China XD Plastics (CXDC) 10-Q 5 Aug 16 2016 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2016	Aug. 03, 2016
Document And Entity Information Abstract
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2016
Entity Registrant Name	China XD Plastics Co Ltd
Entity Central Index Key	1,353,970
Current Fiscal Year End Date	--12-31
Document Fiscal Period Focus	Q2
Document Fiscal Year Focus	2,016
Entity Filer Category	Accelerated Filer
Entity Units Outstanding		49,406,191

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)	Jun. 30, 2016	Dec. 31, 2015
Current assets:
Cash and cash equivalents	$ 57,980,914	$ 119,928,485
Restricted cash	64,502,724	50,852,327
Time deposits	282,452,648	237,626,806
Accounts receivable, net	200,490,313	234,542,739
Amounts due from a related party		244,836
Inventories	421,961,166	294,665,195
Prepaid expenses and other current assets	51,054,446	15,675,848
Total current assets	1,078,442,211	953,536,236
Property, plant and equipment, net	810,183,747	571,746,507
Land use rights, net	23,809,904	24,506,837
Prepayments to equipment and construction suppliers	14,415,697	183,226,006
Other non-current assets	12,677,399	18,966,622
Total assets	1,939,528,958	1,751,982,208
Current liabilities:
Short-term bank loans, including current portion of long-term bank loans	422,158,665	284,339,089
Bills payable	47,029,799	33,522,287
Accounts payable	195,336,669	257,417,000
Amounts due to related parties	131,394	8,439
Income taxes payable	2,989,790	6,881,946
Notes payable	146,231,067
Accrued expenses and other current liabilities	223,664,783	140,988,712
Total current liabilities	1,037,542,167	723,157,473
Long-term bank loans, excluding current portion	81,672,771	107,481,709
Notes payable		145,634,996
Deferred income	71,254,125	62,039,050
Other non-current liabilities	41,767,586	38,046,917
Total liabilities	1,232,236,649	1,076,360,145
Redeemable Series D convertible preferred stock (redemption amount of US$197,775,400 and US$184,461,800 as of June 30, 2016 and December 31, 2015)	97,576,465	97,576,465
Stockholders' equity:
Series B preferred stock	100	100
Common stock, US$0.0001 par value, 500,000,000 shares authorized, 49,427,191 shares and 49,344,284 shares issued, 49,406,191 shares and 49,323,284 shares outstanding as of June 30, 2016 and December 31, 2015, respectively	4,941	4,933
Treasury stock, 21,000 shares at cost	(92,694)	(92,694)
Additional paid-in capital	82,390,348	81,919,932
Retained earnings	560,269,109	515,555,985
Accumulated other comprehensive loss	(32,855,960)	(19,342,658)
Total stockholders' equity	609,715,844	578,045,598
Commitments and contingencies
Total liabilities, redeemable convertible preferred stock and stockholders' equity	$ 1,939,528,958	$ 1,751,982,208

CONDENSED CONSOLIDATED BALANCE3

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($)	Jun. 30, 2016	Dec. 31, 2015
Statement of Financial Position [Abstract]
Redeemable Series D convertible preferred stock, redemption amount	$ 197,775,400	$ 184,461,800
Common stock, par value	$ 0.0001	$ 0.0001
Common stock, shares authorized	500,000,000	500,000,000
Common stock, shares issued	49,427,191	49,344,284
Common stock, shares outstanding	49,406,191	49,323,284
Treasury shares, shares	21,000	21,000

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Statement of Comprehensive Income [Abstract]
Revenues	$ 277,139,662	$ 265,412,742	$ 492,169,820	$ 487,339,137
Cost of revenues	(216,795,181)	(213,919,846)	(397,011,688)	(387,203,965)
Gross profit	60,344,481	51,492,896	95,158,132	100,135,172
Selling expenses	(382,038)	(438,041)	(667,174)	(734,861)
General and administrative expenses	(6,596,023)	(6,592,032)	(11,665,697)	(11,556,790)
Research and development expenses	(5,906,719)	(6,659,310)	(10,816,286)	(12,473,173)
Total operating expenses	(12,884,780)	(13,689,383)	(23,149,157)	(24,764,824)
Operating income	47,459,701	37,803,513	72,008,975	75,370,348
Interest income	1,615,728	2,466,291	3,229,991	4,894,362
Interest expense	(10,628,222)	(11,038,295)	(21,532,881)	(21,667,648)
Foreign currency exchange gains (losses)	(56,091)	322,056	371,574	231,641
Gains on foreign currency forward contracts		305,825		660,344
Government grant	218,286	4,814	426,719	4,814
Total non-operating expense, net	(8,850,299)	(7,939,309)	(17,504,597)	(15,876,487)
Income before income taxes	38,609,402	29,864,204	54,504,378	59,493,861
Income tax expense	(5,253,628)	(4,385,601)	(9,791,254)	(8,611,232)
Net income	$ 33,355,774	$ 25,478,603	$ 44,713,124	$ 50,882,629
Earnings per common share:
Basic and diluted	$ 0.51	$ 0.39	$ 0.68	$ 0.77
Net Income	$ 33,355,774	$ 25,478,603	$ 44,713,124	$ 50,882,629
Other comprehensive loss
Foreign currency translation adjustment, net of nil income taxes	(18,440,326)	(616,961)	(13,513,302)	(781,721)
Comprehensive income	$ 14,915,448	$ 24,861,642	$ 31,199,822	$ 50,100,908

CONDENSED CONSOLIDATED STATEME5

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
Cash flows from operating activities:
Net cash provided by (used in) operating activities	$ (93,887,642)	$ 71,660,883
Cash flows from investing activities:
Proceeds from maturity of time deposits	236,818,725	237,499,197
Purchase of time deposits	(286,909,102)	(231,080,300)
Purchase of land use rights		(6,904,447)
Purchase of and deposits for property, plant and equipment	(40,022,079)	(119,535,975)
Government grant related to the construction of Sichuan plant	8,809,473
Net cash used in investing activities	(81,302,983)	(120,021,525)
Cash flows from financing activities:
Proceeds from bank borrowings	399,343,916	323,407,459
Repayments of bank borrowings	(280,843,603)	(238,181,426)
Release of restricted cash as collateral for bank borrowings	28,378,420
Placement of restricted cash as collateral for bank borrowings	(32,492,262)	(29,729,123)
Net cash provided by financing activities	114,386,471	55,496,910
Effect of foreign currency exchange rate changes on cash and cash equivalents	(1,143,417)	109,400
Net increase (decrease) in cash and cash equivalents	(61,947,571)	7,245,668
Cash and cash equivalents at beginning of period	119,928,485	45,456,612
Cash and cash equivalents at end of period	57,980,914	52,702,280
Supplemental disclosure of cash flow information:
Interest paid, net of capitalized interest	20,737,714	20,159,080
Income taxes paid	10,654,265	3,706,530
Non-cash investing and financing activities:
Government grant related to construction in the form of repayment of bank loan on behalf of the Company by the government		11,267,062
Accrual for purchase of equipment and construction included in accrued expenses and other current liabilities	$ 88,224,035	$ 295,893

Basis of presentation, signific

Basis of presentation, significant concentrations and risks	6 Months Ended
	Jun. 30, 2016
Basis of presentation, significant concentrations and risks [Abstract]
Basis of presentation, significant concentrations and risks	Note 1 - Basis of presentation, significant concentrations and risks (a) Basis of presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted as permitted by rules and regulations of the United States Securities and Exchange Commission (“SEC”). The condensed consolidated balance sheet as of December 31, 2015 was derived from the audited consolidated financial statements of China XD Plastics Company Limited (“China XD”) and subsidiaries (collectively, the “Company”). The accompanying unaudited condensed consolidated financial statements should be read in conjunction with the consolidated balance sheet of the Company as of December 31, 2015, and the related consolidated statements of comprehensive income, changes in equity and cash flows for the year then ended, included in the Company’s Annual Report on Form 10-K filed with the SEC on March 15, 2016. In the opinion of the management, all adjustments (which include normal recurring adjustments) necessary to present a fair statement of the financial position as of June 30, 2016, the results of operations for the three-month and six-month periods ended June 30, 2016 and 2015, and the cash flows for the six-month periods ended June 30, 2016 and 2015, have been made. The preparation of condensed consolidated financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Significant items subject to such estimates and assumptions include the recoverability of the carrying amounts of property, plant and equipment, the realizability of inventories, the useful lives of property, plant and equipment, the collectability of accounts receivable, the fair values of stock-based compensation awards, and the accruals for tax uncertainties and other contingencies. The current economic environment has increased the degree of uncertainty inherent in those estimates and assumptions. (b) Significant concentrations and risks Sales concentration The Company sells its products primarily through approved distributors in the People's Republic of China (the "PRC"). To a lesser extent, the Company also sells its products to overseas customers in the Republic of Korea (the "ROK"). The Company's sales are highly concentrated. Sales to distributors and end customer, which individually exceeded 10% of the Company's revenues for the three-month and six-month periods ended June 30, 2016 and 2015, are as follows: Three-Month Period Ended June 30, 2016 2015 US$ % US$ % Distributor A, located in PRC 39,632,852 14.3 % 47,121,285 17.8 % Distributor B, located in PRC 31,669,861 11.4 % 38,766,823 14.6 % Distributor C, located in PRC 30,270,133 10.9 % 27,377,033 10.3 % Distributor D, located in PRC 28,827,605 10.4 % 32,232,229 12.1 % Distributor E, located in PRC 16,204,373 5.8 % 28,722,000 10.8 % Direct Customer F, located in ROK 35,499,160 12.8 % - 0.0 % Direct Customer G, located in ROK - 0.0 % 29,139,000 11.0 % Total 182,103,984 65.6 % 203,358,370 76.6 % Six-Month Period Ended June 30, 2016 2015 US$ % US$ % Distributor A, located in PRC 74,738,467 15.2 % 82,134,181 16.9 % Distributor B, located in PRC 67,479,415 13.7 % 71,578,657 14.7 % Distributor C, located in PRC 55,755,981 11.3 % 49,664,900 10.2 % Distributor D, located in PRC 57,288,505 11.6 % 58,437,523 12.0 % Distributor E, located in PRC 38,406,499 7.8 % 51,380,046 10.5 % Direct Customer G, located in ROK - 0.0 % 64,085,900 13.2 % Total 293,668,867 59.6 % 377,281,207 77.5 % The Company expects revenues from these distributors and end customers (other than Direct Customer G) to continue to represent a substantial portion of its revenue in the future. Any factor adversely affecting the automobile industry in the PRC, electronic application industry in the ROK or the business operations of these customers will have a material effect on the Company's business, financial position and results of operations. Purchase concentration of raw materials and equipment The principal raw materials used for the Company's production of modified plastics products are plastic resins, such as polypropylene, ABS and nylon. The Company purchased its raw materials through a limited number of distributors, which individually exceeded 10% of the Company's total raw material purchases, accounted for approximately 77.6% (six distributors) and 71.8% (five distributors) of the Company's total raw materials purchases for the three-month periods ended June 30, 2016 and 2015, respectively, and 81.6% (six distributors) and 67.1% (five distributors) of the Company's total raw materials purchases for the six-month periods ended June 30, 2016 and 2015, respectively. Management believes that other suppliers could provide similar raw materials on comparable terms. A change in suppliers, however, could cause a delay in manufacturing and a possible loss of sales, which would adversely affect the Company's business, financial position and results of operations. The Company purchased equipment from two major equipment distributors, which accounted for 96.5% and 96.1% of the Company's total equipment purchases for the three-month periods ended June 30, 2016 and 2015, respectively, and accounted for 96.4% and 97.9% of the Company's total equipment purchases for the six-month periods ended June 30, 2016 and 2015. Management believes that other suppliers could provide similar equipment on comparable terms. A change in suppliers, however, could cause a delay in manufacturing and a possible loss of sales, which would adversely affect the Company's business, financial position and results of operations. The majority owner of one of the major equipment distributors, is also the majority owner of Distributor E presented above. Cash concentration Cash and cash equivalents, short-term restricted cash, time deposits and long-term restricted cash included in other non-current assets mentioned below maintained at banks consist of the following: June 30, 2016, December 31, 2015 US$ US$ RMB denominated bank deposits with: Financial Institutions in the PRC 414,281,521 417,430,412 Financial Institutions in Hong Kong Special Administrative Region ("Hong Kong SAR") 8,602 13,778 Financial Institution in Dubai, United Arab Emirates ("UAE") 17,830 3,023 U.S. dollar denominated bank deposits with: Financial Institution in the U.S. 318,162 226,010 Financial Institutions in the PRC 67,637 17,109 Financial Institution in Hong Kong SAR 42,568 63,854 Financial Institution in Macau Special Administrative Region ("Macau SAR") 14,968 37,120 Financial Institution in Dubai, UAE 411,835 7,474,960 Euro denominated bank deposits with: Financial institution in Dubai, UAE 3,155 3,011 HK dollar denominated bank deposits with: Financial institution in Hong Kong SAR 206 336 Dirham denominated bank deposits with: Financial institution in Dubai, UAE 139,982 37,278 The bank deposits with financial institutions in the PRC are insured by the government authority for up to RMB500,000. The bank deposits with financial institutions in the HK SAR are insured by the government authority for up to HK$500,000. The bank deposits with financial institutions in the Macau SAR are insured by the government authority for up to MOP$500,000. Total bank deposits amounted to $1,391,694 and $1,690,764 are insured as of June 30, 2016 and December 31, 2015, respectively. The Company has not experienced any losses in uninsured bank deposits and does not believe that it is exposed to any significant risks on cash held in bank accounts. To limit exposure to credit risk, the Company primarily places bank deposits with large financial institutions in the PRC, Hong Kong SAR, Macau SAR and Dubai, UAE with acceptable credit rating. Cash deposits in bank that are restricted as to withdrawal or usage for up to 12 months are reported as restricted cash in the condensed consolidated balance sheets and excluded from cash in the condensed consolidated statements of cash flows. Cash deposits of US$10,375,196 and US$16,907,470 as of June 30, 2016 and December 31, 2015 that are restricted for period beyond 12 months from the balance sheet date are included in other non-current assets in the condensed consolidated balance sheets. Short-term bank deposits that are pledged as collateral for bills payable relating to purchases of raw materials are reported as restricted cash and amounted to US$12,248,582 and US$8,069,475 as of June 30, 2016 and December 31, 2015, respectively. Upon maturity and repayment of the bills payable, which is generally within 6 months, the cash becomes available for use by the Company. The cash will be available for use by the Company 90 days from the issuance of the letter of credit. The cash flows from the pledged bank deposits, which relate to purchases of raw materials, are reported within cash flows from operating activities in the condensed consolidated statements of cash flows. Short-term bank deposits that are pledged as collateral for short-term and long-term bank borrowings are reported as restricted cash and amounted to US$41,669,078 and US$32,010,452 as of June 30, 2016 and December 31, 2015, respectively. Long-term bank deposits that are pledged as collateral for issuance of letter of guarantee are reported as other non-current assets and amounted to US$10,375,196 and US$16,907,470 as of June 30, 2016 and December 31, 2015, respectively. The cash flows from such bank deposits are reported within cash flows from financing activities in the condensed consolidated statements of cash flows. Short-term bank deposits that are related to government grant are reported as restricted cash and amounted to U$10,585,064 and US$10,772,400 as June 30, 2016 and December 31, 2015, respectively. The amount is reported as non-cash investing and financing activities in the condensed consolidated statements of cash flows.

