Ming Yang: Yes, there’s going to be a really rough estimate because it’s very much subject to pricing at the beginning of the year. We think based on estimated operating cash flow should be in the range of maybe RMB4 billion to RMB4.5 billion, something above par. So we should be close to say RMB2.5 billion, a U.S. dollar actually $2.5 billion in cash, something on that range.
Unidentified Analyst: Okay, And considering the discount from Shanghai listed Daqo which we own 72.4% if I remember, 73%.
Ming Yang: Yes, that’s correct.
Unidentified Analyst: You’re repurchasing, did you continue it in Q1? Like now we’re in February 28th, so 60 days passed. Did you repurchase any shares at the current Daqo prices? So that’s $21, $24 today.
Ming Yang: For the U.S. shares?
Unidentified Analyst: For Q1, yes, U.S. shares. Did you repurchase?
Ming Yang: So, our repurchase program ended at the end of last year, end of 2023. So we don’t have a repurchase plan right now, but I think the board is considering a repurchase plan for the full-year. So that’s why would want to see what the dividend looks like from Xinjiang Daqo. So once that come out and…
Unidentified Analyst: I thought you had 20% left or 30% left out of the first of the $700 million. I thought you had $200 billion as the other, the first analyst said?
Ming Yang: Yes.
Anita Zhu: Regarding the share repurchase plan, while I was announcing November in 2022, the expiration date of this program is until the December 31, 2023.
Unidentified Analyst: Yes.
Anita Zhu: So that means because of the date, the program ended in 2023. And we have completed the plan for the $700 million share replacement program.
Unidentified Analyst: Can you repeat again? You have completed?
Anita Zhu: Before the program expired by the end of 2023, we have completed almost approximately 70% of the entire program.
Unidentified Analyst: Okay, and I think just so investors know, I think this was due to not being able to buy more at current prices, because you’re limited. Like, you can buy only 25% of the volume on your stock exchange I think. You couldn’t have bought more right?
Anita Zhu: Yes, primarily.
Unidentified Analyst: Okay, so you okay. Last question — last actually recommendation would be if you could do a special dividend or a dividend yield, maybe it will attract investors. I think Daqo is very underpriced considering you have net debt zero and you own the Shanghai listed shares. So a dividend, a big dividend would — a big yield like 10%, 20% special dividend or a normal dividend, I think it would attract investors. Yeah, that’s the question?
Ming Yang: Okay.
Unidentified Analyst: After all, of course, you’ve recent from Shanghai.
Ming Yang: Okay. That’s well noted. We’ll share that with our board as well.
Unidentified Analyst: Yes, okay. Because you’re trading at a 0.3 price to book, so and you’re increasing revenue by 40%, 50% actually volume, so you should issue a big dividend to attract investors. Thank you very much and have a wonderful year and continue doing what you do.
Ming Yang: Great. Thank you so much. Thank you for your interest in the company.
Operator: Thank you. So this concludes our question-and-answer session. I would like to turn the conference over back to Ms. Anita Zhu for any closing remarks.
Anita Zhu: Thank you everyone again for participating in today’s conference call. Should you have any further questions, please do not hesitate to contact us. Thank you and have an awesome day. Good night.
Ming Yang: Good night.
Operator: The conference has now concluded. Thank you for attending today’s presentation. You may now disconnect.
