China XD Plastics (CXDC) 10-Q 10 May 17 2017 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2017	May 04, 2017
Document And Entity Information Abstract
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2017
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	Q1
Document Fiscal Year Focus	2,017
Entity Filer Category	Accelerated Filer
Entity Units Outstanding		49,511,541

UNAUDITED CONDENSED CONSOLIDATE

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)	Mar. 31, 2017	Dec. 31, 2016
Current assets:
Cash and cash equivalents	$ 57,695,720	$ 168,086,445
Restricted cash	148,303,280	103,489,402
Time deposits	77,833,983	184,806,112
Accounts receivable, net of allowance for doubtful accounts	187,319,795	410,049,559
Amounts due from a related party	57,720	229,624
Inventories	367,666,903	280,939,008
Prepaid expenses and other current assets	54,833,793	125,310,309
Total current assets	893,711,194	1,272,910,459
Property, plant and equipment, net	811,362,139	806,363,692
Land use rights, net	22,546,978	22,536,397
Long-term prepayments to equipment and construction suppliers	381,007,445	14,167,702
Other non-current assets	10,568,563	10,521,949
Total assets	2,119,196,319	2,126,500,199
Current liabilities:
Short-term loans, including current portion of long-term bank loans	637,931,355	444,757,476
Bills payable	164,625,397	148,392,677
Accounts payable	152,260,922	320,013,040
Amounts due to a related party	11,611	11,548
Income taxes payable		897,625
Accrued expenses and other current liabilities	118,686,093	119,339,366
Total current liabilities	1,073,515,378	1,033,411,732
Long-term bank loans, excluding current portion	187,697,496	249,520,615
Deferred income	68,282,595	69,311,102
Other non-current liabilities	43,929,163	42,420,619
Total liabilities	1,373,424,632	1,394,664,068
Redeemable Series D convertible preferred stock (redemption amount of US$219,653,000 and US$212,212,300 as of March 31, 2017 and December 31, 2016, respectively)	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, 49,532,541 shares and 49,532,541 shares issued, 49,511,541 shares and 49,511,541 shares outstanding as of March 31, 2017 and December 31, 2016, respectively	4,952	4,952
Treasury stock, 21,000 shares at cost	(92,694)	(92,694)
Additional paid-in capital	82,722,668	82,606,404
Retained earnings	627,069,724	617,168,735
Accumulated other comprehensive loss	(61,509,528)	(65,427,831)
Total stockholders' equity	648,195,222	634,259,666
Commitments and contingencies
Total liabilities, redeemable convertible preferred stocks and stockholders' equity	$ 2,119,196,319	$ 2,126,500,199

UNAUDITED CONDENSED CONSOLIDAT3

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($)	Mar. 31, 2017	Dec. 31, 2016
Statement of Financial Position [Abstract]
Redeemable Series D convertible preferred stock, redemption amount	$ 219,653,000	$ 212,212,300
Common stock, par value	$ 0.0001	$ 0.0001
Common stock, shares authorized	500,000,000	500,000,000
Common stock, shares issued	49,532,541	49,532,541
Common stock, shares outstanding	49,511,541	49,511,541
Treasury shares, shares	21,000	21,000

UNAUDITED CONDENSED CONSOLIDAT4

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($)	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Statement of Comprehensive Income [Abstract]
Revenues	$ 237,840,197	$ 215,030,158
Cost of revenues	(203,068,027)	(180,216,507)
Gross profit	34,772,170	34,813,651
Selling expenses	(518,813)	(285,136)
General and administrative expenses	(7,053,671)	(5,069,674)
Research and development expenses	(5,851,100)	(4,909,567)
Total operating expenses	(13,423,584)	(10,264,377)
Operating income	21,348,586	24,549,274
Interest income	1,163,259	1,614,263
Interest expense	(10,021,976)	(10,904,659)
Foreign currency exchange gains (losses)	(476,085)	427,665
Government grant	1,439,531	208,433
Total non-operating expense, net	(7,895,271)	(8,654,298)
Income before income taxes	13,453,315	15,894,976
Income tax expense	(3,552,326)	(4,537,626)
Net income	$ 9,900,989	$ 11,357,350
Earnings per common share:
Basic and diluted	$ 0.15	$ 0.17
Net Income	$ 9,900,989	$ 11,357,350
Other comprehensive loss
Foreign currency translation adjustment, net of nil income taxes	3,918,303	4,927,024
Comprehensive income	$ 13,819,292	$ 16,284,374

UNAUDITED CONDENSED CONSOLIDAT5

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Cash flows from operating activities:
Net cash used in operating activities	$ (57,631,880)	$ (25,403,676)
Cash flows from investing activities:
Purchase of time deposits	(59,853,272)	(155,330,882)
Proceeds from maturity of time deposits	168,083,097	94,362,745
Purchase of land use rights	(3,036,333)
Purchase of and deposits for property, plant and equipment	(328,428,788)	(27,399,896)
Refund of deposit from an equipment supplier	75,052,508
Government grant related to the construction of Sichuan plant		2,060,355
Net cash used in investing activities	(148,182,788)	(86,307,678)
Cash flows from financing activities:
Proceeds from bank borrowings	316,586,547	166,914,532
Repayments of bank borrowings	(188,024,421)	(131,602,645)
Release of restricted cash as collateral for bank borrowings	6,292,727	21,341,912
Placement of restricted cash as collateral for bank borrowings	(40,575,289)	(21,954,042)
Net cash provided by financing activities	94,279,564	34,699,757
Effect of foreign currency exchange rate changes on cash and cash equivalents	1,144,379	138,350
Net decrease in cash and cash equivalents	(110,390,725)	(76,873,247)
Cash and cash equivalents at beginning of period	168,086,445	119,928,485
Cash and cash equivalents at end of period	57,695,720	43,055,238
Supplemental disclosure of cash flow information:
Interest paid, net of capitalized interest	8,482,216	14,380,560
Income taxes paid	$ 5,057,042	6,874,104
Non-cash investing and financing activities:
Accrual for purchase of property, plant and equipment		$ 93,422,837

Basis of presentation, signific

Basis of presentation, significant concentrations and risks	3 Months Ended
	Mar. 31, 2017
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, 2016 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, 2016, 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 16, 2017. 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 March 31, 2017, the results of operations and cash flows for the three-month periods ended March 31, 2017 and 2016, 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"). The Company's sales are highly concentrated. Sales to distributors individually exceeded 10% of the Company's revenues for the three month periods ended March 31, 2017 and 2016, are as follows: For the Three-Month Period Ended March 31, 2017 2016 US$ % US$ % Distributor A, located in PRC 42,217,833 17.8 % 35,105,615 16.3 % Distributor B, located in PRC 28,510,327 12.0 % 35,809,554 16.7 % Distributor C, located in PRC 22,231,697 9.3 % 28,460,900 13.2 % Distributor D, located in PRC 21,241,225 8.9 % 21,908,999 10.2 % Distributor E, located in PRC 18,332,720 7.7 % 25,485,848 11.9 % Distributor F, located in PRC - 0.0 % 22,202,126 10.3 % Total 132,533,802 55.7 % 168,973,042 78.6 % The Company expects revenues from these distributors to continue to represent a substantial portion of its revenue in the future. Any factor adversely affecting the automobile industry in the PRC 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 purchases substantially all of its raw materials through a limited number of distributors. Raw material purchases from these distributors, which individually exceeded 10% of the Company's total raw material purchases, accounted for approximately 40.4% (three distributors), and 76.9% (five distributors) , of the Company's total raw material purchases for the three-month period ended March 31 2017 and 2016, 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 equipment distributors, which accounted for nil and 99.9% of the Company's total equipment purchases for the three-month periods ended March 31, 2017 and 2016, respectively. 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 could adversely affect the Company's business, financial position and results of operations. 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: March 31, 2017 December 31, 2016 US$ US$ RMB denominated bank deposits with: Financial Institutions in the PRC 290,972,707 464,427,328 Financial Institutions in Hong Kong Special Administrative Region ("Hong Kong SAR") 7,995 7,946 Financial Institution in Dubai, United Arab Emirates ("UAE") 57 - U.S. dollar denominated bank deposits with: Financial Institution in the U.S. 9,270 20,192 Financial Institutions in the PRC 18,539 18,025 Financial Institution in Hong Kong SAR 1,827,511 1,629,199 Financial Institution in Macau Special Administrative Region ("Macau SAR") 3,347 1,810 Financial Institution in Dubai, UAE 120,180 139,201 HK dollar denominated bank deposits with: Financial institution in Hong Kong SAR 119 148 Dirham denominated bank deposits with: Financial institution in Dubai, UAE 843,731 53,647 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 Hong Kong 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. The bank deposits with financial institutions in the Dubai, UAE are not insured by the government authority. Total bank deposits amounted to $1,554,272 and $1,207,996 are insured as of March 31, 2017 and December 31, 2016, 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 consolidated balance sheets and excluded from cash and cash equivalents in the consolidated statements of cash flows. Cash deposits of US$9,972,026 and US$9,917,832 as of March 31, 2017 and December 31, 2016 that are restricted for period beyond 12 months from the balance sheet date are included in other non-current assets in the consolidated balance sheets and also excluded from cash and cash equivalents in the condensed consolidated statements of cash flows. 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$42,449,234 and US$33,673,057 as of March 31, 2017 and December 31, 2016, 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 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$104,401,896 and US$69,816,345 as of March 31, 2017 and December 31, 2016, 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$9,972,026 and US$9,917,832 as of March 31, 2017 and December 31, 2016, 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 US$1,452,150 and nil as of March 31, 2017 and December 31, 2016, respectively. The cash flows from the government grant, which related to construction, are reported within cash flows from investing activities in the condensed consolidated statements of cash flows.

Accounts receivable

Accounts receivable	3 Months Ended
	Mar. 31, 2017
Accounts Receivable, Net [Abstract]
Accounts receivable	Note 2 - Accounts receivable Accounts receivable consists of the following: March 31, 2017 December 31, 2016 US$ US$ Accounts receivable 187,358,110 410,087,666 Allowance for doubtful accounts (38,315 ) (38,107 ) Accounts receivable, net 187,319,795 410,049,559 As of March 31, 2017 and December 31, 2016, the accounts receivable balances also include notes receivable in the amount of US$869,562 and US$$374,296, respectively. As of March 31, 2017 and December 31, 2016, US$64,691,299 and US$63,301,966 There was no accrual of additional provision or write-off of accounts receivable for the three-month periods ended March 31, 2017 and 2016. The following table provides an analysis of the aging of accounts receivable as of March 31, 2017 and December 31, 2016: March 31, 2017 December 31, 2016 US$ US$ Aging: – current 153,719,815 373,108,359 – 1-3 months past due 33,599,980 36,941,200 – 4-6 months past due - - – 7-12 months past due - - – greater than one year past due 38,315 38,107 Total accounts receivable 187,358,110 410,087,666

Inventories

Inventories	3 Months Ended
	Mar. 31, 2017
Inventory, Net [Abstract]
Inventories	Note 3 - Inventories Inventories consist of the following: March 31, 2017 December 31, 2016 US$ US$ Raw materials 301,538,670 270,605,823 Work in progress 103,196 157,953 Finished goods 66,025,037 10,175,232 Total inventories 367,666,903 280,939,008 There were no write down of inventories for the three-month periods ended March 31, 2017 and 2016.

