Document:

English translation of the Loan Agreement

 Exhibit 10.23 
 English Translation 
 Loan Contract 
 (in RMB) 
 China Construction Bank 
 Chongqing Branch 

 Contract No.: 2009 (1230) 24 
 Type of Loan: Industrial Working Capital Loan 
 The Borrower (Party A): Chongqing Daqo
New Energy Co., Ltd.  
 Domicile: Wanzhou Salt Gasification Industrial Park, Chongqing,
China            Post code: 404000 
 Legal representative (principal):
Xu Guangfu 

			
	Fax: 023-64866688	 	Tel: 023-64866666

 The Lender (Party B): China Construction Bank, Wanzhou Branch 
 Domicile: No.86 Gaosuntang, Wanzhou District,
Chongqing                               Post code: 404000 
 Principal: Zhou Jipei 

			
	Fax: 023-58248091	 	Tel: 023-58220003

  

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 Party A applies to Party B for a loan and Party B agrees to grant a loan to Party A. In accordance with
relevant laws and regulations, the parties hereby enter into this Contract after negotiations. 
 Article 1 Amount 
 Party A borrows RMB one hundred million (In words) from Party B. 
 Article 2 Purpose of Use 
 Party A shall use the loan for the purpose of working
capital, and shall not use such loan for any other purposes without the written consent of Party B. 
 Article 3 Loan Term

 The loan term agreed upon hereunder is two years, namely from July 7, 2009 to July 6, 2011. 
 In the event that the commencing date of the loan term hereunder is not consistent with the date indicated on the loan transfer certificate (i.e. loan
receipt, hereinafter the same), the actual loan granting date indicated on the loan transfer certificate for the first installment of the loan shall prevail, and the loan maturity date stipulated by the first subparagraph of this Article shall be
adjusted accordingly. 
 The loan transfer certificate shall constitute an integral part hereof and shall have the same legal effect as this
Contract. 
 Article 4 Lending Rate, Penalty Interest Rate, Interest Calculation and Interest Settlement 
 I. Lending rate 
 The lending rate hereunder shall
be annual interest rate, and shall be calculated as the third of the following: 
 (1) Fixed interest rate, which remains the same during
the loan term, namely, (This space is intentionally left blank)%; 
 (2) Fixed interest rate, which remains the same during the loan
term, namely, the benchmark interest rate on the value date (This space is intentionally left blank) (fill in “increased” or “decreased”) by (This space is intentionally left blank)%; 
 (3) Floating interest rate, namely, the benchmark interest rate on the value date (This space is intentionally left blank) (fill in
“increased” or “decreased”) by (This space is intentionally left blank)%, which shall be adjusted in accordance with the benchmark interest rate on the interest rate adjustment date and such increase/decrease percentage
every twelve months from the value date to the day on which the principal and interest hereunder are paid off. The interest rate adjustment date shall be the corresponding day of the value date in the month of adjustment. Where the value date
has no corresponding day in the month of adjustment, the last day of such month shall be the interest rate adjustment date. 
 II. Penalty
interest rate 
 (1) Where Party A fails to use the loan for the purposes provided herein, the penalty interest rate shall be the lending rate
increased by 100%; where the lending rate is adjusted as per the third subparagraph of Section I of this Article, the penalty interest rate shall be accordingly adjusted as per the adjusted lending rate and the abovementioned increase range.

 (2) The penalty interest rate of overdue loan hereunder shall be the lending rate increased by 50%; where the lending rate is adjusted
as per the third subparagraph of Section 1 of this Article, the penalty interest rate shall be accordingly adjusted as per the adjusted lending rate and the abovementioned increase range. 
  

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 (3) Where the loan is overdue and used for other purposes, penalty interest and compound interest shall be
calculated and collected at the higher rate. 
 III. The value date in this Article shall be the date on which the first installment of the loan
granted hereunder is transferred to the account designated by Party A. 
 Where the first installment of the loan hereunder is granted, the
benchmark interest rate shall be the lending rate for loans of the same level for the same period as announced and implemented by the People’s Bank of China on the value date. Where the lending rate is adjusted as per the abovementioned terms
and conditions subsequently, the benchmark interest rate shall be the lending rate for loans of the same level for the same period as announced and implemented by the People’s Bank of China on the adjustment date. Where the People’s Bank
of China no longer announces the lending rate for loans of the same level for the same period, unless the parties agree otherwise, the benchmark interest rate shall be the lending rate for loans of the same level for the same period generally
accepted by the banking industry or generally adopted as of the adjustment date. 
 IV. Calculation of lending rate shall commence as of the
date on which the loan is transferred to the account designated by Party A. The lending rate hereunder shall be calculated on a daily basis and the daily interest rate equals to annual interest rate divided by 360. In the event that Party A fails to
pay interest on the interest settlement date provided herein, compound interest shall be calculated and collected as of the next day following such interest settlement date. 
 V. Interest settlement 
 (1) Where fixed loan interest rate is adopted, interest shall be
calculated as per the interest rate agreed hereunder at the time of interest settlement. Where floating loan interest rate is adopted, interest shall be calculated as per the interest rate determined for each floating period. Where multiple interest
rate floats incur during a single interest settlement period, the interest shall be calculated by first calculating the interest for each floating period and then adding the interest of all the floating periods on the interest settlement date.

