omniture

China XD Plastics Announces First Quarter 2011 Results

2011-05-13 05:52 2846

- First quarter revenue increased 52% to $76.1 million

- First quarter net income attributable to common shareholders increased 13% to $11.9 million


HARBIN, China, May 13, 2011 /PRNewswire-Asia-FirstCall/ -- China XD Plastics Company Limited ("China XD Plastics" or the "Company"), (Nasdaq: CXDC), one of the leading Chinese manufacturers engaged in the development, manufacture, and distribution of modified plastics primarily for use in automotive applications in China, today announced financial results for the first quarter ended March 31, 2011.  

First Quarter Fiscal 2011 Highlights

  • Revenue was a record $76.1 million, an increase of 52.2% from the first quarter of fiscal 2010
  • Gross profit was $18.5 million, an increase of 55.5% from the first quarter of fiscal 2010
  • Gross profit margin was 24.3%, compared to 23.8% in the first quarter of fiscal 2010
  • Net income attributable to common shareholders was $11.9 million, compared to $10.5 million in the first quarter of fiscal 2010. Earnings per common share were $0.25 on a fully diluted basis
  • Adjusted net income was $11.5 million or $0.24 per fully diluted share
  • Total volume shipped was 34,512 metric tons, up 48.9% from 23,182 metric tons in the first quarter of fiscal 2010

Mr. Jie Han, Chairman and Chief Executive Officer of China XD Plastics, commented, "In the first quarter of 2011, we delivered another strong top- and bottom-line performance, building on our track record of consistent profitable growth. We continue to benefit from the healthy demand for automobiles in China, coupled with the ongoing trend of increasing modified plastic content per vehicle.  As a result of these underlying drivers, our total volume shipped in the first quarter 2011 reached 34,512 metric tons, up from 23,182 metric tons in the first quarter 2010. In addition, our increased production of high value-added modified plastic products allowed us to deliver further margin improvement.  

"Our strong start to the year puts us well on track to achieve our financial and production targets for 2011 and beyond.  In fact, as we recently announced, we have entered into an asset purchase agreement for a 50 acre property in Harbin. We believe this property, already under development, will eventually provide us with the means to significantly expand our production capacity. A significant investment in our growth for the next 3 years, we believe this property purchase will solidify our leadership position in the market and allow us to further capitalize on the opportunities in the rapidly developing other high-end products, including the alternative energy vehicle market, a key element of our long-term growth strategy. We believe the fundamental drivers of our business remain healthy, and we intend to continue to leverage our leading market position, strong customer relationships and robust R&D capabilities to expand our market penetration and increase shareholder value."

First Quarter 2011 Results

Revenue for the first quarter of fiscal 2011 was $76.1 million, representing a year-over-year increase of 52.2% from $50.0 million in the first quarter of fiscal 2010. The increase in revenue is primarily attributable to the increased average selling price and increased sales volume, driven by the shift of our product mix and the strong demand for the Company's automotive modified plastic products as a result of continued growth in automotive production and consumption in China.

Gross profit for the first quarter of fiscal 2011 was $18.5 million, up 55.5% from $11.9 million in the first quarter of fiscal year 2010. Gross margin was 24.3% compared to 23.8% in the same period last year. The year-over-year increase in gross margin was due to the continuing shift in the Company's product mix to higher value-added products as a result of the Company's successful research, development and marketing efforts.

Selling expenses for the first quarter of fiscal 2011 were $183,617. As a percentage of revenue, selling expenses were 0.2% of sales for the first quarter of fiscal 2011 and the first quarter of fiscal 2010. General and administrative ("G&A") expenses were $1.4 million, as compared to $1.9 million for the same period of 2010. The decrease in G&A expenses was mainly attributable to reduced expenses in connection with share-based compensation during the first quarter of 2011. Research and development ("R&D") expenses were $2.3 million, or 3.0% of total revenue, compared to $1.5 million, or 3.0% of total revenue, in the same period of 2010.  The increase in R&D expenses was associated with the Company's on-going R&D efforts to launch new products and obtain new product certifications.

Operating income for the first quarter of fiscal 2011 was $14.6 million, compared to operating income of $8.4 million in the same period in 2010.

