☒ |
ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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☐ |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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CHINA XD PLASTICS COMPANY LIMITED
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(Exact name of registrant as specified in its charter)
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Nevada
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04-3836208
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(State or other jurisdiction of incorporation or organization)
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(I.R.S. Employer Identification No.)
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No. 9 Dalian North Road, Haping Road Centralized Industrial Park,
Harbin Development Zone,
Heilongjiang Province, P. R. China
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150060
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(Address of principal executive offices)
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(Zip Code)
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Title of each class
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Name of each exchange on which registered
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Common Stock, $0.0001
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NASDAQ Global Market
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Large accelerated filer
☐
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Accelerated filer
☐
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Non-accelerated filer
☐
(Do not check if a smaller reporting company)
Emerging growth company
☐
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Smaller reporting company
☒
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PART I
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2
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Item 1
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Business
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2
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Item 1A
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Risk Factors
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44
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Item 1B
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Unresolved Staff Comments
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57
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Item 2
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Properties
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57
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Item 3
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Legal Proceedings
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59
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Item 4
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Mine Safety Disclosures
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59
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PART II
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59
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Item 5
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Market For Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities
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59
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Item 6
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Selected Financial Data
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61
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Item 7
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Management's Discussion and Analysis of Financial Condition and Results of Operations
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62
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Item 7A
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Quantitative and Qualitative Disclosures About Market Risk
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75
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Item 8
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Financial Statements and Supplementary Data
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75
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Item 9
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Changes In and Disagreements with Accountants on Accounting and Financial Disclosure
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75
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Item 9A
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Controls and Procedures
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76
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Item 9B
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Other Information
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77
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PART III
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78
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Item 10
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Directors, Executive Officers and Corporate Governance
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78
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Item 11
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Executive Compensation
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84
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Item 12
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Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters
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95
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Item 13
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Certain Relationships and Related Transactions and Director Independence
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97
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Item 14
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Principal Accountant Fees and Services
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98
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PART IV
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98
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Item 15
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Exhibits, Financial Statement Schedules
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98
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Financial Statements
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Index to Consolidated Financial Statements
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F-1
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Report of Independent Registered Public Accounting Firm
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F-2
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Consolidated Balance Sheets
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F-3
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Consolidated Statements of Comprehensive Income
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F-4
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Consolidated Statements of Changes in Equity
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F-5
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Consolidated Statements of Cash Flows
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F-6
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Notes to the Consolidated Financial Statements
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F-7
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•
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According to the National Bureau of Statistics, the total number of Chinese automobile parts has experienced a rapid growth because of the economic development and the incentive policies issued by the government. With the continuous development of Chinese auto manufacturing industry and expansion of auto consumption market, the parc of automobiles increased from 109,440.0 thousand units in 2012 to 209,230.0 thousand units in 2017 at a CAGR of 13.8%. It is expected that the number will keep growing and hit a record of 266,153.7 thousand units in 2022, with a CAGR of 4.4% during the period from 2018 to 2022.
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• |
Rising personal income in China is one of the key drivers for the rapid growth of the Chinese automobile industry. As shown in Figure 5,
China has achieved long-term economic growth and the nominal GDP per capita increased from RMB 39,953.7 in 2012 to RMB 58,416.6 in 2017. There are several undergoing structural adjustments in China’s economy. It is expected that China will be able to maintain a relatively solid economic growth and nominal GDP per capita will keep growing during the period from 2018 to 2022.
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• |
Chinese government is attempting to stimulate the domestic consumption and has introduced a series of related incentive policies. Given that the income level of residents in China keeps increasing, the per capita consumption expenditure of urban household in China increased from RMB 16,674.3 in 2012 to RMB 24,445.0 in 2017 and is expected to reach RMB 35,433.7 in 2022.
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• |
Production volume of electric vehicle (EV) in China grew from 14.1 thousand units in 2012 to 794.2 thousand units in 2017 dramatically, with a CAGR of 123.9%. China is leading the development of EV industry and the largest market of EV in the world in 2017. Guided by the supportive policies, the EV industry will continue to be a development focus of auto industry in China.
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• |
The development of EV is a strong driver of auto modified plastics market since the production of battery packs for EV brings the demand for automotive modified plastics and the level of light-weight designs for EV is high.
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Product Group
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Number of Products Certified
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Characteristics
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Automotive or Other Application
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|||
Modified Polyamide 66 (PA66)
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53
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Abrasive resistance, self-lubrication, high strength, high temperature resistance, and flame resistance
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Roof handles, door knobs, transmission connection plates, fan shrouds, glovebox assembles, engine hoods, stents baffle blocks, trajectory, fasteners, etc.
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Modified Polyamide 6 (PA6)
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44
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High temperature resistance, weather resistance, high strength
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Inner door knobs, door knobs, hand shanks, transmission connection plates, visor bases, etc.
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Plastic Alloy
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172
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High impact resistance, high temperature resistance, flame resistance, platable
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Instrument panels, instrument frames, shields, automotive center stacks, speaker covers, grids, fog light shells, battery bases, seat armrests, luggage holders, etc.
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|||
Modified Polypropylene (PP)
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192
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Non-toxic, odorless, low density, insulated, and low moisture uptake
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Instrument panels, inner panels, columns, bumpers, air conditioner shells, door knobs, mudguards, etc.
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|||
Modified Acrylonitrile butadiene styrene (ABS)
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24
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High rigidity, low density, rigidity toughness balance, slow burn, and corrosion resistance
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Heat dissipating grids, steering wheel shells, cup holders, seal banks, instrument panels, inner door knobs, wheel covers, etc.
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Polyoxymethylenes (POM)
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1
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High strength, low moisture uptake, size stability, high glass, high temperature resistance, fatigue resistance
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Heater fans, signal lamps switches, gas reseior covers, door knobs, hand shanks, fuel pumps, dynamic valves, accelerator pedals, rampetior elements, etc.
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Polyphenylene Oxide (PPO)
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1
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High rigidity, flame retardant, abrasive resistance, pollution resistance, high temperature resistance
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Battery plants, lamp holder insulation parts, anti freezer grids, booms, instrument panels, window frames, tool cabinet covers, handwheel boxes, heater holders, heater baffles, cooling system connections, pump strainer nets, ammeler frameworks, rearview, etc.
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Modified Polyphenylene Sulfide (PPS)
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1
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High temperature resistance, corrosion resistance, radiation resistance, flame resistance, size stability
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Air bleed control valves, pneumatic signal conditioners, sparks plug wire insulation covers, tachometer sensor covers, electrical pumps, fuel pump impellers and covers, air cylinder covers, water pump impellers, etc.
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Modified Polylactic Acid (PLA)
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-
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Reproducible, good biological compatibility and totally degraded
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Glove box handle, seat cover, rearview mirror shell, etc.
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Modified Polyimide (PI)
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-
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Flame resistance, high strength, high temperature resistance, corrosion resistance
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Compressor blade, piston ring, sealing washer, bushing, gear, brake block, etc.
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PEEK*
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N/A
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Excellent mechanical and chemical resistance and temperature tolerance
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Used in communications and transport electronics and electrical appliances, machinery, medical and analytical equipment
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Polyethylene
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-
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Resistance to shock, low temperature resistance, excellent electrical insulation, corosion resistance
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Agricultural film, screw cap, water pipe, gear, food packa
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Total
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488
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No
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Patent Name
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Application No
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Date
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Status
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1
|
Supercritical fluid rapid diffusion synthesis of nano calcium carbonate enhanced microcrystalline polypropylene composites
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200910073402.3
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December 11, 2009
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Authorized
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2
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A method for automotive interior low odor, low VOC, high performance polypropylene composites
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201010258937.0
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August 20, 2010
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Authorized
|
3
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A preparation method of polylactic acid used in auto dashboard
|
201110035716.1
|
February 11, 2011
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Authorized
|
4
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A rapid detection method of the tensile propertie of modified PP used in auto specially by non-standard situation
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201110094454.6
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April 15, 2011
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Authorized
|
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||||
5
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A preparation method of polypropylene resin foam particles with supercritical CO2 act
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201110230302.4
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August 12, 2011
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Authorized
|
6
|
A high toughness, low warpage and high-mobility PET/PBT/PC alloy renforced by glass fiber and its preparation method
|
201110235189.9
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August 17, 2011
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Authorized
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||||
49
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A preparation method of high heat-resistant and high rigid PLA composite material reinforced by fully biodegrdable natural fiber
|
201110158512.7
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June 14, 2011
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Pending
|
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||||
50
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A preparation process of the premixed screening system
|
201110158488.7
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June 14, 2011
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Pending
|
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||||
51
|
A rapid detection method of the impact propertie of midfide plastics used in automobile specially
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201110158528.8
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June 14, 2011
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Pending
|
|
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|||
52
|
A high impact PA6 composite material with core-shell toughening and its preparation method
|
201110196226.X
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July 13, 2011
|
Pending
|
|
||||
53
|
A preparation methed of the plastic production line with high performance and high honogeneity
|
201110233488.9
|
August 16, 2011
|
Pending
|
|
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|||
54
|
A preparation method of polylactic acid used composite material modified by hydroxyapatite with supercritical water act
|
201110268687.3
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September 13, 2011
|
Pending
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||||
55
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A polypropylene composite material used in battery tank of new source of energy automobile and its preperation method
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201110347320.0
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November 7, 2011
|
Pending
|
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||||
56
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A high toughnees,low warpage and low mold temperature PET/PA6 alloy reinfoced by glass fiber and preperation method
|
201110347339.5
|
November 7, 2011
|
Pending
|
|
||||
57
|
A preparation method of glass fiber reinforced polyether ether ketone with high strength and high heat resestance
|
201110399890.4
|
December 5, 2011
|
Pending
|
|
||||
58
|
A high toughness of polycarbonate blends material and its preparation method
|
201110319832.6
|
December 20, 2011
|
Pending
|
|
||||
59
|