 (2) The interest of the loan hereunder shall be settled as per the first of the following: 
 1. The interest is settled on a monthly basis and the interest settlement date shall be the 20th day of each month; 
 2. The interest is settled on a quarterly basis and the interest settlement date shall be the 20th day of the last month of each quarter; 
 3. Other methods: (This space is intentionally left blank). 
 Article 5 Granting and Drawing of Loan 
 I. Preconditions for granting loan 
 Unless Party B waives in entirety or in part, Party B shall be obligated to grant the loan only if the following preconditions are satisfied consistently:

 1. Party A has obtained approval, and has made relevant registration, delivery, insurance procedures and other statutory procedures related
to the loan hereunder; 
 2. Where a security is created hereunder, such security to the satisfaction of Party B takes effect and remains in
effect; 
  

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 3. Party A has opened the account for drawing and repayment of the loan per Party B’s request;

 4. No default event or circumstance that may jeopardize Party B’s rights as a creditor provided herein has occurred on the part of Party
A; 
 5. There are no relevant laws, regulations, rules or competent authorities prohibiting or restricting Party B from granting the loan
hereunder; 
 6. Other conditions: 
 (This space is intentionally left blank) 
  
  
  
 II. Plan on use of loan 
 The plan on use of loan shall be determined by the first of the
following: 
 (1) Plan on use of loan is as follows: 
 1. July 7, 2009, the amount being RMB one hundred million; 
 2. (dd) (mm)
(yy), the amount being (This space is intentionally left blank); 
 3. (dd) (mm) (yy), the amount being
                ; 
 4. (dd) (mm) (yy), the amount being
                ; 
 5. (dd) (mm) (yy), the amount being
                ; 
 6. (dd) (mm) (yy), the amount being
                ; 
 (2) (This space is intentionally left
blank). 
 III. Party A shall use the loan as per the plan stipulated in Section II above, and shall not draw the loan in advance, nor delay
or cancel such drawing. 
 IV. Where Party A uses the loan in installments, the maturity date of which shall also be determined pursuant to
Article 3 hereof. 
 Article 6 Repayment 
 I. General principle 
 Party A shall repay the loan hereunder pursuant to the following principles:

 Party B has the right to first use the repayments made by Party A for repaying expenses advanced by Party B which shall be borne by Party A
and expenses incurred by Party B to realize its rights as a creditor. The remaining repayments shall be made in accordance with the principle that interest shall be repaid first and interest shall be cleared with the principal. Nevertheless, for
loans that the principal or interest of which is overdue for more than 90 days or loans otherwise prescribed by relevant laws, regulations or rules, Party A shall repay such loans according to the principle that the principal shall be repaid first.

 II. Interest payment 
 Party A shall
pay interest due and payable to Party B on the interest settlement date. The first interest payment date shall be the first interest settlement date following the grant of the loan. The interest shall be cleared with the principal upon the last
repayment. 
 III. Principal repayment plan 
 The principal repayment plan shall be determined by the first of the following: 
 (1) The principal repayment plan is as
follows: 
 1. July 6, 2011, the amount being RMB one hundred million; 
  

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 2. (dd) (mm) (yy), the amount being (This space is intentionally left blank); 
 3. (dd) (mm) (yy), the amount being                 ; 
 4. (dd) (mm) (yy), the amount being                 ; 
 5. (dd) (mm) (yy), the amount being                 ; 
 6. (dd) (mm) (yy), the amount being                 ; 
 (2) (This space is intentionally left blank). 
 IV. Repayment method 
 Party A shall, before the repayment date provided herein, transfer to the account opened by Party B sufficient
payables for the current period and transfer such fund for repaying the loan on its own (Party B also has the right to transfer fund from such account for repayment of the loan), or transfer fund from other accounts for repayment on the repayment
date provided herein. 
 V. Repayment in advance 
 Where Party A repays the principal in advance, it shall apply to Party B in writing thirty business days in advance, and may repay the principal in part or entirety in advance with the consent of
Party B. 
 Where Party A repays the principal in advance, the interest shall be calculated as per the actual days of use and the lending rate
provided herein. 
 Where Party B agrees that Party A repay the principal in advance, it may request Party A to make compensatory payment, the
amount of which shall be determined by the first of the following: 
 1. The amount of compensatory payment = the amount of the principal
repaid in advance × the number of months for which the principal is repaid in advance (calculated as one month in case of less than one month) × 0 ‰; 
 2. (This space is intentionally left blank). 
 The loan shall be repaid in the order
reverse to which of the repayment plan in the event that Party A repays the loan in installments and repays part of the principal in advance. The lending rate provided herein still applies to the loan outstanding. 
 Article 7 Rights and Obligations of Party A 
 I. Rights of Party A 
 (1) Party A has the right to request Party B to grant the loan as agreed hereby; 
 (2) Party A has the right to use the loan for purposes provided herein; 
 (3) Party A has the right to apply to Party B for extension provided that conditions set forth by Party B are satisfied; 
 (4) Party A has the right to request Party B to keep relevant financial information and trade secrets with respect to manufacturing and operation provided by Party A confidential, unless otherwise
required by laws, regulations and rules and competent authorities or otherwise agreed by the parties; 
 (5) Party A has the right to refuse to
offer the bribe extorted by Party B and its staff, and has the right to report such acts and other acts of Party B in violation of national laws and regulations with regard to credit interest rate, service charges, etc. to relevant authorities.