Total other income in the first quarter of fiscal 2011 was $199,188, including $346,461 of interest expense and a non-cash gain of $541,457 to account for the change in fair value of warrants issued in the private placement financings which closed in December 2009 and October 2010, respectively. Total other income in the same period of fiscal 2010 was $4.7 million.

EBITDA (Earnings before Interest, Taxes, Depreciation, and Amortization) for the first quarter of 2011 was $15.9 million, an increase from $10.0 million in the same period last year. For a detailed reconciliation of adjusted EBITDA, a Non-GAAP measure, to its nearest GAAP equivalent, please see the financial tables at the end of this release.

Net income for the first quarter of fiscal year 2011 was $11.9 million, compared to $13.1 million for the same period in 2010.  

Net income attributable to common shareholders for the first quarter of fiscal 2011 was $11.9 million. Earnings per share attributable to common shareholders were $0.25 per basic and fully diluted share.  

Adjusted net income, excluding non-cash charges associated with stock-based compensation and change in fair value of derivative liability, was $11.5 million, or $0.24 per basic and fully diluted share. For a detailed reconciliation of adjusted net income, a non-GAAP measure, to net income, please see the financial tables at the end of this release.

Financial Condition

As of March 31, 2011, China XD Plastics had $30.8 million in cash and cash equivalents, $95.8 million in working capital and a current ratio of 3.4. Shareholders' equity as of March 31, 2011 was $117.5 million compared to $104.3 million at the end of 2010.

Recent Events

On April 7, 2011, the Company announced that its board of directors had authorized a share repurchase program of up to $10 million of the Company's common stock through May 31, 2012. At the same time, the Company announced that it will purchase land use rights for a 50 acre parcel of land to support its manufacturing capacity expansion and growth strategy from 2011 to 2013.

On May 9, 2011, the Company announced that its subsidiary, Harbin Xinda Macromolecule Material Co. Ltd., entered into a land use right and construction project purchase agreement to purchase the land use rights to an aggregate of 198,913.7 square meters (approximately 50 acres) located in South Harbin Industrial Park, PRC (the "Property"), and construction project currently in process on the Property, for an aggregate purchase price of RMB94.99 million (approximately U.S. $14.6 million). China XD Plastics' management shall determine the construction design plans, as well as the budget, for the new plant and the new research center based on the existing construction project on the Property, and expects to submit the plans and the budget to its board of directors by the end of May 2011 for board approval.

Business Outlook and Guidance

In light of continued favorable trends in the Chinese automotive industry, increasing modified plastics content per vehicle in China, a healthy macroeconomic environment and the continued execution of its growth strategy, the Company expects its fiscal year 2011 revenue to be in the range of $280 million and $310 million and it expects its fiscal year 2011 non-GAAP adjusted net income to be in the range of $48 million and $51 million, excluding any non-cash charges related to stock based compensation and the change in fair value of the existing derivative liabilities and stock-based compensation. This forecast reflects the Company's current and preliminary view, which is subject to change.

Conference Call

China XD Plastics management will host a conference call at 9:00 a.m. ET on Friday, May 13, 2011, to discuss its 2011 first quarter financial results and recent business activity. The conference call may be accessed by calling +1-877-353-4923 (for callers in the U.S.) or +1-702-894-2405 (for international callers) and entering passcode 66219801.  Please dial in approximately 10 minutes before the scheduled time of the call.

A recording of the conference call will be available through May 20, 2011, by calling +1-800-642-1687 (for callers in the U.S.) or +1-706-645-9291 (for callers outside the U.S.) and entering passcode 66219801.

A live webcast and replay of the conference call will be available on the investor relations page of the Company's website at http://www.chinaxd.net.

About China XD Plastics Company Limited

China XD Plastics Company Limited, through its wholly owned subsidiary, Harbin Xinda Macromolecule Material ("Xinda"), develops, manufactures, and distributes modified plastics, primarily for automotive applications. The Company's specialized plastics are used in the exterior and interior trim and in the functional components of more than 60 automobile brands manufactured in China, including AUDI, BMW, Toyota, Buick, Mazda, VW Golf, Jetta, and Hafei new energy vehicles. The Company's wholly-owned research center is dedicated to the research and development of modified plastics, and benefits from its cooperation with well-known scientists from prestigious universities in China. As of December 31, 2010, 177 of Xinda's products have been certified for use by one or more of the automobile manufacturers in China. For more information please visit http://www.chinaxd.net.