Prepaid expenses and other curr

Prepaid expenses and other current assets	3 Months Ended
	Mar. 31, 2017
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: March 31, 2017 December 31, 2016 US$ US$ Receivables from Hailezi (i) - 88,286,651 Receivables from Jiamu (ii) - 20,628,987 Advances to suppliers 34,719,620 3,365,930 Value added taxes receivable (iii) 10,991,823 4,814,920 Interest receivable (iv) 3,578,294 3,231,763 Others (v) 5,544,056 4,982,058 Total prepaid expenses and other current assets 54,833,793 125,310,309 (i) In September 2016, the Company's two subsidiaries, Heilongjiang Xinda Enterprise Group Company Limited ("HLJ Xinda Group") and Sichuan Xinda Enterprise Group Co., Ltd ("Sichuan Xinda") each entered into equipment purchase contracts with Harbin Hailezi Science and Technology Co., Ltd. ("Hailezi") to purchase production equipment, testing equipment and storage facility. Pursuant to the contracts with Hailezi, HLJ Xinda Group and Sichuan Xinda have prepaid RMB349.1 million (equivalent to US$50.3 million) and RMB263.4 million (equivalent to US$38.0 million) as of December 31, 2016, respectively, which was recognized in investing activities in the statements of cash flow. In November 2016, the three parties agreed to terminate the contracts and Hailezi agreed to refund all the prepayment. As of March 31, 2017, Hailezi has refunded all prepayment to HLJ Xinda Group and Sichuan Xinda. (ii) Sichuan Xinda prepaid RMB143.1 million (equivalent to US$20.6 million) to purchase equipment from Harbin Jiamu Import and Export Co., Ltd. in November 2016, which was recognized in operating activities in the statements of cash flow. As Harbin Jiamu Import and Export Co., Ltd. had cancelled its registration and transferred its business to Harbin Jiamu Science and Technology Co., Ltd., Harbin Jiamu Import and Export Co., Ltd. agreed to refund the prepayment. As of March 31, 2017, Harbin Jiamu Import and Export Co., Ltd. has refunded all the prepayment. The majority owner of Hailezi is also the majority owner of Harbin Jiamu Import and Export Co., Ltd and Harbin Jiamu Science (iii) Value added taxes receivables mainly represent the input taxes on purchasing equipment by Sichuan Xinda, which are to be net off with output taxes. Value added taxes receivables was recognized in operating activities in consolidated statements of cash flows. (iv) Interest receivable mainly represents interest income accrued from time deposits and restricted cash. (v) Others mainly include prepaid miscellaneous service fee, staff advance and prepaid rental fee.

Property, plant and equipment,

Property, plant and equipment, net	3 Months Ended
	Mar. 31, 2017
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: March 31, 2017 December 31, 2016 US$ US$ Machinery, equipment and furniture 393,165,209 391,149,907 Motor vehicles 2,653,720 2,640,477 Workshops and buildings 121,581,036 119,503,091 Construction in progress 421,099,824 409,257,584 Total property, plant and equipment 938,499,789 922,551,059 Less accumulated depreciation (127,137,650 ) (116,187,367 ) Property, plant and equipment, net 811,362,139 806,363,692 For the three-month periods ended March 31, 2017 and 2016, the Company capitalized US$638,302, and US$601,107of interest costs as a component of the cost of construction in progress. Depreciation expense on property, plant and equipment was allocated to the following expense items: Three-Month Period Ended March 31, 2017 US$ 2016 US$ Cost of revenues 8,827,150 5,680,494 General and administrative expenses 561,318 403,184 Research and development expenses 991,715 945,817 Selling expenses 776 384 Total depreciation expense 10,380,959 7,029,879

Prepayments to equipment suppli

Prepayments to equipment suppliers	3 Months Ended
	Mar. 31, 2017
Prepayments to equipment suppliers [Abstract]
Prepayments to equipment suppliers	Note 6 - Prepayments to equipment and construction suppliers March 31, 2017 December 31, 2016 US$ US$ - Hailezi (i) 340,684,867 - Beijin Construction (ii) 16,709,116 4,324,636 Samim Group FZE (iii) 14,940,994 5,308,737 Peaceful (iv) 4,911,150 - Sichuan Construction 3,576,524 907,024 Sports City (v) - 2,859,952 Others 184,794 767,353 Total Prepayments to equipment and construction suppliers 381,007,445 14,167,702 (i) On March 17, 2017, Sichuan Xinda entered into a definitive agreement with the People's Government of Shunqing District, Nanchong City of Sichuan Province for the production of 300,000 metric tons of bio-composite materials and additive manufacturing and 20,000 metric tons of functional masterbatch, a high-end color additive process in plastics manufacturing ("the Nanchong Project"). The Nanchong Project will be located in a land area of 250 mu (equivalent to 41.2 acres), with 215 mu will be designated for bio-composite materials and additive manufacturing production and 35 mu to be designated for functional masterbatch production. The projected total capital expenditures for the project is approximately RMB2.5 billion (estimated to be US$357 million) with anticipated completion by the end of December 2018. Pursuant to the project, Sichuan Xinda entered into equipment purchase contracts with Harbin Hailezi Science and Technology Co., Ltd. ("Hailezi") to purchase production equipment and testing equipment. Pursuant to the contracts with Hailezi, Sichuan Xinda has prepaid RMB1,728.9 million (equivalent to US$250.6 million) as of March 31, 2017. On September 26, 2016 and February 28, 2017, HLJ Xinda Group entered into two equipment purchase contracts with Hailezi for a total consideration of RMB782.2 million (equivalent to US$113.4 million) to purchase storage facility and other equipment, which will be used for upgrading the storage system of warehouse located in Harbin, China. Pursuant to the contract with Hailezi, HLJ Xinda Group has prepaid RMB621.6 million (equivalent to US$90.1 million) as of March 31, 2017. (ii) On November 15, 2016, Sichuan Xinda entered into decoration contract with Sichuan Beijin Construction Engineering Company Limited ("Beijin Construction") to perform indoor and outdoor decoration work for a consideration of RMB237.6 million (equivalent to US$34.3 million). Pursuant to the contract with Beijin Construction, Sichuan Xinda has prepaid RMB115.3 million (equivalent to US$16.7 million) as of March 31, 2017 , which was recognized in investing activities in the statements of cash flow. (iii) On September 21, 2016, AL Composites Materials FZE ("Dubai Xinda") Samim Group FZE pertaining approximately 22,324 square meters property in JAFZA in Dubai, UAE with constructed building including a warehouse, office and service block for a total consideration of AED55.3 million (equivalent to US$14.9 million). As of March 31, 2017, the Company has prepaid the full amount of the contract, which was recognized in investing activities in the statements of cash flow. (ii) On October 20, 2016, Sichuan Xinda entered into an equipment purchase contract with Peaceful Treasure Limited ("Peaceful") for a total consideration of US$12.9 million to purchase certain production and testing equipment. Pursuant to the contract with Peaceful, the Company prepaid RMB33.9 million (equivalent to US$4.9 million) as of March 31, 2017. (v) In September, 2016, Dubai Xinda entered into apartments purchase contracts with Dubai Sports City LLC ("Sports City") for a total consideration of AED14.0 million (equivalent to US$3.8 million). As of March 31, 2017, the apartments have been delivered to the Company.

