China XD Plastics Company Limited Announces Departure of Independent Director

HARBIN, China, April 27, 2019 /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 modified plastics primarily for automotive applications, today announced that Jun Xu, one of the Company's independent directors, tendered his resignation from the board of directors on April 23, 2019 for personal reason, effective immediately and that Ryan Law had accepted appointment to fill the director vacancy created by Mr. Xu's resignation. On the same date, the stockholder holding all of the issued and outstanding series D junior convertible preferred stock appointed Ryan Law to serve as a director of the Company.


Jie Han, Chairman and CEO of China XD Plastics, said, "Mr. Xu has been a trusted member of our board since 2011; we thank him for his many contributions and wish him every success in his future endeavors. We are delighted to have Ryan join the Company's Board of Directors. His distinguished career and expertise in capital market and industry knowledge at major global institutions will be tremendous assets to our organization."


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 December 31, 2018, 488 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; and the prospect of the Company's Southwest China facility, and its penetration into Southwest China. 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.


Cision View original content:http://www.prnewswire.com/news-releases/china-xd-plastics-company-limited-announces-departure-of-independent-director-300839198.html

Related Links :

http://www.chinaxd.net

Tags:
Look out for further updates on our Facebook fan page!

Related Articles

  • 【新冠肺炎】員工怕「中招」拒上班 管理層無法說服結果......

    疫情嚴重影響到各大企業的運作,如果業務性質許可,企業能安排員工在家工作(Work From Home)當然最好,但是部分行業難以實行......

  • 【人才管理】欣賞員工唔一定要用錢嘅! 專家建議5個方法一樣得

    疫情下老闆當然撐得辛苦,但員工也正在拼命為公司付出。一間企業成功與否,除了在於老闆的領導能力和視野,留住人才也是一大關鍵......

  • 【人才管理】真金助員工渡難關!Facebook宣布向員工派發獎金$7700元

    新冠肺炎擴散全球,各國的經濟受到不同程度的打擊。企業面減虧蝕、停業甚至倒閉風險,打工仔則面臨減薪、失業的壓力。根據美國有線電視新聞網(CNN) 報導,科技巨頭Facebook宣布向4萬5千名員工發放1,000美元的補助金(約7,766港元)。

  • 【企業管理】流動網絡普及 企業貪快貪方便蒙受損失

    【經濟日報專訊】流動網絡普及,人人一機在手即可在網上四通八達。可是,這亦令流動安全防護變得複雜,讓黑客及不法分子有機可乘。

  • 【新冠肺炎】公務員逐步復工 專家︰企業是否跟隨考慮幾個因素

    【經濟日報專訊】本港由上月23日出現首宗新冠肺炎(武漢肺炎)輸入個案,至昨累計達93宗,接近破百關口,而昨2宗確診個案,均涉北角佛堂群組。而下周就踏入3月,本港疫情是否有回落迹象?社會是否應恢復正常工作安排?

  • 【新冠肺炎】確診新冠肺炎前有症狀仍上班 網民:社畜病毒威力太強大

    截至今早10時半,最新香港新冠肺炎(武漢肺炎)的確診個案已上升至68宗,2人死亡,仍有111宗個案仍需住院檢查。雖然鑑於疫情嚴......

  • 【網民職場Talk】下屬奉旨幫上司執手尾?打工仔列慘痛經歷

    打工仔工作繁忙,加上工時長,每天與同事相處的時間比家人、伴侶、朋友還要多,如果不幸遇上能力不高的上司,更會為工作添煩添亂。一個體貼下屬、表現出眾的上司,可謂可遇不可求,當你在職場打滾多年後,或許會發現職位高低往往與能力的高低不成正比。有網民向社交媒體專頁《奴工處》投稿,分享為人下屬的辛酸。

  • 【職場熱話】18區最痛苦的返工地點!觀塘熱到變蒸爐?

    香港的打工仔的確可憐,朝朝起身迫巴士、港鐵上班,人多車又疏,最弊近幾日天氣熱到令人中暑,未回到公司已經大汗疊細汗,成身臭味。一早起身壓力已經爆煲,有網友忍不住要在討論區開Post,讓大家一起「嚴選最地獄返工地點」,不知道哪區是你的心水呢?

  • 【網民職場Talk】大學Third Hon畢業 連累失面試機會?

    大學生近日陸續完成課程,開始踏上求職之路。若在大學取得一級榮譽(First Hon),可能會為CV加分,但在取得三級榮譽(Third Hon)的話,又會否影響僱主聘請意欲呢?有Third Hon畢業生遲遲未找到工作,在社交專頁《奴工處》投稿,了解Third Hon是否真的影響求職。

  • 【政府工略】政府統計處請統計助理 月薪$20,035 點先做到?

    政府統計處最近招聘統計助理,只要你持有香港統計學會頒發的統計學普通證書,或者擁有以下學歷即可申請,月薪$20,035,以非公務員合約條款受聘,為期約6月12個月。