A high-impact, green flame retardant PC / ABS alloy material and its preparation process
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201210122281.9
|
April 25, 2012
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Pending
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|
||||
60
|
A preparation method for heat-resistant and easy processing of natural fiber reinforced polylactic acid composites
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201210147444.9
|
May 14, 2012
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Pending
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|
||||
61
|
A preparation method of high encapsulation efficiency and stable release polylactic lysozyme drug microsphere
|
201210295154.9
|
August 20, 2012
|
Pending
|
|
||||
62
|
A Supercritical carbon dioxide reactor pressure method for preparating polypropylene foamed material
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201210298694.2
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August 22, 2012
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Pending
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|
||||
63
|
An antimicrobial, dust suppression, halogen-free flame retardant ABS and its preparation process
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201210305824.0
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August 27, 2012
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Pending
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|
||||
64
|
A preparation methods of ultra-hydrophobic microporous polymer film
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201210358122.9
|
September 25, 2012
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Pending
|
|
||||
65
|
A molding method suitable PEEK
|
201010173663.5
|
May 17, 2010
|
Pending
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66
|
A flame-retardant glass fiber reinforced PA66 and its preparation method
|
201210370558.X
|
September 29, 2012
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Pending
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|
||||
67
|
The chest protected belts
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201220526299.0
|
October 15, 2012
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Pending
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|
||||
68
|
A non-asbestos and non-metal materials brake pads composite material and its preparation method
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201210395921.3
|
October 18, 2012
|
Pending
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|
||||
89
|
An anti-oxidation, high flow, flame retardant ABS and preparation process
|
201310413270.0
|
September 12, 2013
|
Pending
|
|
||||
90
|
An flax noil fiber reinforced polypropylene composite material and its preparation process
|
201310413287.6
|
September 12, 2013
|
Pending
|
|
||||
91
|
A Preparation of appling to charging pile casing PC / ABS alloy compound
|
201310414007.3
|
September 12, 2013
|
Pending
|
|
||||
92
|
A no-spray, high durability, scratch-resistant, flame retardant ABS Preparation and Process
|
201310414024.7
|
September 12, 2013
|
Pending
|
|
||||
93
|
An antistatic, low smoke, flame retardant PC / ABS alloy materials and preparing process
|
201310414847.X
|
September 13, 2013
|
Pending
|
|
||||
94
|
A method for preparing an enhanced flame retardant rigid polyurethane composites
|
201310467797.1
|
October 10, 2013
|
Pending
|
|
||||
95
|
A MARINE with wear-resistant ultra high molecular weight polyethylene composites
|
201310468060.1
|
October 10, 2013
|
Pending
|
|
||||
96
|
A method for preparing low temperature resistance, scratch-resistant zipper jacket compound for cars
|
201310468076.2
|
October 10, 2013
|
Pending
|
|
||||
97
|
An environmentally friendly fire-retardant, high-performance EVA composite material and preparation method
|
201310467812.2
|
October 10, 2013
|
Pending
|
|
||||
98
|
A direct line of long glass fiber reinforced thermoplastic composite material and its preparation method
|
201310471859.6
|
October 12, 2013
|
Pending
|
|
||||
99
|
A toughening wear-resistant alloy material and preparation method
|
201310556261.7
|
November 12, 2013
|
Pending
|
|
||||
100
|
A high resistance temperature reinforced polyamide 6 material and preparation method
|
201310556569.1
|
November 12, 2013
|
Pending
|
|
||||
101
|
Preparation of an aircraft engine surrounding high temperature polyimide composites
|
201310555389.1
|
November 12, 2013
|
Pending
|
|
||||
102
|
Preparation of a high strength of continuous glass fiber reinforced nylon 6 material
|
201310555451.7
|
November 12, 2013
|
Pending
|
|
||||
103
|
A highly weather-resistant polypropylene self-luminous material and preparation method
|
201310555483.7
|
November 12, 2013
|
Pending
|
|
||||
104
|
Method for preparing porous polymer composite superhydrophobic films
|
201310559589.4
|
November 13, 2013
|
Pending
|
|
||||
105
|
A polypropylene foam material and preparation method
|
201310559024.6
|
November 13, 2013
|
Pending
|
|
||||
106
|
One kind of aramid fiber / polyimide composite material and preparation method
|
201310559294.7
|
November 13, 2013
|
Pending
|
|
||||
107
|
An alloy NiMoB modified talc enhanced Bumper material and its preparation method
|
201310559588.X
|
November 13, 2013
|
Pending
|
|
||||
108
|
A silicone toughening polyphenylene sulfide material and its preparation method
|
201310560625.9
|
November 13, 2013
|
Pending
|
|
||||
109
|
A high toughness, wear-resistant rail fasteners with glass / nylon 6 Composites
|
201310646768.1
|
December 6, 2013
|
Pending
|
|
||||
110
|
A high-gloss, avoid spraying PTT / PMMA rearview mirror Compound and its production process
|
201310652729.2
|
December 6, 2013
|
Pending
|
|
||||
111
|
A keyboard and mouse with anti-bacterial perspiration modified plastics and its preparation method
|
201310676101.6
|
December 13, 2013
|
Pending
|
|
||||
112
|
A high-strength lightweight hollow glass microspheres toughening PP material and preparation method
|
201310721731.0
|
December 25, 2013
|
Pending
|
|
||||
113
|
a method for producing a heatproof polyimide composite used for aircraft engine periphery
|
201410144739.X
|
April 12, 2014
|
Pending
|
|
||||
114
|
a method for producing a heatproof polyimide composite
|
201410205669.4
|
May 16, 2014
|
Pending
|
|
||||
115
|
An advantage of specially coupling treated carbon fibers reinforced PEEK
|
201410262651.8
|
June 13, 2014
|
Pending
|
|
||||
116
|
A high dimensional stability
、
excellent abrasion resistance PEEK valve composite
|
201410262638.2
|
June 13, 2014
|
Pending
|
|
||||
117
|
The preparation method of a high-strength PEEK composites
|
201410262746.X
|
June 13, 2014
|
Pending
|
|
||||
118
|
A Method for preparing high performance PEEK/long glass fiber composites
|
201410263606.4
|
June 16, 2014
|
Pending
|
|
||||
119
|
a method for producing a polyimide composite
|
201410326840.7
|
July 10, 2014
|
Pending
|
|
||||
120
|
Preparation of Carbon Fiber Reinforced PI Composite Material
|
201410326641.6
|
July 10, 2014
|
Pending
|
|
||||
121
|
Preparation of a high tensile strength of PEEK composites
|
201410326616.8
|
July 10, 2014
|
Pending
|
|
||||
122
|
The prepatation of a high-strength ,high-temperature polyimide composites
|
201410413832.6
|
August 21, 2014
|
Pending
|
|
||||
123
|
A high-heat-resistant,excellent in abrasion resistance sheet composite PEEK valve
|
201410413379.9
|
August 21, 2014
|
Pending
|
|
||||
124
|
Preparation of PI composite material by coupling agent treated glass fiber
|
201410481809.0
|
September 22, 2014
|
Pending
|
|
||||
125
|
A kind of 3D printing poly lactic acid/leather powder composite materials and its preparation method
|
201410690528.6
|
November 27, 2014
|
Pending
|
|
||||
126
|
A kind of biodegradable polymer-docetaxel bonding medicine and its preparation method
|
201410690529.0
|
November 27, 2014
|
Pending
|
|
||||
127
|
A prepatation method of polyimide composite material
|
201410691532.4
|
November 27, 2014
|
Pending
|
|
||||
128
|
A prepatation method of high toughness biodegradable polylactic acid foam plastics
|
201410691587.5
|
November 27, 2014
|
Pending
|
|
||||
129
|
A preparation of antibacterial polylactic acid fiber
|
201410691901.X
|
November 27, 2014
|
Pending
|
|
|
|
|
|
151
|
Method for preparing high toughness of polycarbonate/polylactic acid-bassed alloys
|
201410733882.2
|
December 8, 2014
|
Pending
|
|
|
|
|
|
152
|
A modified high-performance carbon fiber composite materials
|
201410747395.1
|
December 10, 2014
|
Pending
|
|
|
|
|
|
153
|
A prepatation method of high performance PEEK/carbon fiber composite material
|
201410747379.2
|
December 10, 2014
|
Pending
|
|
|
|
|
|
154
|
A prepatation method of PEEK composite material
|
201410746978.2
|
December 10, 2014
|
Pending
|
|
|
|
|
|
155
|
A ternary no return toughening copolymer of polylactic acid composite material and its preparation method
|
201410747386.2
|
December 10, 2014
|
Pending
|
|
|
|
|
|
156
|
Sensor with high-performance fiber-reinforced PPS composites
|
201410747061.4
|
December 10, 2014
|
Pending
|
|
|
|
|
|
157
|
Glass fiber modified wearable Polyimide
|
201410747053.X
|
December 10, 2014
|
Pending
|
|
|
|
|
|
158
|
An advantage of specially prepared by coupling treatment sio2 reinforced PEEK
|
201410747062.9
|
December 10, 2014
|
Pending
|
|
|
|
|
|
159
|
A high-mobility PVA/wood flour composite biomass
|
201410747054.4
|
December 10, 2014
|
Pending
|
|
|
|
|
|
160
|
One kind of thermal evaporation method graphene Gec
|
201410746877.5
|
December 10, 2014
|
Pending
|
|
|
|
|
|
161
|
A highly heat-resistant polylactic acid/Wood Flour Composites
|
201410747097.2
|
December 10, 2014
|
Pending
|
|
|
|
|
|
162
|
Preparation of an enhanced flame retardant polyurethane composites
|
201410747055.9
|
December 10, 2014
|
Pending
|
|
|
|
|
|
163
|
A process for producing fiber reinforced PA6 dedicated 3D printing materials processing using a special method
|
201410747082.6
|
December 10, 2014
|
Pending
|
|
|
|
|
|
164
|
A preparation method of low warpage ABS special 3D printing materials
|
201410746979.7
|
December 10, 2014
|
Pending
|
|
|
|
|
|
165
|
A preparation method of impact-resistant strain of modified polylactic acid materials
|
201410747377.3
|
December 10, 2014
|
Pending
|
|
|
|
|
|
166
|
A preparation method of chemical vapor deposition method graphene films
|
201410747180.X
|
December 10, 2014
|
Pending
|
|
|
|
|
|
167
|
A process for producing acrylic polyurethane high-solids coatings
|
201410747079.4
|
December 10, 2014
|
Pending
|
|
|
|
|
|
168
|
The use of core-shell particles toughening PC and PBT resin
|
201410747406.6
|
December 10, 2014
|
Pending
|
|
|
|
|
|
169
|
A high strength,high modulus of PEEK composite material and preparation method
|
201410747376.9
|
December 10, 2014
|
Pending
|
|
|
|
|
|
170
|
A kind of microfluids device prepared by the technology of 3D-printing
|
201410747264.3
|
December 10, 2014
|
Pending
|
|
|
|
|
|
171
|
A high-retardant polyvinyl alcohol/Wood Flour Composites biomass
|
201410746938.8
|
December 10, 2014
|
Pending
|
|
|
|
|
|
172
|
A method of processing aids (ACR) improved PVC materials
|
201410746804.6
|
December 10, 2014
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Pending
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A gear assembly line pen container
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186
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193
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196
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225
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230
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232
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243
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244
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245
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246
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249
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258
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A kind of containing folic acid targeted polymer drug carrier and its preparation method
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|
|
|
|
426
|
One kind of resistance to warpage reinforced PA6 material and preparation method
|
201710784584.X
|
September 4, 2017
|
Pending
|
|
|
|
|
|
427
|
An antistatic LSOH retardant PC / ABS alloy material and its preparation method
|
201710784585.4
|
September 4, 2017
|
Pending
|
|
|
|
|
|
428
|
Preparation method of an aircraft engine surrounding high temperature polyimide composites
|
201710784591.X
|
September 4, 2017
|
Pending
|
|
|
|
|
|
429
|
A silicone toughening polyphenylene sulfide material and its preparation method
|
201710784588.8
|
September 4, 2017
|
Pending
|
|
|
|
|
|
430
|
A preparation method of poly(lacticacid)/starch composite foams
|
201410489544.9
|
September 22, 2017
|
Pending
|
|
|
|
|
|
431
|
A kind of low odor PP material and its preparation method
|
201711379459.7
|
December 20,2017
|
Pending
|
|
|
|
|
|
432
|
A kind of High Gloss ABS/PMMA composite material and its preparation method
|
201711416249.0
|
December 25, 2017
|
Pending
|
|
|
|
|
|
433
|
An electroplated PC/ABS alloy material and preparation method
|
201711416255.6
|
December 25, 2017
|
Pending
|
|
|
|
|
|
434
|
A preparation method of high barrier plastic alloy material for packaging
|
201711416792.0
|
December 25, 2017
|
Pending
|
|
|
|
|
|
435
|
An enhanced modified PA6 material and its preparation method
|
201711416793.5
|
December 25, 2017
|
Pending
|
|
|
|
|
|
436
|
A high heat resistant ABS material and its preparation method
|
201711416795.4
|
December 25, 2017
|
Pending
|
|
|
|
|
|
437
|
A kind of mattefree-spraying plastic alloy material and its preparation method
|
201711417027.0
|
December 25, 2017
|
Pending
|
|
|
|
|
|
438
|
A hybrid fiber reinforced PBT composite and its preparation method
|
201711417028.5
|
December 25, 2017
|
Pending
|
|
|
|
|
|
439
|
A kind of environment-friendly fire retardant PC engineering plastic material
|
201711417029.X
|
December 25, 2017
|
Pending
|
|
|
|
|
|
440
|
A kind of scratch resistant PP material and its preparation method
|
201711417052.9
|
December 25, 2017
|
Pending
|
|
|
|
|
|
441
|
A high strength PC/PET/PBT composite and preparation method
|
201711416491.8
|
December 25, 2017
|
Pending
|
|
|
|
|
|
442
|
A high-heat, high-resistant nylon composite
|
201711417482.0
|
December 25, 2017
|
Pending
|
|
|
|
|
|
443
|
A high strength long fiber reinforced nylon composite material and its preparation method
|
201711417479.9
|
December 25, 2017
|
Pending
|
|
|
|
|
|
444
|
A kind of special material for high - cold charging pile housing and its preparation process
|
201711417484.x
|
December 25, 2017
|
Pending
|
|
|
|
|
|
445
|
A kind of dried fruit shell powder modified composite material and its preparation method
|
201711418376.4
|
December 25, 2017
|
Pending
|
|
|
|
|
|
446
|
A preparation method of high strength straw fiber composite material
|
201711426425.9
|
December 26, 2017
|
Pending
|
|
|
|
|
|
447
|
A straw powder modified polypropylene and its preparation method
|
201711426589.1
|
December 26, 2017
|
Pending
|
|
|
|
|
|
448
|
A kind of plant straw powder filled polypropylene polyethylene foamed composite material
|
201711427565.8
|
December 26, 2017
|
Pending
|
|
|
|
|
|
449
|
A preparation method of plant fiber polypropylene composite
|
201711428470.8
|
December 26, 2017
|
Pending
|
|
|
|
|
|
450
|
A business card with polylactic acid composite material and its preparation method
|
201711439395.5
|
December 27, 2017
|
Pending
|
|
|
|
|
|
451
|
A kind of heat-resistant polylactic acid composite material and its preparation method
|
201711439422.9
|
December 27, 2017
|
Pending
|
|
|
|
|
|
452
|
Preparation of a biodegradable express bag and its method
|
201711491600.2
|
December 30, 2017
|
Pending
|
|
|
|
|
|
453
|
The preparation of a polylactic acid composite material
|
201711491814.X
|
December 30, 2017
|
Pending
|
|
|
|
|
|
454
|
A kind of plant fiber reinforced modified PLA composite material and its preparation method
|
201711491978.2
|
December 30, 2017
|
Pending
|
|
|
|
|
|
455
|
A kind of flame retardant reinforced PLA composite and its preparation method
|
201711492033.2
|
December 30, 2017
|
Pending
|
|
|
|
|
|
456
|
SLS3D printing PA12/GB high fill composite powder
|
201711492102.X
|
December 30, 2017
|
Pending
|
|
|
|
|
|
457
|
A selective laser sintered polyamide material powder and its preparation method
|
201711492403.2
|
December 30, 2017
|
Pending
|
|
|
|
|
|
458
|
Preparation method of toughened polylactic acid composite material
|
201711493458.5
|
December 31, 2017
|
Pending
|
|
|
|
|
|
459
|
SLS3D printing PA12 coated PA6 alloy material powder
|
201711493547.X
|
December 31, 2017
|
Pending
|
|
|
|
|
|
460
|
A selective laser sintering PA12 / PS alloy powder material
|
201711493557.3
|
December 31, 2017
|
Pending
|
|
|
|
|
|
461
|
A selective laser sintering PA6 alloy powder material and its preparation method
|
201711493575.1
|
December 31, 2017
|
Pending
|
|
|
|
|
|
462
|
High toughness PC/ABS alloy material for 3D printing
|
201711496409.7
|
December 31, 2017
|
Pending
|
|
|
|
|
|
463
|
Preparation method of ABS modified material for 3D printing
|
201711496441.5
|
December 31, 2017
|
Pending
|
|
|
|
|
|
464
|
Preparation method of PETG modified material for 3D printing
|
201711496488.1
|
December 31, 2017
|
Pending
|
|
|
|
|
|
465
|
High-toughness PLA material for 3D printing
|
201711496532.9
|
December 31, 2017
|
Pending
|
|
|
|
|
|
466
|
A PLA/PCL 3D printing composite material
|
201711496564.9
|
December 31, 2017
|
Pending
|
|
|
|
|
|
467
|
HIPS composite material for 3D printing and preparation method
|
201711496595.4
|
December 31, 2017
|
Pending
|
|
|
|
|
|
468
|
PC/ABS material for 3D printing and preparation method
|
201711496639.3
|
December 31, 2017
|
Pending
|
|
|
|
|
|
469
|
A modified ABS Resin for 3D Printing and Preparation Method
|
201711496689.1
|
December 31, 2017
|
Pending
|
|
|
|
|
|
470
|
Light curing device for preparing 3D printing portrait and preparation method thereof
|
201711496762.5
|
December 31, 2017
|
Pending
|
|
|
|
|
|
471
|
A nylon-based composite material suitable for 3D printed leg protectors
|
201711496788.X
|
December 31, 2017
|
Pending
|
|
|
|
|
|
472
|
A low hardness composite material forRapid prototyping and the preparation method
|
201711496822.3
|
December 31, 2017
|
Pending
|
|
|
|
|
|
473
|
Toughened and water resistant starch plastic and preparation method thereof
|
201810003570.4
|
January 3, 2018
|
Pending
|
|
|
|
|
|
474
|
Preparation method of enhanced polylactic acid composite material
|
201810288664.0
|
April 3, 2018
|
Pending
|
|
|
|
|
|
475
|
ABS/PP alloy material for 3D printing and preparation method
|
201810292551.8
|
April 4, 2018
|
Pending
|
|
|
|
|
|
476
|
An impact resistant PC/PET/PBT composite
|
201810399099.5
|
April 28, 2018
|
Pending
|
|
|
|
|
|
477
|
A kind of 3D printing material with a high heat-resistant alloy PC / ASA and its preparation method
|
201811539546.9
|
December 17, 2018
|
Pending
|
|
|
|
|
|
478
|
A kind of PLA / PMMA composite material and its preparation method
|
201811539547.3
|
December 17, 2018
|
Pending
|
|
|
|
|
|
479
|
A kind of 3D printing with low shrinkage PC composite material and its preparation method
|
201811539520.4
|
December 17, 2018
|
Pending
|
|
|
|
|
|
480
|
A composite flame-retardant nylon and its preparation method
|
201811539533.1
|
December 17, 2018
|
Pending
|
|
|
|
|
|
481
|
A kind of PLA/plant fiber composite material and preparation method thereof
|
201811539534.6
|
December 17, 2018
|
Pending
|
|
|
|
|
|
482
|
A kind of heat-resistant high impact modified PC / ABS composite material and its preparation method
|
201811539535.0
|
December 17, 2018
|
Pending
|
|
|
|
|
|
483
|
A kind of glass fiber reinforced PC / AS alloy and preparation method
|
201811539761.9
|
December 17, 2018
|
Pending
|
|
|
|
|
|
484
|
A kind of high wear resistance is excellent in flowability PPS / LCP polyols alloy and preparation method
|
201811539755.3
|
December 17, 2018
|
Pending
|
|
|
|
|
|
485
|
A kind of Silicon-containing high-efficiency halogen-free flame-retardant polycarbonate and preparation method thereof
|
201811539762.3
|
December 17, 2018
|
Pending
|
|
|
|
|
|
486
|
A kind of Halogen-free flame-retardant reinforced PBT and preparation method thereof
|
201811539754.9
|
December 17, 2018
|
Pending
|
●
|
Leading Market Position with High Barrier to Entry. We believe that we are one of the China's leading specialized manufacturers of modified plastic for automobile parts in terms of sales volume and production capacity, with a market share of approximately 8.0% in 2016. The PRC automotive modified plastics industry is growing rapidly and is highly fragmented with the top three domestic producers occupying less than approximately 22.6% of the market shares in 2016.