Borrowings

Borrowings	3 Months Ended
	Mar. 31, 2017
Debt Disclosure [Abstract]
Borrowings	Note 7 – Borrowings The Company has credit facilities with several banks under which they draw short-term and long-term bank loans as described below. (a) Current March 31, 2017 December 31, 2016 US$ US$ Unsecured loans 389,359,581 273,147,455 Loans secured by accounts receivable 50,729,784 50,454,086 Loans secured by restricted cash 56,874,300 32,474,300 Current portion of long-term bank loans (note b) 140,967,690 88,681,635 Total short-term loans, including current portion of long-term bank loans 637,931,355 444,757,476 As of March 31, 2017 and December 31, 2016, the Company's short-term bank loans (including the current portion of long-term bank loans) bear a weighted average interest rate of 3.9% and 4.0% per annum, respectively. All short-term bank loans mature at various times within one year and contain no renewal terms. 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 (0.9828% as of March 31, 2017) plus 1.8%. This loan was secured by restricted cash of RMB25.5 million (equivalent to US$3.7 million) in the HSBC Bank in Harbin, China. In August 2016, the Company obtained nine six-month secured loans in a total amount of RMB350 million (equivalent to US$50.5 million) by accounts receivables of RMB439.2 million (equivalent to US$63.3 million) at an annual interest rate of 4.350% from Harbin Longjiang Bank. The Company repaid the loan in January, 2017 and obtained another ten six-month secured loans in a total amount of RMB350 million (equivalent to US$50.7 million) by accounts receivables of RMB446.3 million (equivalent to US$64.7 million) at an annual interest rate of 4.350%. In August 2016, the Company obtained a one-year secured loan of US$13.9 million from Industrial and Commercial Bank of China (Abu Dhabi Branch) at an interest of three-month LIBOR (1.1496% as of March 31, 2017) plus 2.0%. This loan was secured by restricted cash of RMB100.0 million (equivalent to US$14.5 million) in the Industrial and Commercial Bank of China in Harbin, China. The interest rate is reset every three months. On October 7, 2016, the Company obtained a one-year secured loan of US$2.0 million from Bank of China (Macau Branch) at an annual interest rate of 1.8%. The loan was secured by restricted cash of RMB17.0 million (equivalent to US$2.5 million) in Bank of China in Harbin, China. In January 2017, the Company obtained a one-year secured loan of US$12.0 million from HSBC Middle East at an annual interest rate of one-month LIBOR (0.9828% as of March 31, 2017) plus 1.8%. This loan was secured by restricted cash of RMB44.3 million (equivalent to US$6.5 million) in the HSBC Bank in Harbin, China. In January, 2017, the Company obtained a one-year secured loan of US$12.0 million from Bank of China (Macau Branch) at an annual interest rate of 2.3%. The loan was secured by restricted cash of RMB94.0 million (equivalent to US$13.6 million) in Bank of China in Harbin, China. In February, 2017, the Company obtained a one-year secured loan of US$17.0 million from Bank of China (Abu Dhabi Branch) at an annual interest rate of 2.3%. The loan was secured by restricted cash of RMB141.0 million (equivalent to US$20.4 million) in Bank of China in Harbin, China. (b) Non-current March 31,2017 December 31, 2016 US$ US$ Secured loans 90,170,000 90,170,000 Unsecured loans 63,049,875 73,518,812 Syndicate loan facility 175,445,311 174,513,438 Less: current portion 140,967,690 88,681,635 Total long-term bank loans, excluding current portion 187,697,496 249,520,615 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 (1.1496% as of March 31, 2017). The loan is secured by restricted cash of RMB110 million (equivalent to US$15.9 million). The Company repaid US$4 million in 2015, US$5 million on June 9, 2016 and US$15 million on December 9, 2016, and the remaining of the loan amounting to US$46 million will be due on June 9, 2017. In accordance with the requirements of the bank, RMB109 million (equivalent to US$15.8 million) is pledged as restricted cash for this long-term bank loan on July 22, 2016. On January 23, 2015, the Company obtained two two-year unsecured loans in the total amount of RMB100 million (equivalent to US$14.4 million) from Agriculture Bank of China at an annual interest rate of 6.0%. Both loans were due and repaid by the Company in January 2017. On April 22, 2015, the Company obtained a two-year unsecured loan of RMB40 million (equivalent to US$5.8 million) from Agriculture Bank of China at an annual interest rate of 5.75%. The loan will be due on April 20, 2017. In October and November, 2015, the Company obtained three five-year unsecured loans of RMB260 million (equivalent to US$37.7 million) from Bank of China at an annual interest rate of 4.75%. In January 2016, the Company obtained one four-year unsecured loans of RMB80 million (equivalent to US$11.6 million) from Bank of China at an annual interest rate of 4.75%. On December 9, 2016, the Company obtained a four-year unsecured loan of RMB30 million (equivalent to US$4.3 million) from Bank of China at an annual interest rate of 4.75%. On March 23, 2017, the Company obtained a three and half year unsecured loans of RMB25.0 million (equivalent to US$3.6 million) from Bank of China at an annual interest rate of 4.75%. All of these loans will be 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 (1.1496% as of March 31, 2017) 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 (1.1496% as of March 31, 2017) 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 (1.1496% as of March 31, 2017) 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$10.0 million). All of these loans will be due on March 22, 2018. On August 22, 2016, Xinda Holding (HK) a wholly owned subsidiary of the Company, entered into a facility agreement on August 22, 2016 for a loan facility in an aggregate amount of US$180 million with a consortium of banks and financial institutions led by Standard Chartered Bank (Hong Kong) Limited. The Company paid arrangement fees and legal fees in the amount of US$6.77 million of which the unamortized balance is US$4.6 million as of March 31, 2017 for the related loan. Debt issuance costs are presented on the consolidated balance sheets as a direct deduction from the carrying amount of the loan and amortized to interest expense using the effective interest rate of 5.716% as of March 31, 2017. US$22.5 million, US$22.5 million, US$45.0 million and US$90.0 million of the principal amount will be repaid on November 22, 2017, February 22, 2018, May 22, 2018 and August 22, 2018, respectively. On November 7, 2016, the Company obtained a fifteen-month secured loan of US$3.3 million from Industrial and Commercial Bank of China (Abu Dhabi Branch) at an annual interest rate of 2.2%. The loan is secured by restricted cash of RMB25 million (equivalent to US$3.6 million). The loan will be due on February 7, 2018. On November 30, 2016, the Company obtained a fifteen-month secured loan of US$10.5 million from Industrial and Commercial Bank of China (Abu Dhabi Branch) at an annual interest rate of 2.2%. The loan is secured by restricted cash of RMB80 million (equivalent to US$11.6 million). The loan will be due on February 28, 2018. As of March 31, 2017, the Company had total lines of credit of RMB8,797.5 million (US$1,275.1 million) including unused lines of credit of RMB4,306.7 million (US$624.2 million) with remaining terms less than 12 months and RMB5.0 million (US$0.7 million) with remaining terms beyond 12 months. Certain lines of credit contain financial covenants such as total stockholders' equity, debt asset ratio, current ratio, contingent liability ratio and net profit. As of March 31, 2017, the Company has met these financial covenants. Maturities on long-term bank loans (including current portion) are as follows: March 31, 2017 US$ 2017 74,297,690 2018 197,115,311 2019 - 2020 57,252,185 after 2020 - Total 328,665,186

Accrued expenses and other curr

Accrued expenses and other current liabilities	3 Months Ended
	Mar. 31, 2017
Accrued Liabilities, Current [Abstract]
Accrued expenses and other current liabilities	Note 8 - Accrued expenses and other current liabilities Accrued expenses and other current liabilities consist of the following: March 31, 2017 December 31, 2016 US$ US$ Payables for purchase of property, plant and equipment 99,595,227 98,472,641 Accrued freight expenses 4,374,036 7,972,067 Accrued interest expenses 1,197,802 885,290 Advance from customers 226,216 93,066 Non income tax payables 3,831,307 4,499,161 Others (i) 9,461,505 7,417,141 Total accrued expenses and other current liabilities 118,686,093 119,339,366 (i) Others mainly represent accrued payroll and employee benefits, accrued audit and consulting fees, electricity fee and other accrued miscellaneous operating expenses.

Related party transactions

Related party transactions	3 Months Ended
	Mar. 31, 2017
Related Party Transactions [Abstract]
Related party transactions	Note 9 – 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 March 31, 2017 2016 US$ US$ Costs and expenses resulting from transactions with related parties: Rental expenses for plant and office spaces 173,557 184,536 The related party balances are summarized as follows: March 31, 2017 December 31, 2016 US$ US$ Amounts due from a related party: Prepaid rent expenses to Xinda High-Tech 57,720 229,624 Total 57,720 229,624 March 31, 2017 December 31, 2016 US$ US$ Amounts due to a related party Rental payable to Mr Han's son 11,611 11,548 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 23,894 694,226 Between January 1, 2014 and December 31, 2018

Income tax

Income tax	3 Months Ended
	Mar. 31, 2017
Income Tax Disclosure [Abstract]
Income tax	Note 10– Income tax Pursuant to an approval from the local tax authority in July 2013, Sichuan Xinda, 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, Dubai Xinda, a subsidiary of China XD, is exempted from income taxes. The effective income tax rates for the three-month periods ended March 31, 2017 and 2016 were 26.4% and 28.5%, respectively. The effective income tax rate reduced from 28.5% for the three-month period ended March 31, 2016 to 26.4% for the three-month period ended March 31, 2017, The effective income tax rate for the three-month period ended March 31, 2017 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 and the effect of non-deductible expenses. As of March 31, 2017, the unrecognized tax benefits were US$26,945,584 and the interest relating to unrecognized tax benefits was US$6,631,408. 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	3 Months Ended
	Mar. 31, 2017
Deferred Revenue Disclosure [Abstract]
Deferred Income	Note 11 – 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, extended to the Company RMB350 million (equivalent to US$50.7 million) to support the construction of the Sichuan plant, which has been received in full in the form of government repayment of bank loans on behalf of the Company. In addition, the Company has received RMB111.6 million (equivalent to US$16.2 million) from Shunqing Government and RMB6.4 million (equivalent to US$0.9 million) from Ministry of Finance of the People's Republic of China to support the construction and RMB1.3 million (equivalent to US$0.2 million) special funds of ministerial key research projects from Ministry of Science and Technology of PRC as of March 31, 2017. 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 consolidated statements of comprehensive income over the periods and in the proportions in which depreciation expense on the long-term assets is recognized. The Sichuan factory has been operational since July 2016. A cumulative RMB17.8 million (equivalent to US$2.6 million) government grants have been amortized as other income proportionate to the depreciation of the related assets, of which RMB8.3 million (equivalent to US$1.2 million) is for the three-month period ended March 31, 2017. The Company also received RMB36 million (equivalent to US$5.2million) from Shunqing Government with respect to interest subsidy for future bank. A cumulative RMB16.4 million (equivalent to US$2.4 million) government grants have been amortized as other income in line with the amount of related loan interest paid, of which RMB1.4 million (equivalent to US$0.2 million) is for the three-month period ended March 31, 2017.

Other non-current liabilities

Other non-current liabilities	3 Months Ended
	Mar. 31, 2017
Other Liabilities, Noncurrent [Abstract]
Other non-current liabilities	Note 12 – Other non-current liabilities March 31, 2017 December 31, 2016 US$ US$ Income tax payable-noncurrent (i) 33,576,992 31,602,314 Deferred income tax liabilities 10,352,171 10,818,305 Total other non-current liabilities 43,929,163 42,420,619 (i) Income tax payable-noncurrent represents the accumulative balance of unrecognized tax benefits and related accrued interest.

Stockholders' equity

Stockholders' equity	3 Months Ended
	Mar. 31, 2017
Stockholders' Equity Note [Abstract]
Stockholders' equity	Note 13 – Stockholders' equity The changes of each caption of stockholders' equity for the three-month period ended March 31, 2017 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 Income Stockholders' Equity US$ US$ Balance as of January 1, 2017 1,000,000 100 49,511,541 4,952 (92,694 ) 82,606,404 617,168,735 (65,427,831 ) 634,259,666 Net income - - - - - - 9,900,989 - 9,900,989 Other comprehensive income - - - - - - - 3,918,303 3,918,303 Stock based compensation - - - - - 116, 264 - - 116,264 Vesting of nonvested shares - - - - - - - - - Balance as of March 31, 2017 1,000,000 100 49,511,541 4,952 (92,694 ) 82,722,668 627,069,724 (61,509,528 ) 648,195,222

Stock based compensation

Stock based compensation	3 Months Ended
	Mar. 31, 2017
Share-based Compensation [Abstract]
Stock based compensation	Note 14 – Stock based compensation Nonvested shares A summary of the nonvested shares activity for the three-month ended March 31, 2017 is as follows: Number of Nonvested Shares Weighted Average Grant date Fair Value US$ Outstanding as of December 31, 2016 402,210 6.10 Vested - - Forfeited (24,910 ) 5.60 Outstanding as of March 31, 2017 377,300 6.13 The Company recognized US$116,264 and US$243,123 of compensation expense in general and administrative expenses relating to nonvested shares for the three-month periods ended March 31, 2017 and 2016, respectively. As of March 31, 2017, there was US$619,556 of total unrecognized compensation cost relating to nonvested shares, which is to be recognized over a weighted average period of 0.78 years.