Safe Harbor Statement

This announcement contains forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact in this announcement are forward-looking statements, including but not limited to, the Company's ability to raise additional capital to finance the Company's activities; the effectiveness, profitability, and the marketability of its products; legal and regulatory risks associated with the share exchange; the Company's ability to successfully expand its production capacity; the future trading of the common stock of the Company; the Company's ability to operate as a public company; the period of time for which its current liquidity will enable the Company to fund its operations; the Company's ability to protect its proprietary information; general economic and business conditions; the volatility of the Company's operating results and financial condition; the Company's ability to attract or retain qualified senior management personnel and research and development staff; and other risks detailed in the Company's filings with the Securities and Exchange Commission and available on its website at http://www.sec.gov. These forward-looking statements involve known and unknown risks and uncertainties and are based on current expectations, assumptions, estimates and projections about the Company and the industry. The Company undertakes no obligation to update forward-looking statements to reflect subsequent occurring events or circumstances, or to changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward looking statements are reasonable, it cannot assure you that its expectations will turn out to be correct, and investors are cautioned that actual results may differ materially from the anticipated results.


 
 

Contacts:


 

 
 

China XD Plastics Company Limited

Mr. Taylor Zhang, CFO

Phone: +1-212-747-1118 (New York)


Mr. Tienan Han, IR Manager

Phone: +86-451-8434-6600 (Harbin)

Email: cxdc@chinaxd.net

 

Taylor Rafferty (US):

Bryan Degnan

+1-212-889-4350

ChinaXD@Taylor-Rafferty.com


Taylor Rafferty (HK):

Mahmoud Siddig, Managing Director

+852-3196-3712

ChinaXD@Taylor-Rafferty.com


 
 

 

 
 

 
 
   


-Financial Tables Follow-

CHINA XD PLASTICS COMPANY LIMITED

 
 

CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND

 
 

OTHER COMPREHENSIVE INCOME

 
 

(UNAUDITED)

 
 

 

 

For the Three Months Ended March 31,

 
 

 

 

2011

 

 

2010

 
 

Sales

 

76,138,290

 

 

50,036,431

 
 

 

 

 

 

 
 

Cost of sales

 

(57,633,888)

 

 

(38,139,725)

 
 

 

 

 

 

 
 

Gross profit

 

18,504,402

 

 

11,896,706

 
 

Operating expenses

 

 

 

 
 

 

Research and development expenses

 

2,283,897

 

 

1,505,172

 
 

 

Selling expenses

 

183,617

 

 

91,379

 
 

 

General and administrative expenses

 

1,449,874

 

 

1,901,006

 
 

Total operating expenses

 

3,917,388

 

 

3,497,557

 
 

 

 

 

 

 
 

Operating income

 

14,587,014

 

 

8,399,149

 
 

 

 

 

 

 
 

Other income (expenses)

 

 

 

 
 

 

Interest income (expenses)

 

(346,461)

 

 

(406,039)

 
 

 

Other income

 

4,245

 

 

6,561

 
 

 

Other expense

 

(53)

 

 

(16,237)

 
 

 

Changes in fair value of warrants and embedded derivatives

 

541,457

 

 

5,121,654

 
 

Total other income (expense)

 

199,188

 

 

4,705,939

 
 

 

 

 

 

 
 

Income (loss) before income taxes

 

14,786,202

 

 

13,105,088

 
 

 

 

 

 

 
 

Provision for income taxes

 

(2,880,080)

 

 

(22,732)

 
 

 

 

 

 

 
 

Net income (loss)

 

11,906,122

 

 

13,082,356

 
 

 

 

 

 

 
 

Other comprehensive income (loss)

 

 

 

 
 

 

Foreign currency translation adjustment

 

1,179,904

 

 

17,645

 
 

 

 

 

 

 
 

Comprehensive income (loss)

 

13,086,026

 

 

13,100,001

 
 

 

 

 

 

 
 

Net income (loss)

 

11,906,122

 

 

13,082,356

 
 

 

 

 

 

 
 

Dividend to Series C preferred stockholders

 

(30)

 

 

(2,560,916)

 
 

 

 

 

 

 
 

Net income (loss) attributable to common shareholders

 

11,906,092

 

 