We installed 50 new product lines in 2012 and 2013, which are utilized primarily for the manufacture of higher value-added modified plastics products. The lines increased the Company's total production capacity by 135,000 MT to 390,000 MT per annum. In July 2017, the Company launched a new industrial project for upgrading existing equipment for 100,000 metric tons of engineering plastics, which is expected to be completed by the end of the second quarter of 2019. The reason for such delay is
due to additional time for equipment’s installation and test.
As a result, our production capacity in Harbin, Heilongjiang was downgraded to 290,000 MT as of December 31, 2018. Simultaneously, our Harbin campus also included an industrial project for 300,000 metric tons of biological composite materials, an industrial project for a 3D printing intelligent manufacture demonstration factory and a 3D printing display and experience cloud factory, all of which we expect to be completed by the end of July 2019.
|
●
|
Long-Term Relationships with Reputable End Users
. Our senior management has been involved in the business of modified plastics since 1985. We benefit from the industry connections and experience of our senior management, which have enabled us to establish long-term customer relationships and strong industry recognition. We are a qualified provider of high-quality automotive plastics, and have sold our products through plastic auto part manufacturers to many leading automotive manufacturers in China. Currently, our modified plastics are utilized in more than 31 automobile brands and 103 automobile models manufactured in China, including Audi, Mercedes Benz, BMW, Toyota, Buick, Chevrolet, Mazda, Volvo, Ford, Citroen, Jinbei, VW Passat, Golf, Jetta, etc.. We believe that our brand and our products are well recognized and respected in China's automotive modified plastics market.
|
●
|
Manufacturing facilities are critical to the quality of products
. We have in the past invested substantial time and resources in building state-of-the-art production lines to enhance our product quality. Our facilities have maintained ISO/TS16949, a certification of quality management systems specific to the automotive industry.
|
●
|
Strong Customer-Oriented R&D Capabilities
. The modified plastics industry is characterized by rapid development and increasing demand for high quality products. We have strong R&D capabilities that allow us to have successfully passed OEM automakers' certification processes in the past and continually introduce new and high quality products to the market. Compared to international plastic supply models, which target larger scale applications of common plastics and involve less customization and specialization, we provide customer-oriented product development through our certification process. By working closely with our customers, we are able to adjust our product features to better satisfy the specific needs of each customer. To achieve this, we have staffed our R&D team with professionals, of whom 22 have Ph.D. and/or Master's degrees. On average, our R&D employees have worked with us for more than three years, and some key experts have more than 10 years of experience in our industry. We have also cooperated with a number of the leading technology centers in China. Besides providing specialized research and development skills, these relationships help us formulate cutting edge research programs aimed at developing new technologies and applications in plastics engineering. We currently have 32 approved patents and 454 pending patent applications with the State Intellectual Property Office of the PRC, or SIPO.
|
●
|
Established Distribution Model
. Through 14 distributors across China, we have established distribution networks that cover Northeast, North, Southwest and East China, with a current focus on Northeast China. We enter into distribution agreements with local distributors in areas where large automobile manufacturers are located. By leveraging the proximity of our distributors to the automobile manufacturers, we can enhance our relationships with our customers. Through the established sales channels, we can quickly respond to local market demand, address customer needs, enhance our ability to provide superior technological support and after-sales services, and lower our marketing expenses. At the same time, our distributors are responsible for the payments to us which is not contingent upon their cash collection from end customers. By actively managing our distribution network, we are also able to accelerate local market penetration and increase sales opportunities. For example, we entered the north China market in 2009 through a local distributor, one year earlier than we planned, and in 2013, we entered into the Southwest China market, and in 2014, we entered into South China and Central China market. For the year ended December 31, 2018, Northeast, North, East, South, Central and Southwest account for approximately 28.1%, 16.4%, 32.0%, 5.6%, 6.0% and 10.7% of our revenues, respectively.
|
●
|
Stable Presence to Overseas Market.
Since 2014, the Company developed its presence in the Korean market by selling primarily higher-end (Long Chain) Plastic Alloy. Although the sales with ROK customer was suspended due to the accounts receivable balance overdue situation, the Company has tried to develop new overseas customers besides the existing ROK customer, and has established a business relationship with an overseas customer in Ras Al Khaimah, UAE in fourth quarter of 2018. US$14.9 million products have been sold to Ras Al Khaimah, UAE market, accounting for 1.2% of the total revenues for the year ended December 31, 2018.
|
●
|
Seasoned Management Team
. Our senior management team and key personnel have extensive operating and industry experience. Mr. Han, our chief executive officer and president, founded our former affiliate Harbin Xinda Nylon Factory in 1985. With 30 years of industry experience, Mr. Han has in-depth knowledge and expertise in China's modified plastics industry. Our chief executive officer, chief technology officer and chief operating officer have over 50 years combined experience in the modified plastics industry and we believe their extensive expertise and knowledge can well serve our customers.
|
Common Stock
|
||||||||
High
|
Low
|
|||||||
Fiscal Year Ending December 31, 2018
|
||||||||
First Quarter
|
4.65
|
4.20
|
||||||
Second Quarter
|
4.20
|
3.15
|
||||||
Third Quarter
|
4.06
|
3.20
|
||||||
Fourth Quarter
|
3.59
|
1.35
|
||||||
Fiscal Year Ending December 31, 2017
|
||||||||
First Quarter
|
5.03
|
3.95
|
||||||
Second Quarter
|
4.95
|
4.65
|
||||||
Third Quarter
|
4.80
|
4.50
|
||||||
Fourth Quarter
|
5.00
|
4.58
|
12/31/2018
|
12/31/2017
|
12/31/2016
|
12/31/2015
|
12/31/2014
|
12/31/2013
|
|||||||||||||||||||
China XD Plastics Co. Ltd.
|
$
|
33
|
$
|
87
|
$
|
76
|
$
|
84
|
$
|
103
|
$
|
100
|
||||||||||||
Nasdaq Composite Index
|
$
|
159
|
$
|
165
|
$
|
129
|
$
|
120
|
$
|
113
|
$
|
100
|
||||||||||||
Russell Small Cap Completeness Index
|
$
|
121
|
$
|
142
|
$
|
116
|
$
|
101
|
$
|
106
|
$
|
100
|
2018
|
2017
|
2016
|
2015
|
2014
|
||||||||||||||||
Revenues
|
$
|
1,274.8
|
$
|
1,290.4
|
$
|
1,201.7
|
$
|
999.2
|
$
|
1,110.6
|
||||||||||
Net income
|
$
|
68.3
|
$
|
31.6
|
$
|
101.6
|
$
|
83.7
|
$
|
120.7
|
||||||||||
Earnings per share
|
||||||||||||||||||||
- basic
|
$
|
1.03
|
$
|
0.48
|
$
|
1.54
|
$
|
1.27
|
$
|
1.85
|
||||||||||
- diluted
|
$
|
1.03
|
$
|
0.48
|
$
|
1.54
|
$
|
1.27
|
$
|
1.85
|
||||||||||
Shares used in computing earnings per share
|
- basic
|
50,290,425
|
49,598,609
|
49,418,188
|
49,225,566
|
48,833,434
|
|||||||||||||||
- diluted
|
50,290,425
|
49,598,609
|
49,419,197
|
49,229,460
|
48,833,434
|
|||||||||||||||
Total cash, cash equivalents, restricted cash and time deposits
|
367.0
|
608.1
|
456.4
|
408.4
|
296.5
|
|||||||||||||||
Total Assets
|
2,753.5
|
2,544.1
|
2,126.5
|
1,752.0
|
1,299.7
|
|||||||||||||||
Long term bank loans
|
111.8
|
114.2
|
249.5
|
107.5
|
174.3
|
|||||||||||||||
Notes payable
|
-
|
-
|
-
|
145.6
|
148.6
|
|||||||||||||||
Total liabilities
|
1,907.0
|
1,733.7
|
1,394.7
|
1,076.4
|
676.8
|
|||||||||||||||
Redeemable Series D Convertible Preferred Stock
|
97.6
|
97.6
|
97.6
|
97.6
|
97.6
|
|||||||||||||||
Total Stockholder's equities
|
748.9
|
712.8
|
634.3
|
578.0
|
525.3
|
(millions of US$, except the percentage)
|
For the Years Ended December 31,
|
|||||||||||||||||||
2018
|
2017
|
|||||||||||||||||||
Change
|
||||||||||||||||||||
Amount
|
%
|
%
|
Amount
|
%
|
||||||||||||||||
Revenues
|
1,274.8
|
100
|
%
|
(1.2
|
)%
|
1,290.4
|
100
|
%
|
||||||||||||
Cost of revenues
|
(1,055.2
|
)
|
(82.8
|
)%
|
0.1
|
%
|
(1,053.7
|
)
|
(81.7
|
)%
|
||||||||||
Gross profit
|
219.6
|
17.2
|
%
|
(7.2
|
)%
|
236.7
|
18.3
|
%
|
||||||||||||
Total operating expenses
|
(107.6
|
)
|
(8.4
|
)%
|
37.1
|
%
|
(78.5
|
)
|
(6.1
|
)%
|
||||||||||
Operating income
|
112.0
|
8.8
|
%
|
(29.2
|
)%
|
158.2
|
12.2
|
%
|
||||||||||||
Income before income taxes
|
76.0
|
6.0
|
%
|
(37.8
|
)%
|
122.1
|
9.5
|
%
|
||||||||||||
Income tax expense
|
(7.7
|
)
|
0.6
|
%
|
(91.5
|
)%
|
(90.5
|
)
|
(7.0
|
)%
|
||||||||||
Net income
|
68.3
|
5.4
|
%
|
116.1
|
%
|
31.6
|
2.5
|
%
|
(millions of US$, except the percentage)
|
Revenues
For the Years Ended December 31,
|
|||||||||||||||||||||||
2018
|
2017
|
Change
|
Change
|
|||||||||||||||||||||
Amount
|
%
|
Amount
|
%
|
Amount
|
%
|
|||||||||||||||||||
Modified Polyamide 66 (PA66)
|
316.6
|
24.8
|
%
|
286.5
|
22.2
|
%
|
30.1
|
10.5
|
%
|
|||||||||||||||
Modified Polyamide 6 (PA6)
|
243.9
|
19.1
|
%
|
224.1
|
17.4
|
%
|
19.8
|
8.8
|
%
|
|||||||||||||||
Plastic Alloy
|
324.7
|
25.6
|
%
|
363.3
|
28.2
|
%
|
(38.6
|
)
|
(10.6
|
)%
|
||||||||||||||
Modified Polypropylene (PP)
|
223.4
|
17.5
|
%
|
231.3
|
17.9
|
%
|
(7.9
|
)
|
(3.4
|
)%
|
||||||||||||||
Modified Acrylonitrile butadiene styrene (ABS)
|
32.2
|
2.5
|
%
|
43.3
|
3.3
|
%
|
(11.1
|
)
|
(25.6
|
)%
|
||||||||||||||
Polyoxymethylenes (POM)
|
10.6
|
0.8
|
%
|
12.0
|
0.9
|
%
|
(1.4
|
)
|
(11.7
|
)%
|
||||||||||||||
Polyphenylene Oxide (PPO)
|
17.1
|
1.3
|
%
|
17.5
|
1.3
|
%
|
(0.4
|
)
|
(2.3
|
)%
|
||||||||||||||
Modified Polylactic acid (PLA)
|
94.5
|
7.4
|