 II. Obligations of Party A 
 (1)
Party A shall draw the loan as provided herein, repay the principal and interest in full and bear various expenses provided herein; 
  

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 (2) Party A shall, as required by Party B, provide to Party B relevant financial and accounting information
as well as information about manufacturing and operation conditions, including but not limited to balance sheet and income statement (statement of revenues and expenditures in case of a public institution) as of the end of the previous quarter
within the first ten business days of the first month of each quarter, provide statement of cash flow of relevant year at the year end in a timely manner, and shall be responsible for authenticity, entirety and validity of information
provided by Party A and shall not provide false materials or conceal material operational and financial information from Party B; 
 (3) In the
event that Party A changes its registration information such as name, legal representative (principal), domicile, business of scope, registered capital or articles of association etc., it shall give written notice with updated information attached
to Party B within five business days following such change; 
 (4) Party A shall use the loan for purposes provided herein and shall not
appropriate or use the loan for illegal purposes or transactions not in compliance with regulations; Party A shall cooperate with and allow Party B’s inspection and supervision of its manufacturing, operation and financial activities as well as
the use of the loan hereunder; Party A shall not move funds, transfer assets or otherwise enter into related party transactions for the purposes of avoidance of liability to Party B; nor shall it obtain bank loans or credits by using phantom
contracts with related parties or by pledging or cashing-out unsubstantiated trade receivables or account receivables; 
 (5) Party A shall
comply with relevant national provisions with respect to environmental protection in the event that it uses the loan hereunder for production, manufacturing and project construction; 
 (6) Party A, without the consent of Party B, shall not provide security for loans of a third party with assets derived from the loan hereunder before repayment of the principal and interest in full;

 (7) In the event that Party A is a group customer, it shall report to Party B the information with respect to related-party transactions
accounting for more than 10% of its net assets in a timely manner, which includes (a) affiliated relationship between parties to the transaction, (b) items and nature of the transaction, (c) amount or corresponding proportion of the
transaction and (d) pricing policy (including transactions without consideration or with nominal consideration); 
 (8) In the event that
the loan to be granted hereunder is fixed asset loan or project loan, Party A shall ensure that the proposed project has obtained the approval of relevant governmental authorities, does not violate any laws or rules, and the capital fund or other
funds to be raised for which shall be fully raised at the time and in the proportion as specified; Party A shall ensure that the project is completed as planned. 
 Article 8 Rights and Obligations of Party B 
 I. Party B has the right to request Party A to
repay the principal, interest and charges of the loan on time, to exercise other rights hereunder and to request Party A to perform other obligations hereunder; 
 II. Party B shall grant the loan as agreed hereby, except for delay caused by Party A or due to other causes not attributable to Party B; 
 III. Party B shall keep relevant financial information, trade secrets with regard to manufacturing and operation provided by Party A confidential, unless otherwise required by laws, regulations, rules and
competent authorities or otherwise agreed by the parties; 
 IV. Party B shall not offer bride to Party A and its staff, and shall not extort or
accept bride offered by Party A or its staff; 
 V. Party B shall act in good faith and shall not jeopardize legitimate interests of Party A.

 Article 9 Liabilities for Breach and Remedies for Circumstances Impairing Party B’s Rights as a Creditor 
 I. Default events and liabilities of Party B 
  

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 (1) In the event that Party B does not grant the loan as provided herein without a proper cause, Party A may
request it to grant such loan as provided herein; 
 (2) In the event that Party B charges interests and expenses in violation of prohibitive
provisions of national laws and regulations, Party A may request Party B to return the same. 
 II. Default events of Party A 
 (1) Party A breaches any provision herein or any statutory obligation; 
 (2) Party A expressly states or indicates with its behavior that it will not perform any of its obligations hereunder. 
 III. Circumstances impairing Party B’s rights as a creditor 
 (1) Any of the following
circumstances occurred to Party A that Party B deems to impair its rights hereunder as a creditor: contracting, trust (take-over), lease, shareholding reform, decrease of registered capital, investment, cooperative joint venture, amalgamation,
merger, acquisition and restructuring, division, joint venture, application of business suspension for rectification, application of dissolution, being revoked, application of bankruptcy, change of control, transfer of major assets, halt of
production, discontinuation of business, being levied of a fine of large amount by competent authorities, being deregistered, revoke of business license, involvement in material legal proceedings, severe difficulty in production and operation or
severe aggravation of financial conditions, failure of performance of legal representative or principal; 
 (2) Any of the following
circumstances occurred to Party A that Party B deems to impair its rights hereunder as a creditor: Party A fails to repay other debts due and payable (including debts owed to agencies of all levels of China Construction Bank), transfers property at
lower price or for free, reduce or exempt debts of a third party, delays in exercising its rights as a creditor or other rights, or provides guarantee for a third party; 
 (3) Party A abuses the independent position of the corporation or limited liabilities of the shareholders to avoid liabilities, and Party B deems that such acts may impair its rights hereunder as a
creditor; 
 (4) Any of the preconditions herein for granting the loan is not satisfied consistently; 
 (5) Any of the following circumstances occurred to guarantor that Party B deems to impair its rights hereunder as a creditor: 
 1. The guarantor breaches any provision of the guarantee contract or there are any false statements, mistakes or omissions in its representations and
warranties of the guarantee contract; 
 2. Any of the following circumstances occurred to guarantor that may impair its ability of guarantee:
contracting, trust (take-over), lease, shareholding reform, decrease of registered capital, investment, cooperative joint venture, amalgamation, merger, acquisition and restructuring, division, joint venture, application of business suspension for
rectification, application of dissolution, being revoked, application of bankruptcy, change of control, transfer of major assets, halt of production, discontinuation of business, being levied of a fine of large amount by competent authorities, being
deregistered, revoke of business license, involvement in material legal proceedings, severe difficulty in production and operation or severe aggravation of financial conditions, failure of performance of legal representative or principal;

 3. Other circumstances of loss or potential loss of its guarantee ability; 
 (6) Any of the following circumstances occurred to mortgage and pledge that Party B deems to impair its rights hereunder as a creditor: 
 1. The mortgaged or pledged property is damaged, lost, or decreases in value due to acts of a third party, national expropriation, confiscation, requisition, withdrawal without compensation, demolishment
and relocation, change in market conditions or other causes; 
  

