Document:

Exhibit 4.27

 

(English Translation)

 

Lease Contract

 

This Lease Contract
(hereinafter referred to as “this Contract”) is made by and between the following two parties, taking effect since
January 1, 2012:

 

Lessor: Daqo New Material Co.,
Ltd. 

Address: Industrial Park of Wanzhou
District, Chongqing

Legal representative: Xu Guangfu

 

Lessee: Chongqing Daqo New Energy
Co., Ltd. 

Address: Xianjia Village, Longdu
Street, Wanzhou District, Chongqing

Legal representative: Xu Guangfu

 

Given the Lessor and
the Lessee have friendly negotiated on the issue of leasing and made an agreement to modify this Contract, thus the original lease
contract (referring to this lease contract made in January 2009 and the supplemental agreement made in November 2009 ) becomes
invalid since the effective date of this Contract.

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

 

Article 1 Lease subject

The subject of this
Lease Contract includes all the equipment, land, factory buildings and other buildings owned or used by the Lessor.

Article 2 The lease term and the Lessee’s
purchase option

		1.	The lease term starts from the effective date of this Contract and ends on December 31, 2016.

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

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

 

    	 

    	 

    

 

Article 3 Property right

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

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

		3.	During the lease term, if the Lessee wants to make improvements or additional attachments to the
lease equipment, prior consent of the Lessor in writing is necessary. Without the consent of the Lessor, the Lessee shall not increase
or decrease the components of the equipment, nor take out a mortgage on the equipment for any reason, otherwise all the consequences
arising therefrom shall be borne by the Lessee.

Article 4 Rent and payment

		1.	Rent: RMB 6,510,000.00 per month.

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

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

Article 5 Obligations and responsibilities
of both parties

		1.	Obligations and responsibilities of the Lessor

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

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

		2.	Obligations and responsibilities of the Lessee

		(1)	Legal and safe operation

The Lessee shall only use the
lease subject for legal purposes. All certificates, licenses, permits and authorization on the use and operation of the lease subject
required from time to time shall be obtained and maintained and the obligations of making payment and other related obligations
under this Contract shall be strictly performed.

		(2)	Property rights and interests

The Lessee shall not conduct
or permit to conduct any thing that can be reasonably foreseeable to make the subject into fine, confiscation, seizure, embezzlement,
damage or loss situation, and the Lessee shall not set guarantees or other third-party interests on the lease subject except with
the prior written permission of the Lessor.

 

    	 

    	 

    

 

		(3)	Maintenance and overhaul

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

Article 6 Liabilities for breach of contract

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

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

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

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

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

		2.	Terminate this Contract in advance

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

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

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

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

		3.	Liquidated damages under the default of the Lessor

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

Article 7 Declarations and warranties

		1.	The Lessor:

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

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

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

 

    	 

    	 

    

 

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

		2.	The Lessee:

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

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

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

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

Article 8 Force majeure

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

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

Article 9 Notice

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

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

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

Article 10 Governing laws and dispute resolution

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

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

 

    	 

    	 

    

 

Article 11 Interpretation of this Contract

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

Article 12 Uniqueness and integrity of
this Contract

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

Article 13 Duplication

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

This Contract is signed
and stamped by the following two parties to be obeyed, effective on January 1, 2012.

 

	The Lessor (Seal): 	Common Seal	 	The Lessee (Seal): 	Common Seal
	Daqo New Material Co., Ltd. (Seal)	 	Chongqing Daqo New Energy Co., Ltd. (Seal)
	 	 	 
	Person in Charge (Signature): 		 	Person in Charge (Signature): 	
	 	 	 
	Signing Date: January 10, 2012	 	Signing Date: January 10, 2012Exhibit 4.28

 

(English Translation)

 

Supplemental Agreement to the Lease
Contract

Lessor: Daqo New Material Co., Ltd. 

Address: Industrial Park of Wanzhou District,
Chongqing

Legal representative: Xu Guangfu

 

Lessee: Chongqing Daqo New Energy Co.,
Ltd. 

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

Legal representative: Xu Guangfu

 

Given the Lessor and the Lessee had signed
a supplemental agreement to the lease contract taking effect on October 1, 2012, certain matters are agreed therein;

 

In view of the fact that the Lessee has
stopped the production of polycrystalline silicon project, the Lessor and the Lessee have equally negotiated on the issue
of stopping the lease matters in accordance with the Contract Law of the People’s Republic of China
and related laws and regulations and have made the following agreements:

 

Article 1 Effective date of this Contract:
the date for stopping the lease: December 30, 2013.

 

Article 2 The original subject of this
Lease Contract includes the ownership of equipment, land, factory buildings as well as other buildings situated in Wanzhou Chemical
Industry Park (original Salt and Gas Chemical Industrial Park) and the land use right, which are owned or used by the Lessor.,
and are collectively referred to as “Property Right”.

 

Article 3 The machinery equipment and property
and goods and materials whose property right is owned by the Lessee and which are still installed or placed in the Lessor’s
venue shall be co-managed by the Lessor and the Lessee since January 1, 2014 until they are all moved away by the Lessee.

 

Article 4 The original subjects of the
lease shall be cleaned and identified by both parties since December 31, 2013. As for the non-normal wear-and-tear and loss of
goods and materials, the Lessee shall be responsible for damages or restitution.

 

Article 5 When the representatives of the
Lessee and the Lessor begin to check the lease subject, it is necessary to make an itemized registration for the subject that has
been returned and form a registration list, which shall take effect after being signed by both parties.

 

Article 6 Rent and payment

1. The calculation of payment provided
in the original contract shall be stopped since December 31, 2013 and the Lessee shall pay the unpaid rent as soon as possible
unless otherwise agreed by the Lessor and the Lessee.

 

    	 

    	 

    

 

Article 7 Obligations and responsibilities
of both parties

1. Obligations and responsibilities of
the Lessor

(1) The Lessor could not hinder the Lessee
to sort out and transfer the equipment and utilities and other properties and goods and materials whose property rights are owned
by the Lessee after this agreement comes into force.

(2) During the period of co-management
before the goods and materials of the Lessee have been completely moved away from the original lease venue, the Lessor is obliged
to pay the management costs, like security and fire costs, which are necessary for the co-management.

2. Obligations and responsibilities of
the Lessee

(1) The Lessee is obliged to process the
properties and goods and materials, whose property rights belong to the Lessee but are still located in the Lessor’s venue,
as soon as possible after the expiration of the lease term. While processing, the Lessor’s utilities and equipment should
be as intact as possible. And if there are any damages, the Lessee shall be liable for damages or restitution.

(2) During the period of co-management
before the goods and materials of the Lessee have been completely moved away from the original lease venue, the Lessee is obliged
to ensure the safety of the properties and goods and materials of the original tenant, to closely assist the Lessor with the follow-up
work and to meet the relevant requirements of the Lessor.

 

Article 8 Liabilities for breach of contract

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

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

 

Article 9 The issues not listed herein
shall be resolved by both parties through negotiation.

 

Article 10 This Contract is made in duplicate,
one for each party, and shall come into force after being signed and sealed by both parties.

 

No text below

 

    	 

    	 

    

 

	
        Chongqing Daqo New Energy Co., Ltd.

         

        Common Seal

         

        Authorized Person: /s/ Zhu Wengang

         

        December 31, 2013
	
        Daqo New Material Co., Ltd. 

         

        Common Seal

         

        Authorized Person: /s/ Li Changsheng

         

        December 31, 2013

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