Accounts receivable

Accounts receivable	6 Months Ended
	Jun. 30, 2016
Accounts Receivable, Net [Abstract]
Accounts receivable	Note 2 - Accounts receivable Accounts receivable consists of the following: June 30, 2016 December 31, 2015 US$ US$ Accounts receivable 200,530,177 234,583,370 Allowance for doubtful accounts (39,864 ) (40,631 ) Accounts receivable, net 200,490,313 234,542,739 As of June 30, 2016 and December 31, 2015, the accounts receivable balances also include notes receivable in the amount of US$341,024 and US$2,048,186, respectively. As of June 30, 2016 and December 31, 2015, US$73,641,325 and US$54,664,219 of accounts receivable are pledged for the short-term bank loans, respectively. There was no accrual of additional provision or write-off of accounts receivable for the three-month and six-month periods ended June 30, 2016 and 2015. The following table provides an analysis of the aging of accounts receivable as of June 30, 2016 and December 31, 2015: June 30, 2016 December 31, 2015 US$ US$ Aging: – current 200,490,313 234,396,244 – 1-3 months past due - 146,495 – 4-6 months past due - - – 7-12 months past due - - – greater than one year past due 39,864 40,631 Total accounts receivable 200,530,177 234,583,370

Inventories

Inventories	6 Months Ended
	Jun. 30, 2016
Inventory, Net [Abstract]
Inventories	Note 3 - Inventories Inventories consist of the following: June 30, 2016 December 31, 2015 US$ US$ Raw materials 394,938,565 287,995,933 Work in progress 175,434 164,034 Finished goods 26,847,167 6,505,228 Total inventories 421,961,166 294,665,195 There were no write down of inventories for the three-month and six-month periods ended June 30, 2016 and 2015.

Prepaid expenses and other curr

Prepaid expenses and other current assets	6 Months Ended
	Jun. 30, 2016
Prepaid Expense and Other Assets, Current [Abstract]
Prepaid expenses and other current assets	Note 4 – Prepaid expenses and other current assets Prepaid expenses and other current assets consist of the following: June 30, 2016 December 31, 2015 US$ US$ Receivables due from a customer in the ROK - 9,471,222 Interest receivable 3,257,727 3,306,974 Value added taxes receivables 38,763,061 698,286 Advances to suppliers 4,393,320 68,354 Others (i) 4,640,338 2,131,012 Total prepaid expenses and other current assets 51,054,446 15,675,848 (i) Others mainly include prepaid miscellaneous service fees, staff advances and prepaid rental fee.

Property, plant and equipment,

Property, plant and equipment, net	6 Months Ended
	Jun. 30, 2016
Property, Plant and Equipment [Abstract]
Property, plant and equipment, net	Note 5 – Property, plant and equipment, net Property, plant and equipment consist of the following: June 30, 2016 December 31, 2015 US$ US$ Machinery, equipment and furniture 316,589,584 258,173,175 Motor vehicles 2,309,311 2,009,440 Workshops and buildings 92,909,638 76,924,199 Construction in progress 499,853,899 323,955,531 Total property, plant and equipment 911,662,432 661,062,345 Less accumulated depreciation (101,478,685 ) (89,315,838 ) Property, plant and equipment, net 810,183,747 571,746,507 All of the property, plant and equipment, net as of June 30, 2016 and December 31, 2015 were located in the PRC, except for US$346.5 million and US$83.8 million of property, plant and equipment, net were located in Dubai, UAE. For the three-month and six-month periods ended June 30, 2016 and 2015, the Company capitalized US$625,324 and US$168,306, and US$1,226,431 and US$168,306 of interest costs as a component of the cost of construction in progress, respectively. Depreciation expense on property, plant and equipment was allocated to the following expense items: Three-Month Period Ended June 30, 2016 2015 US$ US$ Cost of revenues 5,681,237 5,525,990 General and administrative expenses 435,142 403,135 Research and development expenses 942,387 901,082 Selling expense 506 223 Total depreciation expense 7,059,272 6,830,430 Six-Month Period Ended June 30, 2016 2015 US$ US$ Cost of revenues 11,361,731 10,305,578 General and administrative expenses 838,326 778,263 Research and development expenses 1,888,204 1,696,801 Selling expense 890 223 Total depreciation expense 14,089,151 12,780,865

Prepayments to equipment suppli

Prepayments to equipment suppliers	6 Months Ended
	Jun. 30, 2016
Prepayments to equipment suppliers [Abstract]
Prepayments to equipment suppliers	Note 6 - Prepayments to equipment suppliers June 30, 2016 December 31, 2015 US$ US$ Jiamu (i) 11,128,200 11,712,843 Peaceful (ii) - 170,009,200 Bagader Trading (iii) 1,225,030 - Others 2,062,467 1,503,963 Total Prepayments to equipment and construction suppliers 14,415,697 183,226,006 (i) In December 2013, the Company entered into an equipment purchase contract with Harbin Jiamu Import & Export Trading Co., Ltd ("Jiamu Trading") for a consideration of RMB89.7 million to purchase testing equipment. In August 2015, the Company signed a supplemental contract with Harbin Jiamu Science and Technology Co., Ltd. (together with Jiamu Trading as "Jiamu") to purchase testing equipment for a consideration of RMB16.3 million (equivalent to US$2.5 million). The balance of Jiamu as of June 30, 2016 and December 31, 2015 mainly represents the prepayment for testing equipment. (ii) On January 5, 2015, AL Composites Materials FZE ("AL Composites") entered into an equipment purchase contract with Peaceful Treasure Limited ("Peaceful") for a total consideration of US$271.2 million to purchase certain production and testing equipment. As of June 30, 2016, all production equipment for a total amount of US$264.7 were delivered to the Company. (iii) On June 28, 2016, AL Composites entered into a facility purchase contract with Bagader Trading EST for a total consideration of AED45 million (equivalent to US$12.3 million). Pursuant to the contract with Bagader Trading, the Company has paid AED 4.5 million (equivalent to US$1.2 million) as prepayments as of June 30, 2016.

Fair value measurement

Fair value measurement	6 Months Ended
	Jun. 30, 2016
Fair Value Disclosures [Abstract]
Fair value measurement	Note 7 – Fair value measurement Short-term financial instruments, including cash and cash equivalents, restricted cash, time deposits, accounts receivable, short-term bank loans, bills payable, accounts payable, amounts due to related parties, income taxes payable and accrued expenses and other current liabilities - carrying amounts approximate fair values because of the short maturity of these instruments. Long-term bank loans-fair value is based on the amount of future cash flows associated with each loan discounted at the Company's current borrowing rate for similar debt instruments of comparable terms. The carrying value of the long-term bank loans approximate their fair values as the long-term bank loans carry interest rates which approximate rates currently offered by the Company's banks for similar debt instruments of comparable maturities. Notes payable - fair values of the Company’s notes payable are estimated based on quoted market prices which are categorized as Level 1 measurement in the fair value hierarchy. As of June 30, 2016, the carrying amount and estimated fair value of the notes payable were US$146,231,067 and US$114,375,000 respectively.

Borrowings

Borrowings	6 Months Ended
	Jun. 30, 2016
Debt Disclosure [Abstract]
Borrowings	Note 8 – Borrowings (a) Current June 30, 2016 December 31, 2015 US$ US$ Unsecured loans 220,933,439 64,555,795 Loans secured by accounts receivable 57,304,862 43,037,196 Loans secured by restricted cash 32,100,000 27,100,000 Current portion of long-term bank loans (note (b)) 111,820,364 149,646,098 Total short-term loans, including current portion of long-term bank loans 422,158,665 284,339,089 As of June 30, 2016 and December 31, 2015, the Company's short-term bank loans (including the current portion of long-term bank loans) bear a weighted average interest rate of 4.1% and 4.2% per annum, respectively. All short-term bank loans mature at various times within one year and contain no renewal terms. In July 2015, the Company obtained a one-year secured loan of US$3.5 million from Bank of China Luxemburg Branch at an annual interest rate of one-year LIBOR (1.2303% as of June 30, 2016) plus 0.75%. These loans were secured by restricted cash of RMB23.0 million (equivalent to US$3.5 million) by the Bank of China in Harbin, China. In January 2016, the Company obtained a one-year secured loan of US$12 million from HSBC Middle East at an annual interest rate of one-month LIBOR (0.4651% as of June 30, 2016) plus 1.8%. These loans were secured by restricted cash of RMB17.8 million (equivalent to US$2.7 million) by the HSBC Bank in Harbin, China. In January 2016, the Company obtained a one-year secured loan of US$16.6 million from HSBC Middle East at an annual interest rate of one-month LIBOR (0.4651% as of June 30, 2016) plus 1.8%. These loans were secured by restricted cash of RMB25.5 million (equivalent to US$3.8 million) by the HSBC Bank in Harbin, China. On February 18, 2016, the Company obtained a six-month secured loan of RMB30 million (equivalent to US$4.5 million) by accounts receivable of RMB39.2 million (equivalent to US$5.9 million) at an annual interest rate of 4.300% from ICBC in Harbin. In April 2016, the Company obtained nine six-month secured loans with a total amount of RMB350 million (equivalent to US$52.8 million) by accounts receivables of RMB449.2 million (equivalent to US$67.7 million) at an annual interest rate of 4.350% from Harbin Longjiang Bank. (b) Non-current June 30, 2016 December 31, 2015 US$ US$ Secured loans 91,400,000 81,164,800 Unsecured loans 102,093,135 175,963,007 Less: current portion 111,820,364 149,646,098 Total long-term bank loans, excluding current portion 81,672,771 107,481,709 On June 12, 2014, the Company obtained a three-year secured loan of US$70 million from Bank of China Paris Branch at interest rate of three-month LIBOR (0.6541% as of June 30, 2016). The loan is secured by restricted cash of RMB110 million (equivalent to US$16.6 million). The Company repaid US$4 million in 2015, and repaid US$5 million on June 9, 2016. The loan in the amount of US$15 million is due on December 9, 2016, and the remaining of the loan amounted to US$46 million is due on June 9, 2017. On December 11, 2014, the Company obtained a two-year unsecured loan of RMB197 million (equivalent to US$29.7 million) from Bank of Communication at an annual interest rate of 6.60%. The loan is due on December 10, 2016. On January 23, 2015, the Company obtained two two-year unsecured loans in the total amount of RMB100 million (equivalent to US$15.1 million) at an annual interest rate of 6.0% from Agriculture Bank of China. The amount of RMB 45 million is due on January 12 and the remaining amount of RMB 55 million is due on January 19, 2017. On April 22, 2015, the Company obtained a two-year unsecured loan of RMB40 million (equivalent to US$6 million) at an annual interest rate of 5.75% from Agriculture Bank of China. The loan is due on April 20, 2017. In October and November, 2015, the Company obtained three five-year unsecured loans of RMB260 million (equivalent to US$39.2 million) at an annual interest rate of 4.75% from Bank of China. In January 2016, the Company obtained one four-year unsecured loans of RMB80 million (equivalent to US$12.1 million) at an annual interest rate of 4.75% from Bank of China. All of these loans are due on October 28, 2020. On May 13, 2016, the Company obtained two two-year secured loans of US$14.3 million from China Construction Bank (Dubai) at an interest of three-month LIBOR (0.6541% as of June 30, 2016) plus 1.6%. On May 17, 2016, the Company obtained two two-year secured loans of US$12.3 million from China Construction Bank (Dubai) at an interest of three-month LIBOR (0.6541% as of June 30, 2016) plus 1.6%. On May 22, 2016, the Company obtained a two-year secured loan of US$3.8 million from China Construction Bank (Dubai) at an interest of three-month LIBOR (0.6541% as of June 30, 2016) plus 1.6%. The interest rate is reset every three months. These loans are secured by restricted cash of RMB68.8 million (equivalent to US$10.4 million). All of these loans are due on March 22, 2018. As of June 30, 2016, the Company had total lines of credit of RMB5,356.0 million (US$807.7 million) including unused lines of credit of RMB1,368.9 million (US$206.5 million) with remaining terms less than 12 months and RMB646.0 million (US$97.4 million) with remaining terms beyond 12 months. Certain lines of credit contain financial covenants such as total stockholders' equity, debt asset ratio, current ratio, contingent liability ratio and net profit. As of June 30, 2016, the Company has met these financial covenants.