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 2. The mortgaged or pledged property is sealed up, seized, blocked, deducted, retained, auctioned or kept in
custody by administrative authorities or the ownership of which is being challenged; 
 3. The mortgagor or the pledgor breaches any provision
of the mortgage or pledge contract, or there are any false statements, mistakes or omissions in its representations and warranties of the mortgage or pledge contract; 
 4. Any other circumstance that may impair the realization of Party B’s rights to the mortgage or pledge; 
 (7) The guarantee has not been created, come into effect, or is invalid, revoked or rescinded, the guarantor breaches the contract or expressly states or indicates with its acts that it will not perform
its guarantee obligations, or the guarantor loses its guarantee ability in part or in entirety, or the collaterals decrease in value or other circumstances that Party B deems to impair its rights hereunder as a creditor; or 
 (8) Other circumstances that Party B deems to impair its rights hereunder as a creditor. 
 IV. Remedies of Party B 
 In case of any circumstance provided in Section 2 or 3 of this
Article, Party B may exercise the following rights: 
 (1) Ceasing the granting of the loan; 
 (2) Declaring the loan to be immediately due and requiring Party A to forthwith repay all principal, interest and expenses of the debts hereunder, whether
due and payable or not; 
 (3) In the event that Party A fails to draw the loan as provided herein, Party B may request Party A to pay a breach
penalty equaling to 20% of the loan not so drawn and may refuse to allow Party A to draw the remaining of the loan hereunder; 
 (4) In
the event that Party A fails to use the loan for purposes provided herein, interest and compound interest of the part of the loan appropriated by Party A shall be calculated and collected at the penalty interest rate and with the interest settlement
method provided herein for the period from the date on which provisions on purposes of use herein are breached to the date on which all principal and interest are repaid; 
 (5) In the event that the loan is overdue, the interest and compound interest of the principal and interest overdue (including the principal and interest declared to be due in part or in entirety by Party
B in advance) shall be calculated and collected at the penalty interest rate and with the interest settlement method provided herein for the period from the date on which the loan becomes overdue to the date on which all principal and interest are
repaid. Overdue means that Party A fails to repay the loan within specified term or repays the loan beyond the period of the plan for repayment of principal in installments provided herein. 
 Before the loan becomes due, compound interest shall be applied to the interest overdue and shall be calculated and collected at the lending rate and by the
interest settlement method provided herein. 
 (6) Other remedies include but not limit to: 
 1. Deducting relevant amount of fund in Renminbi or any other currency from the account opened by Party A at China Construction Bank, without prior notice;

 2. Exercising its rights to the guarantee; 
 3. Requiring Party A to provide a new guarantee for all the debts hereunder to the satisfaction of Party B; and 
 4. Earlier
termination of this Contract. 
 Article 10 Other Provisions 
 I. Assumption of expenses 
 Unless otherwise agreed by the parties, attorney, insurance,
evaluation, registration, keeping, appraisal, notarization fees and other expenses with respect to this Contract and the guarantee hereunder shall be borne by Party A. 
  

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 All expenses incurred by Party B to realize its rights as a creditor (including but not limited to
litigation, arbitration, property preservation, traveling, execution, evaluation, auction, notarization, serving, public announcement and attorney fees, etc.) shall be borne by Party A. 
 II. Use of Party A’s information 
 Party A agrees that Party B inquires about Party A’s
credit standing through the credit database established upon the approval of the People’s Republic of China and department of credit information or other competent authorities, and agrees that Party B provides Party A’s credit information
to such credit database. Party A also agrees that Party B may reasonably use and disclose Party A’s information for business purposes. 
 III. Collection of overdue debts through announcement 
 With respect to Party A’s delay in repaying the principal and interest and
other default events, Party B may report to relevant authorities and may collect the overdue debts through announcements to press. 
 IV.
Evidentiary effect of Party B’s records 
 Unless there is reliable and solid evidence to the contrary, Party B’s internal accounting
records with respect to the principal, interest, expenses and repayment, notes and vouchers prepared or retained by Party B during Party A’s drawing, repayment and interest payment, and records and vouchers related to Party B’s collection
of loan constitute definite evidences of the credit relationship between Party A and Party B. Party A shall not challenge such relationship merely on the ground that the said records, notes and vouchers are prepared or retained by Party B.

 V. Reservation of rights 
 Party
B’s rights hereunder shall have no effect on, nor exclude any other rights in accordance with laws, regulations and other contracts. Any tolerance, extension, preference or postponed exercise of any right hereunder with respect to any default
or delay shall neither constitute waiver of the rights and interests hereunder, or consent or recognition of any violation hereof, nor restrict, prevent or impair its exercise of such rights or any other right, without being held liable to Party A
for the above reason. 
 VI. In the event that there is other outstanding debts of Party A due and payable to Party B in addition to the debts
hereunder, Party B may deduct fund in Renminbi or any other currency from the account opened by Party A at China Construction Bank to repay any of such debts, and Party A shall not challenge such deduction made by Party B. 
 VII. Party A shall give written notice to Party B immediately in case of any change in its mail address or contact information. Losses arising from the
failure of such notice shall be solely borne by Party A. 
 VIII. Deduction of payables 
 With respect to all payables of Party A hereunder, Party B may deduct relevant fund in Renminbi or any other currency from the account opened by Party A at
China Construction Bank, without prior notice. Party A shall be responsible to assist with Party B to handle exchange settlement and sales or foreign exchange trading procedures where necessary, and shall take risks of exchange rate on its own.

