Document:

Exhibit 4.18

(Summary Translation)

 

Loan Agreement with Chongqing Rural Commercial Bank, Wanzhou
Branch

 

	Date of the Agreement	July 12, 2018 
	 	 
	Lender (Party A)	Chongqing Rural Commercial Bank, Wanzhou Branch
	 	 
	Borrower (Party B)	Xinjiang Daqo New Energy Co., Ltd.
	 	 
	Type of loan	Short term working capital loan 
	 	 
	Use of loan	Working capital for purchase of raw materials and supplementary materials and other operational purposes
	 	 
	Amount	RMB116.65 million
	 	 
	Term of loan	1 year, from July 12, 2018 to July 11, 2019
	 	 
	Interest rate	Benchmark rate, plus 18%
	 	 
	Penalty rate	
        In the event of failure to repay the loan in accordance with
        the Agreement, the penalty rate shall be 50% over the interest rate

         

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

	 	 
	Repayment of interest	Interest shall be paid monthly at the 20th of each month
	 	 
	Repayment of principal	Principal shall be repaid in full by the maturity date of the loan
	 	 
	Party A’s rights and obligations	
        (1) Party A has the right to be informed about Party B’s
        operations, financial conditions and inventory, supervise and inspect the use of the loan, and require Party B to provide financial
        statements and other documents and information;

         

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

         

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

         

        (4) In the event that Party B fails to perform its obligations,
        Party A has the right to disclose to the public such default by Party B;

         

        (5) Party A shall keep information regarding Party B’s
        liabilities, financial condition and operations confidential except for reasonable internal use by Party A, use for corporate credit
        purposes and other permissible uses under laws and regulations;

         

        (6) Party A has the right to participate in Party B’s
        material financing , asset disposal, merger, spinoff, restructuring, liquidation and dissolution and other activities in order
        to protect Party A’s creditor’s rights.

 

    	

     

    

 

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

         

        (2) Party B shall use the loan in accordance with the Agreement,
        shall not misappropriate the loan and shall ensure compliance with law;

         

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

         

        (4) Party B shall promptly notify Party A in writing and implement
        repayment measures acceptable to Party A in the event that there shall be a change that affects the rights and liabilities under
        this Agreement, threatens Party B’s ordinary operations or materially and adversely affects Party B’s ability to perform
        the repayment obligations under the Agreement (including but not limited to suspension, termination, closure, bankruptcy, suspension
        or cancellation of manufacturing or sale permit or operating license, illegal activity by Party B, its legal representative or
        main responsible person, material safety accidents, material litigation, material difficulty of its operations or deterioration
        of its financial condition);

         

        (5) In the event of any partial or complete loss of the ability
        of the guarantor under the Agreement to guarantee the loan (including but not limited to suspension, termination, cancellation,
        bankruptcy, involvement in litigation or arbitration, administrative penalty or operating loss) or in the event of any loss to
        security or pledges under the loan, Party B shall promptly notify Party A and provide other guarantee acceptable to Party A;

         

        (6) Party B shall notify Party A in writing within 15 days following
        any change to the registration of certain matters, including but not limited to name, registered capital, legal representative,
        legal address and scope of operations;

         

        (7) Party B shall bear any loss, risk or liability in the event
        that the proceeds of loan are seized or withheld by any competent authority after Party A credits Party B’s account;

         

        (8) Throughout the term of the loan, without Party A’s
        prior consent, Party B shall not dispose of any material assets (other than to repay the loan to Party A) and shall not make any
        distributions to its shareholder;

         

        (9) Party B shall timely report to Party A any related party
        transaction involving over 10% of Party A’s net assets in writing, including the relationship among the parties to the transaction,
        nature, subject, amount of the transaction, and pricing policy.