Earnings per share

Earnings per share	3 Months Ended
	Mar. 31, 2017
Earnings per common share:
Earnings per share	Note 15 - Earnings per share Basic and diluted earnings per share are calculated as follows: Three-Month Period Ended March 31, 2017 2016 US$ US$ Numerator: Net income 9,900,989 11,357,350 Less: Earnings allocated to participating Series D convertible preferred stock (2,404,280 ) (2,754,663 ) Earnings allocated to participating nonvested shares (56,733 ) (101,584 ) Net income for basic and dilutive earnings per share 7,439,976 8,501,103 Denominator: Denominator for basic and diluted earnings per share 49,511,541 49,377,229 Earnings per share: Basic and diluted 0.15 0.17 The following table summarizes potentially dilutive securities excluded from the calculation of diluted earnings per share for the three-month periods ended March 31, 2017 and 2016 because their effects are anti-dilutive: Three-Month Period Ended March 31, 2017 2016 Shares issuable upon conversion of Series D convertible preferred stock 16,000,000 16,000,000

Commitments and contingencies

Commitments and contingencies	3 Months Ended
	Mar. 31, 2017
Commitments and Contingencies Disclosure [Abstract]
Commitments and contingencies	Note 16 - Commitments and contingencies (1) Lease commitments Future minimum lease payments under non-cancellable operating leases agreements as of March 31, 2017 were as follows. US$ Period from April 1, 2017 to December 31, 2017 943,679 Years ending December 31, 2018 1,008,337 2019 108,382 2020 108,382 2021 108,382 2022 and thereafter 867,055 Rental expenses incurred for operating leases of plant and equipment and office spaces were US$660,351 and US$214,789 for the three-month periods ended March 31, 2017 and 2016, 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 purchase On March 8, 2013, 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 March 31, 2017, the Company has a remaining commitment of RMB64.6 million (equivalent to US$9.4 million) mainly for facility construction. In September 2016, Sichuan Xinda entered into equipment purchase contracts with Hailezi for a consideration of RMB17.0 million (equivalent to US$2.5 million) to purchase storage facility and testing equipment. Afterward, Sichuan Xinda cancelled two contracts with Hailezi for a consideration of RMB1.6 million (equivalent to US$0.2 million). As of March 31, 2017, Sichuan Xinda has a remaining commitment of RMB9.4 million (equivalent to US$1.4 million). On October 20, 2016, Sichuan Xinda entered into an equipment purchase agreement purchase contract with Peaceful for a total consideration of RMB89.8 million (equivalent to US$12.9 million) to purchase certain production and testing equipment. As of March 31, 2017, the Company has a commitment of US$8.1 million). On November 15, 2016, Sichuan Xinda entered into decoration contract with Beijin Construction to perform indoor and outdoor decoration work for a consideration of RMB237.6 million (equivalent to US$34.3 million). On February 20, 2017, Sichuan Xinda entered into another decoration contract with Beijin Construction to perform outdoor decoration work for a consideration of RMB2.9 million (equivalent to US$0.4 million). As of March 31, 2017, Sichuan Xinda has a remaining commitment of RMB125.2 million (equivalent to US$18.1 million). Pursuant to the Nanchong Project mentioned in Note 6 (i), Sichuan Xinda and HLJ Xinda each entered into equipment purchase contracts with Harbin Hailezi Science and Technology Co., Ltd. ("Hailezi") to purchase production equipment and testing equipment for a consideration of RMB2.2 billion (equivalent to US$325.1 million). As of March 31, 2017, Sichuan Xinda has a remaining commitment of RMB519.9 million (equivalent to US$75.3 million). (3) Heilongjiang plant construction and equipment purchase On September 26, 2016 and February 28, 2017, HLJ Xinda Group entered into two equipment purchase contracts with Hailezi for a total consideration of RMB782.2 million (equivalent to US$113.4 million) to purchase storage facility and other equipment. As of March 31, 2017, HLJ Xinda Group has a remaining commitment of RMB160.6 million (equivalent to US$23.3 million). (4) Dubai plant construction and equipment On April 28, 2015, Dubai Xinda 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 March 31, 2017, the Company has a remaining commitment of AED3.3 million (equivalent to US$0.9 million). (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 Consolidated Class Action Complaint without prejudice. On May 6, 2016, the lead plaintiffs moved the Court for leave to amend the Consolidated Class Action Complaint. On June 24, 2016, the Company filed its opposition to the lead plaintiffs' motion. On August 8, 2016, in conjunction with filing the reply brief in support of their motion, the lead plaintiffs moved to strike certain documents referred to in the Company's opposition. The Company filed its opposition to the lead plaintiffs' motion to strike on September 16, 2016. On March 8, 2016, the Court entered an Order in the Company's favor denying the lead plaintiffs' motion for leave to amend and denying the lead plaintiffs' motion to strike. The lead plaintiffs have until May 10, 2017 to appeal the dismissal of their lawsuits. 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 March 31, 2017 since the possible loss or range of loss cannot be reasonably estimated.

Basis of presentation, signif22

Basis of presentation, significant concentrations and risks (Policies)	3 Months Ended
	Mar. 31, 2017
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, 2016 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, 2016, 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 16, 2017. 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 March 31, 2017, the results of operations and cash flows for the three-month periods ended March 31, 2017 and 2016, 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"). The Company's sales are highly concentrated. Sales to distributors individually exceeded 10% of the Company's revenues for the three month periods ended March 31, 2017 and 2016, are as follows: For the Three-Month Period Ended March 31, 2017 2016 US$ % US$ % Distributor A, located in PRC 42,217,833 17.8 % 35,105,615 16.3 % Distributor B, located in PRC 28,510,327 12.0 % 35,809,554 16.7 % Distributor C, located in PRC 22,231,697 9.3 % 28,460,900 13.2 % Distributor D, located in PRC 21,241,225 8.9 % 21,908,999 10.2 % Distributor E, located in PRC 18,332,720 7.7 % 25,485,848 11.9 % Distributor F, located in PRC - 0.0 % 22,202,126 10.3 % Total 132,533,802 55.7 % 168,973,042 78.6 % The Company expects revenues from these distributors to continue to represent a substantial portion of its revenue in the future. Any factor adversely affecting the automobile industry in the PRC 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 purchases substantially all of its raw materials through a limited number of distributors. Raw material purchases from these distributors, which individually exceeded 10% of the Company's total raw material purchases, accounted for approximately 40.4% (three distributors), and 76.9% (five distributors) , of the Company's total raw material purchases for the three-month period ended March 31 2017 and 2016, 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 equipment distributors, which accounted for nil and 99.9% of the Company's total equipment purchases for the three-month periods ended March 31, 2017 and 2016, respectively. 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 could adversely affect the Company's business, financial position and results of operations. 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: March 31, 2017 December 31, 2016 US$ US$ RMB denominated bank deposits with: Financial Institutions in the PRC 290,972,707 464,427,328 Financial Institutions in Hong Kong Special Administrative Region ("Hong Kong SAR") 7,995 7,946 Financial Institution in Dubai, United Arab Emirates ("UAE") 57 - U.S. dollar denominated bank deposits with: Financial Institution in the U.S. 9,270 20,192 Financial Institutions in the PRC 18,539 18,025 Financial Institution in Hong Kong SAR 1,827,511 1,629,199 Financial Institution in Macau Special Administrative Region ("Macau SAR") 3,347 1,810 Financial Institution in Dubai, UAE 120,180 139,201 HK dollar denominated bank deposits with: Financial institution in Hong Kong SAR 119 148 Dirham denominated bank deposits with: Financial institution in Dubai, UAE 843,731 53,647 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 Hong Kong 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. The bank deposits with financial institutions in the Dubai, UAE are not insured by the government authority. Total bank deposits amounted to $1,554,272 and $1,207,996 are insured as of March 31, 2017 and December 31, 2016, 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 consolidated balance sheets and excluded from cash and cash equivalents in the consolidated statements of cash flows. Cash deposits of US$9,972,026 and US$9,917,832 as of March 31, 2017 and December 31, 2016 that are restricted for period beyond 12 months from the balance sheet date are included in other non-current assets in the consolidated balance sheets and also excluded from cash and cash equivalents in the condensed consolidated statements of cash flows. 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$42,449,234 and US$33,673,057 as of March 31, 2017 and December 31, 2016, 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 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$104,401,896 and US$69,816,345 as of March 31, 2017 and December 31, 2016, 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$9,972,026 and US$9,917,832 as of March 31, 2017 and December 31, 2016, 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 US$1,452,150 and nil as of March 31, 2017 and December 31, 2016, respectively. The cash flows from the government grant, which related to construction, are reported within cash flows from investing activities in the condensed consolidated statements of cash flows.

Basis of presentation, signif23

Basis of presentation, significant concentrations and risks (Tables)	3 Months Ended
	Mar. 31, 2017
Basis of presentation, significant concentrations and risks [Abstract]
Schedule of Sales Concentrations by Major Distributors	Sales to distributors individually exceeded 10% of the Company's revenues for the three month periods ended March 31, 2017 and 2016, are as follows: For the Three-Month Period Ended March 31, 2017 2016 US$ % US$ % Distributor A, located in PRC 42,217,833 17.8 % 35,105,615 16.3 % Distributor B, located in PRC 28,510,327 12.0 % 35,809,554 16.7 % Distributor C, located in PRC 22,231,697 9.3 % 28,460,900 13.2 % Distributor D, located in PRC 21,241,225 8.9 % 21,908,999 10.2 % Distributor E, located in PRC 18,332,720 7.7 % 25,485,848 11.9 % Distributor F, located in PRC - 0.0 % 22,202,126 10.3 % Total 132,533,802 55.7 % 168,973,042 78.6 %
Schedule of Cash and Cash Equivalents	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: March 31, 2017 December 31, 2016 US$ US$ RMB denominated bank deposits with: Financial Institutions in the PRC 290,972,707 464,427,328 Financial Institutions in Hong Kong Special Administrative Region ("Hong Kong SAR") 7,995 7,946 Financial Institution in Dubai, United Arab Emirates ("UAE") 57 - U.S. dollar denominated bank deposits with: Financial Institution in the U.S. 9,270 20,192 Financial Institutions in the PRC 18,539 18,025 Financial Institution in Hong Kong SAR 1,827,511 1,629,199 Financial Institution in Macau Special Administrative Region ("Macau SAR") 3,347 1,810 Financial Institution in Dubai, UAE 120,180 139,201 HK dollar denominated bank deposits with: Financial institution in Hong Kong SAR 119 148 Dirham denominated bank deposits with: Financial institution in Dubai, UAE 843,731 53,647