Accrued expenses and other curr

Accrued expenses and other current liabilities	6 Months Ended
	Jun. 30, 2016
Accrued Liabilities, Current [Abstract]
Accrued expenses and other current liabilities	Note 9 - Accrued expenses and other current liabilities Accrued expenses and other current liabilities consist of the following: June 30, 2016 December 31, 2015 US$ US$ Payables for purchase of property, plant and equipment 129,668,126 42,524,903 Accrued freight expenses 2,459,663 1,579,936 Accrued interest expenses 7,934,070 7,800,481 Advance from customers (i) 75,198,592 82,009,002 Non income tax payables 5,238,290 4,353,730 Others (ii) 3,166,042 2,720,660 Total accrued expenses and other current liabilities 223,664,783 140,988,712 (i) Advance from customers mainly represent the advance received from two customers in the PRC for the raw material purchases during the 4th quarter of 2015. The Company delivered raw material in the amount of USD 6,810,410 to these two customers during the six-month periods ended June 30, 2016. (ii) Others mainly represent accrued payroll and employee benefits and other accrued miscellaneous operating expenses.

Related party transactions

Related party transactions	6 Months Ended
	Jun. 30, 2016
Related Party Transactions [Abstract]
Related party transactions	Note 10 – Related party transactions The Company entered into related party transactions with Harbin Xinda High-Tech Co., Ltd. ("Xinda High-Tech"), an entity controlled by the wife of Mr. Han, the chief executive officer and controlling stockholder of the Company and Mr. Han's son. The significant related party transactions are summarized as follows: Three-Month Period Ended June 30, Six-Month Period Ended June 30, 2016 2015 2016 2015 US$ US$ US$ US$ Costs and expenses resulting from transactions with related parties: Rental expenses for plant and office spaces 184,525 165,500 369,061 360,714 June 30, 2016 December 31, 2015 US$ US$ Amounts due from a related party: Prepaid rent expenses to Xinda High-Tech - 244,836 Total: - 244,836 Amounts due to a related party: June 30, 2016 December 31, 2015 Rental payable to Xinda High-Tech 120,107 - Rental payable to Mr Han's son 11,287 8,439 Total: 131,394 8,439 The Company rents the following plant and office buildings in Harbin, Heilongjiang province from Xinda High-Tech: Premise Leased Area (M 2 Annual Rental Fee (US$) Period of Lease Office building 23,894 732,010 Between January 1, 2014 and December 31, 2018 The Company rents the following facility in Harbin, Heilongjiang province from Mr. Han's son: Premise Leased Area (M 2 Annual Rental Fee (US$) Period of Lease Facility 200 6,127 Between August 17, 2014 and August 16, 2016

Income tax

Income tax	6 Months Ended
	Jun. 30, 2016
Income Tax Disclosure [Abstract]
Income taxes	Note 11– Income tax Pursuant to an approval from the local tax authority in July 2013, Sichuan Xinda Enterprise Group Co., Ltd. ("Sichuan Xinda Group"), a subsidiary of China XD, became a qualified enterprise located in the western region of the PRC, which entitled it to a preferential income tax rate of 15% from January 1, 2013 to December 31, 2020. Under the current laws of Dubai, AL Composites Materials FZE ("AL Composites"), a subsidiary of China XD, is exempted from income taxes. The effective income tax rates for the six-month periods ended June 30, 2016 and 2015 were 18.0% and 14.3%, respectively. The effective income tax rate increased from 14.3% for the six-month period ended June 30, 2015 to 18.0% for the six-month period ended June 30, 2016, primarily due to less sales to overseas market of Dubai Xinda which was exempted from income taxes. The effective income tax rate for the six-month period ended June 30, 2016 differs from the PRC statutory income tax rate of 25% primarily due to the effect of tax rate differential on entities not subject to PRC income tax, super deduction of R&D expense and partially offset by the effect of non-deductible expenses. As of June 30, 2016, the unrecognized tax benefits were US$24,993,661 and the interest relating to unrecognized tax benefits was US$4,269,280. No penalties expense related to unrecognized tax benefits were recorded. The Company is currently unable to provide an estimate of a range of the total amount of unrecognized tax benefits that is reasonably possible to change significantly within the next twelve months.

Deferred Income

Deferred Income	6 Months Ended
	Jun. 30, 2016
Deferred Revenue Disclosure [Abstract]
Deferred Income	Note 12 – Deferred Income On January 26, 2015, the Company entered into a memorandum and a fund support agreement (the "Agreement") with the People's Government of Shunqing District, Nanchong City, Sichuan Province ("Shunqing Government") pursuant to which Shunqing Government, through its investment vehicle, will extend to the Company RMB350 million (equivalent to US$52.8 million) to support the construction of the Sichuan plant. As of June 30, 2016, the Company has received RMB280 million (equivalent to US$42.2 million) in total from Shunqing Government in the form of government repayment of bank loans on behalf of the Company. The Company also received RMB70 million (equivalent to US$10.6 million) pursuant to the Agreement for which the amount was restricted to use subject to the progress of the construction, which has been recorded as restricted cash as of June 30, 2016. In addition, the Company has received RMB89.9 million (equivalent to US$13.6 million) from Shunqing Government and RMB6.4 million (equivalent to US$1.0 million) from Ministry of Finance of the People's Republic of China to support the construction as of June 30, 2016. Since the funding is related to construction of long-term assets, the amounts were recognized as government grant, which is included in deferred income on the condensed consolidated balance sheets, and to be recognized as other income in the condensed consolidated statements of comprehensive income over the periods and in the proportions in which depreciation expense on the long-term assets is recognized. In addition, the Company also received RMB36 million (equivalent to US$5.4 million) from Shunqing Government with respect to interest subsidy for further loan borrowing cost as of June 30, 2016, among which RMB9.8 million (equivalent to US$1.5 million) have been recognized as other income when related interest expense was recognized as of June 30, 2016.

Other non-current liabilities

Other non-current liabilities	6 Months Ended
	Jun. 30, 2016
Other Liabilities, Noncurrent [Abstract]
Other non-current liabilities	Note 13 – Other non-current liabilities June 30, 2016 December 31, 2015 US$ US$ Income tax payable-noncurrent (i) 29,262,941 24,172,693 Deferred income tax liabilities 12,504,645 13,874,224 Total other non-current liabilities 41,767,586 38,046,917 (i) Income tax payable-noncurrent represents the accumulative balance of unrecognized tax benefits and related accrued interest.

Redeemable Series D convertible

Redeemable Series D convertible preferred stock	6 Months Ended
	Jun. 30, 2016
Redeemable Series D Convertible Preferred Stock
Redeemable Series D convertible preferred stock	Note 14 – Redeemable Series D convertible preferred stock According to the securities purchase agreement of the Redeemable Series D Convertible Preferred Stock (the “Series D preferred stock”), the Company has the right to require each holder of the Series D preferred stock to convert Series D preferred stock into common stock from September 28, 2014, as the Company has met the performance target for each of the fiscal years ended December 31, 2011, 2012 and 2013, respectively. Since the Series D preferred stock is not redeemable currently and is not probable that the Series D preferred stock will become redeemable, an adjustment of the carrying value of the Series D preferred stock to the redemption amount is not necessary.

Stockholders' equity

Stockholders' equity	6 Months Ended
	Jun. 30, 2016
Stockholders' Equity Note [Abstract]
Stockholders' equity	Note 15 – Stockholders’ equity The changes of each caption of stockholders’ equity for the six-month period ended June 30, 2016 are as follows: Series B Preferred Stock Common Stock Additional Accumulated Other Total Number of Shares Amount Number of Shares Amount Treasury Stock Paid-in Capital Retained Earnings Comprehensive Loss Stockholders’ Equity US$ US$ Balance as of January 1, 2016 1,000,000 100 49,323,284 4,933 (92,694 ) 81,919,932 515,555,985 (19,342,658 ) 578,045,598 Net income - - - - - - 44,713,124 - 44,713,124 Other comprehensive loss - - - - - - - (13,513,302 ) (13,513,302 ) Stock based compensation - - - - - 470,424 - - 470,424 Vesting of nonvested shares - - 82,907 8 - (8 ) - - - Balance as of June 30, 2016 1,000,000 100 49,406,191 4,941 (92,694 ) 82,390,348 560,269,109 (32,855,960 ) 609,715,844

Stock based compensation

Stock based compensation	6 Months Ended
	Jun. 30, 2016
Share-based Compensation [Abstract]
Stock based compensation	Note 16 – Stock based compensation Nonvested shares A summary of the nonvested shares activity for the six-month ended June 30, 2016 is as follows: Number of Nonvested Shares Weighted Average Grant date Fair Value US$ Outstanding as of December 31, 2015 614,727 5.54 Vested (10,907 ) 3.08 Forfeited (27,770 ) 5.04 Outstanding as of June 30, 2016 576,050 5.60 The Company recognized US$248,244 and US$130,645 of share-based compensation expense in general and administration expenses relating to nonvested shares for the three-month periods ended June 30, 2016 and 2015, respectively, and US$470,424 and US$386,371 of share-based compensation expense in general and administration expenses relating to nonvested shares for the six-month periods ended June 30, 2016 and 2015, respectively. As of June 30, 2016, there was US$1,304,494 total unrecognized compensation cost relating to nonvested shares, which is to be recognized over a weighted average period of 1.16 years.

Earnings per share

Earnings per share	6 Months Ended
	Jun. 30, 2016
Earnings per common share:
Earnings per share	Note 17 - Earnings per share Basic and diluted earnings per share are calculated as follows: Three-Month Period Ended June 30, Six-Month Period Ended June 30, 2016 2015 2016 2015 US$ US$ US$ US$ Net income 33,355,774 25,478,603 44,713,124 50,882,629 Less: Earnings allocated to participating Series D convertible preferred stock (8,088,078 ) (6,199,413 ) (10,843,682 ) (12,379,759 ) Earnings allocated to participating nonvested shares (292,624 ) (230,996 ) (395,191 ) (466,567 ) Net income for basic and diluted earnings per share 24,975,072 19,048,194 33,474,251 38,036,303 Denominator Denominator for basic and diluted earnings per share 49,406,191 49,161,284 49,391,710 49,159,344 Earnings per share: Basic and diluted 0.51 0.39 0.68 0.77 The following table summarizes potentially dilutive securities excluded from the calculation of diluted earnings per share for the three-month periods and six-month periods ended June 30, 2016 and 2015 because their effects are anti-dilutive: Three-Month Period Ended June 30, Six-Month Period Ended June 30, 2016 2015 2016 2015 Shares issuable upon conversion of Series D convertible preferred stock 16,000,000 16,000,000 16,000,000 16,000,000