10,521,440

 
 

 

 

 

 

 
 

Basic and diluted earnings (loss) per common share

 

 

 

 
 

 

Basic

 

0.25

 

 

0.26

 
 

 

Diluted

 

0.25

 

 

0.25

 
 

Weighted average common share outstanding

 

 

 

 
 

 

Basic

 

47,628,367

 

 

41,178,249

 
 

 

Diluted

 

48,146,451

 

 

41,612,074

 
 
         


Reconciliation of GAAP Net Income to Non-GAAP Adjusted Net Income

GAAP results for the three months ended March 31, 2011 include non-cash charges.  To supplement the Company's consolidated financial statements presented on a GAAP basis, the Company has provided non-GAAP financial information excluding the impact of those items in this press release. The Company's management believes that this non-GAAP measure provides investors with a better understanding of how the results relate to the Company's historical performance. A reconciliation of the adjustments to GAAP results appears in the table accompanying this press release. This additional non-GAAP information is not meant to be considered in isolation or as a substitute for GAAP financials. The non-GAAP financial information that the Company provides also may differ from the non-GAAP information provided by other companies.


 
 

 

Three Months Ended March 31

 
 

 

2011

 

2010

 
 

Adjusted Net Income - Non GAAP

 

11,516,449

 

6,145,180

 
 

Change in fair value of warrants and derivative liabilities

 

(541,457)

 

(5,121,654)

 
 

Non-Cash Stock-based compensation

 

151,814

 

745,394

 
 

Dividends (series C preferred stock)

 

(30)

 

(2,560,916)

 
 

Net Income - GAAP

 

11,906,122

 

13,082,356

 
 

 

 

 
 

Weighted average number of shares outstanding

 

 

 
 

Basic

 

47,628,367

 

41,178,249

 
 

Diluted

 

48,146,451

 

41,612,074

 
 

Basic

 

0.24

 

0.15

 
 

Diluted

 

0.24

 

0.15

 
 

 
 
     


Reconciliation of Net Income to Adjusted EBITDA

Adjusted EBITDA is a financial measure that is not defined by US GAAP. Adjusted EBITDA was derived by calculating earnings before interest, taxes, depreciation, stock-based compensation and amortization. The Company's management believes that the presentation of Adjusted EBITDA provides useful information regarding China XD Plastics' results of operations because it assists in analyzing and benchmarking the performance and value of China XD Plastics' business. The Company's calculation of Adjusted EBITDA may not be consistent with similarly titled measures of other companies.  The table below provides a reconciliation of EBITDA to net income, the most comparable GAAP measure.


 
 

 

CHINA XD PLASTICS COMPANY LIMITED.

 
 

 

Reconciliation of Net Income to EBITDA

 
 

 

(Amounts expressed in United States dollars)

 
 

 

Quarter Ended March 31,

 
 

 

2011

 

2010

 
 

 

 

 
 

Net Income (loss)

 

$11,906,122

 

$13,082,356

 
 

Interest Expense

 

                         346,461

 

406,039

 
 

Provision for Income Taxes

 

                      2,880,080

 

22,732

 
 

Stock-based compensation

 

                         151,814

 

745,394

 
 

Change in fair value of warrants and derivative

Liabilities

 

                        (541,457)

 

(5,121,654)

 
 

Depreciation and amortization

 

                      1,198,995

 

830,162

 
 

EBITDA

 

$15,942,015

 

$9,965,029

 
 

 
 
     



CHINA XD PLASTICS COMPANY LIMITED

 
 

CONDENSED CONSOLIDATED BALANCE SHEETS

 
 

 

 

 

 

 
 

 

 

March 31,

 

 

December 31,

2010

 
 

2011

 
 

 

 

(Unaudited)

 

 

 
 

ASSETS

 
 

 

 

 

 

 
 

Current assets:

 

 

 

 
 

 

Cash and cash equivalents

 

30,835,761

 

 

22,720,766

 
 

 

Notes receivable

 

783,479

 

 

402,405

 
 

 

Accounts receivable - net of allowance for doubtful receivables of $33,407 and $33,136, respectively  

 

27,468,640

 

 

28,615,995

 
 

 

Prepaid expenses and other receivables

 

45,301

 

 

431,074

 
 

 

Inventories

 

29,218,981

 

 