  

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 IX. Dispute resolution 
 Any dispute arising from the performance hereof may be settled through negotiation. In the event that no agreement is reached through negotiation, such disputes shall be settled by the first of the
following: 
 1. Filing a lawsuit to the people’s court located in Party B’s domicile; 
 2. Submitting such dispute to              Arbitration Commission (arbitration to be held in:
            ) for arbitration in accordance with its rules then in effect. The arbitration award shall be final and binding upon the parties. 
 During the term of lawsuit or arbitration, provisions herein that are not involved in the dispute shall be performed by the parties. 
 X. Conditions precedent to effectiveness 
 This
Contract shall come into effect upon it is signed by the parties or its authorized representative and affixed with corporate seals of the parties, respectively. 
 XI. This Contract shall be signed in five counterparts. 
 XII. Miscellaneous 
 (1) (This space is intentionally left blank)  
 (2) (This space is intentionally left blank)  
 (3) (This space is intentionally left blank)  
 (4) (This space is intentionally left blank)  
 Article 11 Representations 
 I. Party A is fully aware of Party B’s business scope and its authorization. 
 II. Party A has read all the provisions herein. Per Party A’s request, Party B has clarified relevant provisions herein and Party A fully understands
and is aware of he meaning and corresponding legal consequences of provisions herein. 
 III. Party A’s execution and performance of this
Contract are in compliance with provisions of laws, administrative regulations, rules and its articles of association or internal documents, and have been approved by its internal competent department and/or competent governmental authorities.

 Party A (corporate seal): Chongqing Daqo New Energy Co., Ltd. 
 Legal representative (principal) or authorized representative (signature): /s/ Xu Guangfu 
 Date: July 7, 2009 
 Party B (corporate seal): China Construction Bank, Wanzhou Branch 
 Legal representative (principal) or authorized representative (signature): /s/ Zhou Jipei 
 Date: July 7, 2009 
  

 10English translation of the Loan Agreement

 Exhibit 10.24 
 English Translation 
 Loan Agreement 
 with 
 Huaxia Bank 
  

 1 

 Loan Agreement 
 Contract No.: CQ091011090117 
 Party A (the Borrower): Chongqing
Daqo New Energy Co., Ltd. 
 Domicile: Xian Jia Village, Longdu , Wanzhou District, Chongqing, China 

			
	Post code: 404000	 	Legal representative: Xu Guangfu
	Tel: 023-64866606	 	Fax:                     

 Bank of principal account: Construction Bank Wanzhou Branch 
 Account No.: 50001303600050207456 
 Party B
(the Lender): Huaxia Bank, Wanzhou Branch 
 Domicile: No. 318 Bai Yan Road, Wanzhou District, Chongqing, China 
 Post code: 404000 
 Legal representative
(principal): Xiang Jianping 

			
	Tel: 023-87680769	 	Fax: 023-87680776

 In accordance with relevant laws and regulations of the People’s Republic of China, the Parties
hereby enter into this Agreement after negotiations based on the principle of fairness. 
 Article 1 Type of Loan 
  

	1.1	The loan hereunder shall be mid-term loan. 

 Article 2 Amount and Currency of Loan 
  

	2.1	The currency of the loan hereunder shall be RMB. 

  

	2.2	The amount of the loan hereunder shall be RMB Seventy Million Yuan (In word). 

 Article 3 Purpose of Loan 
  

	3.1	Party A shall use the loan hereunder for the sole purpose of working capital turnover, such as procurement of raw materials, payment of electricity bills, etc.,
and shall not use such loan for any other purposes without written consent of Party B. 

 Article 4 Term of Loan

  

	4.1	The term of the loan hereunder is two years, starting from December 30, 2009 to December 30, 2011. 

  

	4.2	Party A shall drawdown the loan hereunder on December 30, 2009 in a lump sum. 

  

	4.3	Party A shall repay the principal of the loan hereunder on December 30, 2011 in a lump sum. 

  

	4.4	In the event that the actual drawdown date and the maturity date of the last installment are not consistent with the dates specified as above, the date indicated on the
loan certificate hereunder shall prevail, and the maturity date for each outstanding installment shall be subject to the date agreed upon herein. 

  

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 Article 5 Interest Rate 
  

	5.1	The interest rate hereunder shall be an annual interest rate of 5.40%. In the event that the People’s Bank of China adjusts the benchmark interest rate
after the execution of this Contract and prior to the granting of the loan, the interest rate hereunder shall be adjusted pursuant to the floating range provided in Article 5.4 based on the benchmark interest rate for the corresponding period.

  

	5.2	 The interests of the loan hereunder shall be settled on a monthly basis and shall be paid on the 20th day of each month, with the last interest payment date being the expiry date of this Contract.

  

	5.3	In the event that the People’s Bank of China adjusts the benchmark interest rate for the corresponding period after the granting of the loan, the interest rate
hereunder shall be adjusted on a monthly basis, and the adjusted interest rate shall apply as of the first interest payment date upon the adjustment. 

  

	5.4	In case of adjustment pursuant to Article 5.1 and 5.3, the interest rate shall be determined according to the adjusted benchmark interest rate for the corresponding
period as published by the People’s Bank of China. 

  

	5.5	In the event of adjusted interest rate, the penalty interest rate hereunder shall be adjusted accordingly and shall apply concurrently with the interest rate. The
penalty shall be calculated in installments according to different rates applied. 