Commitments and contingencies

Commitments and contingencies	6 Months Ended
	Jun. 30, 2016
Commitments and Contingencies Disclosure [Abstract]
Commitments and contingencies	Note 18 - Commitments and contingencies (1) Lease commitments Future minimum lease payments under non-cancellable operating leases agreements as of June 30, 2016 were as follows. US$ Period from July 1, 2016 to December 31, 2016 495,307 Years ending December 31, 2017 1,272,455 2018 984,733 2019 113,999 2020 113,999 2021 113,999 After 2021 930,994 Rental expenses incurred for operating leases of plant and office spaces were US$449,002 and US$499,500 for the three-month periods ended June 30, 2016 and 2015, respectively, and US$844,058 and US$728,649 for the six-month periods ended June 30, 2016 and 2015, respectively. There are no step rent provisions, escalation clauses, capital improvement funding requirements, other lease concessions or contingent rent in the lease agreements. The Company has no legal or contractual asset retirement obligations at the end of leases. The Company's leases do not contain any contingent rent payments terms. (2) Sichuan plant construction and equipment On March 8, 2013, Xinda Holding (HK) Company Limited ("Xinda Holding (HK)") entered into an investment agreement with Shunqing Government, pursuant to which Xinda Holding (HK) will invest RMB1.8 billion in property, plant and equipment and approximately RMB0.6 billion in working capital, for the construction of Sichuan plant. As of June 30, 2016, the Company has a remaining commitment of RMB88.9 million (equivalent to US$13.4 million) mainly for facility construction, and RMB17.9 million (equivalent to US$2.7 million) for the acquisition of equipment. (3) Dubai plant construction and equipment On January 5, 2015, AL Composites entered into an equipment purchase contract with Peaceful for a total consideration of US$271.2 million to purchase certain production and testing equipment. As of June 30, 2016, the Company has a remaining commitment of US$5.9 million for the remaining equipment acquisition. On April 28, 2015, AL Composites entered into a warehouse construction contract with Falcon Red Eye Contracting Co. L.L.C. for a total consideration of AED6.7 million (equivalent to US$1.8 million). As of June 30, 2016, the Company has a remaining commitment of US$0.9 million. On June 28, 2016, AL Composites entered into a plant purchasing contract with Bagader Trading Est for a total consideration of ADE45.0 million (equivalent to US$12.3 million).As of June 20, 2016, the Company has a remaining commitment of US$11.0 million. (4) Xinda Group equipment As of June 30, 2016, Xinda Group has a remaining commitment of RMB9.7 million (equivalent to US$1.5 million) for the acquisition of equipment. (5) Contingencies The Company and certain of its officers were named as defendants in two putative securities class action lawsuits filed on July 15, 2014 and July 16, 2014 in the United States District Court for the Southern District of New York. On March 23, 2016, the Court issued an Opinion and Order dismissing the Complaint without prejudice. On May 6, 2016, plaintiffs moved the Court for leave to amend the Complaint. On June 24, 2016, the Company filed its opposition to the plaintiffs' motion. The plaintiffs' reply to the Company's opposition is due August 8, 2016. The Company, after consultation with its legal counsel, continues to believe that the lawsuits are without merit and will continue to vigorously defend against them. Nevertheless, there is a possibility that a loss may have been incurred. In accordance with ASC Topic 450, no loss contingency was accrued as of June 30, 2016 since the possible loss or range of loss cannot be reasonably estimated.

Subsequent events

Subsequent events	6 Months Ended
	Jun. 30, 2016
Subsequent Events [Abstract]
Subsequent events	Note 19 - Subsequent Events On June 30, 2016, the Company announced to redeem all of the 11.75% guaranteed senior notes due on February 4, 2019 (the "Notes") outstanding on August 29, 2016 (the “Redemption Date”) at redemption price equal to 100% of the principal amount of the Notes plus the Applicable Premium (as defined in the Indenture) as of the Redemption Date (the “Redemption Price”) plus accrued and unpaid interest up to (but not including) the Redemption Date. The Notes has an aggregate principal amount of US$ 150,000,000 and the estimated carrying amount of US$146,432,000 on August 29, 2016. The redemption amount on Redemption Date is estimated to be approximately US$ 165,285,000 and accrued and unpaid interest up to (but not including) the Redemption Date equal to approximately US$1,224,000. Loss upon extinguishment of the Notes in the amount of approximately US$ 18,853,000 representing the difference between the redemption amount and the net carrying amount of the Notes, is to be recognized in the statement of comprehensive income in the quarter ended September 30, 2016.

Basis of presentation, signif25

Basis of presentation, significant concentrations and risks (Policies)	6 Months Ended
	Jun. 30, 2016
Basis of presentation, significant concentrations and risks [Abstract]
Basis of presentation	(a) Basis of presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted as permitted by rules and regulations of the United States Securities and Exchange Commission (“SEC”). The condensed consolidated balance sheet as of December 31, 2015 was derived from the audited consolidated financial statements of China XD Plastics Company Limited (“China XD”) and subsidiaries (collectively, the “Company”). The accompanying unaudited condensed consolidated financial statements should be read in conjunction with the consolidated balance sheet of the Company as of December 31, 2015, and the related consolidated statements of comprehensive income, changes in equity and cash flows for the year then ended, included in the Company’s Annual Report on Form 10-K filed with the SEC on March 15, 2016. In the opinion of the management, all adjustments (which include normal recurring adjustments) necessary to present a fair statement of the financial position as of June 30, 2016, the results of operations for the three-month and six-month periods ended June 30, 2016 and 2015, and the cash flows for the six-month periods ended June 30, 2016 and 2015, have been made. The preparation of condensed consolidated financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Significant items subject to such estimates and assumptions include the recoverability of the carrying amounts of property, plant and equipment, the realizability of inventories, the useful lives of property, plant and equipment, the collectability of accounts receivable, the fair values of stock-based compensation awards, and the accruals for tax uncertainties and other contingencies. The current economic environment has increased the degree of uncertainty inherent in those estimates and assumptions.
Significant concentrations and risks	(b) Significant concentrations and risks Sales concentration The Company sells its products primarily through approved distributors in the People's Republic of China (the "PRC"). To a lesser extent, the Company also sells its products to overseas customers in the Republic of Korea (the "ROK"). The Company's sales are highly concentrated. Sales to distributors and end customer, which individually exceeded 10% of the Company's revenues for the three-month and six-month periods ended June 30, 2016 and 2015, are as follows: Three-Month Period Ended June 30, 2016 2015 US$ % US$ % Distributor A, located in PRC 39,632,852 14.3 % 47,121,285 17.8 % Distributor B, located in PRC 31,669,861 11.4 % 38,766,823 14.6 % Distributor C, located in PRC 30,270,133 10.9 % 27,377,033 10.3 % Distributor D, located in PRC 28,827,605 10.4 % 32,232,229 12.1 % Distributor E, located in PRC 16,204,373 5.8 % 28,722,000 10.8 % Direct Customer F, located in ROK 35,499,160 12.8 % - 0.0 % Direct Customer G, located in ROK - 0.0 % 29,139,000 11.0 % Total 182,103,984 65.6 % 203,358,370 76.6 % Six-Month Period Ended June 30, 2016 2015 US$ % US$ % Distributor A, located in PRC 74,738,467 15.2 % 82,134,181 16.9 % Distributor B, located in PRC 67,479,415 13.7 % 71,578,657 14.7 % Distributor C, located in PRC 57,288,505 11.6 % 58,437,523 12.0 % Distributor D, located in PRC 55,755,981 11.3 % 49,664,900 10.2 % Distributor E, located in PRC 38,406,499 7.8 % 51,380,046 10.5 % Direct Customer G, located in ROK - 0.0 % 64,085,900 13.2 % Total 293,668,867 59.6 % 377,281,207 77.5 % The Company expects revenues from these distributors and end customers (other than Direct Customer G) to continue to represent a substantial portion of its revenue in the future. Any factor adversely affecting the automobile industry in the PRC, electronic application industry in the ROK or the business operations of these customers will have a material effect on the Company's business, financial position and results of operations. Purchase concentration of raw materials and equipment The principal raw materials used for the Company's production of modified plastics products are plastic resins, such as polypropylene, ABS and nylon. Company purchased its raw materials through a limited number of distributors, which individually exceeded 10% of the Company's total raw material purchases, accounted for approximately 77.6% (six distributors) and 71.8% (five distributors) of the Company's total raw materials purchases for the three-month periods ended June 30, 2016 and 2015, respectively, and 81.6% (six distributors) and 67.1% (five distributors) of the Company's total raw materials purchases for the six-month periods ended June 30, 2016 and 2015, respectively. Management believes that other suppliers could provide similar raw materials on comparable terms. A change in suppliers, however, could cause a delay in manufacturing and a possible loss of sales, which would adversely affect the Company's business, financial position and results of operations. The Company purchased equipment from two major equipment distributors, which accounted for 96.5% and 96.1% of the Company's total equipment purchases for the three-month periods ended June 30, 2016 and 2015, respectively, and accounted for 96.4% and 97.9% of the Company's total equipment purchases for the six-month periods ended June 30, 2016 and 2015. Management believes that other suppliers could provide similar equipment on comparable terms. A change in suppliers, however, could cause a delay in manufacturing and a possible loss of sales, which would adversely affect the Company's business, financial position and results of operations. The majority owner of one of the major equipment distributors, is also the majority owner of Distributor E presented above. Cash concentration Cash and cash equivalents, short-term restricted cash, time deposits and long-term restricted cash included in other non-current assets mentioned below maintained at banks consist of the following: June 30, 2016, December 31, 2015 US$ US$ RMB denominated bank deposits with: Financial Institutions in the PRC 414,281,521 417,430,412 Financial Institutions in Hong Kong Special Administrative Region ("Hong Kong SAR") 8,602 13,778 Financial Institution in Dubai, United Arab Emirates ("UAE") 17,830 3,023 U.S. dollar denominated bank deposits with: Financial Institution in the U.S. 318,162 226,010 Financial Institutions in the PRC 67,637 17,109 Financial Institution in Hong Kong SAR 42,568 63,854 Financial Institution in Macau Special Administrative Region ("Macau SAR") 14,968 37,120 Financial Institution in Dubai, UAE 411,835 7,474,960 Euro denominated bank deposits with: Financial institution in Dubai, UAE 3,155 3,011 HK dollar denominated bank deposits with: Financial institution in Hong Kong SAR 206 336 Dirham denominated bank deposits with: Financial institution in Dubai, UAE 139,982 37,278 The bank deposits with financial institutions in the PRC are insured by the government authority for up to RMB500,000. The bank deposits with financial institutions in the HK SAR are insured by the government authority for up to HK$500,000. The bank deposits with financial institutions in the Macau SAR are insured by the government authority for up to MOP$500,000. Total bank deposits amounted to $1,391,694 and $1,690,764 are insured as of June 30, 2016 and December 31, 2015, respectively. The Company has not experienced any losses in uninsured bank deposits and does not believe that it is exposed to any significant risks on cash held in bank accounts. To limit exposure to credit risk, the Company primarily places bank deposits with large financial institutions in the PRC, Hong Kong SAR, Macau SAR and Dubai, UAE with acceptable credit rating. Cash deposits in bank that are restricted as to withdrawal or usage for up to 12 months are reported as restricted cash in the condensed consolidated balance sheets and excluded from cash in the condensed consolidated statements of cash flows. Cash deposits of US$10,375,196 and US$16,907,470 as of June 30, 2016 and December 31, 2015 that are restricted for period beyond 12 months from the balance sheet date are included in other non-current assets in the condensed consolidated balance sheets. Short-term bank deposits that are pledged as collateral for bills payable relating to purchases of raw materials are reported as restricted cash and amounted to US$12,248,582 and US$8,069,475 as of June 30, 2016 and December 31, 2015, respectively. Upon maturity and repayment of the bills payable, which is generally within 6 months, the cash becomes available for use by the Company. The cash will be available for use by the Company 90 days from the issuance of the letter of credit. The cash flows from the pledged bank deposits, which relate to purchases of raw materials, are reported within cash flows from operating activities in the condensed consolidated statements of cash flows. Short-term bank deposits that are pledged as collateral for short-term and long-term bank borrowings are reported as restricted cash and amounted to US$41,669,078 and US$32,010,452 as of June 30, 2016 and December 31, 2015, respectively. Long-term bank deposits that are pledged as collateral for issuance of letter of guarantee are reported as other non-current assets and amounted to US$10,375,196 and US$16,907,470 as of June 30, 2016 and December 31, 2015, respectively. The cash flows from such bank deposits are reported within cash flows from financing activities in the condensed consolidated statements of cash flows. Short-term bank deposits that are related to government grant are reported as restricted cash and amounted to U$10,585,064 and US$10,772,400 as June 30, 2016 and December 31, 2015, respectively. The amount is reported as non-cash investing and financing activities in the condensed consolidated statements of cash flows.

