J.P. Morgan Appointed Depositary Bank for Daqo New Energy

Hong Kong, October 21, 2010 – J.P. Morgan announced today that it has been appointed depositary bank for Daqo New Energy Corp. (“Daqo”) in relation to the company’s recent USD 87.4 million American Depositary Shares (“ADS”) listing on the New York Stock Exchange.

Based in Chongqing in western China, Daqo, a leading manufacturer of the polysilicon used in solar powered products, issued 9.2 million ADSs at $9.50 per ADS. This included 1.2 million ADSs which were issued as part of the over allotment option granted to the underwriters. Daqo plans to use the capital raised to expand its polysilicon and water manufacturing capabilities.

Kenneth Tse, Asia Pacific Head of J.P. Morgan’s depositary receipts group added: “The alternative energy sector in China represents tremendous growth potential for companies which are committed to innovation. Daqo has been at the forefront of this sector as a market leader, and we were delighted to assist with their ADS program by combining our significant DR experience with our leading execution platform. We look forward to continuing and strengthening this important relationship.”

J.P. Morgan is committed to working closely with its clients to design and implement customized depositary receipt (‘DR’) programs to achieve their strategic goals and facilitate DR liquidity.

J.P. Morgan launched the first depositary receipt program in Asia in 1961 for Sony and serves as depositary bank for leading companies throughout the region. J.P. Morgan provides a full range of American Depositary Receipt (‘ADR’) and Global Depositary Receipt (‘GDR’) services to issuers seeking to have their equity traded on exchanges beyond their home markets. For more information on depositary receipts and international equities, please visit J.P. Morgan’s award-winning website, www.adr.com.

About J.P. Morgan Worldwide Securities Services
J.P. Morgan Worldwide Securities Services (WSS) is a premier securities servicing provider that helps institutional investors, alternative asset managers, broker dealers and equity issuers optimize efficiency, mitigate risk and enhance revenue. A division of JPMorgan Chase Bank, N.A. (NYSE: JPM), WSS leverages the firm’s unparalleled scale, leading technology and deep industry expertise to service investments around the world. It has $14.9 trillion in assets under custody and $6.5 trillion in funds under administration. For more information, go to www.jpmorgan.com/wss.  

About JPMorgan Chase & Co.
JPMorgan Chase & Co. (NYSE: JPM) is a leading global financial services firm with assets of $2.1 trillion and operations in more than 60 countries. The firm is a leader in investment banking, financial services for consumers, small business and commercial banking, financial transaction processing, asset management and private equity. A component of the Dow Jones Industrial Average, JPMorgan Chase & Co. serves millions of consumers in the United States and many of the world’s most prominent corporate, institutional and government clients under its J.P. Morgan and Chase brands. Information about JPMorgan Chase & Co. is available at www.jpmorganchase.com.