  

	5.6	Party A’s consent is not required for Party B to make the above adjustments. 

 Article 6 Conditions for Drawdown 
  

	6.1	Party A may not drawdown the loan unless the following conditions are satisfied: 

  

	6.1.1	Party A has obtained governmental approvals, licenses and has completed relevant registrations and other statutory procedures related to the loan hereunder pursuant to
the laws and regulations; 

  

	6.1.2	Party A has provided relevant documents as required by Party B; 

  

	6.1.3	Where a security is created hereunder, the Parties have completed all procedures as agreed upon, and such procedures/security/pledge have come into effect;

  

	6.1.4	No event of default has occurred on part of Party A; 

  

	6.1.5	As of the drawdown date, all Party A’s representations and warranties hereunder remain true, accurate and valid; and 

  

	6.1.6	As of the drawdown date, operational and financial conditions of Party A remain substantially the same as those as of the execution hereof, and no major adverse changes
have occurred. 

  

	6.2	Party A shall handle drawdown procedures at Party B’s office upon satisfaction of the conditions set forth above, and shall sign the loan certificate with Party B.
The loan certificate shall constitute an integral part of this Contract with same legal effect. 

  

	6.3	The granting of the loan prior to satisfaction of conditions set forth in Article 6.1 shall not constitute a flaw in Party B’s performance.

  

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 Article 7 Repayment of Loan 
  

	7.1	The sources of repayment by Party A include but not limited to sales revenue. Party A undertakes in no case shall it refuse to perform the repayment obligation
hereunder by invoking the above provisions. 

  

	7.2	Party A shall deposit the repayment (interest and principal) in full in the account opened with Party B prior to the close of business (Beijing Time) on the repayment
day (interest payment day, principal repayment day), and Party B has the right to debit the account. In the event that the repayment day is a public holiday, it shall be deferred to the first working day that follows. 

  

	7.3	Party B shall have the right to deduct any due and payable amount unpaid by Party A from any account maintained by Party A with all branches of Huaxia Bank. If the
currency of the account so deducted is different from that of the loan, an exchange rate shall be applied according to the exchange rate published by Party B on the date of deduction. 

  

	7.4	Any payment made by Party A (including payment deducted by Party B hereunder) shall be used for repayment of the loan in the following order, subject to any changes
made by Party B: expenses incurred in realizing the creditor’s rights and security interest, compensation for damages, default penalty, compound interest, overdue interest, penalty interest, interest of the loan, and principal.

  

	7.5	If Party A desires to repay the loan in advance, it shall submit an application in writing to Party B 10 days in advance. With Party B’s written consent, the
interests shall be collected according to the interest rate agreed upon hereunder and the actual days of use. 

 Article 8 Loan Guarantee 
  

	8.1	If the creditor’s right hereunder is secured by the guarantee under the debt ceiling, the following guarantee shall apply: 

 The guarantors Daqo Group Co., Ltd. and Daqo New Materials Co., Ltd. shall enter into a contract of guarantee under the debt ceiling with Party B,
respectively. 
 The guarantor Guangfu Xu shall enter into a contract of individual guarantee under the debt ceiling with Party B.

 Article 9 Party A’s Rights and Obligations 
  

	9.1	Party A undertakes that it is a company duly incorporated and validly existing under relevant laws, and it has the power to dispose of the property operated and managed
by it, to run the businesses in line with the purpose of the loan hereunder, and to enter into and perform this Contract. 

  

	9.2	Party A undertakes that it has obtained necessary approvals from regulatory agencies and its board of directors, etc., as well as necessary authorizations to enter into
this Contract. 

  

	9.3	Party A undertakes that its execution and performance of this Contract do not violate any provision or agreement that is binding upon Party A or its assets, any
guarantee agreement or other agreements signed with other party, or any other instrument, agreement or covenant that is binding upon Party A. 

  

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	9.4	Party A undertakes to provide the documents and materials as required by Party B, which shall be true, accurate, legitimate and valid. 

  

	9.5	Party A shall have the right to drawdown and use the loan pursuant to this Contract. 

  

	9.6	Party A shall have the right to use the loan for purposes provided herein. 

  

	9.7	Party A shall cooperate with Party B with respect to the inspections conducted prior to, during and after the granting of the loan as required by Party B, which include
but not limited to the provision of the following materials: 

  

	9.7.1	The business license with annual inspections passed; the corporation code certificate; the ID card of the legal representative and necessary personal information; a
list of members of the board of directors, principals, and the financial controller; the licenses for conduction of the business; tax registration certificate with annual inspections passed; a copy of evidence of tax clearance for the period
specified by Party B; and the loan certificate (card); 

  

	9.7.2	Information of all banks of deposit, account numbers and amounts of deposits and loans; 

  

	9.7.3	Audited balance sheet, income statement, change in shareholder’s equity, and sales information, cash flow sheet, financial statements together with its notes and
remarks for the period specified by Party B; 

  

	9.7.4	Production plans, statistical forms, budget and final accounts of projects; 

  

	9.7.5	Information on external guarantee (including guarantee for Party B’s any institution); 

  

	9.7.6	Information on all affiliates and relationship therewith, existing and potential related party transactions accounting for 10% of its net assets, and internal guarantee
within the group; 

  

	9.7.7	Information on lawsuit, arbitration, administrative penalty, dispute over debt obligations with other parties, and prosecution of criminal liability against any
management personnel; and 

  

	9.7.8	Information on use of the loan hereunder. 

  

	9.8	Party A shall repay the interest and principal of the loan as agreed upon hereunder. 

  

	9.9	Party A shall provide a 30 days’ prior notice in writing to Party B under the following circumstances that may change its operations, systems and legal status:
contracting, leasing, trusteeship, reorganization of assets, restructuring of debts and equity, joint operation, merger (merger and acquisition), division, joint venture, decrease of registered capital or application for cessation or cancellation of
operation, dissolution or reorganization, settlement, and bankruptcy, and Party A shall clarify the repayment liability hereunder or provide new guarantee for the loan hereunder (both subject to Party B’s acknowledgement in writing); otherwise
all activities mentioned in this clause shall not be conducted unless and until the loan hereunder is fully repaid. 