%
|
88.6
|
6.9
|
%
|
5.9
|
6.7
|
%
|
|||||||||||||||
Polyethylene (PE)
|
11.0
|
0.9
|
%
|
22.8
|
1.8
|
%
|
(11.8
|
)
|
(51.8
|
)%
|
||||||||||||||
Raw Materials
|
0.8
|
0.1
|
%
|
1.0
|
0.1
|
%
|
(0.2
|
)
|
(20.0
|
)%
|
||||||||||||||
Total Revenues
|
1,274.8
|
100.0
|
%
|
1,290.4
|
100.0
|
%
|
(15.6
|
)
|
(1.2
|
)%
|
(in MTs, except percentage)
|
Sales Volume
For the Years Ended December 31,
|
|||||||||||||||||||||||
2018
|
2017
|
Change
|
Change
|
|||||||||||||||||||||
MT
|
%
|
MT
|
%
|
MT
|
%
|
|||||||||||||||||||
Modified Polyamide 66 (PA66)
|
77,883
|
17.6
|
%
|
66,662
|
14.6
|
%
|
11,221
|
16.8
|
%
|
|||||||||||||||
Modified Polyamide 6 (PA6)
|
78,829
|
17.8
|
%
|
72,792
|
15.9
|
%
|
6,037
|
8.3
|
%
|
|||||||||||||||
Plastic Alloy
|
104,199
|
23.5
|
%
|
110,614
|
24.2
|
%
|
(6,415
|
)
|
(5.8
|
)%
|
||||||||||||||
Modified Polypropylene (PP)
|
143,343
|
32.4
|
%
|
152,630
|
33.4
|
%
|
(9,287
|
)
|
(6.1
|
)%
|
||||||||||||||
Modified Acrylonitrile butadiene styrene (ABS)
|
15,105
|
3.4
|
%
|
20,778
|
4.5
|
%
|
(5,673
|
)
|
(27.3
|
)%
|
||||||||||||||
Polyoxymethylenes (POM)
|
3,155
|
0.7
|
%
|
3,720
|
0.8
|
%
|
(565
|
)
|
(15.2
|
)%
|
||||||||||||||
Polyphenylene Oxide (PPO)
|
2,815
|
0.6
|
%
|
2,832
|
0.6
|
%
|
(17
|
)
|
(0.6
|
)%
|
||||||||||||||
Modified Polylactic acid (PLA)
|
9,936
|
2.2
|
%
|
9,224
|
2.0
|
%
|
712
|
7.7
|
%
|
|||||||||||||||
Polyethylene (PE)
|
8,178
|
1.8
|
%
|
18,133
|
4.0
|
%
|
(9,955
|
)
|
(54.9
|
)%
|
||||||||||||||
Total Sales Volume
|
443,443
|
100
|
%
|
457,385
|
100
|
%
|
(13,942
|
)
|
(3.0
|
)%
|
For the Years Ended December 31,
|
||||||||||||||||
Change
|
||||||||||||||||
(in millions, except percentage)
|
2018
|
2017
|
Amount
|
%
|
||||||||||||
Gross Profit
|
$
|
219.6
|
$
|
236.7
|
$
|
(17.1
|
)
|
(7.2
|
)%
|
|||||||
Gross Margin
|
17.2
|
%
|
18.3
|
%
|
(1.1
|
)%
|
For the Years Ended December 31,
|
||||||||||||||||
Change
|
||||||||||||||||
(in millions, except percentage)
|
2018
|
2017
|
Amount
|
%
|
||||||||||||
General and Administrative Expenses
|
$
|
37.0
|
$
|
38.5
|
$
|
(1.5
|
)
|
(3.9
|
)%
|
|||||||
as a percentage of revenues
|
2.9
|
%
|
3.0
|
%
|
(0.1
|
)%
|
For the Years Ended December 31,
|
||||||||||||||||
Change
|
||||||||||||||||
(in millions, except percentage)
|
2018
|
2017
|
Amount
|
%
|
||||||||||||
Research and Development Expenses
|
$
|
60.6
|
$
|
36.8
|
$
|
23.8
|
64.7
|
%
|
||||||||
as a percentage of revenues
|
4.8
|
%
|
2.9
|
%
|
1.9
|
%
|
For the Years Ended December 31
|
||||||||||||||||
Change
|
||||||||||||||||
(in millions, except percentage)
|
2018
|
2017
|
Amount
|
%
|
||||||||||||
Interest Income
|
$
|
4.0
|
$
|
5.3
|
$
|
(1.3
|
)
|
(24.5
|
)%
|
|||||||
Interest Expenses
|
(51.0
|
)
|
(45.4
|
)
|
(5.6
|
)
|
12.3
|
%
|
||||||||
Net Interest Expenses
|
(47.0
|
)
|
(40.1
|
)
|
(6.9
|
)
|
17.2
|
%
|
||||||||
as a percentage of revenues
|
3.7
|
%
|
3.1
|
%
|
0.6
|
%
|
For the Years Ended December 31,
|
||||||||||||||||
Change
|
||||||||||||||||
(in millions, except percentage)
|
2018
|
2017
|
Amount
|
%
|
||||||||||||
Foreign currency exchange gains (losses)
|
$
|
5.7
|
$
|
(6.5
|
)
|
$
|
12.2
|
(187.7
|
)%
|
|||||||
as a percentage of revenues
|
0.4
|
%
|
0.5
|
%
|
(0.1
|
)%
|
For the Years Ended December 31,
|
||||||||||||||||
Change
|
||||||||||||||||
(in millions, except percentage)
|
2018
|
2017
|
Amount
|
%
|
||||||||||||
Income before Income Taxes
|
$
|
76.0
|
$
|
122.1
|
$
|
(46.1
|
)
|
(37.8
|
)%
|
|||||||
Income tax expense
|
(7.7
|
)
|
(90.5
|
)
|
82.8
|
(91.5
|
)%
|
|||||||||
Effective income tax rate
|
10.1
|
%
|
74.1
|
%
|
(64.0
|
)%
|
December 31,
|
||||||||||||||||
2018
|
2017
|
Change
|
||||||||||||||
(
in millions, except percentage)
|
Amount
|
%
|
||||||||||||||
Cash and cash equivalents
|
41.3
|
190.4
|
(149.1
|
)
|
(78.3
|
)%
|
||||||||||
Restricted cash
|
325.7
|
129.7
|
196.0
|
151.1
|
%
|
|||||||||||
Time deposits
|
-
|
288.0
|
(288.0
|
)
|
(100.0
|
)%
|
||||||||||
Accounts receivable, net of allowance for doubtful accounts
|
294.7
|
298.9
|
(4.2
|
)
|
(1.4
|
)%
|
||||||||||
Inventories
|
620.0
|
421.7
|
198.3
|
47.0
|
%
|
|||||||||||
Prepaid expenses and other current assets
|
132.2
|
144.3
|
(12.1
|
)
|
(8.4
|
)%
|
||||||||||
Property, plant and equipment, net
|
775.9
|
835.6
|
(59.7
|
)
|
(7.1
|
)%
|
||||||||||
Land use rights, net
|
29.8
|
31.9
|
(2.1
|
)
|
(6.6
|
)%
|
||||||||||
Long-term prepayments to equipment and construction suppliers
|
530.6
|
190.6
|
340.0
|
178.4
|
%
|
|||||||||||
Other non-current assets
|
3.2
|
12.9
|
(9.7
|
)
|
(75.2
|
)%
|
||||||||||
Total assets
|
2,753.5
|
2,544.1
|
209.4
|
8.2
|
%
|
|||||||||||
Short-term bank loans, including current portion of long-term bank loans
|
729.7
|
775.4
|
(45.7
|
)
|
(5.9
|
)%
|
||||||||||
Bills payable
|
618.2
|
252.8
|
365.4
|
144.5
|
%
|
|||||||||||
Accounts payable
|
85.0
|
228.0
|
(143.0
|
)
|
(62.7
|
)%
|
||||||||||
Amounts due to related parties
|
18.4
|
-
|
18.4
|
N/A
|
||||||||||||
Income taxes payable, including noncurrent portion
|
99.2
|
108.4
|
(9.2
|
)
|
(8.5
|
)%
|
||||||||||
Accrued expenses and other current liabilities
|
126.9
|
138.6
|
(11.7
|
)
|
(8.4
|
)%
|
||||||||||
Long-term bank loans, excluding current portion
|
111.8
|
114.2
|
(2.4
|
)
|
(2.1
|
)%
|
||||||||||
Deferred income
|
99.6
|
99.2
|
0.4
|
0.4
|
%
|
|||||||||||
Redeemable Series D convertible preferred stock
|
97.6
|
97.6
|
-
|
-
|
||||||||||||
Stockholders' equity
|
748.9
|
712.8
|
36.1
|
5.1
|
%
|
(in millions)
|
December 31, 2018
|
|||||||||||||
Lines of Credit, Obtained
|
Remaining
Available
|
|||||||||||||
Name of Financial Institution
|
Date of Approval
|
RMB
|
USD
|
USD
|
||||||||||
Bank of Communication
|
August 6, 2018
|
120.0
|
17.5
|
-
|
||||||||||
China Everbright Bank
|
September 17, 2018
|
100.0
|
14.6
|
10.2
|
||||||||||
China CITIC Bank
|
February 26 , 2017
|
-
|
-
|
-
|
||||||||||
Bank of China
|
July 28, 2017
|
474.1
|
69.1
|
-
|
||||||||||
China Construction Bank
|
December 27, 2017
|
150.0
|
21.9
|
-
|
||||||||||
Bank of Longjiang, Heilongjiang
|
September 12, 2017
|
1,036.0
|
150.9
|
-
|
||||||||||
Industrial & Commercial Bank of China (ICBC)
|
September 5, 2018
|
1,301.0
|
189.6
|
88.3
|
||||||||||
Agriculture Bank of China
|
September 3, 2018
|
200.0
|
29.1
|
-
|
||||||||||
Export-Import Bank of China
|
August 22, 2018
|
200.0
|
29.1
|
-
|
||||||||||
Postal Savings Bank of China
|
April 19, 2018
|
400.0
|
58.3
|
32.0
|
||||||||||
Sichuan Tianfu Bank
|
February 12, 2018
|
50.0
|
7.3
|
-
|
||||||||||
Nanchong Shuntou Development Group Ltc.
|
January 30, 2018
|
530.0
|
77.2
|
-
|
||||||||||
Standard Chartered Bank
|
August 22, 2016
|
930.6
|
135.6
|
0.6
|
||||||||||
Daqing State owned assets management company
|
December 1, 2017
|
30.0
|
4.4
|
-
|
||||||||||
Nanchong Rural Commercial Bank
|
January 30, 2018
|
250.0
|
36.4
|
-
|
||||||||||
Bank of Inner Mongolia
|
August 16, 2018
|
40.0
|
5.8
|
-
|
||||||||||
Haerbin Rural Commercial Bank
|
July 31, 2018
|
50.0
|
7.3
|
-
|
||||||||||
Subtotal (credit term<=1 year)
|
5,861.7
|
854.1
|
131.1
|
|||||||||||
Bank of China
|
July 28, 2016
|
275.0
|
40.1
|
26.2
|
||||||||||
Bank of Longjiang, Heilongjiang
|
November 28, 2017
|
665.0
|
96.9
|
0.7
|
||||||||||
National Bank of Umm Al Qaiwain
|
September 26, 2018
|
12.0
|
1.7
|
-
|
||||||||||
Subtotal (credit term>1 year)
|
952.0
|
138.7
|
26.9
|
|||||||||||
Total
|
6,813.7
|
992.8
|
158.0
|
For the Years Ended December 31,
|
||||||||
(in millions US$)
|
2018
|
2017
|
||||||
Net cash provided by operating activities
|
61.4
|
125.8
|
||||||
Net cash used in investing activities
|
(1.7
|
) |
(255.3
|
)
|
||||
Net cash provided by financing activities
|
2.2
|
159.6
|
||||||
Effect of foreign currency exchange rate changes on cash, cash equivalents and restricted cash
|
(15.0
|
)
|
18.4
|
|||||
Net increase in cash, cash equivalents and restricted cash
|
46.9
|
48.5
|
||||||
Cash, cash equivalents and restricted cash at the beginning of period
|
320.1
|
271.6
|
||||||
Cash, cash equivalents and restricted cash at the end of period
|
367.0
|
320.1
|
Year ended December 31, 2018
|
Year ended December 31, 2017
|
||
Customer Payment Term
|
Payment in advance/up to 90 days
|
Payment in advance/up to 90 days
|
|
Purchase Credit Term
|
Payment in advance/up to 90 days
|
Payment in advance/up to 90 days
|
Contractual obligations
|
Total
|
Payment due
less than 1 year
|
1 – 3 years
|
3-5 years
|
More than 5
years
|
|||||||||||||||
Lease commitments
|
29,251,436
|
2,174,439
|
2,972,014
|
2,928,844
|
21,176,139
|
|||||||||||||||
Purchase of plant equipment and construction in progress (2) (3) (4) (5)
|
289,512,794
|
289,166,606
|
346,188
|
-
|
-
|
|||||||||||||||
Long-term bank loans (1)
|
309,453,397
|
182,741,317
|
54,532,311
|
46,427,731
|
25,752,038
|
|||||||||||||||
Total
|
628,217,627
|
474,082,362
|
57,850,513
|
49,356,575
|
46,928,177
|
Name
|
Age
|
Title
|
Date of Initial Appointment
|
||||
Jie Han
|
53
|
Chief Executive Officer and Chairman of the Board of Directors
|
December 31, 2008
|
||||
Taylor Zhang
|
40
|
Chief Financial Officer and Director
|
May 14, 2009
|
||||
Qingwei Ma
|
44
|
Chief Operating Officer and Director
|
December 31, 2008
|
||||
Joseph Chow
(1)(5)
|
55
|
Independent Director
|
November 16, 2017
|
||||
Xin Li
(1)(3)
|
41
|
Independent Director
|
March 6, 2019
|
||||
Linyuan Zhai
(1)(2)(3)
|
69
|
Independent Director
|
May 14, 2009
|
||||
Homer Sun
(2)(4)
|
47
|
Independent Director
|
January 1, 2012
|
||||
Jun Xu (4)
|
43
|
Independent Director
|
September 28, 2011
|
||||
Feng Li
(1)(2)(3)
|
56
|
Independent Director
|
November 14, 2012
|
● |
reviewing the Audit Committee's charter, annual report to stockholders and reports submitted to the SEC;
|
● |
appointing the Company's independent auditors, confirming and reviewing their independence, and approving their fees;
|
● |
reviewing the independent auditors' performance;
|
● |
discussing with the independent auditor and management the independent auditor's judgment about the quality, not just the acceptability, of the Company's accounting principles;
|
● |
following an audit, reviewing significant difficulties encountered during the audit; and
|
● |
reviewing significant disagreements among management and the independent auditors in the preparation of the Company's financial statements.