Basis of presentation, signif26

Basis of presentation, significant concentrations and risks (Tables)	6 Months Ended
	Jun. 30, 2016
Basis of presentation, significant concentrations and risks [Abstract]
Schedule of Sales Concentrations by Major Distributors	Three-Month Period Ended June 30, 2016 2015 US$ % US$ % Distributor A, located in PRC 39,632,852 14.3 % 47,121,285 17.8 % Distributor B, located in PRC 31,669,861 11.4 % 38,766,823 14.6 % Distributor C, located in PRC 30,270,133 10.9 % 27,377,033 10.3 % Distributor D, located in PRC 28,827,605 10.4 % 32,232,229 12.1 % Distributor E, located in PRC 16,204,373 5.8 % 28,722,000 10.8 % Direct Customer F, located in ROK 35,499,160 12.8 % - 0.0 % Direct Customer G, located in ROK - 0.0 % 29,139,000 11.0 % Total 182,103,984 65.6 % 203,358,370 76.6 %
Schedule of Cash and Cash Equivalents	Six-Month Period Ended June 30, 2016 2015 US$ % US$ % Distributor A, located in PRC 74,738,467 15.2 % 82,134,181 16.9 % Distributor B, located in PRC 67,479,415 13.7 % 71,578,657 14.7 % Distributor C, located in PRC 57,288,505 11.6 % 58,437,523 12.0 % Distributor D, located in PRC 55,755,981 11.3 % 49,664,900 10.2 % Distributor E, located in PRC 38,406,499 7.8 % 51,380,046 10.5 % Direct Customer G, located in ROK - 0.0 % 64,085,900 13.2 % Total 293,668,867 59.6 % 377,281,207 77.5 %

Accounts receivable (Tables)

Accounts receivable (Tables)	6 Months Ended
	Jun. 30, 2016
Accounts Receivable, Net [Abstract]
Schedule of Accounts Receivable	June 30, 2016 December 31, 2015 US$ US$ Accounts receivable 200,530,177 234,583,370 Allowance for doubtful accounts (39,864 ) (40,631 ) Accounts receivable, net 200,490,313 234,542,739
Schedule of Aging of Accounts Receivable	June 30, 2016 December 31, 2015 US$ US$ Aging: – current 200,490,313 234,396,244 – 1-3 months past due - 146,495 – 4-6 months past due - - – 7-12 months past due - - – greater than one year past due 39,864 40,631 Total accounts receivable 200,530,177 234,583,370

Inventories (Tables)

Inventories (Tables)	6 Months Ended
	Jun. 30, 2016
Inventory, Net [Abstract]
Schedule of Inventories	June 30, 2016 December 31, 2015 US$ US$ Raw materials 394,938,565 287,995,933 Work in progress 175,434 164,034 Finished goods 26,847,167 6,505,228 Total inventories 421,961,166 294,665,195

Prepaid expenses and other cu29

Prepaid expenses and other current assets (Tables)	6 Months Ended
	Jun. 30, 2016
Prepaid Expense and Other Assets, Current [Abstract]
Schedule of Prepaid Expense and Other Assets Current	June 30, 2016 December 31, 2015 US$ US$ Receivables due from a customer in the ROK - 9,471,222 Interest receivable 3,257,727 3,306,974 Value added taxes receivables 38,763,061 698,286 Advances to suppliers 4,393,320 68,354 Others (i) 4,640,338 2,131,012 Total prepaid expenses and other current assets 51,054,446 15,675,848

Property, plant and equipment30

Property, plant and equipment, net (Tables)	6 Months Ended
	Jun. 30, 2016
Property, Plant and Equipment [Abstract]
Schedule of Property, Plant and Equipment	June 30, 2016 December 31, 2015 US$ US$ Machinery, equipment and furniture 316,589,584 258,173,175 Motor vehicles 2,309,311 2,009,440 Workshops and buildings 92,909,638 76,924,199 Construction in progress 499,853,899 323,955,531 Total property, plant and equipment 911,662,432 661,062,345 Less accumulated depreciation (101,478,685 ) (89,315,838 ) Property, plant and equipment, net 810,183,747 571,746,507
Schedule of the Allocation of Depreciation Expense on Property, Plant and Equipment	Three-Month Period Ended June 30, 2016 2015 US$ US$ Cost of revenues 5,681,237 5,525,990 General and administrative expenses 435,142 403,135 Research and development expenses 942,387 901,082 Selling expense 506 223 Total depreciation expense 7,059,272 6,830,430 Six-Month Period Ended June 30, 2016 2015 US$ US$ Cost of revenues 11,361,731 10,305,578 General and administrative expenses 838,326 778,263 Research and development expenses 1,888,204 1,696,801 Selling expense 890 223 Total depreciation expense 14,089,151 12,780,865

Prepayments to equipment supp31

Prepayments to equipment suppliers (Tables)	6 Months Ended
	Jun. 30, 2016
Prepayments to equipment suppliers [Abstract]
Schedule of Total Prepayments to Equipment Suppliers	June 30, 2016 December 31, 2015 US$ US$ Jiamu (i) 11,128,200 11,712,843 Peaceful (ii) - 170,009,200 Bagader Trading (iii) 1,225,030 - Others 2,062,467 1,503,963 Total Prepayments to equipment and construction suppliers 14,415,697 183,226,006 (i) In December 2013, the Company entered into an equipment purchase contract with Harbin Jiamu Import & Export Trading Co., Ltd ("Jiamu Trading") for a consideration of RMB89.7 million to purchase testing equipment. In August 2015, the Company signed a supplemental contract with Harbin Jiamu Science and Technology Co., Ltd. (together with Jiamu Trading as "Jiamu") to purchase testing equipment for a consideration of RMB16.3 million (equivalent to US$2.5 million). The balance of Jiamu as of June 30, 2016 and December 31, 2015 mainly represents the prepayment for testing equipment. (ii) On January 5, 2015, AL Composites Materials FZE ("AL Composites") entered into an equipment purchase contract with Peaceful Treasure Limited ("Peaceful") for a total consideration of US$271.2 million to purchase certain production and testing equipment. As of June 30, 2016, all production equipment for a total amount of US$264.7 were delivered to the Company. (iii) On June 28, 2016, AL Composites entered into a facility purchase contract with Bagader Trading EST for a total consideration of AED45 million (equivalent to US$12.3 million). Pursuant to the contract with Bagader Trading, the Company has paid AED 4.5 million (equivalent to US$1.2 million) as prepayments as of June 30, 2015.

Borrowings (Tables)

Borrowings (Tables)	6 Months Ended
	Jun. 30, 2016
Debt Disclosure [Abstract]
Schedule of Short-term Loans	June 30, 2016 December 31, 2015 US$ US$ Unsecured loans 220,933,439 64,555,795 Loans secured by accounts receivable 57,304,862 43,037,196 Loans secured by restricted cash 32,100,000 27,100,000 Current portion of long-term bank loans (note (b)) 111,820,364 149,646,098 Total short-term loans, including current portion of long-term bank loans 422,158,665 284,339,089
Schedule of Long-Term Debt	June 30, 2016 December 31, 2015 US$ US$ Secured loans 91,400,000 81,164,800 Unsecured loans 102,093,135 175,963,007 Less: current portion 111,820,364 149,646,098 Total long-term bank loans, excluding current portion 81,672,771 107,481,709

Accrued expenses and other cu33

Accrued expenses and other current liabilities (Tables)	6 Months Ended
	Jun. 30, 2016
Accrued Liabilities, Current [Abstract]
Schedule of Accrued Expenses and Other Current Liabilities	June 30, 2016 December 31, 2015 US$ US$ Payables for purchase of property, plant and equipment 129,668,126 42,524,903 Accrued freight expenses 2,459,663 1,579,936 Accrued interest expenses 7,934,070 7,800,481 Advance from customers (i) 75,198,592 82,009,002 Non income tax payables 5,238,290 4,353,730 Others (ii) 3,166,042 2,720,660 Total accrued expenses and other current liabilities 223,664,783 140,988,712 (i) Advance from customers mainly represent the advance received from two customers in the PRC for the raw material purchases during the 4th quarter of 2015. The Company delivered raw material in the amount of USD 6,810,410 to these two customers during the six-month periods ended June 30, 2016. (ii) Others mainly represent accrued payroll and employee benefits and other accrued miscellaneous operating expenses.

Related party transactions (Tab

Related party transactions (Tables)	6 Months Ended
	Jun. 30, 2016
Related Party Transactions [Abstract]
Schedule of Significant Related Party Transactions	Three-Month Period Ended June 30, Six-Month Period Ended June 30, 2016 2015 2016 2015 US$ US$ US$ US$ Costs and expenses resulting from transactions with related parties: Rental expenses for plant and office spaces 184,525 165,500 369,061 360,714
Schedule of Related Parties Balances	June 30, 2016 December 31, 2015 US$ US$ Amounts due from a related party: Prepaid rent expenses to Xinda High-Tech - 244,836 Total: - 244,836 Amounts due to a related party: June 30, 2016 December 31, 2015 Rental payable to Xinda High-Tech 120,107 - Rental payable to Mr Han's son 11,287 8,439 Total: 131,394 8,439
Schedule of Plant and Office Buildings in Harbin	Premise Leased Area (M 2 Annual Rental Fee (US$) Period of Lease Office building 23,894 732,010 Between January 1, 2014 and December 31, 2018 The Company rents the following facility in Harbin, Heilongjiang province from Mr. Han's son: Premise Leased Area (M 2 Annual Rental Fee (US$) Period of Lease Facility 200 6,127 Between August 17, 2014 and August 16, 2016

Other non-current liabilities (

Other non-current liabilities (Tables)	6 Months Ended
	Jun. 30, 2016
Other Liabilities, Noncurrent [Abstract]
Schedule of other non-current liabilities	June 30, 2016 December 31, 2015 US$ US$ Income tax payable-noncurrent (i) 29,262,941 24,172,693 Deferred income tax liabilities 12,504,645 13,874,224 Total other non-current liabilities 41,767,586 38,046,917 (i) Income tax payable-noncurrent represents the accumulative balance of unrecognized tax benefits and related accrued interest.

Stockholders' equity (Tables)

Stockholders' equity (Tables)	6 Months Ended
	Jun. 30, 2016
Stockholders' Equity Note [Abstract]
Schedule of Changes in Stockholders' Equity	Series B Preferred Stock Common Stock Additional Accumulated Other Total Number of Shares Amount Number of Shares Amount Treasury Stock Paid-in Capital Retained Earnings Comprehensive Loss Stockholders’ Equity US$ US$ Balance as of January 1, 2016 1,000,000 100 49,323,284 4,933 (92,694 ) 81,919,932 515,555,985 (19,342,658 ) 578,045,598 Net income - - - - - - 44,713,124 - 44,713,124 Other comprehensive loss - - - - - - - (13,513,302 ) (13,513,302 ) Stock based compensation - - - - - 470,424 - - 470,424 Vesting of nonvested shares - - 82,907 8 - (8 ) - - - Balance as of June 30, 2016 1,000,000 100 49,406,191 4,941 (92,694 ) 82,390,348 560,269,109 (32,855,960 ) 609,715,844

Stock based compensation (Table

Stock based compensation (Tables)	6 Months Ended
	Jun. 30, 2016
Share-based Compensation [Abstract]
Schedule of Nonvested Share Activity	Number of Nonvested Shares Weighted Average Grant date Fair Value US$ Outstanding as of December 31, 2015 614,727 5.54 Vested (10,907 ) 3.08 Forfeited (27,770 ) 5.04 Outstanding as of June 30, 2016 576,050 5.60

Earnings per share (Tables)

Earnings per share (Tables)	6 Months Ended
	Jun. 30, 2016
Earnings per common share:
Calculation of Basic and Diluted Earnings Per Share	Three-Month Period Ended June 30, Six-Month Period Ended June 30, 2016 2015 2016 2015 US$ US$ US$ US$ Net income 33,355,774 25,478,603 44,713,124 50,882,629 Less: Earnings allocated to participating Series D convertible preferred stock (8,088,078 ) (6,199,413 ) (10,843,682 ) (12,379,759 ) Earnings allocated to participating nonvested shares (292,624 ) (230,996 ) (395,191 ) (466,567 ) Net income for basic and diluted earnings per share 24,975,072 19,048,194 33,474,251 38,036,303 Denominator Denominator for basic and diluted earnings per share 49,406,191 49,161,284 49,391,710 49,159,344 Earnings per share: Basic and diluted 0.51 0.39 0.68 0.77
Summary of Potentially Dilutive Securities	Three-Month Period Ended June 30, Six-Month Period Ended June 30, 2016 2015 2016 2015 Shares issuable upon conversion of Series D convertible preferred stock 16,000,000 16,000,000 16,000,000 16,000,000

Commitments and contingencies (

Commitments and contingencies (Tables)	6 Months Ended
	Jun. 30, 2016
Commitments and Contingencies Disclosure [Abstract]
Schedule of Future Minimum Rental Payments	US$ Period from July 1, 2016 to December 31, 2016 495,307 Years ending December 31, 2017 1,272,455 2018 984,733 2019 113,999 2020 113,999 2021 113,999 After 2021 930,994