Accounts receivable (Tables)

Accounts receivable (Tables)	3 Months Ended
	Mar. 31, 2017
Accounts Receivable, Net [Abstract]
Schedule of Accounts Receivable	Accounts receivable consists of the following: March 31, 2017 December 31, 2016 US$ US$ Accounts receivable 187,358,110 410,087,666 Allowance for doubtful accounts (38,315 ) (38,107 ) Accounts receivable, net 187,319,795 410,049,559
Schedule of Aging of Accounts Receivable	The following table provides an analysis of the aging of accounts receivable as of March 31, 2017 and December 31, 2016: March 31, 2017 December 31, 2016 US$ US$ Aging: – current 153,719,815 373,108,359 – 1-3 months past due 33,599,980 36,941,200 – 4-6 months past due - - – 7-12 months past due - - – greater than one year past due 38,315 38,107 Total accounts receivable 187,358,110 410,087,666

Inventories (Tables)

Inventories (Tables)	3 Months Ended
	Mar. 31, 2017
Inventory, Net [Abstract]
Schedule of Inventories	Inventories consist of the following: March 31, 2017 December 31, 2016 US$ US$ Raw materials 301,538,670 270,605,823 Work in progress 103,196 157,953 Finished goods 66,025,037 10,175,232 Total inventories 367,666,903 280,939,008

Prepaid expenses and other cu26

Prepaid expenses and other current assets (Tables)	3 Months Ended
	Mar. 31, 2017
Prepaid Expense and Other Assets, Current [Abstract]
Schedule of Prepaid Expense and Other Assets Current	Prepaid expenses and other current assets consist of the following: March 31, 2017 December 31, 2016 US$ US$ Receivables from Hailezi (i) - 88,286,651 Receivables from Jiamu (ii) - 20,628,987 Advances to suppliers 34,719,620 3,365,930 Value added taxes receivable (iii) 10,991,823 4,814,920 Interest receivable (iv) 3,578,294 3,231,763 Others (v) 5,544,056 4,982,058 Total prepaid expenses and other current assets 54,833,793 125,310,309

Property, plant and equipment27

Property, plant and equipment, net (Tables)	3 Months Ended
	Mar. 31, 2017
Property, Plant and Equipment [Abstract]
Schedule of Property, Plant and Equipment	Property, plant and equipment consist of the following: March 31, 2017 December 31, 2016 US$ US$ Machinery, equipment and furniture 393,165,209 391,149,907 Motor vehicles 2,653,720 2,640,477 Workshops and buildings 121,581,036 119,503,091 Construction in progress 421,099,824 409,257,584 Total property, plant and equipment 938,499,789 922,551,059 Less accumulated depreciation (127,137,650 ) (116,187,367 ) Property, plant and equipment, net 811,362,139 806,363,692
Schedule of the Allocation of Depreciation Expense on Property, Plant and Equipment	Depreciation expense on property, plant and equipment was allocated to the following expense items: Three-Month Period Ended March 31, 2017 US$ 2016 US$ Cost of revenues 8,827,150 5,680,494 General and administrative expenses 561,318 403,184 Research and development expenses 991,715 945,817 Selling expenses 776 384 Total depreciation expense 10,380,959 7,029,879

Prepayments to equipment supp28

Prepayments to equipment suppliers (Tables)	3 Months Ended
	Mar. 31, 2017
Prepayments to equipment suppliers [Abstract]
Schedule of Total Prepayments to Equipment Suppliers	March 31, 2017 December 31, 2016 US$ US$ - Hailezi (i) 340,684,867 - Beijin Construction (ii) 16,709,116 4,324,636 Samim Group FZE (iii) 14,940,994 5,308,737 Peaceful (iv) 4,911,150 - Sichuan Construction 3,576,524 907,024 Sports City (v) - 2,859,952 Others 184,794 767,353 Total Prepayments to equipment and construction suppliers 381,007,445 14,167,702 (i) On March 17, 2017, Sichuan Xinda entered into a definitive agreement with the People's Government of Shunqing District, Nanchong City of Sichuan Province for the production of 300,000 metric tons of bio-composite materials and additive manufacturing and 20,000 metric tons of functional masterbatch, a high-end color additive process in plastics manufacturing ("the Nanchong Project"). The Nanchong Project will be located in a land area of 250 mu (equivalent to 41.2 acres), with 215 mu will be designated for bio-composite materials and additive manufacturing production and 35 mu to be designated for functional masterbatch production. The projected total capital expenditures is approximately RMB 2.5 billion (estimated to be US$357 million) with anticipated completion by the end of December 2018. Pursuant to the project, Sichuan Xinda entered into equipment purchase contracts with Hailezi to purchase production equipment and testing equipment for a consideration of RMB2.2 billion (equivalent to US$325.1 million). Pursuant to the contracts with Hailezi, Sichuan Xinda have prepaid RMB1,728.9 million (equivalent to US$250.6 million) as of March 31, 2017. On February 28, 2017, HLJ Xinda Group entered into an equipment purchase contract with Hailezi to purchase storage facility and other equipment, which will be used for upgrading the storage system of warehouse located in Harbin, China, for a consideration of RMB774.5 million (equivalent to US$112.3 million). Pursuant to the contract with Hailezi, HLJ Xinda has prepaid RMB619.6 million (equivalent to US$89.8 million) as of March 31, 2017. (ii) On November 15, 2016, Sichuan Xinda entered into decoration contract with Sichuan Beijin Construction Engineering Company Limited ("Beijin Construction") to perform indoor and outdoor decoration work for a consideration of RMB237.6 million (equivalent to US$34.3 million). Pursuant to the contract with Beijin Construction, Sichuan Xinda has prepaid RMB115.3 million (equivalent to US$16.7 million) as of March 31, 2017 , which was recognized in investing activities in the statements of cash flow. (iii) On September 21, 2016, Samim Group FZE pertaining approximately 22,324 square meters property in JAFZA in Dubai, UAE with constructed building including a warehouse, office and service block for a total consideration of AED55.3 million (equivalent to US$15.0 million). As of March 31, 2017, the Company has prepaid the full amount of the contract, which was recognized in investing activities in the statements of cash flow. (iv) On October 20, 2016, Sichuan Xinda entered into an equipment purchase agreement purchase contract with Peaceful Treasure Limited ("Peaceful") for a total consideration of US$12.9 million to purchase certain production and testing equipment. Company prepaid RMB33.9 million (equivalent to US$4.9 million) as of March 31, 2017. (v) In September, 2016, Dubai Xinda entered into apartments purchase contracts with Dubai Sports City LLC ("Sports City") for a total consideration of AED14.0 million (equivalent to US$4.0 million). As of March 31, 2017, the apartments have been delivered to the Company.

Borrowings (Tables)

Borrowings (Tables)	3 Months Ended
	Mar. 31, 2017
Debt Disclosure [Abstract]
Schedule of Short-term Loans	The Company has credit facilities with several banks under which they draw short-term and long-term bank loans as described below. (a) Current March 31, 2017 December 31, 2016 US$ US$ Unsecured loans 389,359,581 273,147,455 Loans secured by accounts receivable 50,729,784 50,454,086 Loans secured by restricted cash 56,874,300 32,474,300 Current portion of long-term bank loans (note b) 140,967,690 88,681,635 Total short-term loans, including current portion of long-term bank loans 637,931,355 444,757,476
Schedule of Long-Term Debt	The loan was secured by restricted cash of RMB141.0 million (equivalent to US$20.4 million) in Bank of China in Harbin, China. (b) Non-current March 31,2017 December 31, 2016 US$ US$ Secured loans 90,170,000 90,170,000 Unsecured loans 63,049,875 73,518,812 Syndicate loan facility 175,445,311 174,513,438 Less: current portion 140,967,690 88,681,635 Total long-term bank loans, excluding current portion 187,697,496 249,520,615
Maturities on long-term bank loans	Maturities on long-term bank loans (including current portion) are as follows: March 31, 2017 US$ 2017 74,297,690 2018 197,115,311 2019 - 2020 57,252,185 after 2020 - Total 328,665,186

Accrued expenses and other cu30

Accrued expenses and other current liabilities (Tables)	3 Months Ended
	Mar. 31, 2017
Accrued Liabilities, Current [Abstract]
Schedule of Accrued Expenses and Other Current Liabilities	Accrued expenses and other current liabilities consist of the following: March 31, 2017 December 31, 2016 US$ US$ Payables for purchase of property, plant and equipment 99,595,227 98,472,641 Accrued freight expenses 4,374,036 7,972,067 Accrued interest expenses 1,197,802 885,290 Advance from customers 226,216 93,066 Non income tax payables 3,831,307 4,499,161 Others (i) 9,461,505 7,417,141 Total accrued expenses and other current liabilities 118,686,093 119,339,366 (i) Others mainly represent accrued payroll and employee benefits, accrued audit and consulting fees, electricity fee and other accrued miscellaneous operating expenses.

Related party transactions (Tab

Related party transactions (Tables)	3 Months Ended
	Mar. 31, 2017
Related Party Transactions [Abstract]
Schedule of Significant Related Party Transactions	The significant related party transactions are summarized as follows: Three-Month Period Ended March 31, 2017 2016 US$ US$ Costs and expenses resulting from transactions with related parties: Rental expenses for plant and office spaces 173,557 184,536
Schedule of Related Parties Balances	The related party balances are summarized as follows: March 31, 2017 December 31, 2016 US$ US$ Amounts due from a related party: Prepaid rent expenses to Xinda High-Tech 57,720 229,624 Total 57,720 229,624 March 31, 2017 December 31, 2016 US$ US$ Amounts due to a related party Rental payable to Mr Han's son 11,611 11,548
Schedule of Plant and Office Buildings in Harbin	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 23,894 694,226 Between January 1, 2014 and December 31, 2018

Other non-current liabilities (

Other non-current liabilities (Tables)	3 Months Ended
	Mar. 31, 2017
Other Liabilities, Noncurrent [Abstract]
Schedule of other non-current liabilities	March 31, 2017 December 31, 2016 US$ US$ Income tax payable-noncurrent (i) 33,576,992 31,602,314 Deferred income tax liabilities 10,352,171 10,818,305 Total other non-current liabilities 43,929,163 42,420,619 (i) Income tax payable-noncurrent represents the accumulative balance of unrecognized tax benefits and related accrued interest.

