HARBIN, China, Jan. 7, 2020 /PRNewswire/ -- China XD Plastics
Company Limited (NASDAQ: CXDC, "China XD Plastics" or the
"Company"), one of China's leading
specialty chemical players engaged in the development, manufacture
and sale of polymer composite materials primarily for automotive
applications, today announced that it plans to hold its annual
general meeting of shareholders (the "AGM") on or about
February 11, 2020 at No.9, Nancheng
1st Road, Pingfang District, Harbin, Heilongjiang
Province, China. The
definitive date of the annual general meeting will be released in
the proxy statement to be filed with the U.S. Securities and
Exchange Commission (the "SEC"). All shareholders of record
are invited to attend.
The Annual Meeting is called for the following purposes:
- To elect a total of five (5) directors to the Board of
Directors of the Company (the "Board"), to serve until the next
annual meeting of stockholders and until their successors are duly
elected and qualified;
- To approve, on an advisory basis, the 2018 compensation of the
named executive officers (the "say-on-pay vote");
- To ratify the appointment of KPMG Huazhen LLP as the Company's
independent auditors for the fiscal year ending December 31, 2019;
- To approve the 2020 Stock Option/Stock Issuance Plan proposed
by the Company; and
- To transact any other business as may properly be presented at
the Annual Meeting or any adjournment or postponement thereof.
The detailed of each abovementioned proposal can be found in the
proxy statement to be filed with the SEC. Stockholders of record on
January 10, 2020 are entitled to
receive notice of, and to vote at, the AGM or any adjournment or
postponement. Further information regarding voting rights and the
matters to be considered will be presented in the Company's proxy
statement to be filed with the SEC and the SEC Filings section of
the Company's Investor Relations website at www.chinaxd.net.
Furthermore, as disclosed in Item 5.02 of the Current Report on
Form 8-K filed by the Company on January 2,
2020, the Board appointed Mr. Huiyi
Chen and Mr. Guanbao Huang to serve as independent directors
of the Company. The Board appointed Mr. Chen as the chairman of the
Audit Committee of the Board and a member of the Nominating
Committee of the Board. The Board also appointed Mr. Huang as the
chairman of the Compensation Committee and a member of the Audit
Committee of the Board. Mr. Chen and Mr. Huang are among the
directors to be elect by the Stockholders at the AGM scheduled on
or about February 11, 2020.
Mr. Huang has been engaged in the teaching and research of
polymer materials for more than twenty years. His research areas
include polyester synthesis and modification, resin-based fiber
reinforced materials, and cellulose processing. Mr. Huang has
published more than 50 academic papers and co-authored or
translated three books, and has been the associate professor of
Beijing Institute of Fashion Technology since 1994. Mr. Huang's
project on "High Viscosity Polyester Chip" won the third prize of
National Science and Technology Progress Award in 1993, and his
project on "Disperse Dyes Atmospheric Pressure Dyeable Copolyether
Ester (EDDP-1) and Fiber" won the second prize of Beijing Municipal
Science and Technology Progress in 1999. In 1997, Mr. Huang
received the first prize of the first Hong Kong Sang Ma Foundation
Science and Technology Award. He currently served as the deputy
chairman of Beijing Chaoyang District Committee, China Democratic
National Construction Association, and the director for Liyang
Huajing Polyester Green Catalyst Co., Ltd. and the director of
Shaanxi Zhongxin Biodegradable Materials Co., Ltd.
Mr. Chen has extensive experience in financial management in the
banking industry. He has held supervisory and management positions
in the Industrial and Commercial Bank of China Limited, the
People's Bank of China, and the
Bank of Communication, respectively. From 2000 to 2016, Mr. Chen
served as a credit officer and vice president of the Heilongjiang Branch of the Bank of
Communication. He was the president of the Harbin Branch of the Bank of Communication
from 1999 to 2000. From 1986 to 1999, Mr. Chen worked in the
People's Bank of China and served
as the deputy director for the Heilongjiang Branch and the Shenyang Branch, the vice president for the
Qiqihar Center Branch, and the vice president and the president of
the Fuyu County Branch. From 1984 to 1986, Mr. Chen served as the
vice president for the Industrial and Commercial Bank of
China's Fuyu County Branch. Mr.
Chen graduated from Heilongjiang Banking Professional School in
1983.
About China XD Plastics Company Limited
China XD Plastics Company Limited, through its wholly-owned
subsidiaries, develops, manufactures and sells polymer composites
materials, primarily for automotive applications. The Company's
products are used in the exterior and interior trim and in the
functional components of 31 automobile brands manufactured in
China, including without
limitation, AUDI, Mercedes Benz,
BMW, Toyota, Buick, Chevrolet, Mazda, Volvo, Ford, Citroen, Jinbei
and VW Passat, Golf, Jetta, etc. The Company's wholly-owned
research center is dedicated to the research and development of
polymer composites materials and benefits from its cooperation with
well-known scientists from prestigious universities in China. As of September
30, 2019, 601 of the Company's products have been certified
for use by one or more of the automobile manufacturers in
China. For more information,
please visit the Company's English website at
http://www.chinaxd.net, and the Chinese website at
http://www.xdholding.com.
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 growth
potential in international markets; the effectiveness and
profitability of the Company's product diversification strategy;
the impact of the Company's product mix shift to more advanced
products and related pricing policies; the effectiveness,
profitability, and the marketability of its the ongoing mix shift
to more advanced products; the prospect of the Company's
Dubai facility, and the associated
expansion into Middle East,
Europe and other parts of
Asia; the prospect of the
Company's Southwest China
facility, the prospects of the Company's Harbin facility, and its penetration into
Northeast China; and its
penetration into Southwest China;
the Company's projections of its revenues for performance in fiscal
2019. These forward-looking statements can be
identified by terminology such as "will," "expect," "project,"
"anticipate," "forecast," "plan," "believe," "estimate" and similar
statements. Forward-looking statements involve inherent risks and
uncertainties and are based on current expectations, assumptions,
estimates and projections about the Company and the industry. A
number of important factors could cause actual results to differ
materially from those contained in any forward-looking statement.
Potential risks and uncertainties include, but are not limited to,
the global economic uncertainty could further impair the automotive
industry and limit demand for our products; fluctuations in
automotive sales and production could have a material adverse
effect on our results of operations and liquidity; our financial
performance may be affected by the prospect of our Dubai facility and the associated expansion
into Middle East, Europe and other parts of Asia; the withdrawal of preferential
government policies and the tightening control over the Chinese
automotive industry and automobile purchase restrictions imposed in
certain major cities may limit market demand for our products; the
slowing of Chinese automotive industry's growth; the concentration
of our distributors, customers and suppliers; 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. 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.
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SOURCE China XD Plastics Company Limited