Basis of presentation, signif40

Basis of presentation, significant concentrations and risks (Sales and Purchase Concentration) (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Concentration Risk [Line Items]
Revenues	$ 277,139,662	$ 265,412,742	$ 492,169,820	$ 487,339,137
Customer Concentration Risk [Member] | Revenues [Member] | Distributor A [Member]
Concentration Risk [Line Items]
Revenues	$ 39,632,852	$ 47,121,285	$ 74,738,467	$ 82,134,181
Concentration risk, percentage	14.30%	17.80%	15.20%	16.90%
Customer Concentration Risk [Member] | Revenues [Member] | Distributor B [Member]
Concentration Risk [Line Items]
Revenues	$ 31,669,861	$ 38,766,823	$ 67,479,415	$ 71,578,657
Concentration risk, percentage	11.40%	14.60%	13.70%	14.70%
Customer Concentration Risk [Member] | Revenues [Member] | Distributor C [Member]
Concentration Risk [Line Items]
Revenues	$ 30,270,133	$ 27,377,033	$ 55,755,981	$ 49,664,900
Concentration risk, percentage	10.90%	10.30%	11.30%	10.20%
Customer Concentration Risk [Member] | Revenues [Member] | Distributor D [Member]
Concentration Risk [Line Items]
Revenues	$ 28,827,605	$ 32,232,229	$ 57,288,505	$ 58,437,523
Concentration risk, percentage	10.40%	12.10%	11.60%	12.00%
Customer Concentration Risk [Member] | Revenues [Member] | Distributor E [Member]
Concentration Risk [Line Items]
Revenues	$ 16,204,373	$ 28,722,000	$ 38,406,499	$ 51,380,046
Concentration risk, percentage	5.80%	10.80%	7.80%	10.50%
Customer Concentration Risk [Member] | Revenues [Member] | Direct Customer F [Member]
Concentration Risk [Line Items]
Revenues	$ 35,499,160
Concentration risk, percentage	12.80%	0.00%
Customer Concentration Risk [Member] | Revenues [Member] | Direct Customer G [Member]
Concentration Risk [Line Items]
Revenues		$ 29,139,000		$ 64,085,900
Concentration risk, percentage	0.00%	11.00%	0.00%	13.20%
Customer Concentration Risk [Member] | Revenues [Member] | Major Distributors Aggregate [Member]
Concentration Risk [Line Items]
Revenues	$ 182,103,984	$ 203,358,370	$ 293,668,867	$ 377,281,207
Concentration risk, percentage	65.60%	76.60%	59.60%	77.50%
Supplier Concentration Risk [Member] | Purchase of Raw Materials [Member]
Concentration Risk [Line Items]
Concentration risk, percentage	77.60%	71.80%	81.60%	67.10%
Supplier Concentration Risk [Member] | Purchase of Equipment [Member] | Two Major Equipment Distributors [Member]
Concentration Risk [Line Items]
Concentration risk, percentage	96.50%	96.10%	96.40%	97.90%

Basis of presentation, signif41

Basis of presentation, significant concentrations and risks (Cash Concentration) (Details)	Jun. 30, 2016USD ($)	Jun. 30, 2016CNY (¥)	Jun. 30, 2016HKD	Jun. 30, 2016MOP	Dec. 31, 2015USD ($)
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	$ 64,502,724				$ 50,852,327
Total bank deposits	1,391,694				1,690,764
RMB denominated bank deposits with Financial Institutions in the PRC [Member]
Restricted Cash and Cash Equivalents Items [Line Items]
Cash, cash equivalents, restricted cash and time deposits maintained at banks	414,281,521				417,430,412
Cash balance insured by the government authority | ¥		¥ 500,000
RMB denominated bank deposits with Financial Institution in Hong Kong SAR [Member]
Restricted Cash and Cash Equivalents Items [Line Items]
Cash, cash equivalents, restricted cash and time deposits maintained at banks	8,602				13,778
RMB denominated bank deposits with Financial Institution in Dubai Uae [Member]
Restricted Cash and Cash Equivalents Items [Line Items]
Cash, cash equivalents, restricted cash and time deposits maintained at banks	17,830				3,023
U.S. dollar denominated bank deposits with Financial Institution in the U.S. [Member]
Restricted Cash and Cash Equivalents Items [Line Items]
Cash, cash equivalents, restricted cash and time deposits maintained at banks	318,162				226,010
U.S. dollar denominated bank deposits with Financial Institution in the PRC [Member]
Restricted Cash and Cash Equivalents Items [Line Items]
Cash, cash equivalents, restricted cash and time deposits maintained at banks	67,637				17,109
U.S. dollar denominated bank deposits with Financial Institution in Hong Kong SAR [Member]
Restricted Cash and Cash Equivalents Items [Line Items]
Cash, cash equivalents, restricted cash and time deposits maintained at banks	42,568				63,854
Cash balance insured by the government authority | HKD			HKD 500,000
U.S. dollar denominated bank deposits with Financial Institution in Macau Special Administrative Regio [Member]
Restricted Cash and Cash Equivalents Items [Line Items]
Cash, cash equivalents, restricted cash and time deposits maintained at banks	14,968				37,120
U.S. dollar denominated bank deposits with Financial Institution in Dubai, UAE [Member]
Restricted Cash and Cash Equivalents Items [Line Items]
Cash, cash equivalents, restricted cash and time deposits maintained at banks	411,835				7,474,960
Euro denominated bank deposits with Financial Institution in Dubai Uae [Member]
Restricted Cash and Cash Equivalents Items [Line Items]
Cash, cash equivalents, restricted cash and time deposits maintained at banks	3,155				3,011
HK dollar denominated bank deposits with Financial institution in Hong Kong SAR [Member]
Restricted Cash and Cash Equivalents Items [Line Items]
Cash, cash equivalents, restricted cash and time deposits maintained at banks	206				336
Dirham denominated bank deposits with Financial Institution in Dubai, UAE [Member]
Restricted Cash and Cash Equivalents Items [Line Items]
Cash, cash equivalents, restricted cash and time deposits maintained at banks	139,982				37,278
Mop Denominated Bank Deposits With Financial Institution In Macau Special Administrative Region [Member]
Restricted Cash and Cash Equivalents Items [Line Items]
Cash balance insured by the government authority | MOP				MOP 500,000
Collateral For Issuance Of Letter Of Guarantee For Long Term [Member]
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	10,375,196				16,907,470
Collateral For Bills Payable Related To Purchase Of Raw Materials [Member]
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	12,248,582				8,069,475
Collateral for Long Term Bank Borrowings [Member]
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	41,669,078				32,010,452
Restricted Cash Deposits from Government Grant [Member]
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	$ 10,585,064				$ 10,772,400

Accounts receivable (Schedule o

Accounts receivable (Schedule of Accounts Receivable) (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015	Dec. 31, 2015
Accounts Receivable, Net [Abstract]
Accounts receivable	$ 200,530,177		$ 200,530,177		$ 234,583,370
Allowance for doubtful accounts	(39,864)		(39,864)		(40,631)
Accounts receivable, net	200,490,313		200,490,313		234,542,739
Notes receivable	341,024		341,024		2,048,186
Accounts receivable pledged as collateral for short-term bank loans	73,641,325		73,641,325		$ 54,664,219
Accrual of additional provision of accounts receivable
Accrual of additional write-off of accounts receivable

Accounts receivable (Schedule43

Accounts receivable (Schedule of Aging of Accounts Receivable) (Details) - USD ($)	Jun. 30, 2016	Dec. 31, 2015
Aging:
current	$ 200,490,313	$ 234,396,244
Total accounts receivable	200,530,177	234,583,370
1-3 months past due [Member]
Aging:
Past due		146,495
4-6 months past due [Member]
Aging:
Past due
7-12 months past due [Member]
Aging:
Past due
Greater than one year past due [Member]
Aging:
Past due	$ 39,864	$ 40,631

Inventories (Details)

Inventories (Details) - USD ($)	Jun. 30, 2016	Dec. 31, 2015
Inventory, Net [Abstract]
Raw materials	$ 394,938,565	$ 287,995,933
Work in progress	175,434	164,034
Finished goods	26,847,167	6,505,228
Total inventories	$ 421,961,166	$ 294,665,195

Prepaid expenses and other cu45

Prepaid expenses and other current assets (Details) - USD ($)		Jun. 30, 2016	Dec. 31, 2015
Prepaid Expense and Other Assets, Current [Abstract]
Receivables due from a customer in the ROK			$ 9,471,222
Interest receivable		3,257,727	3,306,974
Value added taxes receivables		38,763,061	698,286
Advances to suppliers		4,393,320	68,354
Others	[1]	4,640,338	2,131,012
Total prepaid expenses and other current assets		$ 51,054,446	$ 15,675,848
[1]	Others mainly include prepaid miscellaneous service fee, staff advance and prepaid rental fee.

Property, plant and equipment46

Property, plant and equipment, net (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015	Dec. 31, 2015
Property, Plant and Equipment [Line Items]
Property, plant and equipment	$ 911,662,432		$ 911,662,432		$ 661,062,345
Less accumulated depreciation	(101,478,685)		(101,478,685)		(89,315,838)
Property, plant and equipment, net	810,183,747		810,183,747		571,746,507
Capitalized interest expense	625,324	$ 168,306	1,226,431	$ 168,306
Dubai, UAE [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, net	346,500,000		346,500,000		83,800,000
Machinery, equipment and furniture [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment	316,589,584		316,589,584		258,173,175
Motor vehicles [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment	2,309,311		2,309,311		2,009,440
Workshops and buildings [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment	92,909,638		92,909,638		76,924,199
Construction in progress [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment	$ 499,853,899		$ 499,853,899		$ 323,955,531

Property, plant and equipment47

Property, plant and equipment, net (Allocated Depreciation Expense) (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Property, Plant and Equipment [Line Items]
Depreciation expenses	$ 7,059,272	$ 6,830,430	$ 14,089,151	$ 12,780,865
Cost of revenues [Member]
Property, Plant and Equipment [Line Items]
Depreciation expenses	5,681,237	5,525,990	11,361,731	10,305,578
General and administration expenses [Member]
Property, Plant and Equipment [Line Items]
Depreciation expenses	435,142	403,135	838,326	778,263
Research and development expenses [Member]
Property, Plant and Equipment [Line Items]
Depreciation expenses	942,387	901,082	1,888,204	1,696,801
Selling expenses [Member]
Property, Plant and Equipment [Line Items]
Depreciation expenses	$ 506	$ 223	$ 890	$ 223

Prepayments to equipment supp48

Prepayments to equipment suppliers (Schedule of Total Prepayments to Equipment Suppliers) (Details) - USD ($)		Jun. 30, 2016	Dec. 31, 2015
Long-term Purchase Commitment [Line Items]
Total Prepayments to equipment and construction suppliers		$ 14,415,697	$ 183,226,006
Jiamu [Member]
Long-term Purchase Commitment [Line Items]
Total Prepayments to equipment and construction suppliers	[1]	11,128,200	11,712,843
Peaceful [Member]
Long-term Purchase Commitment [Line Items]
Total Prepayments to equipment and construction suppliers	[2]		170,009,200
Bagader Trading [Member]
Long-term Purchase Commitment [Line Items]
Total Prepayments to equipment and construction suppliers	[3]	1,225,030
Others [Member]
Long-term Purchase Commitment [Line Items]
Total Prepayments to equipment and construction suppliers		$ 2,062,467	$ 1,503,963
[1]	In December 2013, the Company entered into an equipment purchase contract with Harbin Jiamu Import & Export Trading Co., Ltd ("Jiamu Trading") for a consideration of RMB89.7 million to purchase testing equipment. In August 2015, the Company signed a supplemental contract with Harbin Jiamu Science and Technology Co., Ltd. (together with Jiamu Trading as "Jiamu") to purchase testing equipment for a consideration of RMB16.3 million (equivalent to US$2.5 million). The balance of Jiamu as of June 30, 2016 and December 31, 2015 mainly represents the prepayment for testing equipment.
[2]	On January 5, 2015, AL Composites Materials FZE ("AL Composites") entered into an equipment purchase contract with Peaceful Treasure Limited ("Peaceful") for a total consideration of US$271.2 million to purchase certain production and testing equipment. As of June 30, 2016, all production equipment for a total amount of US$264.7 were delivered to the Company.
[3]	On June 28, 2016, AL Composites entered into a facility purchase contract with Bagader Trading EST for a total consideration of AED45 million (equivalent to US$12.3 million). Pursuant to the contract with Bagader Trading, the Company has paid AED 4.5 million (equivalent to US$1.2 million) as prepayments as of June 30, 2015.

