HARBIN, China, Dec. 3, 2012 /PRNewswire-FirstCall/ -- China XD Plastics Company Limited (NASDAQ: CXDC, "China XD Plastics", or the "Company"), one of China's leading companies engaged in the development, manufacture and sale of modified plastics primarily for automotive applications, today announced the successful completion of its 5th Annual Seminar on the Development of the Macromolecule Materials Industry held in Harbin, China on December 2th, 2012.
The annual seminar gives industry experts an opportunity to discuss cutting-edge technologies and policy trends in plastics new materials at an international level under the backdrop of current macro-economic environment and future market trends. The attending experts reviewed and evaluated the Company's research and development ("R&D") projects to be initiated in 2013. The seminar was attended by members of Chinese Academy of Engineering, Chinese macromolecule industry academic leaders, industry analysts, economists, Company executives and the Company's research personnel.
At the beginning of this seminar, industry experts that are Company consultants provided a comprehensive overview on the Company's 28 research and development projects established in the beginning of 2012. The Company has completed five (5) projects during 2012 (the original goal of four (4) projects). Then, aligned with the Company's Five-Year Development Plan, industry experts conducted thorough review of 17 newly proposed R&D projects. Under the review and examination over market acceptability, government policy guidelines, technological feasibility, expected return and R&D expenses, industry experts endorsed nine (9) out of the 17 proposed R&D projects and determined that these nine (9) projects met the government policy guidelines regarding automobile, home appliance, high-speed rail, ocean vessel, aviation and other fields for 2013. As an extension of the Company's effort in 2012, the total 32 R&D projects (including nine (9) new R&D projects of 2013), will be the cornerstone of the Company's R&D initiatives in future.