| Item 1. | |
| (a) | Name of issuer:
DAQO NEW ENERGY CORP. |
| (b) | Address of issuer's principal executive offices:
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| Item 2. | |
| (a) | Name of person filing:
The names of the persons filing this statement on Schedule 13G (collectively, the "Reporting Persons") are:
Percy Rockdale LLC ("Percy Rockdale"),
Continental General Insurance Company ("CGIC"),
Continental Insurance Group, Ltd. ("CIG"),
Continental General Holdings LLC ("CGH"), and
Michael Gorzynski ("Mr. Gorzynski"). |
| (b) | Address or principal business office or, if none, residence:
The address of the principal office for Percy Rockdale and Mr. Gorzynski is 595 Madison Avenue, 30th Floor, New York, NY 10022. The principal business address for each of CGIC, CIG and CGH is 11001 Lakeline Blvd., Ste. 120, Austin, TX 78717. |
| (c) | Citizenship:
Each of Percy Rockdale and CGH is a Michigan limited liability company. CIG is a Delaware corporation. CGIC is a Texas domiciled life and health insurance company. Mr. Gorzynski is a citizen of the United States of America and Poland. |
| (d) | Title of class of securities:
Ordinary Shares, par value $0.0001 per share |
| (e) | CUSIP No.:
23703Q203 |
| Item 3. | If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a: |
| (a) |  Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
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| (b) | Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
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| (c) | Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
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| (d) | Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
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| (e) | An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
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| (f) | An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
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| (g) | A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
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| (h) | A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
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| (i) | A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
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| (j) | A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J),
please specify the type of institution:
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| (k) | Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
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| | |
| Item 4. | Ownership |
| (a) | Amount beneficially owned:
The Reporting Persons own American Depositary Shares of the Issuer ("ADSs"), as set forth herein. Each ADS represents five of the Issuer's Ordinary Shares, par value $0.0001 per share (the "Shares").
As of the close of business on September 30, 2025:
(i) Percy Rockdale directly beneficially owned 166,030 Shares underlying ADSs it directly owned.
(ii) CGIC directly beneficially owned 33,209,930 Shares underlying ADSs it directly owned.
(iii) As the sole owner of CGIC, CIG may be deemed the beneficial owner of the 33,209,930 Shares underlying ADSs beneficially owned by CGIC.
(iv) As the sole owner of CIG, CGH may be deemed the beneficial owner of the 33,209,930 Shares underlying ADSs beneficially owned by CGIC.
(v) As the sole Manager of Percy Rockdale and as a manager and Executive Chairman of CGH, Mr. Gorzynski may be deemed to beneficially own 33,375,960 Shares, consisting of (i) the 166,030 Shares underlying ADSs directly beneficially owned by Percy Rockdale and (ii) the 33,209,930 Shares underlying ADSs directly beneficially owned by CGIC. |
| (b) | Percent of class:
The following percentages are based on 333,759,632 Shares outstanding, which is the total number of Shares outstanding as of December 31, 2024, as disclosed in the Issuer's Annual Report on Form 20-F filed with the Securities and Exchange Commission on April 29, 2025.
As of the close of business on September 30, 2025:
(i) Percy Rockdale may be deemed to beneficially own approximately 0.05% of the outstanding Shares;
(ii) CGIC may be deemed to beneficially own approximately 9.95% of the outstanding Shares;
(iii) CIG may be deemed to beneficially own approximately 9.95% of the outstanding Shares;
(iv) CGH may be deemed to beneficially own approximately 9.95% of the outstanding Shares; and
(v) Mr. Gorzynski may be deemed to beneficially own approximately 9.99% of the outstanding Shares. |
| (c) | Number of shares as to which the person has:
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| | (i) Sole power to vote or to direct the vote:
See Cover Pages Items 5-9.
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| | (ii) Shared power to vote or to direct the vote:
See Cover Pages Items 5-9.
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| | (iii) Sole power to dispose or to direct the disposition of:
See Cover Pages Items 5-9.
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| | (iv) Shared power to dispose or to direct the disposition of:
See Cover Pages Items 5-9.
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| Item 5. | Ownership of 5 Percent or Less of a Class. |
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Not Applicable
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| Item 6. | Ownership of more than 5 Percent on Behalf of Another Person. |
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Not Applicable
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| Item 7. | Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person. |
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Not Applicable
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| Item 8. | Identification and Classification of Members of the Group. |
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If a group has filed this schedule pursuant to §240.13d-1(b)(1)(ii)(J), so indicate under Item 3(j) and attach an exhibit stating the identity and Item 3 classification of each member of the group. If a group has filed this schedule pursuant to §240.13d-1(c) or §240.13d-1(d), attach an exhibit stating the identity of each member of the group.
See Exhibit 99.1 to the Schedule 13G filed by the Reporting Persons with the Securities and Exchange Commission on March 25, 2024 |
| Item 9. | Notice of Dissolution of Group. |
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Not Applicable
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Rule 13d-1(c)