Stockholders' equity (Tables)

Stockholders' equity (Tables)	3 Months Ended
	Mar. 31, 2017
Stockholders' Equity Note [Abstract]
Schedule of Changes in Stockholders' Equity	The changes of each caption of stockholders' equity for the three-month period ended March 31, 2017 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 Income Stockholders' Equity US$ US$ Balance as of January 1, 2017 1,000,000 100 49,511,541 4,952 (92,694 ) 82,606,404 617,168,735 (65,427,831 ) 634,259,666 Net income - - - - - - 9,900,989 - 9,900,989 Other comprehensive income - - - - - - - 3,918,303 3,918,303 Stock based compensation - - - - - 116, 264 - - 116,264 Vesting of nonvested shares - - - - - - - - - Balance as of March 31, 2017 1,000,000 100 49,511,541 4,952 (92,694 ) 82,722,668 627,069,724 (61,509,528 ) 648,195,222

Stock based compensation (Table

Stock based compensation (Tables)	3 Months Ended
	Mar. 31, 2017
Share-based Compensation [Abstract]
Schedule of Nonvested Share Activity	A summary of the nonvested shares activity for the three-month ended March 31, 2017 is as follows: Number of Nonvested Shares Weighted Average Grant date Fair Value US$ Outstanding as of December 31, 2016 402,210 6.10 Vested - - Forfeited (24,910 ) 5.60 Outstanding as of March 31, 2017 377,300 6.13

Earnings per share (Tables)

Earnings per share (Tables)	3 Months Ended
	Mar. 31, 2017
Earnings per common share:
Calculation of Basic and Diluted Earnings Per Share	Basic and diluted earnings per share are calculated as follows: Three-Month Period Ended March 31, 2017 2016 US$ US$ Numerator: Net income 9,900,989 11,357,350 Less: Earnings allocated to participating Series D convertible preferred stock (2,404,280 ) (2,754,663 ) Earnings allocated to participating nonvested shares (56,733 ) (101,584 ) Net income for basic and dilutive earnings per share 7,439,976 8,501,103 Denominator: Denominator for basic and diluted earnings per share 49,511,541 49,377,229 Earnings per share: Basic and diluted 0.15 0.17
Summary of Potentially Dilutive Securities	The following table summarizes potentially dilutive securities excluded from the calculation of diluted earnings per share for the three-month periods ended March 31, 2017 and 2016 because their effects are anti-dilutive: Three-Month Period Ended March 31, 2017 2016 Shares issuable upon conversion of Series D convertible preferred stock 16,000,000 16,000,000

Commitments and contingencies (

Commitments and contingencies (Tables)	3 Months Ended
	Mar. 31, 2017
Commitments and Contingencies Disclosure [Abstract]
Schedule of Future Minimum Rental Payments	Future minimum lease payments under non-cancellable operating leases agreements as of March 31, 2017 were as follows. US$ Period from April 1, 2017 to December 31, 2017 943,679 Years ending December 31, 2018 1,008,337 2019 108,382 2020 108,382 2021 108,382 2022 and thereafter 867,055

Basis of presentation, signif37

Basis of presentation, significant concentrations and risks (Sales and Purchase Concentration) (Details) - USD ($)	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Concentration Risk [Line Items]
Revenues	$ 237,840,197	$ 215,030,158
Concentration risk, percentage		99.90%
Customer Concentration Risk [Member] | Revenues [Member] | Major Distributors Aggregate [Member]
Concentration Risk [Line Items]
Revenues	$ 132,533,802	$ 168,973,042
Concentration risk, percentage	55.70%	78.60%
Customer Concentration Risk [Member] | Revenues [Member] | Distributor A [Member]
Concentration Risk [Line Items]
Revenues	$ 42,217,833	$ 35,105,615
Concentration risk, percentage	17.80%	16.30%
Customer Concentration Risk [Member] | Revenues [Member] | Distributor B [Member]
Concentration Risk [Line Items]
Revenues	$ 28,510,327	$ 35,809,554
Concentration risk, percentage	12.00%	16.70%
Customer Concentration Risk [Member] | Revenues [Member] | Distributor C [Member]
Concentration Risk [Line Items]
Revenues	$ 22,231,697	$ 28,460,900
Concentration risk, percentage	9.30%	13.20%
Customer Concentration Risk [Member] | Revenues [Member] | Distributor D [Member]
Concentration Risk [Line Items]
Revenues	$ 21,241,225	$ 21,908,999
Concentration risk, percentage	8.90%	10.20%
Customer Concentration Risk [Member] | Revenues [Member] | Distributor E [Member]
Concentration Risk [Line Items]
Revenues	$ 18,332,720	$ 25,485,848
Concentration risk, percentage	7.70%	11.90%
Customer Concentration Risk [Member] | Revenues [Member] | Direct Customer F [Member]
Concentration Risk [Line Items]
Revenues		$ 22,202,126
Concentration risk, percentage	0.00%	10.30%

Basis of presentation, signif38

Basis of presentation, significant concentrations and risks (Cash Concentration) (Details)	Mar. 31, 2017USD ($)	Mar. 31, 2017HKD	Mar. 31, 2017MOP	Dec. 31, 2016USD ($)
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	$ 148,303,280			$ 103,489,402
Cash balance insured by the government authority	1,207,996			1,207,996
Total bank deposits	1,554,272
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	290,972,707			464,427,328
Cash balance insured by the government authority	500,000			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	7,995			7,946
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	57
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	9,270			20,192
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	18,539			18,025
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	1,827,511			1,629,199
Cash balance insured by the government authority		HKD 500,000		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	3,347			1,810
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	120,180			139,201
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	119			148
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	843,731			53,647
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 500,000	500,000
Collateral For Issuance Of Letter Of Guarantee For Long Term [Member]
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	9,972,026			9,917,832
Collateral For Bills Payable Related To Purchase Of Raw Materials [Member]
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	42,449,234			33,673,057
Collateral for Long Term Bank Borrowings [Member]
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	104,401,896			69,816,345
Restricted Cash Deposits from Government Grant [Member]
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	$ 1,452,150			$ 1,452,150

Accounts receivable (Schedule o

Accounts receivable (Schedule of Accounts Receivable) (Details) - USD ($)	Mar. 31, 2017	Dec. 31, 2016
Accounts Receivable, Net [Abstract]
Accounts receivable	$ 187,358,110	$ 410,087,666
Allowance for doubtful accounts	(38,315)	(38,107)
Accounts receivable, net	187,319,795	410,049,559
Notes receivable	869,562	374,296
Accounts receivable pledged as collateral for short-term bank loans	$ 64,691,299	$ 63,301,966

Accounts receivable (Schedule40

Accounts receivable (Schedule of Aging of Accounts Receivable) (Details) - USD ($)	Mar. 31, 2017	Dec. 31, 2016
Aging:
current	$ 153,719,815	$ 373,108,359
Total accounts receivable	187,358,110	410,087,666
1-3 months past due [Member]
Aging:
Past due	33,599,980	36,941,200
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	$ 38,315	$ 38,107

Inventories (Details)

Inventories (Details) - USD ($)	Mar. 31, 2017	Dec. 31, 2016
Inventory, Net [Abstract]
Raw materials	$ 301,538,670	$ 270,605,823
Work in progress	103,196	157,953
Finished goods	66,025,037	10,175,232
Total inventories	$ 367,666,903	$ 280,939,008

Prepaid expenses and other cu42

Prepaid expenses and other current assets (Details) - USD ($)		Mar. 31, 2017	Dec. 31, 2016
Prepaid Expense and Other Assets, Current [Abstract]
Receivables from Hailezi (i)	[1]		$ 88,286,651
Receivables from Jiamu (ii)	[2]		20,628,987
Advances to suppliers		34,719,620	3,365,930
Value added taxes receivable (iii)	[3]	10,991,823	4,814,920
Interest receivable (iv)	[4]	3,578,294	3,231,763
Others (v)	[5]	5,544,056	4,982,058
Total prepaid expenses and other current assets		$ 54,833,793	$ 125,310,309
[1]	In September 2016, the Company's two subsidiaries, Heilongjiang Xinda Enterprise Group Company Limited ("HLJ Xinda Group") and Sichuan Xinda Enterprise Group Co., Ltd ("Sichuan Xinda") each entered into equipment purchase contracts with Harbin Hailezi Science and Technology Co., Ltd. ("Hailezi") to purchase production equipment, testing equipment and storage facility. Pursuant to the contracts with Hailezi, HLJ Xinda Group and Sichuan Xinda have prepaid RMB349.1 million (equivalent to US$50.3 million) and RMB263.4 million (equivalent to US$38.0 million) as of December 31, 2016, respectively, which was recognized in investing activities in the statements of cash flow. In November 2016, the three parties agreed to terminate the contracts and Hailezi agreed to refund all the prepayment. As of March 31, 2017, Hailezi has refunded all prepayment to HLJ Xinda Group and Sichuan Xinda.
[2]	Sichuan Xinda prepaid RMB143.1 million (equivalent to US$20.6 million) to purchase equipment from Harbin Jiamu Import and Export Co., Ltd. in November 2016, which was recognized in operating activities in the statements of cash flow. As Harbin Jiamu Import and Export Co., Ltd. had cancelled its registration and transferred its business to Harbin Jiamu Science and Technology Co., Ltd., Harbin Jiamu Import and Export Co., Ltd. agreed to refund the prepayment. As of March 31, 2017, Harbin Jiamu Import and Export Co., Ltd. has refunded all the prepayment. The majority owner of Hailezi is also the majority owner of Harbin Jiamu Import and Export Co., Ltd and Harbin Jiamu Science and Technology Co., Ltd. (collectedly "Jiamu"), which is one of the major equipment distributors.
[3]	Value added taxes receivables mainly represent the input taxes on purchasing equipment by Sichuan Xinda, which are to be net off with output taxes. Value added taxes receivables was recognized in operating activities in consolidated statements of cash flows.
[4]	Interest receivable mainly represents interest income accrued from time deposits and restricted cash.
[5]	Others mainly include prepaid miscellaneous service fee, staff advance and prepaid rental fee.

