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CHINA XD PLASTICS COMPANY LIMITED

(CXDC)
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CHINA XD PLASTICS CO LTD : Changes in Registrant's Certifying Accountant, Financial Statements and Exhibits (form 8-K)

09/17/2021 | 05:50pm EDT

Item 4.01. Changes in Registrant's Certifying Accountant

(a) Dismissal of Previous Independent Registered Public Accounting Firm

On September 17, 2021, the Audit Committee ("Audit Committee") of the Board of Directors (the "Board") of China XD Plastics Company Limited (the "Company") and the Board both approved the dismissal of Friedman LLP ("Friedman") as the Company's independent registered public accounting firm, effective September 17, 2021.

Friedman was appointed as the Company's independent registered public accounting firm for the fiscal year ended December 31, 2020 on February 18, 2021 and did not issue audit report on the Company's financial statements for the fiscal year ended December 31, 2020. During the interim periods from February 18, 2021 through September 17, 2021, there were no disagreements with Friedman on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedures.

The Company provided Friedman with a copy of the above disclosure and requested that Friedman furnish the Company with a letter addressed to the Securities and Exchange Commission stating whether or not it agrees with the above statement. A copy of Friedman's letter is filed as Exhibit 16.1 to this Form 8-K.

(b) Engagement of New Independent Registered Public Accounting Firm

On September 17, 2021, the Audit Committee and the Board both approved the appointment of BF Borgers CPA PC ("Borgers"), effective September 17, 2021, as the Company's independent registered public accounting firm.

During the fiscal years ended December 31, 2020 and December 31, 2019 and the subsequent interim periods prior to the engagement of Borgers, neither the Company nor anyone acting on its behalf consulted with Borgers regarding any of the matters or events set forth in Item 304(a)(2)(i) and (ii) of Regulation S-K.

Item 9.01. Financial Statements and Exhibits.



(d)    Exhibits.

16.1     Letter of Friedman LLP to the Securities and Exchange Commission dated
       September 17, 2021

© Edgar Online, source Glimpses

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Financials (USD)
Sales 2019 1 448 M - -
Net income 2019 3,06 M - -
Net Debt 2019 1 001 M - -
P/E ratio 2019 39,2x
Yield 2019 -
Capitalization 31,1 M 31,1 M -
EV / Sales 2018 0,70x
EV / Sales 2019 0,77x
Nbr of Employees 972
Free-Float 49,1%
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Managers and Directors
Jie Han Chairman & Chief Executive Officer
Da He Zhang CFO, Secretary & Executive Director
Jun Jie Ma Chief Technology Officer
Qing Wei Ma Chief Operating Officer
Lin Yuan Zhai Independent Director
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