China XD Plastics Announces KPMG Huazhen (SGP) As New Auditor

HARBIN, China, May 8, 2015 /PRNewswire/ -- China XD Plastics Company Limited (NASDAQ: CXDC, "China XD Plastics" or the "Company"), one of China's leading specialty chemical producers engaged in the development, manufacture and sale of polymer composite materials primarily for automotive applications, today announced the audit committee of the Board of Directors of the Company approved the dismissal of KPMG as the Company's independent registered public accounting firm, effective as of May 8, 2015, and the appointment of KPMG Huazhen (SGP) as the Company's independent registered public accounting firm for the fiscal year ending December 31, 2015.

The audit reports of KPMG on the Company's consolidated financial statements for the fiscal years ended December 31, 2014 and 2013 did not contain any adverse opinion or disclaimer of opinion, nor were they qualified or modified as to uncertainty, audit scope or accounting principles.

Mr. Jie Han, Chairman of the Board of Directors and Chief Executive Officer of China XD Plastics, said, "While China XD Plastics previously engaged KPMG based in Hong Kong, the change to KPMG Huazhen (SGP) will align the auditing process to the location where the vast majority of the Company's operations take place and where substantial audit work is performed. Going forward, the Company will continue to work with KPMG Huazhen (SGP) which is based in mainland China. We are pleased the appointment of KPMG Huazhen (SGP) was approved by the Company's Audit Committee."

For more information on China XD Plastics' change in auditor please refer to the Company's Form 8-K filed on May 8, 2015.

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 27 automobile brands manufactured in China, including without limitation, AUDI, BMW, Volkswagen, Buick, Mazda, and Toyota. 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 March 31, 2015, 321 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 http://www.chinaxd.net.

Contacts:

China XD Plastics
Mr. Taylor Zhang, CFO (New York)
Phone: [phone]
Email: [e-mail]

ICR LLC
Mr. William Zima
Phone: [phone] - 8233
Email: [e-mail]

Katherine Knight
Phone: [phone]
Email: [e-mail] 

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SOURCE China XD Plastics Company Limited

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