Prepayments to equipment supp49

Prepayments to equipment suppliers (Narrative) (Details) ¥ in Millions		1 Months Ended
		Aug. 31, 2015USD ($)	Jan. 31, 2015USD ($)	Dec. 31, 2013CNY (¥)	Jun. 30, 2016USD ($)	Jun. 28, 2016USD ($)	Dec. 31, 2015USD ($)
Long-term Purchase Commitment [Line Items]
Prepayments to equipment suppliers					$ 14,415,697		$ 183,226,006
Harbin Jiamu Import & Export Trading Co., Ltd [Member] | Testing Equipment [Member]
Long-term Purchase Commitment [Line Items]
Commitments | ¥				¥ 89.7
Harbin Jiamu Import & Export Trading Co., Ltd [Member] | Equipment [Member]
Long-term Purchase Commitment [Line Items]
Commitments | ¥				¥ 16.3
Harbin Jiamu Science and Technology Co Ltd [Member] | Equipment [Member]
Long-term Purchase Commitment [Line Items]
Commitments		$ 2,500,000
Peaceful [Member]
Long-term Purchase Commitment [Line Items]
Prepayments to equipment suppliers	[1]						170,009,200
Peaceful [Member] | Equipment [Member]
Long-term Purchase Commitment [Line Items]
Commitments			$ 271,200,000
Prepayments to equipment suppliers					264,700,000
Bagader Trading [Member]
Long-term Purchase Commitment [Line Items]
Prepayments to equipment suppliers	[2]				$ 1,225,030
Bagader Trading [Member] | Facility Purchase [Member]
Long-term Purchase Commitment [Line Items]
Prepayments to equipment suppliers						$ 1,200,000
Total consideration						12,300,000
Bagader Trading [Member] | Facility Purchase [Member] | United Arab Emirates, Dirhams
Long-term Purchase Commitment [Line Items]
Prepayments to equipment suppliers						4,500,000
Total consideration						$ 4,500,000
[1]	On January 5, 2015, AL Composites Materials FZE ("AL Composites") entered into an equipment purchase contract with Peaceful Treasure Limited ("Peaceful") for a total consideration of US$271.2 million to purchase certain production and testing equipment. As of June 30, 2016, all production equipment for a total amount of US$264.7 were delivered to the Company.
[2]	On June 28, 2016, AL Composites entered into a facility purchase contract with Bagader Trading EST for a total consideration of AED45 million (equivalent to US$12.3 million). Pursuant to the contract with Bagader Trading, the Company has paid AED 4.5 million (equivalent to US$1.2 million) as prepayments as of June 30, 2015.

Fair value measurement (Details

Fair value measurement (Details) - USD ($)	Jun. 30, 2016	Dec. 31, 2015
Fair Value Disclosures [Abstract]
Notes payable		$ 145,634,996
Estimated fair value of notes payable	$ 114,375,000

Borrowings (Schedule of Short-T

Borrowings (Schedule of Short-Term Loans, Including Current Portion of Long-Term Bank Loans) (Details) - USD ($)	Jun. 30, 2016	Dec. 31, 2015
Short-term Debt [Line Items]
Short-term bank loans, including current portion of long-term bank loans	$ 422,158,665	$ 284,339,089
Unsecured loans [Member]
Short-term Debt [Line Items]
Short-term bank loans, including current portion of long-term bank loans	220,933,439	64,555,795
Loans secured by accounts receivable [Member]
Short-term Debt [Line Items]
Short-term bank loans, including current portion of long-term bank loans	57,304,862	43,037,196
Loans secured by restricted cash [Member]
Short-term Debt [Line Items]
Short-term bank loans, including current portion of long-term bank loans	32,100,000	27,100,000
Current portion of long-term bank loans [Member]
Short-term Debt [Line Items]
Short-term bank loans, including current portion of long-term bank loans	$ 111,820,364	$ 149,646,098

Borrowings (Current) (Narrative

Borrowings (Current) (Narrative) (Details) ¥ in Millions, $ in Millions	6 Months Ended
	Jun. 30, 2016USD ($)	Jun. 30, 2016CNY (¥)	Dec. 31, 2015
Short-term Debt [Line Items]
Weighted average interest rate	4.10%	4.10%	4.20%
One-Year LIBOR [Member]
Short-term Debt [Line Items]
Debt instrument, interest rate	1.2303%	1.2303%
1-Month LIBOR [Member]
Short-term Debt [Line Items]
Debt instrument, interest rate	0.4651%	0.4651%
HSBC Bank in Harbin, China [Member] | Loans secured by restricted cash [Member]
Short-term Debt [Line Items]
Debt instrument, issuance date	Jul. 1, 2015
Initial term of loan	1 year
Aggregated principal amount	$ 3.5
Debt instrument, issuer	Bank of China Luxemburg Branch
Variable rate basis	one-year LIBOR
Spread over variable rate	0.75%
Debt instrument, collateral amount	$ 3.5
HSBC Bank in Harbin, China [Member] | Loans secured by restricted cash [Member] | China, Yuan Renminbi [Member]
Short-term Debt [Line Items]
Debt instrument, collateral amount | ¥		¥ 23
HSBC Bank in Harbin, China One [Member] | Loans secured by restricted cash [Member]
Short-term Debt [Line Items]
Debt instrument, issuance date	Jan. 1, 2016
Initial term of loan	1 year
Aggregated principal amount	$ 1.2
Debt instrument, issuer	HSBC Middle East
Variable rate basis	one-month LIBOR
Spread over variable rate	1.80%
Debt instrument, collateral amount	$ 2.7
HSBC Bank in Harbin, China One [Member] | Loans secured by restricted cash [Member] | China, Yuan Renminbi [Member]
Short-term Debt [Line Items]
Debt instrument, collateral amount | ¥		17.8
HSBC Bank in Harbin, China Two [Member] | Loans secured by restricted cash [Member]
Short-term Debt [Line Items]
Debt instrument, issuance date	Jan. 1, 2016
Initial term of loan	1 year
Aggregated principal amount	$ 16.6
Debt instrument, issuer	HSBC Middle East
Variable rate basis	one-month LIBOR
Spread over variable rate	1.80%
Debt instrument, collateral amount	$ 3.8
HSBC Bank in Harbin, China Two [Member] | Loans secured by restricted cash [Member] | China, Yuan Renminbi [Member]
Short-term Debt [Line Items]
Debt instrument, collateral amount | ¥		25.5
ICBC in Harbin [Member] | Loans secured by restricted cash [Member]
Short-term Debt [Line Items]
Debt instrument, issuance date	Feb. 18, 2016
Initial term of loan	6 months
Aggregated principal amount	$ 4.5
Spread over variable rate	4.30%
Debt instrument, collateral amount	$ 5.9
ICBC in Harbin [Member] | Loans secured by restricted cash [Member] | China, Yuan Renminbi [Member]
Short-term Debt [Line Items]
Aggregated principal amount | ¥		30
Debt instrument, collateral amount | ¥		39.2
Harbin Longjiang Bank [Member] | Loans secured by restricted cash [Member]
Short-term Debt [Line Items]
Debt instrument, issuance date	Apr. 30, 2016
Initial term of loan	9 months
Aggregated principal amount	$ 52.8
Spread over variable rate	4.35%
Debt instrument, collateral amount	$ 67.7
Harbin Longjiang Bank [Member] | Loans secured by restricted cash [Member] | China, Yuan Renminbi [Member]
Short-term Debt [Line Items]
Aggregated principal amount | ¥		350
Debt instrument, collateral amount | ¥		¥ 449.2

Borrowings (Schedule of Long-Te

Borrowings (Schedule of Long-Term Bank Loans Excluding Current Portion) (Details) - USD ($)	Jun. 30, 2016	Dec. 31, 2015
Debt Instrument [Line Items]
Long-term bank loans, excluding current portion	$ 81,672,771	$ 107,481,709
Secured loans [Member]
Debt Instrument [Line Items]
Long-term bank loans, excluding current portion	91,400,000	81,164,800
Unsecured loans [Member]
Debt Instrument [Line Items]
Long-term bank loans, excluding current portion	102,093,135	175,963,007
Current Portion [Member]
Debt Instrument [Line Items]
Long-term bank loans, excluding current portion	$ 111,820,364	$ 149,646,098

Borrowings (Non-current) (Narra

Borrowings (Non-current) (Narrative) (Details) ¥ in Millions	6 Months Ended	12 Months Ended
	Jun. 30, 2016USD ($)	Jun. 09, 2016USD ($)	Dec. 31, 2015USD ($)	Jun. 30, 2016CNY (¥)
Debt Instrument [Line Items]
Total lines of credit	$ 807,700,000
Unused lines of credit	206,500,000
Remaining line of credit	97,400,000
Restricted cash to secure loans	$ 64,502,724		$ 50,852,327
Three Year Secured Loan [Member]
Debt Instrument [Line Items]
Debt instrument, issuer	Bank of China Paris Branch
Initial term of loan	3 years
Aggregated principal amount	$ 70,000,000
Debt instrument, issuance date	Jun. 12, 2014
Debt instrument, interest rate	0.6541%			0.6541%
Variable rate basis	three-month LIBOR
Security Deposit	$ 16,600,000
Repayment of long-term debt		$ 5,000,000	$ 4,000,000
Remaining loan amount due on December 9, 2016	15,000,000
Remaining loan amount due on June 9, 2017	$ 46,000,000
Two Year Unsecured Loan One [Member]
Debt Instrument [Line Items]
Debt instrument, issuer	Bank of Communications
Initial term of loan	2 years
Aggregated principal amount	$ 29,700,000
Debt instrument, issuance date	Dec. 11, 2014
Debt instrument, maturity date	Dec. 10, 2016
Debt instrument, interest rate	6.60%			6.60%
Two Year Unsecured Loan Two [Member]
Debt Instrument [Line Items]
Debt instrument, issuer	Agriculture Bank of China
Initial term of loan	2 years
Aggregated principal amount	$ 15,100,000
Debt instrument, issuance date	Jan. 23, 2015
Debt instrument, interest rate	6.00%			6.00%
Due date of first note	Jan. 12, 2017
Due date of second note	Jan. 19, 2017
One Two Year Unsecured Loan [Member]
Debt Instrument [Line Items]
Debt instrument, issuer	Agriculture Bank of China
Aggregated principal amount	$ 6,000,000
Debt instrument, maturity date	Apr. 20, 2017
Debt instrument, interest rate	5.75%			5.75%
Three Five Year Unsecured Loan [Member] | Unsecured Debt from Bank of China [Member]
Debt Instrument [Line Items]
Debt instrument, issuer	Bank of China
Initial term of loan	5 years
Aggregated principal amount	$ 39,200,000
Debt instrument, issuance date	Oct. 1, 2015
Debt instrument, maturity date	Oct. 28, 2020
Debt instrument, interest rate	4.75%			4.75%
One Four Year Unsecured Loans [Member] | Unsecured Debt from Bank of China [Member]
Debt Instrument [Line Items]
Debt instrument, issuer	Bank of China
Initial term of loan	4 years
Aggregated principal amount	$ 12,100,000
Debt instrument, issuance date	Jan. 1, 2016
Debt instrument, maturity date	Oct. 28, 2020
Debt instrument, interest rate	4.75%			4.75%
Two Two-Year Secured Loans [Member]
Debt Instrument [Line Items]
Debt instrument, issuer	China Construction Bank
Initial term of loan	2 years
Aggregated principal amount	$ 14,300,000
Debt instrument, interest rate	0.6541%			0.6541%
Spread over variable rate	1.60%
Variable rate basis	three-month LIBOR
Restricted cash to secure loans	$ 10,400,000
Two Two-Year Secured Loans One [Member]
Debt Instrument [Line Items]
Debt instrument, issuer	China Construction Bank
Initial term of loan	2 years
Debt instrument, maturity date	Mar. 22, 2018
Spread over variable rate	1.60%
Variable rate basis	three-month LIBOR
Two Two-Year Secured Loans Two [Member]
Debt Instrument [Line Items]
Debt instrument, issuer	China Construction Bank
Aggregated principal amount	$ 3,800,000
Debt instrument, maturity date	Mar. 22, 2018
Debt instrument, interest rate	0.6541%			0.6541%
Spread over variable rate	1.60%
Variable rate basis	three-month LIBOR
China, Yuan Renminbi [Member]
Debt Instrument [Line Items]
Total lines of credit | ¥				¥ 356
Unused lines of credit | ¥				368.9
Remaining line of credit | ¥				646
China, Yuan Renminbi [Member] | Three Year Secured Loan [Member]
Debt Instrument [Line Items]
Security Deposit | ¥				110
China, Yuan Renminbi [Member] | Two Year Unsecured Loan One [Member]
Debt Instrument [Line Items]
Aggregated principal amount | ¥				197
China, Yuan Renminbi [Member] | Two Year Unsecured Loan Two [Member]
Debt Instrument [Line Items]
Aggregated principal amount | ¥				100
Amount of first note | ¥				45
Amount of second note | ¥				55
China, Yuan Renminbi [Member] | One Two Year Unsecured Loan [Member]
Debt Instrument [Line Items]
Aggregated principal amount | ¥				40
China, Yuan Renminbi [Member] | Three Five Year Unsecured Loan [Member] | Unsecured Debt from Bank of China [Member]
Debt Instrument [Line Items]
Aggregated principal amount | ¥				260
China, Yuan Renminbi [Member] | One Four Year Unsecured Loans [Member] | Unsecured Debt from Bank of China [Member]
Debt Instrument [Line Items]
Aggregated principal amount | ¥				80
China, Yuan Renminbi [Member] | Two Two-Year Secured Loans [Member]
Debt Instrument [Line Items]
Restricted cash to secure loans | ¥				¥ 68.8

Accrued expenses and other cu55

Accrued expenses and other current liabilities (Schedule of Accrued expenses and other current liabilities) (Details) - USD ($)		Jun. 30, 2016	Dec. 31, 2015
Accrued Liabilities, Current [Abstract]
Payables for purchase of property, plant and equipment		$ 129,668,126	$ 42,524,903
Accrued freight expenses		2,459,663	1,579,936
Accrued interest expenses		7,934,070	7,800,481
Advance from customers	[1]	75,198,592	82,009,002
Non income tax payables		5,238,290	4,353,730
Others	[2]	3,166,042	2,720,660
Total accrued expenses and other current liabilities		$ 223,664,783	$ 140,988,712
[1]	Advance from customers mainly represent the advance received from two customers in the PRC for the raw material purchases during the 4th quarter of 2015. The Company delivered raw material in the amount of USD 6,810,410 to these two customers during the six-month periods ended June 30, 2016.
[2]	Others mainly represent accrued payroll and employee benefits and other accrued miscellaneous operating expenses.