Prepaid expenses and other cu43

Prepaid expenses and other current assets (Narrative) (Details) ¥ in Millions, $ in Millions	1 Months Ended
	Nov. 30, 2016USD ($)	Nov. 30, 2016CNY (¥)	Sep. 30, 2016USD ($)	Sep. 30, 2016CNY (¥)
Hailezi, HLJ Xinda Group [Member]
Prepaid | $			$ 50.3
Hailezi, HLJ Xinda Group [Member] | RMB [Member]
Prepaid | ¥				¥ 349.1
Sichuan Xinda [Member]
Prepaid | $	$ 20.6		$ 38
Sichuan Xinda [Member] | RMB [Member]
Prepaid | ¥		¥ 143.1		¥ 263.4

Property, plant and equipment44

Property, plant and equipment, net (Details) - USD ($)	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016	Dec. 31, 2016
Property, Plant and Equipment [Line Items]
Property, plant and equipment	$ 938,499,789		$ 922,551,059
Less accumulated depreciation	(127,137,650)		(116,187,367)
Property, plant and equipment, net	811,362,139		806,363,692
Capitalized interest expense	638,302	$ 601,107
Machinery, equipment and furniture [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, net	393,165,209		391,149,907
Motor vehicles [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, net	2,653,720		2,640,477
Workshops and buildings [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, net	121,581,036		119,503,091
Construction in progress [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, net	$ 421,099,824		$ 409,257,584

Property, plant and equipment45

Property, plant and equipment, net (Allocated Depreciation Expense) (Details) - USD ($)	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Property, Plant and Equipment [Line Items]
Depreciation expenses	$ 10,380,959	$ 7,029,879
Cost of revenues [Member]
Property, Plant and Equipment [Line Items]
Depreciation expenses	8,827,150	5,680,494
General and administrative expenses [Member]
Property, Plant and Equipment [Line Items]
Depreciation expenses	561,318	403,184
Research and development expenses [Member]
Property, Plant and Equipment [Line Items]
Depreciation expenses	991,715	945,817
Selling expenses [Member]
Property, Plant and Equipment [Line Items]
Depreciation expenses	$ 776	$ 384

Prepayments to equipment supp46

Prepayments to equipment suppliers (Schedule of Total Prepayments to Equipment Suppliers) (Details) - USD ($)		Mar. 31, 2017	Dec. 31, 2016
Long-term Purchase Commitment [Line Items]
Total Prepayments to equipment and construction suppliers		$ 381,007,445	$ 14,167,702
Hailezi [Member]
Long-term Purchase Commitment [Line Items]
Total Prepayments to equipment and construction suppliers	[1]	340,684,867
Beijin Construction [Member]
Long-term Purchase Commitment [Line Items]
Total Prepayments to equipment and construction suppliers	[2]	16,709,116	4,324,636
Samim Group FZE [Member]
Long-term Purchase Commitment [Line Items]
Total Prepayments to equipment and construction suppliers	[3]	14,940,994	5,308,737
Peaceful [Member]
Long-term Purchase Commitment [Line Items]
Total Prepayments to equipment and construction suppliers	[4]	4,911,150
Sichuan Construction [Member]
Long-term Purchase Commitment [Line Items]
Total Prepayments to equipment and construction suppliers		3,576,524	907,024
Sports City [Member]
Long-term Purchase Commitment [Line Items]
Total Prepayments to equipment and construction suppliers	[5]		2,859,952
Others [Member]
Long-term Purchase Commitment [Line Items]
Total Prepayments to equipment and construction suppliers		$ 184,794	$ 767,353
[1]	On March 17, 2017, Sichuan Xinda entered into a definitive agreement with the People's Government of Shunqing District, Nanchong City of Sichuan Province for the production of 300,000 metric tons of bio-composite materials and additive manufacturing and 20,000 metric tons of functional masterbatch, a high-end color additive process in plastics manufacturing ("the Nanchong Project"). The Nanchong Project will be located in a land area of 250 mu (equivalent to 41.2 acres), with 215 mu will be designated for bio-composite materials and additive manufacturing production and 35 mu to be designated for functional masterbatch production. The projected total capital expenditures is approximately RMB 2.5 billion (estimated to be US$357 million) with anticipated completion by the end of December 2018. Pursuant to the project, Sichuan Xinda entered into equipment purchase contracts with Hailezi to purchase production equipment and testing equipment for a consideration of RMB2.2 billion (equivalent to US$325.1 million). Pursuant to the contracts with Hailezi, Sichuan Xinda have prepaid RMB1,728.9 million (equivalent to US$250.6 million) as of March 31, 2017. On February 28, 2017, HLJ Xinda Group entered into an equipment purchase contract with Hailezi to purchase storage facility and other equipment, which will be used for upgrading the storage system of warehouse located in Harbin, China, for a consideration of RMB774.5 million (equivalent to US$112.3 million). Pursuant to the contract with Hailezi, HLJ Xinda has prepaid RMB619.6 million (equivalent to US$89.8 million) as of March 31, 2017.
[2]	On November 15, 2016, Sichuan Xinda entered into decoration contract with Sichuan Beijin Construction Engineering Company Limited ("Beijin Construction") to perform indoor and outdoor decoration work for a consideration of RMB237.6 million (equivalent to US$34.3 million). Pursuant to the contract with Beijin Construction, Sichuan Xinda has prepaid RMB115.3 million (equivalent to US$16.7 million) as of March 31, 2017, which was recognized in investing activities in the statements of cash flow.
[3]	On September 21, 2016, Dubai Xinda entered into a purchase contract with Samim Group FZE pertaining approximately 22,324 square meters property in JAFZA in Dubai, UAE with constructed building including a warehouse, office and service block for a total consideration of AED55.3 million (equivalent to US$15.0 million). As of March 31, 2017, the Company has prepaid the full amount of the contract, which was recognized in investing activities in the statements of cash flow.
[4]	On October 20, 2016, Sichuan Xinda entered into an equipment purchase agreement purchase contract with Peaceful Treasure Limited ("Peaceful") for a total consideration of US$12.9 million to purchase certain production and testing equipment. Pursuant to the contract with Peaceful, the Company prepaid RMB33.9 million (equivalent to US$4.9 million) as of March 31, 2017.
[5]	In September, 2016, Dubai Xinda entered into apartments purchase contracts with Dubai Sports City LLC ("Sports City") for a total consideration of AED14.0 million (equivalent to US$4.0 million). As of March 31, 2017, the apartments have been delivered to the Company.

Prepayments to equipment supp47

Prepayments to equipment suppliers (Narrative) (Details)

Sep. 06, 2016USD ($)T

Oct. 20, 2016USD ($)

Sep. 21, 2016USD ($)a

Mar. 31, 2017USD ($)aT

Mar. 31, 2017CNY (¥)

Dec. 31, 2016USD ($)

Nov. 15, 2016USD ($)

Nov. 15, 2016CNY (¥)

Sep. 30, 2016USD ($)

Sep. 30, 2016AED

Sep. 21, 2016AED

Mar. 31, 2016USD ($)

Long-term Purchase Commitment [Line Items]

Prepayments to equipment suppliers

$ 381,007,445

$ 14,167,702

Hailezi [Member]

Long-term Purchase Commitment [Line Items]

Prepayments to equipment suppliers

[1]

340,684,867

Hailezi [Member] | Equipment [Member]

Long-term Purchase Commitment [Line Items]

Prepayments to equipment suppliers

$ 90,100,000

Hailezi [Member] | RMB [Member] | Equipment [Member]

Long-term Purchase Commitment [Line Items]

Prepayments to equipment suppliers | ¥

¥ 621,600,000

Sichuan Xinda [Member] | Equipment [Member]

Long-term Purchase Commitment [Line Items]

Commitments

$ 2,500,000

Bio-composite material | T

300,000

Number of product line purchases under contract | T

200,000

Prepayments to equipment suppliers

$ 250,600,000

$ 16,700,000

$ 900,000

Total consideration

$ 113,400,000

$ 34,300,000

Sichuan Xinda [Member] | RMB [Member] | Equipment [Member]

Long-term Purchase Commitment [Line Items]

Prepayments to equipment suppliers | ¥

1,728,900,000

¥ 115,300,000

Total consideration | ¥

782,200,000

¥ 237,600,000

Nanchong Project [Member] | Property, Plant and Equipment [Member]

Long-term Purchase Commitment [Line Items]

Bio-composite material | T

20,000

Area of property | a

41.2

Net capital expenditures

$ 357,000,000

Nanchong Project [Member] | RMB [Member] | Property, Plant and Equipment [Member]

Long-term Purchase Commitment [Line Items]

Net capital expenditures | ¥

250,000,000

Samim Group FZE [Member]

Long-term Purchase Commitment [Line Items]

Prepayments to equipment suppliers

[2]

14,940,994

5,308,737

Samim Group FZE [Member] | Equipment [Member]

Long-term Purchase Commitment [Line Items]

Area of property | a

22,324

Samim Group FZE [Member] | Property, Plant and Equipment [Member]

Long-term Purchase Commitment [Line Items]

Prepayments to equipment suppliers

$ 14,900,000

Samim Group FZE [Member] | United Arab Emirates, Dirhams | Equipment [Member]

Long-term Purchase Commitment [Line Items]

Prepayments to equipment suppliers | AED

AED 55,300,000

Peaceful [Member]

Long-term Purchase Commitment [Line Items]

Prepayments to equipment suppliers

[3]

4,911,150

Peaceful [Member] | Equipment [Member]

Long-term Purchase Commitment [Line Items]

Commitments

$ 12,900,000

8,100,000

Prepayments to equipment suppliers

4,900,000

Total consideration

$ 12,900,000

Peaceful [Member] | RMB [Member] | Equipment [Member]

Long-term Purchase Commitment [Line Items]

Prepayments to equipment suppliers | ¥

¥ 33,900,000

Sports City [Member]

Long-term Purchase Commitment [Line Items]

Prepayments to equipment suppliers

[4]

$ 2,859,952

Sports City [Member] | Property, Plant and Equipment [Member]

Long-term Purchase Commitment [Line Items]

Total consideration

$ 14,000,000

Sports City [Member] | United Arab Emirates, Dirhams | Property, Plant and Equipment [Member]

Long-term Purchase Commitment [Line Items]

Total consideration | AED

AED 3,800,000

[1]

On March 17, 2017, Sichuan Xinda entered into a definitive agreement with the People's Government of Shunqing District, Nanchong City of Sichuan Province for the production of 300,000 metric tons of bio-composite materials and additive manufacturing and 20,000 metric tons of functional masterbatch, a high-end color additive process in plastics manufacturing ("the Nanchong Project"). The Nanchong Project will be located in a land area of 250 mu (equivalent to 41.2 acres), with 215 mu will be designated for bio-composite materials and additive manufacturing production and 35 mu to be designated for functional masterbatch production. The projected total capital expenditures is approximately RMB 2.5 billion (estimated to be US$357 million) with anticipated completion by the end of December 2018. Pursuant to the project, Sichuan Xinda entered into equipment purchase contracts with Hailezi to purchase production equipment and testing equipment for a consideration of RMB2.2 billion (equivalent to US$325.1 million). Pursuant to the contracts with Hailezi, Sichuan Xinda have prepaid RMB1,728.9 million (equivalent to US$250.6 million) as of March 31, 2017. On February 28, 2017, HLJ Xinda Group entered into an equipment purchase contract with Hailezi to purchase storage facility and other equipment, which will be used for upgrading the storage system of warehouse located in Harbin, China, for a consideration of RMB774.5 million (equivalent to US$112.3 million). Pursuant to the contract with Hailezi, HLJ Xinda has prepaid RMB619.6 million (equivalent to US$89.8 million) as of March 31, 2017.

