(Yicai Global) Aug. 24 -- Daqo New Energy, one of China's leading polysilicon producers, won a 28-month supply order for polysilicon materials today, which is expected to bring in revenue of as much as CNY2.88 billion (USD416.3 million).

Unit Xinjiang Daqo New Energy will provide Hongyuan New Materials Baotou with between 21,600 tons and 32,000 tons of polysilicon materials from next month to December 2022, according to a statement from Hongyuan New Materials' parent company Wuxi Shangji Automation. The deal guarantees long-term supply, it added.

Though the price will be decided at monthly negotiations, it should be between CNY1.9 billion (USD281 million) and CNY2.88 billion including tax, the statement said, citing data from industry platform PVInfoLink. Polysilicon prices have rebounded strongly in the second quarter due to recent tight supply, buoying the company's shares.

Daqo New Energy's stock price [NYSE: DQ] has soared about 150 percent in the past three months. It closed little changed at USD123.01 on Aug. 21. Founded in 2008, the firm listed on the New York Stock Exchange in October 2010.

The company predicted earlier this month that it will hit full production capacity in September, with output reaching 17,500 tons to 18,000 tons this quarter. It also maintained its full-year production guidance of 73,000 tons to 75,000 tons.

Editor: Peter Thomas