  

	9.10	In the event of being ordered to cease business operations, shut down, dissolve (cancel), and application of reorganization or bankruptcy filed by other parties, which
may change its systems and legal status, Party A shall provide a written notice to Party B within 3 days upon the occurrence of such circumstances, and shall take adequate and effective measures to secure Party B’s rights as the creditor.

  

	9.11	In the event of any circumstance that may jeopardize Party A’s ordinary operation or Party B’s rights as the creditor, Party A shall provide a written notice
to Party B within 3 days upon the occurrence of such circumstance, and shall take adequate and effective measures to secure Party B’s rights as the creditor. 

  

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	9.12	In the event of any change to Party A’s domicile, name, legal representative, or substantial changes to Party A’s senior management, Party A shall provide a
written notice to Party B within 7 days upon the occurrence of such change. 

  

	9.13	Before Party A fully repays the interest and principal of the loan hereunder, Party A shall not sell any specific assets, repay other debts in advance, or provide
guarantee to third parties without Party B’s consents. 

  

	9.14	Party A shall not enter into any contract with any third party that may jeopardize rights and interests of Party B hereunder. 

  

	9.15	In the event that a guarantee is provided, Party A shall forthwith provide new guarantee as accepted by Party B or repay the loan hereunder in advance if the guarantor
violates any obligations or covenants set forth in the guarantee contract. 

 Article 10 Party B’s Rights and
Obligations 
  

	10.1	Party B shall have the right to request Party A to provide documents in connection with the loan hereunder. 

  

	10.2	Party B shall have the right to monitor and inspect the use of the loan hereunder, and to understand Party A’s operation activities, financial conditions,
provision of guarantee and dispute over debt obligation, etc. 

  

	10.3	Party B shall fully grant the loan to Party A on time if Party A fully performs its obligations hereunder and fully satisfies the conditions for drawdown.

  

	10.4	Party B shall keep confidential all information related to Party A’s debt, financial conditions, production, and operation, etc. provided thereby unless otherwise
required by the laws and regulations. 

  

	10.5	Party B shall publish an announcement if it changes its domicile during the term hereof. 

 Article 11 Liabilities for Breach of Contract 
  

	11.1	After the effectiveness of this Contract, both Parties shall perform their obligations under this Contract, failure to perform or partial performance shall constitute
breach of contract, and both Parties shall assume relevant liabilities. 

  

	11.2	If relevant security procedures under this Contract are not completed due to Party A or the guarantor’s reason, or Party A fails to carry out the drawdown
procedures at the time stipulated under this Contract for a time in excess of 30 days (including public holidays and weekends) after the stipulated time for granting the loan, Party B is entitled to terminate this Contract and request repayment of
the loan granted. 

  

	11.3	If Party A fails to repay the principal when due (including accelerated maturity) according to this Contract, the overdue interests shall be calculated from the overdue
date by increasing 50% of the interest rate as penalty. If Party A fails to pay the interests on time within the term of the loan, compound interests shall be collected according to the interest rate stipulated hereunder. For any unpaid interests of
the loan overdue, compound interests shall be collected according to the penalty interest rate under this clause. 

  

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	11.4	If Party A fails to use the loan according to the purpose stipulated hereunder, penalty interests will be collected by increasing 100% of the stipulated interest rate
from the date of breach with respect to the principal and interest, and compound interests will also be collected. 

  

	11.5	If the loan is overdue or is not used according to the stipulated purposes, overdue interests, penalty interests and compound interests shall be collected by month.

  

	11.6	Where Party B’s rights as the creditor is realized through litigation due to Party A’s breach, Party A shall borne the fees paid by Party B, such as the
litigation fees, arbitration fees, preservation fees, announcement fees, evaluation fees, appraisal fees, auction fees, traveling expenses, attorney fees and other fees incurred for the realization of the creditor’s rights.

  

	11.7	If any of the following occurs, Party B is entitled to announce the accelerated maturity of all the loans granted, collect the principal and interests, cease granting
additional loans, and take legitimate measures: 

  

	11.7.1	Party A fails to use the loan according to the purpose stipulated hereunder or fails to pay the principal, interests and other payables in full and on time;

  

	11.7.2	Party A provides false balance sheet, income statement and other loan materials or conceals important facts thereof or any other substantial financial facts;

  

	11.7.3	Party A refuses Party B to supervise or examine its loan use and its productions, operations, and financial activities. 

  

	11.7.4	Party A uses the loan to make equity investments; 

  

	11.7.5	Party A uses the loan to speculate in equities, futures and real estate, or conduct other illegal or non-compliance actions; 

  

	11.7.6	Party A obtains the loan to grant loans and seeks illegal incomes; 

  

	11.7.7	Party A obtains the loan by fraud; 

  

	11.7.8	Party A arbitrages money from Party B by using a fake contract with related parties and providing mortgage to Party B with notes receivable and accounts receivable
without true trading background; 

  

	11.7.9	Party A evades repayment of bank debts through related party transactions; 

  

	11.7.10	Party A breaches any contract or agreement entered into between Party A and other parties (including Party B) or breaches any representations or warranties made by
Party A unilaterally, which constitutes material breach. 