|
•
|
Performance against corporate and individual objectives for the previous year;
|
•
|
Value of skills and capabilities to support our long-term performance;
|
•
|
Performance of general management responsibilities; and
|
•
|
Contribution as a member of our executive management team.
|
Respectfully submitted,
|
||||
COMPENSATION COMMITTEE
|
||||
Feng Li, Chairman
|
||||
Linyuan Zhai
|
||||
Homer Sun
|
Name and Principal Position
|
Year
|
Salary ($)
|
Bonus ($)
|
Total
($)
|
||||||||||
Jie Han,
|
2018
|
544,300
|
-
|
544,300
|
||||||||||
CEO
|
2017
|
533,025
|
385,555
|
918,580
|
||||||||||
|
|
|||||||||||||
|
|
|||||||||||||
Qingwei Ma,
|
2018
|
317,508
|
-
|
317,508
|
||||||||||
COO
|
2017
|
355,350
|
-
|
355,350
|
||||||||||
|
|
|||||||||||||
|
|
|||||||||||||
Taylor Zhang,
|
2018
|
218,400
|
-
|
218,400
|
||||||||||
CFO
|
2017
|
201,056
|
201,056
|
402,112
|
||||||||||
|
|
|||||||||||||
|
|
|||||||||||||
Junjie Ma,
|
2018
|
108,860
|
-
|
108,860
|
||||||||||
CTO
|
2017
|
142,140
|
-
|
142,140
|
||||||||||
|
|
|||||||||||||
|
|
|||||||||||||
Rujun Dai
|
2018
|
181,433
|
-
|
181,433
|
||||||||||
Vice General Manager of HLJ Xinda Group
|
2017
|
399,769
|
-
|
399,769
|
Name (1) (2)
|
Fees earned or paid in cash ($)
|
Total ($)
|
||||||
Joseph Chow (3)
|
60,000
|
60,000
|
||||||
Feng Li
|
9,072
|
9,072
|
||||||
Linyuan Zhai
|
9,072
|
9,072
|
(1) |
Jie Han, Taylor Zhang and Qingwei Ma are not included in this table as they are our executive officers and thus received no compensation for their services as a director. For disclosure related to the compensation of Jie Han, Taylor Zhang and Qingwei Ma as an executive officer, see the "Summary Compensation Table" above.
|
(2) |
Homer Sun and Jun Xu are not included in this table as they receive no compensation for serving on our Board.
|
(3) |
Mr. Chow was appointed on November 16, 2017 and resigned on March 6, 2019.
|
Plan category
|
Number of securities to be issued upon exercise of outstanding options and unvested shares
(a)
|
Weighted-average exercise price of outstanding options and unvested options
(b)
|
Number of securities remaining available for future issuance under equity compensation plan (excluding securities reflected in column (a))
(c)
|
|||||||||
Equity compensation plan approved by security holders – 2009 Stock Option / Stock Issuance Plan
|
-
|
-
|
2,280,124
|
|||||||||
Total
|
-
|
-
|
2,280,124
|
(a) |
All securities are unvested shares.
|
(b) |
Shares issued to employees are subject to a three-year vesting schedule.
|
Name and Address
|
Title of Class
|
Amount and Nature of Beneficial Ownership
(1)
|
Percent of Class
(2)
|
||||||
Jie Han
(address: c/o China XD Plastics Company Limited,
500 5th Avenue, Suite 938, New York, New York 10110)
|
Series B Preferred Stock
|
1,000,000
|
(3)
|
100.0
|
%
|
||||
Jie Han
|
Common Stock
|
32,510,131
|
(3)
|
63.8
|
%
|
||||
Qingwei Ma
(address: c/o China XD Plastics Company Limited,
500 5th Avenue, Suite 938, New York, New York 10110)
|
Common Stock
|
91,660
|
*
|
||||||
Junjie Ma
(address: c/o China XD Plastics Company Limited,
500 5th Avenue, Suite 938, New York, New York 10110)
|
Common Stock
|
78,180
|
*
|
||||||
Taylor Zhang
(address: c/o China XD Plastics Company Limited,
500 5th Avenue, Suite 938, New York, New York 10110)
|
Common Stock
|
93,660
|
*
|
||||||
Joseph Chow
(
address: c/o China XD Plastics Company Limited,
500 5th Avenue, Suite 938, New York, New York 10110)
|
Common Stock
|
-
|
*
|
||||||
Linyuan Zhai
(address: c/o China XD Plastics Company Limited,
500 5th Avenue, Suite 938, New York, New York 10110)
|
Common Stock
|
10,879
|
*
|
||||||
Feng Li
(address: c/o China XD Plastics Company Limited,
500 5th Avenue, Suite 938, New York, New York 10110)
|
Common Stock
|
10,440
|
*
|
||||||
Rujun Dai
(address: c/o China XD Plastics Company Limited,
500 5th Avenue, Suite 938, New York, New York 10110)
|
Common Stock
|
24,910
|
*
|
||||||
XD. Engineering Plastics Company Limited
(address: Palm Grove House, P.O. Box 438, Road Town,
Tortola, British Virgin Islands)
|
Series B Preferred Stock
|
1,000,000
|
(3)
|
100.0
|
%
|
||||
XD. Engineering Plastics Company Limited
|
Common Stock
|
24,382,598
|
(3)
|
47.9
|
%
|
||||
MSPEA Modified Plastics Holding Limited
(address: c/o Walkers Corporate Services Limited, Walker House,
87 Mary Street, George Town, Grand Cayman KY1-9005, Cayman Islands)
|
Series D Preferred Stock
|
16,000,000
|
(4)
|
100.0
|
%
|
||||
Total Ownership of Common Stock by All Directors and Executive Officers as a Group
|
32,857,380
|
64.5
|
%
|
(1) |
The amount of beneficial ownership includes the number of shares of common stock and/or Series B Preferred Stock and/or Series D Preferred Stock, plus, in the case of each of the executive officer and directors and all officers and directors as a group, all shares issuable upon the exercise of the options held by them, which were exercisable as of March 13, 2014 or within 60 days thereafter. Pursuant to Rule 13d-3 under the Securities Exchange Act of 1934, as amended, and the rules promulgated by the SEC, every person who has or shares the power to vote or to dispose of shares of common stock are deemed to be the "beneficial owner" of all the shares of common stock over which any such sole or shared power exists.
|
(2) |
Based upon 50,948,841 shares of Common Stock outstanding, 1,000,000 shares of Series B Preferred Stock outstanding and 16,000,000 shares of Series D Preferred Stock outstanding as of December 31, 2018.
|
(3) |
Mr. Jie Han beneficially owns (i) 32,510,131 shares of Common Stock, representing 63.8% of our total outstanding Common Stock, which includes 8,127,533 shares of Common Stock directly held by Mr. Jie Han and 24,382,598 shares of Common Stock beneficially owned by Mr. Jie Han through his sole ownership of XD Engineering Plastics, and (ii) 1,000,000 shares of Series B Preferred Stock through his sole ownership of XD Engineering Plastics, representing 100% of our total outstanding Series B Preferred Stock.
|
(4) |
MSPEA Modified Plastics Holding Limited owns 16,000,000 shares of Series D Preferred Stock, representing 100% of our total outstanding Series D Preferred Stock.
|
December 31,
2018
|
December 31,
2017
|
|||||||
US$
|
US$
|
|||||||
Amounts due to related parties:
|
||||||||
Mr. Jie Han
|
9,907,915
|
-
|
||||||
Mr. Jie Han’s wife
|
3,180,965
|
-
|
||||||
Mr. Jie Han’s son
|
728,523
|
-
|
||||||
Senior management employees in HLJ Xinda Group and Sichuan Xinda
|
4,548,335
|
-
|
||||||
Total amounts due to related parties
|
18,365,738
|
-
|
2018
|
2017
|
|||||||
Audit Fees
|
$
|
1,414,575
|
$
|
1,297,696
|
||||
Audit-Related Fees
|
-
|
-
|
||||||
Tax Fees
|
-
|
-
|
||||||
Total paid to independent public audit firms
|
$
|
1,414,575
|
$
|
1,297,696
|
● |
Service Agreement effective as of November 14, 2010 between China XD Plastics Company Limited and Linyuan Zhai
|
● |
Service Agreement effective as of November 14, 2010 between China XD Plastics Company Limited and Lawrence W. Leighton
|
● |
Employment Agreement dated January 1, 2017 between Heilongjiang Xinda Enterprise Group Co., Ltd and Jie Han
|
● |
Employment Memorandum dated December 31, 2011 between Heilongjiang Xinda Enterprise Group Co., Ltd and Jie Han
|
● |
Employment Agreement dated January 1, 2017 between Heilongjiang Xinda Enterprise Group Co., Ltd and Qingwei Ma
|
● |
Employment Memorandum dated December 31, 2011 between Heilongjiang Xinda Enterprise Group Co., Ltd and Qingwei Ma
|
● |
Employment Agreement dated January 1, 2017 between Heilongjiang Xinda Enterprise Group Co., Ltd and Taylor Zhang
|
● |
Employment Memorandum dated December 31, 2011 between Heilongjiang Xinda Enterprise Group Co., Ltd and Taylor Zhang
|
● |
Employment Agreement dated January 1, 2017 between Heilongjiang Xinda Enterprise Group Co., Ltd and Junjie Ma
|
● |
Employment Memorandum dated December 31, 2011 between Heilongjiang Xinda Enterprise Group Co., Ltd and Junjie Ma
|
● |
Employment Agreement dated January 1, 2016 between Heilongjiang Xinda Enterprise Group Co., Ltd and Kenan Gong
|
● |
Employment Memorandum dated December 31, 2011 between Heilongjiang Xinda Enterprise Group Co., Ltd and Kenan Gong
|
● |
Service Agreement dated November 14, 2012 between China XD Plastics Company Limited and Feng Li
|
● |
Service Agreement dated November 16, 2017 between China XD Plastics Company Limited and Joseph Chow
|
● |
Service Agreement dated March 6, 2019 between China XD Plastics Company Limited and Feng Li
|
Exhibit No.
|
Description of Exhibit
|
Incorporated by Reference Herein from the Following Filing
|
|
10.32 | Filed herewith | ||
10.33 | Filed herewith | ||
10.34 | Filed herewith | ||
10.35 | Filed herewith | ||
10.36 | Filed herewith | ||
16.4
|
|||
101.