Accrued expenses and other cu56

Accrued expenses and other current liabilities (Narrative) (Details)	6 Months Ended
	Jun. 30, 2016USD ($)
Two Customers [Member]
Raw material delivered	$ 6,810,410

Related party transactions (Sch

Related party transactions (Schedule of Significant Related Party Transactions) (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Related Party Transactions [Abstract]
Rental expenses for plant and office spaces	$ 184,525	$ 165,500	$ 369,061	$ 360,714

Related party transactions (S58

Related party transactions (Schedule of Related Parties Balances) (Details) - USD ($)	Jun. 30, 2016	Dec. 31, 2015
Related Party Transaction [Line Items]
Prepaid rent expenses to related party		$ 244,836
Rental payable to related party	131,394	8,439
Xinda High-Tech [Member]
Related Party Transaction [Line Items]
Prepaid rent expenses to related party		244,836
Rental payable to related party	120,107
Mr Han's son [Member]
Related Party Transaction [Line Items]
Rental payable to related party	$ 11,287	$ 8,439

Related party transactions (S59

Related party transactions (Schedule of Plant and Office Buildings in Harbin) (Details)	6 Months Ended
	Jun. 30, 2016USD ($)m²
Office Building 1 [Member]
Related Party Transaction [Line Items]
Area (Square Meters) | m²	23,894
Annual Rental Fee | $	$ 732,032
Lease start date	Jan. 1, 2014
Lease expiration period	Dec. 31, 2018
Mr Han's son [Member] | Facility 1 [Member]
Related Party Transaction [Line Items]
Area (Square Meters) | m²	200
Annual Rental Fee | $	$ 6,127
Lease start date	Aug. 17, 2014
Lease expiration period	Aug. 16, 2016

Income tax (Narrative) (Details

Income tax (Narrative) (Details) - USD ($)	6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
Income Tax [Line Items]
PRC statutory income tax rate	25.00%
Effective income tax rate	18.00%	14.30%
Effective income tax rate increased	18.00%	14.30%
Unrecognized tax benefits	$ 24,993,661
Interest relating to unrecognized tax benefits	$ 4,269,280
Subsidiary One [Member]
Income Tax [Line Items]
PRC statutory income tax rate	15.00%

Deferred Income (Details)

Deferred Income (Details) ¥ in Millions, $ in Millions	1 Months Ended		6 Months Ended
	Jan. 31, 2015USD ($)	Jan. 31, 2015CNY (¥)	Jun. 30, 2016USD ($)	Jun. 30, 2016CNY (¥)	Jun. 30, 2016CNY (¥)
Fund Support Agreement With Shunqing Government [Member]
Deferred Revenue Arrangement [Line Items]
Government grant, agreement amount | $	$ 52.8
Government grant related to construction in the form of repayment of bank loan on behalf of the Company by the government | $			$ 42.2
Government grant related to the construction of Sichuan plant in the form of restricted cash | $			10.6
Government grant, funds received till date | $			13.6
Additional government grant received | $			5.4
Additional government grant received recognized as other income | $			1.5
Fund Support Agreement With Shunqing Government [Member] | China, Yuan Renminbi [Member]
Deferred Revenue Arrangement [Line Items]
Government grant, agreement amount | ¥		¥ 350
Government grant related to construction in the form of repayment of bank loan on behalf of the Company by the government | ¥				¥ 280
Government grant related to the construction of Sichuan plant in the form of restricted cash | ¥				70
Government grant, funds received till date | ¥					¥ 89.9
Additional government grant received | ¥				36
Additional government grant received recognized as other income | ¥				¥ 9.8
Ministry of Finance of the People's Republic of China [Member]
Deferred Revenue Arrangement [Line Items]
Government grant, funds received till date | $			$ 1
Ministry of Finance of the People's Republic of China [Member] | China, Yuan Renminbi [Member]
Deferred Revenue Arrangement [Line Items]
Government grant, funds received till date | ¥					¥ 6.4

Other non-current liabilities62

Other non-current liabilities (Details) - USD ($)		Jun. 30, 2016	Dec. 31, 2015
Other Liabilities, Noncurrent [Abstract]
Income tax payable-noncurrent	[1]	$ 29,262,941	$ 24,172,693
Deferred income tax liabilities		12,504,645	13,874,224
Total other non-current liabilities		$ 41,767,586	$ 38,046,917
[1]	Income tax payable-noncurrent represents the accumulative balance of unrecognized tax benefits and related accrued interest.

Stockholders' equity (Details)

Stockholders' equity (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Stockholders Equity [Line Items]
Balance as of January 1, 2016			$ 578,045,598
Net income	$ 33,355,774	$ 25,478,603	44,713,124	$ 50,882,629
Other comprehensive loss			(13,513,302)
Stock based compensation			470,424
Vesting of nonvested shares
Balance as of June 30, 2016	609,715,844		609,715,844
Preferred Stock [Member] | Series B Preferred Stock [Member]
Stockholders Equity [Line Items]
Balance as of January 1, 2016			$ 100
Balance as of January 1, 2016, shares			1,000,000
Net income
Other comprehensive loss
Stock based compensation
Vesting of nonvested shares
Vesting of nonvested shares, shares
Balance as of June 30, 2016	$ 100		$ 100
Balance as of June 30, 2016, shares	1,000,000		1,000,000
Common Stock [Member]
Stockholders Equity [Line Items]
Balance as of January 1, 2016			$ 4,933
Balance as of January 1, 2016, shares			49,323,284
Net income
Other comprehensive loss
Stock based compensation
Vesting of nonvested shares			$ 8
Vesting of nonvested shares, shares			82,907
Balance as of June 30, 2016	$ 4,941		$ 4,941
Balance as of June 30, 2016, shares	49,406,191		49,406,191
Treasury Stock [Member]
Stockholders Equity [Line Items]
Balance as of January 1, 2016			$ (92,694)
Net income
Other comprehensive loss
Stock based compensation
Vesting of nonvested shares
Balance as of June 30, 2016	$ (92,694)		(92,694)
Additional Paid-in Capital [Member]
Stockholders Equity [Line Items]
Balance as of January 1, 2016			81,919,932
Net income
Other comprehensive loss
Stock based compensation			470,424
Vesting of nonvested shares			(8)
Balance as of June 30, 2016	82,390,348		82,390,348
Retained Earnings [Member]
Stockholders Equity [Line Items]
Balance as of January 1, 2016			515,555,985
Net income			44,713,124
Other comprehensive loss
Stock based compensation
Vesting of nonvested shares
Balance as of June 30, 2016	560,269,109		560,269,109
Accumulated Other Comprehensive Income (Loss) [Member]
Stockholders Equity [Line Items]
Balance as of January 1, 2016			(19,342,658)
Net income
Other comprehensive loss			(13,513,302)
Stock based compensation
Vesting of nonvested shares
Balance as of June 30, 2016	$ (32,855,960)		$ (32,855,960)

Stock based compensation (Narra

Stock based compensation (Narrative) (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost	$ 1,304,494		$ 1,304,494
Unrecognized compensation cost, recognition period			1 year 1 month 28 days
General and administration expenses [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	$ 248,244	$ 130,645	$ 470,424	$ 386,371

Stock based compensation (Summa

Stock based compensation (Summary of Nonvested Shares Activity) (Details) - Nonvested Shares [Member]	6 Months Ended
	Jun. 30, 2016$ / sharesshares
Number of Nonvested Shares
Outstanding as of December 31, 2015 | shares	614,727
Vested | shares	(10,907)
Forfeited | shares	(27,770)
Outstanding as of March 31, 2016 | shares	576,050
Weighted Average Grant Date Fair Value Per Share
Outstanding as of December 31, 2015 | $ / shares	$ 5.54
Vested | $ / shares	3.08
Forfeited | $ / shares	5.04
Outstanding as of March 31, 2016 | $ / shares	$ 5.60

Earnings per share (Calculation

Earnings per share (Calculation of Basic and Diluted Earnings Per Share) (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Numerator:
Net income	$ 33,355,774	$ 25,478,603	$ 44,713,124	$ 50,882,629
Net income for dilutive earnings per share	$ 24,975,072	$ 19,048,194	$ 33,474,251	$ 38,036,303
Denominator
Denominator for basic and diluted earnings per share	49,406,191	49,161,284	49,391,710	49,159,344
Earnings per share:
Basic and diluted	$ 0.51	$ 0.39	$ 0.68	$ 0.77
Series D Convertible Preferred Stock [Member]
Numerator:
Less: Earnings allocated to participating Series D convertible preferred stock and nonvested shares	$ (8,088,078)	$ (6,199,413)	$ (10,843,682)	$ (12,379,759)
Nonvested Shares [Member]
Numerator:
Less: Earnings allocated to participating Series D convertible preferred stock and nonvested shares	$ (292,624)	$ (230,996)	$ (395,191)	$ (466,567)

Earnings per share (Summary of

Earnings per share (Summary of Potentially Dilutive Securities) (Details) - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Series D Convertible Preferred Stock [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Shares issuable upon conversion	16,000,000	16,000,000	16,000,000	16,000,000

Commitments and contingencies68

Commitments and contingencies (Schedule of Future Minimum Rental Payments) (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Commitments and Contingencies Disclosure [Abstract]
Period from April 1, 2016 to December 31, 2016	$ 495,307		$ 495,307
2,017	1,272,455		1,272,455
2,018	984,733		984,733
2,019	113,999		113,999
2,020	113,999		113,999
2021 and thereafter	930,994		930,994
Operating lease rental expense, plant, equipment and office spaces	$ 449,002	$ 499,500	$ 844,058	$ 728,649

Commitments and contingencies69

Commitments and contingencies (Narrative) (Details) ¥ in Millions, AED in Millions, $ in Millions	1 Months Ended
	Jun. 28, 2016USD ($)	Jun. 28, 2016AED	Apr. 30, 2015AED	Jan. 31, 2015USD ($)	Mar. 31, 2013USD ($)	Jun. 30, 2016USD ($)	Jun. 30, 2016CNY (¥)
Facility Construction [Member]
Long-term Purchase Commitment [Line Items]
Purchase Obligation						$ 13.4
Facility Construction [Member] | China, Yuan Renminbi [Member]
Long-term Purchase Commitment [Line Items]
Purchase Obligation | ¥							¥ 88.9
Equipment [Member]
Long-term Purchase Commitment [Line Items]
Purchase Obligation						2.7
Equipment [Member] | China, Yuan Renminbi [Member]
Long-term Purchase Commitment [Line Items]
Purchase Obligation | ¥							17.9
Xinda Holdings HK [Member] | Property, Plant and Equipment [Member]
Long-term Purchase Commitment [Line Items]
Total consideration					$ 1,800
Xinda Holdings HK [Member] | Working Capital [Member]
Long-term Purchase Commitment [Line Items]
Total consideration					$ 600
Peaceful [Member] | Equipment [Member]
Long-term Purchase Commitment [Line Items]
Total consideration				$ 271.2
Purchase Obligation						5.9
Falcon Red Eye Contracting Co LLC [Member] | Warehouse Construction Contract [Member]
Long-term Purchase Commitment [Line Items]
Purchase Obligation						0.9
Falcon Red Eye Contracting Co LLC [Member] | Warehouse Construction Contract [Member] | United Arab Emirates, Dirhams
Long-term Purchase Commitment [Line Items]
Total consideration | AED			AED 6.7
Bagader Trading Est [Member] | Plant [Member]
Long-term Purchase Commitment [Line Items]
Total consideration	$ 12.3
Purchase Obligation						11
Bagader Trading Est [Member] | Plant [Member] | United Arab Emirates, Dirhams
Long-term Purchase Commitment [Line Items]
Total consideration | AED		AED 45
Xinda Group [Member] | Equipment [Member]
Long-term Purchase Commitment [Line Items]
Purchase Obligation						$ 1.5
Xinda Group [Member] | Equipment [Member] | China, Yuan Renminbi [Member]
Long-term Purchase Commitment [Line Items]
Purchase Obligation | ¥							¥ 9.7

Subsequent events (Details)

Subsequent events (Details) - 11.75% guaranteed senior notes [Member] - Subsequent Event [Member] - USD ($)	1 Months Ended	3 Months Ended
	Aug. 29, 2016	Sep. 30, 2016
Subsequent Event [Line Items]
Percentage of principal amount	100.00%
Principal amount of Note	$ 150,000,000
Estimated carrying amount of note	146,432,000
Redemption Amount	165,285,000
Accrued and unpaid interest	$ 1,224,000
Debt instrument, maturity date	Feb. 4, 2019
Scenario, Forecast [Member]
Subsequent Event [Line Items]
Loss upon extinguishment of the Notes		$ 18,853,000