China XD Plastics announced that it has filed a Form 12b-25 with the SEC indicating that it will not be in a position to file its Quarterly Report on Form 10-K for the year ended December 31, 2018 within the 15-day extension period provided in Rule 12b-25(b) under the Securities Exchange Act of 1934. The company is in the process of preparing and reviewing the financial information and compiling and disseminating the information to be included in the Form 10-K for the period ended December 31, 2018, as well as the completion of the required review of the company's financial information, none of which could be complete by the date required without incurring undue hardship and expenses. The company expects to file the Annual Report on Form 10-K within the fifteen-day following extension period provided by this Form 12b-25 and new earnings conference call coordinates will be forthcoming and provided in a separate press release prior to the Form 10-K filing.
China XD Plastics announced that Joseph Chow, one of the Company's independent directors and chairman of its Audit Committee, tendered his resignation from the board of directors on March 6 for personal reason, effective immediately and that Xin Li had accepted appointment to fill the director vacancy created by Chow's resignation. Upon Chow's resignation, he also ceased to be a member of each of the Company's Audit Committee and Compensation Committee of the Company. On the same date, the Company's Board of Directors appointed Xin Li to serve as a director of the Company. The Board also appointed Mr. Li as a member and the chairman of the Audit Committee of the Board and a member of the Nominating Committee of the Board.
China XD Plastics Company announced signing of deleveraging investment framework agreement by and among its subsidiary, Heilongjiang Xinda Enterprise Group Company, CCB Financial Asset Investment, and China Construction Bank Heilongjiang Branch, both of which are wholy owned subsidiaries of China Construction Bank. On, October 31, management from both the Company and CCB signed the Agreement at the conference center of the Company's Northeast Production Base. CCB Financial and CCB HLJ are planning to provide estimated 2 billion RMB, or approximately $289M, capital to Xinda Group and or its affiliated entities in debt, equity or other forms, mainly to repay Xinda Group's interest bearing loans, to facilitate the Company to diversify and develop its business and to improve corporate management, subject to the parties entering into one or more definitive agreements.