|
Interactive Data Files
|
Filed herewith
|
CHINA XD PLASTICS COMPANY LIMITED
|
|||
By:
|
/s/ Jie Han
|
||
Jie Han
|
|||
Chief Executive Officer
|
|||
(Principal Executive Officer)
|
By:
|
/s/ Taylor Zhang
|
||
Taylor Zhang
|
|||
Chief Financial Officer
|
|||
(Principal Financial Officer)
|
Name
|
Title
|
Date
|
|
/s/ Jie Han
|
Chairman and Chief Executive Officer
|
April 15, 2019
|
|
Jie Han
|
(Principal Executive Officer)
|
||
/s/ Taylor Zhang
|
Chief Financial Officer
|
April 15, 2019
|
|
Taylor Zhang
|
(Principal Financial and Accounting Officer)
|
||
/s/ Qingwei Ma
|
Director
|
April 15 2019
|
|
Qingwei Ma
|
|||
/s/ Xin Li
|
Director
|
April 15, 2019
|
|
Xin Li
|
|||
/s/ Feng Li
|
Director
|
April 15, 2019
|
|
Feng Li
|
|||
/s/ Linyuan Zhai
|
Director
|
April 15, 2019
|
|
Linyuan Zhai
|
|||
/s/ Homer Sun
|
Director
|
April 15, 2019
|
|
Homer Sun
|
|||
/s/ Jun Xu
|
Director
|
April 15, 2019
|
|
Jun Xu
|
Page
|
||||
Report of Independent Registered Public Accounting Firm
|
F-2
|
|||
Consolidated Financial Statements:
|
||||
Consolidated Balance Sheets as of December 31, 2018 and 2017
|
F-3
|
|||
Consolidated Statements of Comprehensive Income for the Years Ended December 31, 2018 and 2017
|
F-4
|
|||
Consolidated Statements of Changes in Equity for the Years Ended December 31, 2018 and 2017
|
F-5
|
|||
Consolidated Statements of Cash Flows for the Years Ended December 31, 2018 and 2017
|
F-6
|
|||
Notes to the Consolidated Financial Statements
|
F-7
|
Years Ended December 31,
|
||||||||
2018
|
2017
|
|||||||
US$
|
US$
|
|||||||
Revenues
|
1,274,833,282
|
1,290,447,748
|
||||||
Cost of revenues
|
(1,055,220,493
|
)
|
(1,053,782,105
|
)
|
||||
Gross profit
|
219,612,789
|
236,665,643
|
||||||
Selling expenses
|
(10,068,971
|
)
|
(3,176,928
|
)
|
||||
General and administrative expenses
|
(36,985,700
|
)
|
(38,495,704
|
)
|
||||
Research and development expenses
|
(60,576,574
|
)
|
(36,838,261
|
)
|
||||
Total operating expenses
|
(107,631,245
|
)
|
(78,510,893
|
)
|
||||
Operating income
|
111,981,544
|
158,154,750
|
||||||
Interest income
|
3,977,116
|
5,290,705
|
||||||
Interest expense
|
(51,031,735
|
)
|
(45,370,872
|
)
|
||||
Foreign currency exchange gains (losses)
|
5,710,754
|
(6,498,908
|
)
|
|||||
Losses on foreign currency option contracts
|
(520,981
|
)
|
(1,048,599
|
)
|
||||
Losses on disposal of a subsidiary
|
(214,557
|
)
|
-
|
|||||
Government grant
|
6,124,393
|
11,619,037
|
||||||
Total non-operating expenses, net
|
(35,955,010
|
)
|
(36,008,637
|
)
|
||||
Income before income taxes
|
76,026,534
|
122,146,113
|
||||||
Income tax expense
|
(7,713,113
|
)
|
(90,524,379
|
)
|
||||
Net income
|
68,313,421
|
31,621,734
|
||||||
Earnings per common stock:
|
||||||||
Basic and diluted
|
1.03
|
0.48
|
||||||
Net Income
|
68,313,421
|
31,621,734
|
||||||
Other comprehensive income (loss)
|
||||||||
Foreign currency translation adjustment, net of nil income taxes
|
(35,647,804
|
)
|
46,343,088
|
|||||
Comprehensive income
|
32,665,617
|
77,964,822
|
Series B Preferred Stock
|
Common Stock
|
Additional
|
Accumulated Other
|
Total
|
||||||||||||||||||||||||||||||||
Number of
Shares
|
Amount
|
Number of
Shares
|
Amount
|
Treasury
Stock
|
Paid-in
Capital
|
Retained
Earnings
|
Comprehensive
Income (Loss)
|
Stockholders'
Equity
|
||||||||||||||||||||||||||||
US$
|
US$
|
US$
|
US$
|
US$
|
US$
|
US$
|
||||||||||||||||||||||||||||||
Balance at January 1, 2017
|
1,000,000
|
100
|
49,511,541
|
4,952
|
(92,694
|
)
|
82,606,404
|
617,168,735
|
(65,427,831
|
)
|
634,259,666
|
|||||||||||||||||||||||||
Net income
|
-
|
-
|
-
|
-
|
-
|
-
|
31,621,734
|
-
|
31,621,734
|
|||||||||||||||||||||||||||
Other comprehensive income - Foreign currency translation adjustment, net of nil income taxes
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
46,343,088
|
46,343,088
|
|||||||||||||||||||||||||||
Stock based compensation
|
-
|
-
|
-
|
-
|
-
|
553,512
|
-
|
553,512
|
||||||||||||||||||||||||||||
Vesting of unvested shares
|
-
|
-
|
216,190
|
23
|
-
|
(23
|
)
|
-
|
-
|
-
|
||||||||||||||||||||||||||
Balance as of December 31, 2017
|
1,000,000
|
100
|
49,727,731
|
4,975
|
(92,694
|
)
|
83,159,893
|
648,790,469
|
(19,084,743
|
)
|
712,778,000
|
|||||||||||||||||||||||||
Net income
|
-
|
-
|
-
|
-
|
-
|
68,313,421
|
-
|
68,313,421
|
||||||||||||||||||||||||||||
Other comprehensive loss - Foreign currency translation adjustment, net of nil income taxes
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
(35,647,804
|
)
|
(35,647,804
|
)
|
|||||||||||||||||||||||||
Stock based compensation
|
-
|
-
|
-
|
-
|
-
|
3,353,811
|
-
|
-
|
3,353,811
|
|||||||||||||||||||||||||||
Exercise of stock options
|
-
|
-
|
500,000
|
50
|
-
|
119,950
|
-
|
-
|
120,000
|
|||||||||||||||||||||||||||
Vesting of unvested shares
|
-
|
-
|
721,110
|
72
|
-
|
(72
|
)
|
-
|
-
|
-
|
||||||||||||||||||||||||||
Balance as of December 31, 2018
|
1,000,000
|
100
|
50,948,841
|
5,097
|
(92,694
|
)
|
86,633,582
|
717,103,890
|
(54,732,547
|
)
|
748,917,428
|
Years Ended December 31,
|
||||||||
2018
|
2017
|
|||||||
US$
|
US$
|
|||||||
Cash flows from operating activities:
|
||||||||
Net income
|
68,313,421
|
31,621,734
|
||||||
Adjustments to reconcile net income to net cash provided by operating activities:
|
||||||||
Depreciation and amortization
|
46,282,307
|
43,055,976
|
||||||
Stock-based compensation
|
3,353,811
|
553,512
|
||||||
Amortization of issuance cost of the Syndicate loan facility
|
1,736,535
|
3,750,028
|
||||||
Losses (gains) on foreign currency option contracts
|
(1,070,779
|
)
|
1,048,599
|
|||||
Foreign currency exchange losses (gains)
|
(5,425,545
|
)
|
6,038,799
|
|||||
Losses on disposals of property, plant and equipment
|
2,423,326
|
17,509
|
||||||
Losses on disposal of a subsidiary
|
214,557
|
-
|
||||||
Deferred income tax benefit
|
(1,917,993
|
)
|
(2,407,706
|
)
|
||||
Accounts receivable
|
(5,147,409
|
)
|
120,443,715
|
|||||
Amounts due from a related party
|
-
|
243,779
|
||||||
Inventories
|
(228,481,188
|
)
|
(120,026,438
|
)
|
||||
Prepaid expenses and other current assets
|
(39,949,682
|
)
|
(26,354,886
|
)
|
||||
Value added tax in long-term prepayments to equipment suppliers
|
(50,794,483
|
)
|
(23,267,330
|
)
|
||||
Other non-current assets
|
49,182
|
10,113,931
|
||||||
Bills payable
|
391,738,736
|
92,130,473
|
||||||
Accounts payable
|
(148,839,736
|
)
|
(108,053,082
|
)
|
||||
Amounts due to related parties
|
-
|
(12,155
|
)
|
|||||
Income taxes payable
|
(1,701,689
|
)
|
16,581,508
|
|||||
Accrued expenses and other current liabilities
|
38,528,151
|
20,097,830
|
||||||
Deferred income
|
(4,917,452
|
)
|
(4,630,632
|
)
|
||||
Other non-current liabilities
|
(3,000,815
|
)
|
64,895,667
|
|||||
Net cash provided by operating activities
|
61,393,255
|
125,840,831
|
||||||
Cash flows from investing activities:
|
||||||||
Proceeds from maturity of time deposits
|
540,066,526
|
475,873,199
|
||||||
Purchase of time deposits
|
(255,518,597
|
)
|
(564,710,760
|
)
|
||||
Purchase of land use rights
|
-
|
(8,279,334
|
) | |||||
Purchases of and deposits for property, plant and equipment
|
(429,205,807
|
)
|
(456,474,007
|
)
|
||||
Proceeds from disposal of property, plant and equipment
|
416,968
|
-
|
||||||
Refund of deposit from equipment suppliers
|
120,532,191
|
280,814,137
|
||||||
Deposits for acquisition of equity
|
(3,506,048
|
)
|
(11,937,192
|
)
|
||||
Refund of deposits for acquisition of equity
|
15,299,214
|
-
|
||||||
Government grant related to the construction of Sichuan plant
|
10,281,222
|
29,382,885
|
||||||
Cash disposed for sales of a subsidiary
|
(41,631
|
)
|
-
|
|||||
Net cash used in investing activities
|
(1,675,962
|
)
|
(255,331,072
|
)
|
||||
Cash flows from financing activities:
|
||||||||
Proceeds from bank borrowings
|
1,238,947,716
|
842,571,025
|
||||||
Repayment of bank borrowings
|
(1,255,214,637
|
)
|
(682,921,893
|
)
|
||||
Proceeds from interest-free advances from related parties
|
22,145,247
|
-
|
||||||
Repayment of interest-free advances from related parties
|
(3,779,509
|
)
|
-
|
|||||
Investment received in advance from a related party
|
75,567,512
|
-
|
||||||
Refund investment received in advance from a related party
|
(75,567,512
|
)
|
-
|
|||||
Proceeds from exercise of stock options
|
120,000
|
|||||||
Net cash provided by financing activities
|
2,218,817
|
159,649,132
|
||||||
Effect of foreign currency exchange rate changes on cash and cash equivalents and restricted cash
|
(15,035,935
|
)
|
18,356,927
|
|||||
Net increase in cash, cash equivalents and restricted cash
|
46,900,175
|
48,515,818
|
||||||
Cash, cash equivalents and restricted cash at beginning of year
|
320,091,665
|
271,575,847
|
||||||
Cash, cash equivalents and restricted cash at end of year
|
366,991,840
|
320,091,665
|
||||||
Supplemental disclosure of cash flow information:
|
||||||||
Interest paid, net of US$2,416,818 and US$2,893,631 capitalized for the years ended December 31, 2018 and 2017, respectively
|
43,664,817
|
38,695,738
|
||||||
Income taxes paid
|
17,982,507
|
13,030,643
|
||||||
Non-cash investing and financing activities:
|
||||||||
Consideration receivable for the disposal of a subsidiary
|
7,285,231
|
-
|
||||||
Accrual for purchase of equipment and construction included in accrued expenses and other current liabilities
|
6,188,847
|
5,144,134
|
December 31,
|
||||||||
2018
|
2017
|
|||||||
US$
|
US$
|
|||||||
Cash and cash equivalents
|
41,301,817
|
190,392,211
|
||||||
Restricted cash
|
325,690,023
|
129,699,454
|
||||||
Total cash, cash equivalents, and restricted cash shown in the statement of cash flows
|
366,991,840
|
320,091,665
|
December 31,
|
||||||||
2018
|
2017
|
|||||||
US$
|
US$
|
|||||||
RMB denominated bank deposits with:
|
||||||||
Financial Institutions in the PRC
|
366,773,172
|
605,125,974
|
||||||
Financial Institutions in Hong Kong Special Administrative Region ("Hong Kong SAR")
|
8,134
|
8,280
|
||||||
U.S. dollar denominated bank deposits with:
|
||||||||
Financial Institution in the U.S.