 

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	Party B’s Covenants	
        (1) Compliance with law and regulation;

         

        (2) Timely and periodic provision to Party A of financial statements
        and true, accurate, complete and effective information on accounts payable and receivable, inventory details and activities of
        capital collection account;

         

        (3) Diligent and active cooperation with Party A’s supervision
        of loan funding, post-funding supervision and other relevant inspections;

         

        (4) Prompt notice to Party A in the event of any material adverse
        effect on Party B’s repayment abilities and implementation of repayment measures acceptable to Party A;

         

        (5) No evasion of entrusted payment by Party A;

         

        (6) Party A has the right to demand prepayment in light of cash
        collection by Party B;

         

        (7) In the event of any merger, spinoff, share equity change
        or transfer, change of operation method (such as contracting or lease), material asset transfer or disposal, share equity pledge,
        investment, guarantee, material increase of debt financing, new project and other material matters, Party B shall notify Party
        A in advance in writing, and shall not be engaged in these actions without performing obligations under the loan and providing
        guarantee or other risk management measures acceptable to Party A.

 

    	3Exhibit 4.19

(Summary Translation)

 

Loan Agreement with China Everbright Bank Chongqing,
Wanzhou Branch

 

	Date of the Agreement	January 5, 2018 
	 	 
	Borrower (Party A)	Xinjiang Daqo New Energy Co., Ltd.
	 	 
	Lender (Party B)	China Everbright Bank Chongqing, Wanzhou Branch
	 	 
	Use of loan	Working capital for purchase of silica fume
	 	 
	Principal	RMB15 million
	 	 
	Term of loan	From January 5, 2018 to January 5, 2019
	 	 
	Interest rate	Fixed rate at 5.0025% per year
	 	 
	Penalty rate	
        In the event of late repayment, a penalty interest rate of the
        fixed rate provided hereof plus 30% thereof will be imposed on the overdue loan until all principal and interest are repaid.

         

        In the event of applying loans other than the usage provided
        hereof, a penalty interest of the fixed rate provided hereof plus 50% thereof will be imposed until all principal and interest
        are repaid.

         

        A compound interest will be imposed on any overdue interest.

	 	 
	Interest settlement day	Interest shall be paid monthly at the 20th of each month.
	 	 
	Repayment of principal	
        Principal shall be repaid in full on January 5, 2019.

         

        Party B is entitled to deduct funds from Party A's accounts
        opened at China Everbright Bank for the repayment of any overdue loan.

	 	 
	Guarantee and Security	
        Joint and several liability guarantee provided by Daqo Group
        Co., Ltd. and Daqo New Material Co., Ltd.

         

        Land use right as collateral provided by Daqo New Material Co.,
        Ltd.

	 	 
	Party A’s Covenants	
        Party A shall:

         

        1. Notify Party B in at least 30 days advance and obtain a written
        consent from Party B in respect of investment, substantially increase of debt financing, merger, spinoff, decrease of share capital,
        share transfer, asset transfer, suspension of business, dissolution, bankruptcy and other actions which will affect the interest
        of Party B, and shall fulfill its repayment obligations;

         

        2. Within the term of loan, without Party B's written consent,
        Party A shall not repay loans of any third party, provide any guarantee or set any mortgage or pledge over Party A's asset or interest
        which would affect Party A's ability of repayment of the loan;

         

        3. Other than specified above, notify Party B in written immediately
        in respect of any matter which may jeopardize Party A's normal operation or cause material adverse impact to its ability to its
        performance of this Agreement.Exhibit 4.20

(Summary Translation)

 

Loan Agreement with China Construction Bank, Wanzhou Branch

 

	Date of the Agreement	March 15, 2018 
	 	 
	Borrower (Party A)	Chongqing Daqo New Energy Co., Ltd.
	 	 
	Lender (Party B)	China Construction Bank, Wanzhou Branch
	 	 
	Use of loan	Working capital for purchase of raw materials and payment of employees’ compensations
	 	 
	Amount	RMB70 million
	 	 
	Term of loan	1 year, from March 15, 2018 to March 14, 2019
	 	 
	Interest rate	Calculated as China Construction Bank’s one-year loan prime rate as of the day immediately before Party A’s receipt of the first drawdown of loan, plus 0.137%. This interest rate will not change during the term of loan.
	 	 