  

 7 

	11.7.11	There is a change to Party A’s operation, system or legal status, including but not limited to contracting, leasing, trusteeship, reorganization of assets,
restructuring of debts and equity, joint operation, merger (merger and acquisition), division, transfer of assets, joint venture, decrease of registered capital or application for cessation or cancellation of operation, dissolution, reorganization,
settlement and bankruptcy, provided that Party A has not obtained Party B’s written consent, clarified repayment obligation hereunder, or provided new guarantee acceptable to Party B; 

  

	11.7.12	There is a change to the guarantee hereunder that has an adverse impact on Party B’s rights as the creditor, including but not limited to the damage, loss and
decrease in value of the collateral and pledge, or the guarantor violates any obligation under the guarantee contract while Party A fails to provide new guarantee per Party B’s request; 

  

	11.7.13	The guarantee contract or other guarantee provided fails to come into effect or is held void or revoked, the guarantor loses part or all of its ability to provide
guarantee or expressly indicates that it will not perform its guarantee obligation, or the guarantor violates any obligation or covenants under the guarantee contract or other contracts with third party, while Party A fails to provide new guarantee
per Party B’s request; 

  

	11.7.14	Representations and warranties made by Party A are untrue, inaccurate or there is omission of material facts; 

  

	11.7.15	Party A expressly indicates or indicates by its performance that it will not perform its obligations hereunder; and 

  

	11.7.16	Party A violates any other obligation or covenant agreed upon hereunder, which in Party B’s view will affect the realization of Party B’s rights as the
creditor. 

  

	11.8	If Party B fails to make loans upon Party A’s request within seven (7) working days after Party A meets all the drawdown conditions and submits drawdown
requirement to Party B, Party A is entitled to collect liquidated damages from Party B based on the interest rate specified in Article 11.3 according to the amount and actual days of overdue. 

 Article 12 Effectiveness 
  

	12.1	This Contract shall take effect upon execution by both Parties. 

 Article 13 Transfer, Change and Termination of Contract 
  

	13.1	After this Contract takes effect, Party B may transfer all or part of its rights as the creditor under this Contract to a third party without Party A’s consent.

  

	13.2	After this Contract takes effect, Party A shall not transfer all or part of its obligations as the debtor under this Contract to a third party unless Party B receives
from the guarantor a written document consenting to continue to assume the guarantee liability after the transfer or a new guarantee is provided to Party B. In addition, Party B’s written consent is also required for such transfer.

  

 8 

	13.3	After this Contract takes effect, neither party shall make changes without consent of the other party. Any change to this Contract shall be made by Party A and Party B
in writing. 

  

	13.4	If Party A requires extension under this Contract, an extension agreement shall be signed upon Party B’s approval. If Party B refuses to extend, Party A is obliged
to perform its repayment obligation according to this Contract. 

  

	13.5	During the term of this Contract, if any of the following event happens, Party B is entitled to terminate the Contract, collect the outstanding loan and interests in
advance and stop granting loans: 

  

	13.5.1	Party A’s operational and financial conditions deteriorates and becomes unable to repay matured debt; or Party A gets involved in major litigation or arbitration
or other legal proceedings which severely impacts or jeopardizes Party B’s realization of its rights as the creditor; 

  

	13.5.2	The overall credit, operational and financial status of Party A is in severe crisis, which poses a severe threat to Party B’s rights as the creditor;

  

	13.5.3	Party A suspends or ceases operation or dissolves, or the business license of Party A is revoked or cancelled; and 

  

	13.5.4	Other circumstances that may pose threat or cause severe damage to Party B’s rights as the creditor under this Contract. 

 Article 14 Dispute Resolution 
  

	14.1	Any dispute arising from the performance hereof shall be settled through negotiation. In the event that no agreement is reached through negotiation, such disputes shall
be settled by filing a lawsuit to the people’s court where Party B is located. 

 Article 15 Miscellaneous

  

	15.1	If Party A and Party B have entered into the Maximal Financing Agreement (Contract No.: CQ09(RONG ZI)20090018), this Contract shall be regarded as a specific business
contract under the Maximal Financing Agreement. 

  

	15.2	Within the term of this Contract, if Party A fails to notify Party B in writing with regard to the change of company name, the legal representative and the address, all
the documents delivered by Party B to Party A according to the information under this Contract shall be deemed to have been delivered. 

  

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	15.3	Fees for registration, insurance, notarization, appraisal, transportation and all other relevant fees with respect to this Contract and its guarantee contract shall be
borne by Party A. If the fees are paid by Party B upfront, Party B is entitled to withhold the amount from Party A’s account. 

  

	15.4	Party A undertakes to wire 20% of the quarterly revenue to the settlement account (account No.: 839100002938) opened with Party B. If Party A fails to do so, Party B is
entitled to raise the interest rate by 10%. 

  

	15.5	This Contract shall be executed in four counterparts with each party holding two copies. 

  

	15.6	Relevant exhibits shall form an integral part of this Contract and shall enjoy the same legal effect as this Contract. 

  

	15.7	Party B has made reasonable efforts to notify Party A of the clauses regarding waiver or limitation of Party B’s liability under this Contract and has made full
clarification of relevant clauses as per Party A’s request. Party A and Party B have no disagreement over the interpretation of the terms of this Contract. 

  

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 Signature page follows 
 Party A: (Seal) Chongqing Daqo New Energy Co., Ltd. 
 Legal Representative: /s/ Guangfu
Xu                         
 (or Authorized Agent) 
 Date: December 30, 2009 
 Party B: (Seal) Huaxia Bank Wanzhou Branch, Chongqing 
 Legal Representative: /s/ Jianping
Xiang                   
 (or Authorized Agent)

 Date: December 30, 2009 
  

 11

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