|
40,390
|
121,756
|
||||||
Financial Institutions in the PRC
|
17,050
|
17,772
|
||||||
Financial Institution in Hong Kong SAR
|
131,892
|
1,895,508
|
||||||
Financial Institution in Macau Special Administrative Region ("Macau SAR")
|
6,144
|
55,206
|
||||||
Financial Institution in Dubai, UAE
|
14,464
|
879,012
|
||||||
HK dollar denominated bank deposits with:
|
||||||||
Financial institution in Hong Kong SAR
|
156
|
131
|
||||||
Dirham denominated bank deposits with:
|
||||||||
Financial institution in Dubai, UAE
|
438
|
11,043
|
Estimated
Useful Life
|
|
Workshops and buildings
|
39 years
|
Machinery, equipment and furniture
|
5-10 years
|
Motor vehicles
|
5 years
|
Years Ended
December 31,
|
||||||||
2018
|
2017
|
|||||||
US$
|
US$
|
|||||||
Distributors
|
1,241,373,690
|
1,125,772,567
|
||||||
Direct customers
|
32,679,238
|
163,626,112
|
||||||
Others
|
780,354
|
1,049,069
|
||||||
Total
|
1,274,833,282
|
1,290,447,748
|
December 31,
|
||||||||
2018
|
2017
|
|||||||
US$
|
US$
|
|||||||
Accounts receivable
|
294,726,804
|
298,909,440
|
||||||
Allowance for doubtful accounts
|
(38,516
|
)
|
(40,456
|
)
|
||||
Accounts receivable, net
|
294,688,288
|
298,868,984
|
December 31,
|
||||||||
2018
|
2017
|
|||||||
US$
|
US$
|
|||||||
Aging:
|
||||||||
– current
|
218,458,862
|
259,870,056
|
||||||
– 1-3 months past due
|
31,386,341
|
8,299,000
|
||||||
– 4-6 months past due
|
109,412
|
30,699,928
|
||||||
– 7-12 months past due
|
42,532,170
|
-
|
||||||
– greater than one year past due
|
2,240,019
|
40,456
|
||||||
Total accounts receivable
|
294,726,804
|
298,909,440
|
December 31,
|
||||||||
2018
|
2017
|
|||||||
US$
|
US$
|
|||||||
Balance at the beginning of the year
|
(40,456
|
)
|
(38,107
|
)
|
||||
Effect of foreign currency exchange rate changes
|
1,940
|
(2,349
|
)
|
|||||
Balance at the end of the year
|
(38,516
|
)
|
(40,456
|
)
|
December 31,
|
||||||||
2018
|
2017
|
|||||||
US$
|
US$
|
|||||||
Raw materials and work in progress
|
612,701,274
|
405,750,206
|
||||||
Finished goods
|
7,331,921
|
15,986,476
|
||||||
Total inventories
|
620,033,195
|
421,736,682
|
December 31,
|
||||||||
2018
|
2017
|
|||||||
US$
|
US$
|
|||||||
Receivables from Hailezi (i)
|
-
|
68,430,244
|
||||||
Value added taxes receivables (ii)
|
4,700,702
|
6,840,774
|
||||||
Advances to suppliers (iii)
|
104,469,023
|
62,376,588
|
||||||
Interest receivable (iv)
|
826,729
|
2,235,902
|
||||||
Consideration for sales of Shanghai Sales (v)
|
7,285,231
|
-
|
||||||
Others (vi)
|
14,936,843
|
4,442,643
|
||||||
Total prepaid expenses and other current assets
|
132,218,528
|
144,326,151
|
December 31,
|
||||||||
2018
|
2017
|
|||||||
US$
|
US$
|
|||||||
Machinery, equipment and furniture
|
580,735,482
|
413,551,963
|
||||||
Motor vehicles
|
2,658,487
|
2,838,540
|
||||||
Workshops and buildings
|
157,976,839
|
146,595,501
|
||||||
Construction in progress
|
217,194,285
|
439,116,574
|
||||||
Total property, plant and equipment
|
958,565,093
|
1,002,102,578
|
||||||
Less: accumulated depreciation
|
(182,623,813
|
)
|
(166,540,839
|
)
|
||||
Property, plant and equipment, net
|
775,941,280
|
835,561,739
|
Years Ended December 31,
|
||||||||
2018
|
2017
|
|||||||
US$
|
US$
|
|||||||
Cost of revenues
|
38,999,223
|
35,758,544
|
||||||
General and administrative expenses
|
2,692,329
|
2,723,839
|
||||||
Research and development expenses
|
3,946,556
|
4,047,893
|
||||||
Selling expenses
|
5,426
|
3,546
|
||||||
Total depreciation expense
|
45,643,534
|
42,533,822
|
December 31,
|
||||||||
2018
|
2017
|
|||||||
US$
|
US$
|
|||||||
Hailezi (i)
|
502,087,116
|
157,358,774
|
||||||
Shanghai Green River (iii)
|
15,778,057
|
16,572,489
|
||||||
Beijin Construction (iv)
|
6,867,269
|
10,001,333
|
||||||
Sichuan Construction (v)
|
5,539,471
|
6,177,647
|
||||||
Others
|
364,406
|
517,271
|
||||||
Total prepayments to equipment and construction suppliers
|
530,636,319
|
190,627,514
|
(in millions US$)
|
||||||||||||||||||
Year
|
Projects
|
Balance as of
December 31, 2017
|
Prepaid
/
(Utilized) in 2018
|
Effect of foreign currency exchange rate changes
|
Balance as of
December 31, 2018
|
|||||||||||||
2017
|
Storage system
|
38.6
|
-
|
(1.8
|
)
|
36.8
|
||||||||||||
2017
|
HLJ project
|
115.1
|
24.7
|
(5.6
|
)
|
134.2
|
||||||||||||
2018
|
HLJ project
|
-
|
43.8
|
-
|
43.8
|
|||||||||||||
2018
|
HLJ project
|
-
|
35.1
|
-
|
35.1
|
|||||||||||||
2017
|
Nanchong project
|
3.7
|
(0.5
|
)
|
(0.2
|
)
|
3.0
|
|||||||||||
2018
|
Nanchong project
|
-
|
249.2
|
-
|
249.2
|
|||||||||||||
Total
|
157.4
|
352.3
|
(7.6
|
)
|
502.1
|
December 31,
|
||||||||
2018
|
2017
|
|||||||
US$
|
US$
|
|||||||
Unsecured loans
|
418,198,508
|
363,319,152
|
||||||
Loans secured by accounts receivable
|
65,567,082
|
68,868,415
|
||||||
Loans secured by restricted cash
|
69,500,000
|
41,500,000
|
||||||
Loans secured by land use right
|
-
|
30,608,184
|
||||||
Current portion of long-term bank loans (note b)
|
176,401,330
|
271,101,178
|
||||||
Total short-term loans, including current portion of long-term bank loans
|
729,666,920
|
775,396,929
|
December 31,
|
||||||||
2018
|
2017
|
|||||||
US$
|
US$
|
|||||||
Secured loans
|
2,177,985
|
30,400,000
|
||||||
Unsecured loans
|
196,031,589
|
199,146,032
|
||||||
Syndicate loan facility
|
90,000,000
|
155,763,465
|
||||||
Less: current portion
|
(176,401,330
|
)
|
(271,101,178
|
)
|
||||
Total long-term bank loans, excluding current portion
|
111,808,244
|
114,208,319
|
December 31, 2018
|
||||
US$
|
||||
2019
|
176,401,330
|
|||
2020
|
24,476,863
|
|||
2021
|
20,834,247
|
|||
2022
|
26,662,432
|
|||
After 2022
|
39,834,702
|
|||
Total
|
288,209,574
|
December 31,
|
||||||||
|
2018
|
2017 | ||||||
|
US$
|
US$
|
||||||
Payables for purchase of property, plant and equipment | 53,059,897 | 98,791,115 | ||||||
Accrued freight expenses
|
25,908,990
|
10,491,635
|
||||||
Accrued interest expenses
|
8,873,532
|
3,997,036
|
||||||
Contract liabilities (i)
|
16,105,245
|
8,843,649
|
||||||
Non income tax payables
|
6,425,236
|
4,002,092
|
||||||
Others (ii)
|
16,553,998
|
12,479,982
|
||||||
Total accrued expenses and other current liabilities
|
126,926,898
|
138,605,509
|
Years Ended December 31,
|
||||||||
2018
|
2017
|
|||||||
US$
|
US$
|
|||||||
Transactions with related parties:
|
||||||||
Investment received in advance from Changmu (i)
|
75,567,512
|
-
|
||||||
Refund of investment received in advance to Changmu (i)
|
(75,567,512
|
)
|
-
|
|||||
Proceeds of interest-free advances from Changmu
|
3,779,509
|
-
|
||||||
Repayment of interest-free advances to Changmu
|
(3,779,509
|
)
|
-
|
|||||
Proceeds of interest-free advances from three senior management employees of Sichuan Xinda (ii)
|
4,371,139
|
-
|
||||||
Proceeds of interest-free advances from Mr. Jie Han (iii)
|
9,907,915
|
-
|
||||||
Proceeds of interest-free advances from Mr. Jie Han’s wife (iii)
|
3,180,965
|
-
|
||||||
Proceeds of interest-free advances from Mr. Jie Han’s son (iii)
|
728,523
|
-
|
||||||
Proceeds of interest-free advances from a senior management employee of HLJ Xinda Group (iii)
|
177,196
|
-
|
||||||
Consideration for sales of Shanghai Sales (iv)
|
7,285,231
|
-
|
December 31,
|
||||||||
2018
|
2017
|
|||||||
US$
|
US$
|
|||||||
Amounts due to related parties:
|
||||||||
Mr. Jie Han
|
9,907,915
|
-
|
||||||
Mr. Jie Han’s wife
|
3,180,965
|
-
|
||||||
Mr. Jie Han’s son
|
728,523
|
-
|
||||||
Senior management employees in HLJ Xinda Group and Sichuan Xinda
|
4,548,335
|
-
|
||||||
Total amounts due to related parties
|
18,365,738
|
-
|
||||||
Years Ended December 31,
|
||||||||
2018
|
2017
|
|||||||
US$
|
US$
|
|||||||
US
|
(4,499,127
|
)
|
(2,490,668
|
)
|
||||
BVI
|
2,578
|
(394
|
)
|
|||||
Hong Kong SAR
|
(10,611,927
|
)
|
(12,544,625
|
)
|
||||
Dubai
|
(4,340,642
|
)
|
33,354,059
|
|
||||
PRC, excluding Hong Kong SAR
|
95,475,652
|
103,827,741
|
||||||
Total income before income taxes
|
76,026,534
|
122,146,113
|
Years Ended December 31,
|
||||||||
2018
|
2017
|
|||||||
US$
|
US$
|
|||||||
Current income tax expense-PRC
|
8,638,230
|
21,966,937
|
||||||
Current income tax expense-US
|
992,876
|
70,965,148
|
||||||
Deferred income tax benefit-PRC
|
(1,917,993
|
)
|
(2,407,706
|
)
|
||||
Total income tax expense
|
7,713,113
|
90,524,379
|
Years Ended December 31,
|
||||||||
2018
|
2017
|
|||||||
US$
|
US$
|
|||||||
PRC statutory income tax rate
|
25
|
%
|
25
|
%
|
||||
Increase (decrease) in effective income tax rate resulting from:
|
||||||||
Tax rate differential on HK entities not subject to PRC income tax
|
1.1
|
%
|
0.9
|
%
|
||||
Tax rate differential on BVI entities not subject to PRC income tax
|
0.0
|
%
|
0.1
|
%
|
||||
Tax rate differential on US entities not subject to PRC income tax
|
(0.2
|
)%
|
0.0
|
%
|
||||
Tax rate differential on UAE entities not subject to PRC income tax
|
1.4
|
%
|
(6.9
|
)%
|
||||
Non-deductible expenses
|
1.2
|
%
|
0.2
|
%
|
||||
Preferential tax rate
|
(6.6
|
)%
|
(4.5
|
)%
|
||||
Change in valuation allowance
|
4.0
|
%
|
3.1
|
%
|
||||
R&D additional deduction
|
(15.0
|
)%
|
(3.9
|
)%
|
||||
Reversal of unrealized tax benefits
|
(3.8
|
)%
|
0.0
|
%
|
||||
Repatriation tax
|
0.0
|
%
|
58.1
|
%
|
||||
Others
|
3.0
|
%
|
2.0
|
%
|
||||
Effective income tax rate
|
10.1
|
%
|
74.1
|
%
|
December 31,
|
||||||||
2018
|
2017
|
|||||||
US$
|
US$
|
|||||||
Deferred income tax assets:
|
||||||||
Tax loss carry forwards
|
10,559,911
|
7,818,069
|
||||||
Foreign currency contracts
|
-
|
270,964
|
||||||
Less: valuation allowance
|
(10,559,911
|
)
|
(7,818,069
|
)
|
||||
Deferred income tax assets, net (included in other non-current assets)
|
-
|
270,964
|
||||||
Deferred income tax liabilities (included in other non-current liabilities):
|
||||||||
Property, plant and equipment
|
6,716,921
|
9,267,501
|
Years Ended December 31,
|
||||||||
2018
|
2017
|
|||||||
US$
|
US$
|
|||||||
Balance at the beginning of the year
|
7,818,069
|
3,951,012
|
||||||
Expiration due to liquidation
|
(240
|
)
|
(86,139
|
)
|
||||
Additions of valuation allowance
|
3,108,747
|
3,960,392
|
||||||
Reduction of valuation allowance
|
(366,665
|
)
|
(7,196
|
)
|
||||
Balance at the end of the year
|
10,559,911
|
7,818,069
|
Years Ended December 31,
|
||||||||
2018
|
2017
|
|||||||
US$
|
US$
|
|||||||
Balance at the beginning of the year
|
34,197,070
|
25,929,112
|
||||||
Increase related to current year tax positions
|
1,645,734
|
8,267,958
|
||||||
Decrease related to prior year tax positions
|
(2,794,165
|
)
|
-
|
|||||
Balance at the end of the year
|
33,048,639
|
34,197,070
|
December 31,
|
||||||||
2018
|
2017
|
|||||||
US$
|
US$
|
|||||||
Income tax payable-noncurrent (i)
|
92,461,068
|
98,630,817
|
||||||
Deferred income tax liabilities (Note 13)
|
6,716,921
|
9,267,501
|
||||||
Others
|
2,395,783
|
-
|
||||||
Total other non-current liabilities
|
101,573,772
|
107,898,318
|
Number of Nonvested
Shares
|
Weighted Average
Grant date Fair Value
|
|||||||
US$
|
||||||||
Outstanding as of December 31, 2016
|
402,210
|
6.10
|
||||||
Granted
|
-
|
-
|
||||||
Vested
|
(216,190
|
)
|
5.12
|
|||||
Forfeited
|
(24,910
|
)
|
5.60
|
|||||
Outstanding as of December 31, 2017
|
161,110
|
7.49
|
||||||
Granted
|
560,000
|
4.40
|
||||||
Vested
|
(721,110
|
)
|
4.76
|
|||||
Outstanding as of December 31, 2018
|
-
|
-
|
||||||
Expected to vest as of December 31, 2018
|
-
|
-
|
Number of Options
Outstanding
|
Weighted Average
Exercise Price
|
|||||||
US$
|
||||||||
Outstanding as of December 31, 2017
|
-
|
-
|
||||||
Granted
|
500,000
|
0.24
|
||||||
Exercised
|
(500,000
|
)
|
0.24
|
|||||
Outstanding as of December 31, 2018
|
-
|
-
|
Years Ended December 31,
|
||||||||
2018
|
2017
|
|||||||
US$
|
US$
|
|||||||
Numerator:
|
||||||||
Net income
|
68,313,421
|
31,621,734
|
||||||
Less:
|
||||||||
Earnings allocated to participating Series D convertible preferred stock
|
(16,459,431
|
)
|
(7,678,801
|
)
|
||||
Earnings allocated to participating nonvested shares
|
(119,506
|
)
|
(139,318
|
)
|
||||
Net income for basic and diluted earnings per share
|
51,734,484
|
23,803,615
|
||||||
Denominator:
|
||||||||
Denominator for basic earnings per share
|
50,290,425
|
49,598,609
|
||||||
Dilutive effect of outstanding share options
|
-
|
-
|
||||||
Denominator for diluted earnings per share
|
50,290,425
|
49,598,609
|
||||||
Earnings per common share:
|
||||||||
Basic and diluted earnings per common share
|
1.03
|
0.48
|
Years Ended December 31,
|
|||||||||
2018
|
2017
|
||||||||
US$
|
US$
|
||||||||
Numerator:
|
|||||||||
Shares issuable upon conversion of Series D convertible preferred stocks
|
16,000,000
|
16,000,000
|
US$
|
||||
Years ending December 31,
|
||||
2019
|
2,174,439
|
|||
2020
|
1,486,007
|
|||
2021
|
1,486,007
|
|||
2022
|
1,446,251
|
|||
2023
|
1,482,593
|
|||
2024 and thereafter
|
21,176,139
|
Years Ended December 31,
|
||||||||
2018
|
2017
|
|||||||
US$
|
US$
|
|||||||
Modified Polyamide 66 (PA66)
|
316,646,777
|
286,526,792
|
||||||
Modified Polyamide 6 (PA6)
|
243,889,834
|
224,086,830
|
||||||
Plastic Alloy
|
324,741,846
|
363,319,049
|
||||||
Modified Polypropylene (PP)
|
223,388,535
|
231,255,726
|
||||||
Modified Acrylonitrile butadiene styrene (ABS)
|
32,232,757
|
43,333,667
|
||||||
Polyoxymethylenes (POM)
|
10,587,174
|
12,008,089
|
||||||
Polyphenylene Oxide (PPO)
|
17,070,145
|
17,468,208
|
||||||
Polylactide (PLA)
|
94,483,496
|
88,644,132
|
||||||
Polyethylene (PE)
|
11,012,364
|
22,756,186
|
||||||
Raw materials
|
780,354
|
1,049,069
|
||||||
Total Revenue
|
1,274,833,282
|
1,290,447,748
|
Fourth Quarter
|
Third Quarter
|
Second Quarter
|
First Quarter
|
|||||||||||||
2018:
|
||||||||||||||||
Revenues
|
$
|
349.8
|
$
|
297.2
|
$
|
317.3
|
$
|
310.5
|
||||||||
Gross profit
|
$
|
62.4
|
$
|
47.2
|
$
|
56.1
|
$
|
53.9
|
||||||||
Net income
|
$
|
13.0
|
$
|
9.0
|
$
|
27.2
|
$
|
19.1
|
||||||||
Earnings per share
|
||||||||||||||||
Basic
|
$
|
0.20
|
$
|
0.13
|
$
|
0.41
|
$
|
0.29
|
||||||||
Diluted
|
$
|
0.20
|
$
|
0.13
|
$
|
0.41
|
$
|
0.29
|
Fourth Quarter
|
Third Quarter
|
Second Quarter
|
First Quarter
|
|||||||||||||
2017:
|
||||||||||||||||
Revenues
|
$
|
427.6
|
$
|
311.4
|
$
|
313.6
|
$
|
237.8
|
||||||||
Gross profit
|
$
|
91.5
|
$
|
47.3
|
$
|
63.1
|
$
|
34.8
|
||||||||
Net income
|
$
|
(20.5
|
)
|
$
|
14.1
|
$
|
28.1
|
$
|
9.9
|
|||||||
Earnings per share
|
||||||||||||||||
Basic
|
$
|
(0.31
|
)
|
$
|
0.21
|
$
|
0.43
|
$
|
0.15
|
|||||||
Diluted
|
$
|
(0.31
|
)
|
$
|
0.21
|
$
|
0.43
|
$
|
0.15
|
Years Ended December 31,
|
||||||||
2018
|
2017
|
|||||||
US$
|
US$
|
|||||||
Revenues (in US$ millions)
|
||||||||
PRC
|
1,259.8
|
1,207.9
|
||||||
Dubai, UAE
|
15.0
|
82.5
|
||||||
Total
|
1,274.8
|
1,290.4
|
December 31,
|
||||||||
2018
|
2017
|
|||||||
US$
|
US$
|
|||||||
Long-lived assets (in US$ millions)
|
||||||||
PRC
|
966.3
|
694.9
|
||||||
Dubai, UAE
|
373.3
|
376.2
|
||||||
Total
|
1,339.6
|
1,071.1
|
Company Name:
|
Jurisdiction
|
||
1
|
China XD Plastic Company Limited
|
Nevada, United States of America
|
|
2
|
Favor Sea Limited
|
British Virgin Islands
|
|
3
|
Xinda Holding (HK) Company Limited
|
Hong Kong
|
|
4
|
Xinda (HK) Trading Company Limited
|
Hong Kong
|
|
5
|
Al Composites Materials FZE
|
United Arab Emirates
|
|
6
|
Heilongjiang Xinda Enterprise Group Company Limited
|
People's Republic of China
|
|
7
|
Heilongjiang Xinda Composite Materials Company Limited
|
People's Republic of China
|
|
8
|
Sichuan Xinda Enterprise Group Company Limited
|
People's Republic of China
|
|
9
|
Xinda CI (Beijng) Enterprise Management Company Limited
|
People's Republic of China
|
|
10 | Xinda (Hong Kong) Macromolecule Material Limited | Hong Kong | |
11
|
Xinda Deluxe Faith Limited
|
Hong Kong
|
|
12
|
Heilongjiang Xinda Enterprise Group (Shanghai) New Materials Research and Development Company Limited
|
People's Republic of China
|
|
13
|
Heilongjiang Xinda Enterprise Group (Daqing) New Materials Industry and Trade Company Limited
|
People's Republic of China
|
|
14
|
Sichuan Xinda Composite Materials Company Limited
|
People's Republic of China
|
1. |
Party A shall transfer 100% of the equities of the Target Company (that is, a subscribed capital contribution of RMB 50 million yuan) to Party B at a price of RMB 50 million yuan.