25,257,083

 
 

 

Due from related parties

 

-

 

 

75,732

 
 

 

Advances to employees

 

833,642

 

 

559,546

 
 

 

Advances to suppliers

 

46,495,647

 

 

31,937,098

 
 

 

Taxes receivable

 

130,055

 

 

116,882

 
 

 

 

 

 

 
 

Total current assets

 

135,811,506

 

 

110,116,581

 
 

 

 

 

 

 
 

Property, plant and equipment, net

 

48,419,855

 

 

49,038,103

 
 

 

 

 

 

 
 

Other assets:

 

 

 

 
 

 

Intangible assets, net

 

244,969

 

 

244,417

 
 

 

 

 

 

 
 

 

 

 

 

 
 

Total assets

 

184,476,330

 

 

159,399,101

 
 

 

 

 

 

 
 

LIABILITIES AND STOCKHOLDERS' EQUITY

 

 

 

 
 

 

 

 

 

 
 

Current liabilities:

 

 

 

 
 

 

Short term loans

 

27,486,791

 

 

21,204,700

 
 

 

Accounts payable

 

3,178,423

 

 

736,667

 
 

 

Other payables

 

2,176,649

 

 

2,314,966

 
 

 

Accrued expenses

 

566,005

 

 

522,304

 
 

 

Taxes payable

 

3,166,324

 

 

72,289

 
 

 

Due to an employee

 

360,000

 

 

360,000

 
 

 

Due to related parties

 

1,953,008

 

 

1,769,145

 
 

 

Deferred revenue

 

374,689

 

 

77,397

 
 

 

Dividends payable

 

792,030

 

 

792,120

 
 

 

 

 

 

 
 

Total current liabilities

 

40,053,919

 

 

27,849,588

 
 

Other liabilities

 

 

 

 
 

 

Deferred tax liabilities - Non-current

 

21,701,819

 

 

21,525,274

 
 

 

Common stock warrant purchase liabilities

 

5,178,001

 

 

5,719,130

 
 

 

Embedded conversion feature liabilities

 

577

 

 

905

 
 

 

 

 

 

 
 

Total other liabilities

 

26,880,397

 

 

27,245,309

 
 

 

 

 

 

 
 

 

 

66,934,316

 

 

55,094,897

 
 

 

 

 

 

 
 

Series C convertible redeemable preferred stock: 2 shares issued and outstanding

 

 

 

 
 

 

as of  March 31, 2011 and December 31, 2010, respectively

 

1,829

 

 

1,829

 
 

 

 

 

 

 
 

Commitments and contingencies

 

 

 

 
 

 

 

 

 

 
 

Stockholders' equity

 

 

 

 
 

 

 

 

 

 
 

 

Series B Preferred Stock, $0.0001 par value, 50,000,000 shares authorized,

 

 

 

 
 

 

  1,000,000  shares issued and outstanding as of  March 31, 2011 and December 31, 2010

 

100

 

 

100

 
 

 

Common Stock, $0.0001 par value, 500,000,000 shares authorized, 47,628,367

 

 

 

 
 

 

  shares issued and outstanding as of  March 31, 2011 and December 31, 2010, respectively

 

4,762

 

 

4,762

 
 

 

Additional paid-in-capital

 

69,192,200

 

 

69,040,386

 
 

 

Retained earnings

 

36,772,444

 

 

24,866,352

 
 

 

Statutory surplus reserve fund

 

6,919,145

 

 

6,919,145

 
 

 

Accumulated other comprehensive income

 

4,651,534

 

 

3,471,630

 
 

 

 

 

 

 
 

Total stockholders' equity

 

117,540,185

 

 

104,302,375

 
 

 

 

 

 

 
 

Total liabilities and stockholders' equity

 

184,476,330

 

 

159,399,101

 
 
         




 
 

CHINA XD PLASTICS COMPANY LIMITED

 
 

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

 
 

(UNAUDITED)

 
 

 

 

 

 

 

 
 

 

 

 

For the Three Months Ended March 31,

 
 

 

 

 

2011

 

 

2010

 
 

 

 

 

 

 

 
 

Cash flows from operating activities

 

 

 

 
 

 

Net income

 

11,906,122

 

 

13,082,356

 
 

 

Adjustments to reconcile net income to net cash provided by

 

 

