Unidentified Analyst: Do you have any idea — not an estimate of what this share repurchase, after you finish this share repurchase of this year, the US$750 million, so you have like US$300 million left or US$350 million left. So my question is what will the scale of the 2024 repurchase program be or other dividend yields for investors in the New York Stock Exchange shares I’m talking in DQ on New York stock exchange? If you have any idea or if you could comment on that? And thank you very much for all your answers. It’s very nice of you.
Ming Yang: Hello. Thanks for your question. So, it is still early to say or to estimate what the program size might be like. But starting in July of 2024, after the three-year lockout period for our Asia listing, so the U.S. Daqo New Energy is able to start to sell down some of its shares of the Asia listing. So I’ll just spell out some numbers, right? So let’s assume that we say sell down even a minor 10% stake, based on the current valuation of the Asia listing, which is roughly RMB70 billion, right, so we could potentially raise somewhere in the range of RMB7 billion or so in capital. And I would expect that majority of this could be used for share purchase in the U.S. NYSE listing. That’s the current…
Unidentified Analyst: Very nice way how you stated it. So, Daqo New Energy, just for all shareholders and for me also to understand, we own 75% of the Shanghai listing, right? It’s such a rudimentary question, but I just want to make it clear. It’s the stupidest question ever, but yeah.
Ming Yang: That’s right. 72.4% to be exact, yeah, but that’s right, yes.
Unidentified Analyst: Yeah, the discount is same. Okay. And the last question and final one, what will the free cash flow be for 2024? Or how much CapEx last quarter? I really liked how management talked in the earnings call and I just want to make a revamp of what happened last quarter. So, CapEx, you talked last quarter, actually Ming Yang talked, I think the last CEO if I am — or whatever, he talked that how much CapEx is left into 2024. What will the outflow, what will the CapEx be for 2024, around how much is left to invest?
Ming Yang: Okay, so at the end of the third quarter, so total CapEx remaining for the company’s major projects, including Inner Mongolia Phase 1, Inner Mongolia Phase 2, and our semi project is approximately RMB6.5 billion or approximately US$900 million or so. And then, of that, we expect for the third quarter, total CapEx — planned CapEx is around RMB2.7 billion or roughly US$350 million. And the remaining would be spent for the next year. Yeah, So that’s the total CapEx plan right now.
Unidentified Analyst: So, what is left in 2024 is US$900 million, right? Or that is minus the US$300…
Ming Yang: US$600 million to US$700 million, yeah, approximately.
Unidentified Analyst: Okay. And in 2025, do you have any major plans yet? Or is there any CapEx in 2025 which is eccentric, like about US$500 million?
Ming Yang: No plan right now currently.
Unidentified Analyst: Okay. So, for Mongolia Phase 2 or Phase 1, whatever, is the last thing. Okay. Thank you very much. You were very kind, very nice to hear you.
Ming Yang: Thank you.
Operator: Thank you. Next question will be from [indiscernible]. Please go ahead.
Unidentified Analyst: Hello. I want [clarity] (ph) about the cancellation of the shares. Just now you said that at the end of the year, there might be cancellation of the shares. We would like to know that will you cancel all of it by the end of the year, or at the end of the year, you will start to cancel it? So, what is the schedule of the cancellation of the shares in detail? Do you have plans?
Ming Yang: Okay, most likely it will be one-time around the end of the year and we would likely cancel almost all, if not all, the majority, if not, all of the shares that we’ve repurchased. I think most likely all of the shares that we’ve repurchased at that time will be canceled.