|
2. |
Other rights attached to the equities shall be transferred along with the transfer of such equities.
|
1. |
This Agreement is made in triplicate, with each party holding one copy, and the Target Company holding one copy to be used for relevant formalities.
|
2. |
This Agreement shall come into effect upon the signing by each party.
|
Party A:
Heilongjiang Xinda Enterprise Group Company Limited
December 18, 2018
|
|
Party B:
Gao Xiaohui
December 18, 2018
|
|
|
|
|
|
|
(1)
|
The parties entered into an
Equity Transfer Agreement of Heilongjiang Xinda Enterprise Group Shanghai New Materials Sales Co., Ltd.
(the “Original Agreement”) on December 18, 2018 in Pingfang District, Harbin, China.
|
(2)
|
The Original Agreement stipulates that “the Transferee shall pay the Transferor a one-off payment of the equity transfer price as stipulated in Article 1.1 hereof within 90 working days after the signing of the agreement”, which may cause inconvenience or controversy to the parties without providing a specific date.
|
Article 1
|
Both parties confirm that, Party B shall pay Party A a one-off payment of RMB 50 million yuan of equity transfer price before April 15, 2019.
|
Article 2
|
Both parties confirm that, before the end of the second quarter of 2019, Heilongjiang Xinda Enterprise Group (Shanghai) New Materials Research and Development Co., Ltd., which is indirectly controlled by Party B, shall return 50% of the down payment Party A made for the property of the No. [26] Building, Shanghai Caohejing Cambridge Business Oasis Phase II, of RMB [108,287,960.00] yuan (RMB [one hundred and eight million two hundred and eighty seven thousand nine hundred and sixty] yuan) to Party A, and Party A shall cooperate with Heilongjiang Xinda Enterprise Group (Shanghai) New Materials Research and Development Co., Ltd. in related deed matters.
|
Article 3
|
This Supplemental Agreement shall come into effect on the date of signing by both parties and shall have the same legal effect as the Original Agreement.
|
Article 4
|
This Supplemental Agreement is made in Chinese, in duplicate, with each party holding one copy, and each copy shall have the same effect.
|
·
|
Consumables
|
·
|
Party A's damage or defect caused by the modification of the equipment provided by Party B without the consent of Party B
|
·
|
Damage or defect caused by force majeure
|
Serial#
|
Equipment name
|
Unit
Quantity
|
Unit price (10000 yuan)
|
Amount (10000 yuan)
|
1
|
Centralized supply system
|
1
|
10
,
133.
00
|
14,133.00
|
2
|
Talc masterbatch granulation system
|
1
|
309.00
|
1236.00
|
3
|
Plant fiber masterbatch granulation system
|
2
|
709.00
|
1418.00
|
4
|
Metering system
|
14
|
277.64
|
3887.00
|
5
|
Extrusion system
|
14
|
858.57
|
12005.00
|
6
|
Pelletizing system
|
14
|
384.00
|
5376.00
|
7
|
Homogenization system
|
14
|
522.00
|
7308.00
|
8
|
Packaging system
|
14
|
267.86
|
3750.00
|
9
|
Ancillary equipment
|
1
|
2881.00
|
2806.00
|
|
subtotal
|
|
|
47919.00
|
Section 1 |
Purchase of Equipment
|
Section 2 |
Packaging
|
Section 3 |
Transport signs
|
Section 4 |
Notice of Shipping
|
Section 5 |
Insurance
|
Section 6 |
Project Contact
|
Section 7 |
Equipment handover
|
Section 8 |
Quality Assurance
|
Section 9 |
Equipment price, payment
|
Section 10 |
Taxes and other expenses
|
Section 11 |
Representation and Warranties of Party B
|
Section 12 |
Representation and Warranties of Party A
|
Section 13 |
Breach of contract by Party A
|
Section 14 |
Breach of contract by Party B
|
Section 15 |
Compensation
|
Section 16 |
Notice
|
Section 17 |
Governing law and resolution of disputes
|
Section 18 |
Force majeure
|
Section 19 |
Miscellaneous
|
· |
Consumables
|
· |
Damage or defect caused by Party A’s modification of the equipment provided by Party B without the consent of Party B
|
· |
Damage or defect due to force majeure
|
Serial#
|
Equipment name
|
Unit |
Quantity
|
Unit price (10000 yuan)
|
Amount (10000 yuan)
|
1
|
Centralized supply system
|
set |
2
|
10
,
133.
00
|
20,266.00
|
2
|
Talc masterbatch granulation system
|
set |
8
|
309.00
|
2472.00
|
3
|
Plant fiber masterbatch granulation system
|
set |
4
|
709.00
|
2836.00
|
4
|
Metering system
|
set |
28
|
277.64
|
7774.00
|
5
|
Extrusion system
|
set |
28
|
858.57
|
24040.00
|
6
|
Pelletizing system
|
set |
28
|
384.00
|
10752.00
|
7
|
Homogenization system
|
set |
28
|
522.00
|
14616.00
|
8
|
Packaging system
|
set |
28
|
267.86
|
7500.00
|
9
|
Ancillary equipment
|
set |
2
|
2881.00
|
5762.00
|
|
subtotal
|
|
|
96018.00
|
1
|
Storage system
|
set |
4
|
867.50
|
3470.00
|
2
|
Tank storage system
|
set |
32
|
502.50
|
16080.00
|
3
|
Forklift
|
set |
6
|
8.50
|
51.00
|
4
|
Unpacking machine
|
set |
4
|
19.60
|
78.40
|
|
subtotal
|
|
|
19679.40
|
|
|
|
|
|
|
|
|
Total
|
|
|
115697.40
|
1. |
Party A and Party B should carefully read the contents of the labor contract when entering into this Contract. Once a labor contract is agreed and entered, it shall be binding and effective, and both parties shall fully perform.
|
2. |
The Employer shall conscientiously perform obligations to present to and notify the Employee the rules and regulations and major events that directly concerning the vital interests of the Employee.
|
3. |
If the Employer recruits the Employee, it shall not detain the Employee’s ID card and other valid documents, and shall not require the Employee to provide securities or collect property from the Employee in other names.
|
4. |
Once this Contract is entered into, neither party shall arbitrarily alter the contents of the labor contract.
|
5. |
Party A and Party B shall each hold one copy of this Contract. Party A shall not hold Party B’s labor contract on his behalf, and the contract shall be kept for two years for future reference after
dismissal or
termination.
|
6. |
If Party B recruited by Party A has not
dismissed
or terminated the labor contract with other companies, Party B shall truthfully state whether it will cause losses to the original employer, and Party B shall make a written commitment. If it may cause losses to the original employer, Party A shall not recruit Party B.
|
7. |
This Contract must be signed by Party B himself.
|
I. |
Type and Term of Contract (Number Capitalized)
|
(1) |
Fixed Term: The term of this Contract is
36
months, from
July 1, 2018
to
June 30, 2021
, including a probation period
/
(month, day).
|
(2) |
Open Term: from
/
till the occurrence of the statutory termination event or termination event as stipulated in this Contract.
|
(3) |
The term for completing certain tasks. It commences from
/
and cease when the work task is completed. The probation period is from
/
to
/
, which is
/
(day).
|
II. |
Work Content and Work Place
|
III. |
Working Time and Vacation
|
(1) |
Under the standard working hour system, Party A shall arrange for Party B to work no more than eight hours a day, with an average of no more than forty hours per week. Party A may extend the working hours after consultation with the union and Party B due to the needs of the work. Generally, it shall not exceed one hour per day. If it is necessary to extend the working hours for special reasons, the extended working hours shall not exceed three hours a day and thirty six hours a month, provided that Party A shall ensure the health of Party B.
|
(2) |
Under the comprehensive working hour working system, the average daily working time shall not exceed eight hours, and the average weekly working time shall not exceed forty hours.
|
(3) |
Under the irregular working system, Party B shall arrange its own work time, rest and vacation.
|
IV. |
Remuneration
|
V. |
Social Security and Welfare Benefits
|
VI. |
Rules and Regulations
|
VII. |
Change, Dissolution, Termination, Renewal of Labor Contract
|
1. |
During the probationary period, if it is proved that Party B does not meet the qualifications of employment, with the qualifications of employment being:
|
2. |
Seriously violate the labor discipline or Party A’s rules and regulations;
|
3. |
Seriously derelict duty, conduct malpractice, which causes serious damage to the interests of Party A;
|
4. |
Establish employment relations with other employers at the same time, which will have a serious impact on the completion of Party A’s work tasks, or refuse to make corrections when advised by Party A;
|
5. |
By fraudulent means, cause Party A enter into or change the labor contract against Party A’s true will;
|
6. |
Be investigated for criminal responsibility according to law.
|
VIII. |
Economic Compensation and Indemnification
|
IX. |
Liability for Breach of Contract
|
X. |
Other Matters Agreed by The Parties
|
XI. |
Dispute Resolution
|
XII. |
Miscellaneous
|
(1) |
I have reviewed this Annual Report on Form 10-K of China XD Plastics Company Limited, for the fiscal year ended December 31, 2018.
|
(2) |
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
(3) |
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
|
(4) |
The registrant's other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
|
a.
|
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
|
b.
|
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
c.
|
Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
|
|
d.
|
Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's fourth fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
|
(5) |
The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's Board of Directors (or persons performing the equivalent functions):
|
a.
|
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and
|
|
b.
|
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
|
/s/ Jie Han
|
||
Name:
|
Jie Han
|
|
Title:
|
Chief Executive Officer
(Principal Executive Officer)
|
|
(1) |
I have reviewed this Annual Report on Form 10-K of China XD Plastics Company Limited, for the fiiscal year ended December 31, 2018.
|
(2) |
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
(3) |
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
|
(4) |
The registrant's other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
|
a.
|
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
|
b.
|
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
c.
|
Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
|
|
d.
|
Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's fourth fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
|
(5) |
The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's Board of Directors (or persons performing the equivalent functions):
|
a.
|
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and
|
|
b.
|
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
|
/s/ Taylor Zhang
|
||
Name:
|
Taylor Zhang
|
|
Title:
|
Chief Financial Officer
(Principal Financial and Accounting Officer)
|
|
/s/ Jie Han
|
||
Name:
|
Jie Han
|
|
Title:
|
Chief Executive Officer
(Principal Executive Officer)
|
|
/s/ Taylor Zhang
|
||
Name:
|
Taylor Zhang
|
|
Title:
|
Chief Financial Officer
(Principal Financial and Accounting Officer)
|
|