 

 
 

 

(used in)operating activities:

 

 

 

 
 

 

 

Depreciation and amortization

 

1,198,995

 

 

830,162

 
 

 

 

Stock-based compensation expense

 

151,814

 

 

745,394

 
 

 

 

Change in fair value of warrants and derivative liabilities

 

(541,457)

 

 

(5,121,654)

 
 

 

 

Allowance for doubtful receivables

 

-

 

 

28

 
 

 

 

Loss on disposals of property, plant and equipment

 

54

 

 

14,836

 
 

 

Changes in assets and liabilities:

 

 

 

 
 

 

(Increase) decrease in -

 

 

 

 
 

 

 

Restricted cash

 

-

 

 

(8,788,043)

 
 

 

 

Notes receivables

 

(376,041)

 

 

(42,183)

 
 

 

 

Accounts receivable and other receivables

 

1,791,286

 

 

(5,657,496)

 
 

 

 

Prepaid expenses

 

16,209

 

 

106,643

 
 

 

 

Inventories

 

(3,737,519)

 

 

(3,337,831)

 
 

 

 

Advances to employees

 

(315,645)

 

 

(120,090)

 
 

 

 

Advances to suppliers

 

(14,231,013)

 

 

(58,867)

 
 

 

 

Taxes receivable

 

(12,159)

 

 

406,729

 
 

 

Increase (decrease) in -

 

 

 

 
 

 

 

Accounts payable and other payables

 

2,166,898

 

 

2,877,856

 
 

 

 

Accrued expenses

 

40,901

 

 

(341,577)

 
 

 

 

Tax payable

 

3,079,249

 

 

15,774

 
 

 

 

Deferred revenue

 

295,297

 

 

(125,675)

 
 

 

 

 

 

 

 
 

 

Net cash provided by (used in) operating activities

 

1,432,991

 

 

(5,513,638)

 
 

 

 

 

 

 

 
 

Cash flows from investing activities

 

 

 

 
 

 

 

Purchase of property, plant and equipment

 

(81,067)

 

 

(24,561)

 
 

 

 

Proceeds from sales of property, plant and equipment

 

-

 

 

15,722

 
 

 

 

 

 

 

 
 

 

Net cash used in investing activities

 

(81,067)

 

 

(8,839)

 
 

 

 

 

 

 

 
 

Cash flows from financing activities

 

 

 

 
 

 

 

Dividends paid on series C preferred stock

 

(120)

 

 

(1,577,666)

 
 

 

 

Proceeds from short term bank loans

 

27,360,674

 

 

-

 
 

 

 

Repayment of short term loans

 

(21,280,524)

 

 

(439,402)

 
 

 

 

Proceeds from bank acceptance notes

 

-

 

 

5,858,695

 
 

 

 

Repayment to related parties

 

-

 

 

(142,722)

 
 

 

 

Advance from related parties

 

259,021

 

 

100,394

 
 

 

 

 

 

 

 
 

 

Net cash provided by financing activities

 

6,339,051

 

 

3,799,299

 
 

 

 

 

 

 

 
 

Effect of exchange rate changes on cash and cash equivalents

 

424,020

 

 

628

 
 

 

 

 

 

 

 
 

Net increase (decrease) in cash and cash equivalents

 

8,114,995

 

 

(1,722,550)

 
 

 

 

 

 

 

 
 

Cash and cash equivalents, beginning of period

 

22,720,766

 

 

6,850,784

 
 

 

 

 

 

 

 
 

Cash and cash equivalents, end of period

 

30,835,761

 

 

5,128,234

 
 

 

 

 

 

 

 
 

Supplemental disclosures of cash flow information:

 

 

 

 
 

 

 

 

 

 

 
 

 

Interest paid

 

353,803

 

 

387,372

 
 

 

Income taxes paid

 

72,255

 

 

66,227

 
 

 

 

 

 

 

 
 

Non-cash investing and financing activities:

 

 

 

 
 

 

Embedded conversion feature reclassified to equity upon conversion

 

-

 

 

14,672,957

 
 

 

Preferred stock converted to common stock

 

-

 

 

13,203,656

 
 

 

Common stock and options issued for services

 

151,814

 

 

745,394

 
 

 
 
           

Source: China XD Plastics Company Limited
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Keywords: Chemical
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