cxdc_8k.htm
UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
WASHINGTON,
D.C. 20549
FORM
8-K
CURRENT
REPORT
Pursuant
to Section 13 or 15(d) of the
Securities
Exchange Act of 1934
Date of
Report: May 27, 2010
|
CHINA
XD PLASTICS COMPANY LIMITED
|
|
(Exact
name of registrant as specified in its
charter)
|
|
Nevada
|
333-134073
|
04-3836208
|
|
(State
or Other
Jurisdiction
of
Incorporation)
|
(Commission
File
Number)
|
(IRS
Employer
Identification
No.)
|
|
No.
9 Qinling Road, Yingbin Road Centralized Industrial Park
Harbin
Development Zone, Heilongjiang, China
|
|
(ADDRESS
OF PRINCIPAL EXECUTIVE OFFICES)
|
|
86-451-84346600
|
|
(Registrant's
telephone number, including area
code)
|
Check the
appropriate box below if the Form 8-K filing is intended to simultaneously
satisfy the filing obligation of the registrant under any of the following
provisions (see General Instruction A.2. below):
o
Written communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
o
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
o
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act
(17 CFR 240.14d-2(b))
o
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act
(17 CFR 240.13e-4(c))
Item
8.01 Other Events.
On May
27, 2010, the Company’s Board of Directors approved a cash investment in the
amount of RMB 20 million (approximately US$2.9 million) for new research
equipment to establish a new subsidiary under the laws of the People's Republic
of China, Harbin Xinda Macromolecule Material Engineering Research Center
Company Limited (the “New Research Center”), through its other subsidiary Harbin
Xinda Macromolecule Material Co., Ltd.
With the
formation of the New Research Center, the Company will dissolve the existing
research facilities held under its subsidiary Harbin Xinda Macromolecule
Research Institute (the “Original Research Institute”). As a result
of the dissolution of the Original Research Institute, research staff and
equipment under the Original Research Institute will be integrated to the New
Research Center.
As a
provincial level research facility, the Original Research Institute is not
qualified to become a government recognized state level research center which
entitles research facilities to certain preferential government
policies. The New Research Center will be formed for the purpose of
qualifying the Company’s research facilities as a government-recognized state
level research center pursuant to the standards set forth by the People’s
Republic of China State Development and Reform Commission (the “State
Commission”) in its 2010 report on state-recognized research
centers.
The
objective of the New Research Center will be (i) to provide technical support
for the Company’s recently expanded modified plastic production base of 100,000
tons; (ii) to enhance the Company’s research and development capabilities for
modified plastics in new applications, such as new energy vehicles; (iii) to
increase the number of research and development personnel; and (iv) to expand
the existing research facility infrastructure by increasing number of
equipment. In addition, the Company expects to build a strong
foundation to upgrade its current research and development capability to meet
the standards set out by the State Commission.
If the
New Research Center is able to obtain the status as a state level research
center, it will be able to enjoy certain governmental incentives, including
financial assistance from the government and the qualification to conduct state
level research projects. The Company believes that if the New Research Center is
able be become a state level research center, it will not only raise the
standard of its research and development but also allow the Company to remain
competitive as a leader in the field of modified plastics in China.
The
foregoing paragraphs
contain
forward-looking statements based on current management expectations. Many of the
factors related to these issues are beyond the Company’s ability to control or
predict. These statements are subject to risks and uncertainties. Readers should
not place undue reliance on such
forward-looking statements, which reflect management's view only as of the
date hereof. The Company undertakes no obligation to revise or update any
forward-looking statements, or to make any
other forward-looking statements, whether as a result of new information, future
events or otherwise, except as required by law.
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has
duly caused this report to be signed on its behalf by the undersigned hereunto
duly authorized.
Dated:
May 28, 2010
| |
CHINA
XD PLASTICS COMPANY LIMITED
|
|
| |
|
|
|
|
|
By:
|
/s/ Jie
Han |
|
| |
|
Jie
Han, Chief Executive Officer |
|
| |
|
|
|
| |
|
|
|