanzhou Branch 

 Agent Bank RMB Payment Account 

	Name:	China Everbright Bank, Chongqing Branch — Chongqing Daqo New Energy 

	Bank:	China Construction Bank, Wanzhou Branch 

	Account No.:	10150030360029101000800033 

	Bank No.:	105667030017 

	Remark:	Collection of syndicate loan- China Everbright Bank, Chongqing Branch 

 Lender’s Account 
  

	Lender:	China Everbright Bank, Chongqing Branch 

	Name:	China Everbright Bank, Chongqing Branch 

	Bank:	China Everbright Bank, Chongqing Branch 

	Account No.:	[39410120590000001] 

	Bank No.:	[303653000015] 

	Remark:	Collection of syndicate’s fees for the syndicate loan provided to Chongqing Daqo New Energy, principal and interest due any payable 

  
 47 

 Signature Page 
 Borrower 
 Chongqing Daqo New Energy Co., Ltd. 

 

	Address:	XianJia Village, Longdu Neighborhood, Wanzhou District, Chongqing, China 

	Postal Code:	404444 

	Tel:	023-64866533 

	Facsimile:	023-64866688 

	Contact:	Congrong Xiong 

  

					
	/s/ Guangfu Xu	 		 	Official Seal: /Seal/
	Authorized representative	 		 	
	Name: Guangfu Xu	 		 	
	Title:	 		 	

  
 48 

 Lead Manager 
 China Construction Bank, Chongqing Branch 
  

	Address:	123 Minzu Street, Yuzhong District, Chongqing, China 

	Postal Code:	400010 

	Tel:	023-63771217 

	Facsimile:	023-63771236 

	Contact:	Lijun Zhou 

  

					
	/s/ [ Authorized Signatory ]	 		 	Official Seal: /Seal/
	Authorized representative	 		 	
	Name:	 		 	
	Title:	 		 	

  
 49 

 Agent Bank 
 China Construction Bank, Wanzhou Branch 
  

	Address:	86 Gaosuntang, Wanzhou District, Chongqing, China 

	Postal Code:	404000 

	Tel:	023-58220003 

	Facsimile:	023-58248091 

	Contact:	Jing Wang 

  

					
	/s/ [Authorized Signatory]	 		 	Official Seal: /Seal/
	Authorized representative	 		 	
	Name:	 		 	
	Title:	 		 	

  
 50 

 Lender 
 China Construction Bank, Wanzhou Branch 
  

	Address:	86 Gaosuntang, Wanzhou District, Chongqing, China 

	Postal Code:	404000 

	Tel:	023-58220003 

	Facsimile:	023-58248091 

	Contact:	Jing Wang 

  

					
	/s/ [Authorized Signatory]	 		 	Official Seal: /Seal/
	Authorized representative	 		 	
	Name:	 		 	
	Title:	 		 	

  
 51 

 Lender 
 China Everbright Bank, Chongqing Branch 
  

	Address:	168 Minzu Street, Yuzhong District, Chongqing, China 

	Postal Code:	400000 

	Tel:	023-63792711 

	Facsimile:	023-63792711 

	Contact:	Ying Zhang 

  

					
	/s/ [Authorized Signatory]	 		 	Official Seal: /Seal/
	Authorized representative	 		 	
	Name:	 		 	
	Title:	 		 	

  
 52

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00203-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00203-of-00352.parquet"}]]