	Penalty rate	
        In the event that Party A does not apply the loan according
        to the Agreement, the penalty rate shall be 100% over the interest rate.

         

        In the event of late repayment, the penalty rate shall be 50%
        over the interest rate.

         

        Upon the concurrence of late repayment and misuse of the loan,
        the penalty rate shall be the higher rate of the two rates stated above.

         

	Party A’s covenants	
        Party A shall:

         

        (1) provide information about its financial conditions and results
        of business operations to Party B upon Party B’s request, including its quarterly balance sheets, quarterly profit and loss
        statements and annual cash flow statements, ensure the legality, truthfulness, completeness, accuracy and effectiveness of such
        information, and undertake not to provide false information or conceal material operational or financial facts;

         

        (2) notify Party B in writing within three business days following
        any event materially and adversely affecting Party A’s solvency or other similar events adversely affecting Party B’s
        right as creditor, or any change to the registration of name, legal representative, residence, scope of operations, registered
        capital and Party A’s articles of association and other matters;

         

        (3) use the loan as stipulated in this Agreement and shall not
        misappropriate or misuse the loan, use the loan for any transaction in contravention of law or regulation, use the loan to invest
        in fixed assets or equity investments or any production or operation prohibited by the government, or use the loan to replace any
        existing loans borrowed for investment in fixed assets or equity investments;

         

        (4) accept any reasonable request for inspection and supervision
        from Party B relating to Party A’s business operation and financial activities, and the use and repayment of the loan under
        this Agreement;

        

 

     

     

    

 

	 	(5) comply with the relevant environmental protection regulations
when Party A uses the loan to finance manufacturing activities;

 

(6) not use the loan or collateral under this Agreement to
secure third party’s indebtedness;

 

(7) report to Party B in a timely manner any related party
transaction involving over 10% of Party A’s net assets, if Party A is a group client, including the relationship among the
parties to the transaction, nature, subject, amount of the transaction, and pricing policy;

 

(8) notify Party B of and obtain Party B’s prior written consent to any merger, spinoff, share equity
transfer, outbound investment, material increase in debt financing and other material matters

	 	 
	Party B’s rights 	
        Party B is entitled to participate in Party A’s material
        financing, assets sales, merger, spinoff, restructuring or bankruptcy in order to protect its creditor’s rights. Such participation
        rights include that:

         

        (1) Party A shall seek written consent from Party B if any of
        the above events occurs; and

         

        (2) Party B shall arrange for Party A’s material financing.

 

	Breach	
        In the event that Party B deems that its rights may be jeopardized
        upon the occurrence of a takeover, receivership, lease, restructuring, decrease of share capital, investment, joint venture, merger,
        acquisition, reorganization, spinoff, share transfer, substantial increase of debt financing, suspension of business, dissolution,
        cancellation, bankruptcy, change of or material asset transfer by controlling shareholder or controlling person, suspension, termination,
        material penalty, deregistration, delicensing or material litigation, material difficulty or deterioration in financial condition,
        credit downgrade involving Party A, or Party A’s legal representative or major person-in-charge’s failure to perform
        their duties, Party B may take the following actions:

         

        (1) cease to extend the loan;

         

        (2) demand additional conditions precedent for extending and
        funding of the loan;

         

        (3) change the method of repayment of the loan in accordance
        with this Agreement;

         

        (4) demand acceleration of the loan and require Party A to repay
        all due and outstanding principal, interest and expenses hereunder;

         

        (5) if Party A fails to use the loan as agreed in this Agreement,
        Party B is entitled to request Party A to pay a penalty equal to 100% of the loan amount not used as agreed and refuse to fund
        any outstanding loan amount; and

         

        (6) other remedial measures.

 

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