[2]

On September 21, 2016, Dubai Xinda entered into a purchase contract with Samim Group FZE pertaining approximately 22,324 square meters property in JAFZA in Dubai, UAE with constructed building including a warehouse, office and service block for a total consideration of AED55.3 million (equivalent to US$15.0 million). As of March 31, 2017, the Company has prepaid the full amount of the contract, which was recognized in investing activities in the statements of cash flow.

[3]

On October 20, 2016, Sichuan Xinda entered into an equipment purchase agreement purchase contract with Peaceful Treasure Limited ("Peaceful") for a total consideration of US$12.9 million to purchase certain production and testing equipment. Pursuant to the contract with Peaceful, the Company prepaid RMB33.9 million (equivalent to US$4.9 million) as of March 31, 2017.

[4]

In September, 2016, Dubai Xinda entered into apartments purchase contracts with Dubai Sports City LLC ("Sports City") for a total consideration of AED14.0 million (equivalent to US$4.0 million). As of March 31, 2017, the apartments have been delivered to the Company.

Borrowings (Schedule of Short-T

Borrowings (Schedule of Short-Term Loans, Including Current Portion of Long-Term Bank Loans) (Details) - USD ($)	Mar. 31, 2017	Dec. 31, 2016
Short-term Debt [Line Items]
Short-term bank loans, including current portion of long-term bank loans	$ 637,931,355	$ 444,757,476
Unsecured loans [Member]
Short-term Debt [Line Items]
Short-term bank loans, including current portion of long-term bank loans	389,359,581	273,147,455
Loans secured by accounts receivable [Member]
Short-term Debt [Line Items]
Short-term bank loans, including current portion of long-term bank loans	50,729,784	50,454,086
Loans secured by restricted cash [Member]
Short-term Debt [Line Items]
Short-term bank loans, including current portion of long-term bank loans	56,874,300	32,474,300
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	$ 140,967,690	$ 88,681,635

Borrowings (Current) (Narrative

Borrowings (Current) (Narrative) (Details)	3 Months Ended
	Mar. 31, 2017USD ($)	Mar. 31, 2017CNY (¥)	Feb. 28, 2017USD ($)	Feb. 28, 2017CNY (¥)	Jan. 31, 2017USD ($)	Jan. 31, 2017CNY (¥)	Dec. 31, 2016	Oct. 07, 2016USD ($)	Oct. 07, 2016CNY (¥)	Aug. 30, 2016USD ($)	Aug. 30, 2016CNY (¥)
Short-term Debt [Line Items]
Weighted average interest rate	3.90%	3.90%					4.00%
One Year Secured Loan [Member] | Bank of China [Member]
Short-term Debt [Line Items]
Aggregated principal amount					$ 12,000,000
Debt instrument, interest rate					2.30%	2.30%
One Year Secured Loan [Member] | Loans secured by restricted cash [Member]
Short-term Debt [Line Items]
Aggregated principal amount										$ 14,500,000
One Year Secured Loan [Member] | Loans secured by restricted cash [Member] | Industrial and Commercial Bank of China in Harbin [Member]
Short-term Debt [Line Items]
Aggregated principal amount										13,900,000
One Year Secured Loan [Member] | HSBC Middle East [Member]
Short-term Debt [Line Items]
Aggregated principal amount					$ 12,000,000
One Year Secured Loan [Member] | HSBC Middle East [Member] | 1-Month LIBOR [Member]
Short-term Debt [Line Items]
Debt instrument, issuer	HSBC Middle East
Debt instrument, interest rate	0.9828%	0.9828%
Spread over variable rate	1.80%
One Year Secured Loan [Member] | Bank of China [Member]
Short-term Debt [Line Items]
Aggregated principal amount			$ 12,000,000
HSBC Bank in Harbin, China One [Member] | Loans secured by restricted cash [Member]
Short-term Debt [Line Items]
Aggregated principal amount					13,600,000
HSBC Bank in Harbin, China One [Member] | Loans secured by restricted cash [Member] | RMB [Member]
Short-term Debt [Line Items]
Aggregated principal amount | ¥						¥ 94,000,000
HSBC Bank in Harbin, China [Member] | Loans secured by restricted cash [Member]
Short-term Debt [Line Items]
Aggregated principal amount					6,500,000			$ 2,500,000
HSBC Bank in Harbin, China [Member] | Loans secured by restricted cash [Member] | RMB [Member]
Short-term Debt [Line Items]
Aggregated principal amount | ¥						¥ 44,300,000			¥ 17,000,000
Bank of China [Member] | Loans secured by restricted cash [Member]
Short-term Debt [Line Items]
Aggregated principal amount								$ 2,000,000
Debt instrument, interest rate								1.80%	1.80%
Harbin Longjiang Bank [Member] | Loans secured by restricted cash [Member] | 3-Month LIBOR [Member]
Short-term Debt [Line Items]
Debt instrument, interest rate	1.1496%	1.1496%
Spread over variable rate	2.00%
Industrial and Commercial Bank of China in Harbin [Member] | Loans secured by restricted cash [Member]
Short-term Debt [Line Items]
Debt instrument, issuance date	Aug. 1, 2016
Initial term of loan	1 year
Variable rate basis	three-month LIBOR
Spread over variable rate	1.80%
Industrial and Commercial Bank of China in Harbin [Member] | Loans secured by restricted cash [Member] | 3-Month LIBOR [Member]
Short-term Debt [Line Items]
Debt instrument, interest rate	0.9828%	0.9828%
Industrial and Commercial Bank of China in Harbin [Member] | Loans secured by restricted cash [Member] | RMB [Member]
Short-term Debt [Line Items]
Aggregated principal amount | ¥											¥ 100,000,000
Ten six months Secured Loans Two [Member]
Short-term Debt [Line Items]
Aggregated principal amount					$ 50,700,000
Debt instrument, interest rate					4.35%	4.35%
Loan by accounts receivables					$ 64,700,000
Ten six months Secured Loans Two [Member] | RMB [Member]
Short-term Debt [Line Items]
Aggregated principal amount | ¥						¥ 350,000,000
Loan by accounts receivables | ¥						¥ 446,300,000
Nine six months Secured Loans Two [Member] | Loans secured by restricted cash [Member]
Short-term Debt [Line Items]
Aggregated principal amount										$ 50,500,000
Debt instrument, interest rate										4.35%	4.35%
Loan by accounts receivables										$ 63,300,000
Nine six months Secured Loans Two [Member] | Loans secured by restricted cash [Member] | RMB [Member]
Short-term Debt [Line Items]
Aggregated principal amount | ¥											¥ 350,000,000
Loan by accounts receivables | ¥											¥ 439,200,000
HSBC Bank in Harbin, China Two [Member] | Loans secured by restricted cash [Member]
Short-term Debt [Line Items]
Aggregated principal amount	$ 16,600,000
Debt instrument, collateral amount	$ 3,700,000
HSBC Bank in Harbin, China Two [Member] | Loans secured by restricted cash [Member] | RMB [Member]
Short-term Debt [Line Items]
Debt instrument, collateral amount | ¥		¥ 25,500,000
Bank of China [Member] | Loans secured by restricted cash [Member]
Short-term Debt [Line Items]
Aggregated principal amount			$ 20,400,000
Bank of China [Member] | Loans secured by restricted cash [Member] | RMB [Member]
Short-term Debt [Line Items]
Aggregated principal amount | ¥				¥ 141,000,000

Borrowings (Schedule of Long-Te

Borrowings (Schedule of Long-Term Bank Loans Excluding Current Portion) (Details) - USD ($)	Mar. 31, 2017	Dec. 31, 2016
Debt Instrument [Line Items]
Long-term bank loans, excluding current portion	$ 187,697,496	$ 249,520,615
Secured loans [Member]
Debt Instrument [Line Items]
Long-term bank loans, excluding current portion	90,170,000	90,170,000
Unsecured loans [Member]
Debt Instrument [Line Items]
Long-term bank loans, excluding current portion	63,049,875	73,518,812
Syndicate loan facility [Member]
Debt Instrument [Line Items]
Long-term bank loans, excluding current portion	175,445,311	174,513,438
Current Portion [Member]
Debt Instrument [Line Items]
Long-term bank loans, excluding current portion	$ 140,967,690	$ 88,681,635

Borrowings (Non-current) (Narra

Borrowings (Non-current) (Narrative) (Details)	1 Months Ended				3 Months Ended	12 Months Ended
	Aug. 22, 2018USD ($)	May 22, 2018USD ($)	Feb. 22, 2018USD ($)	Nov. 22, 2017USD ($)	Mar. 31, 2017USD ($)	Jun. 09, 2016USD ($)	Dec. 31, 2015USD ($)	Mar. 31, 2017CNY (¥)	Dec. 31, 2016USD ($)
Debt Instrument [Line Items]
Total lines of credit					$ 1,275,100,000
Unused lines of credit					624,200,000
Remaining line of credit					700,000
Remaining loan amount due on June 9, 2017					197,115,311
Restricted cash to secure loans					148,303,280				$ 103,489,402
China, Yuan Renminbi [Member]
Debt Instrument [Line Items]
Total lines of credit					879,750,000
Unused lines of credit					4,306,700,000
Remaining line of credit					$ 5,000,000
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					1.1496%			1.1496%
Variable rate basis					three-month LIBOR
Security Deposit					$ 15,900,000
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
Restricted cash to secure loans					$ 15,800,000
Three Year Secured Loan [Member] | China, Yuan Renminbi [Member]
Debt Instrument [Line Items]
Security Deposit | ¥								¥ 110,000,000
Restricted cash to secure loans | ¥								¥ 109,000,000
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					$ 14,400,000
Debt instrument, issuance date					Jan. 23, 2015
Debt instrument, maturity date					Jan. 31, 2017
Debt instrument, interest rate					6.00%			6.00%
Two Year Unsecured Loan Two [Member] | China, Yuan Renminbi [Member]
Debt Instrument [Line Items]
Aggregated principal amount | ¥								¥ 100,000,000
One Two Year Unsecured Loan [Member]
Debt Instrument [Line Items]
Debt instrument, issuer					Agriculture Bank of China
Aggregated principal amount					$ 5,800,000
Debt instrument, issuance date					Apr. 22, 2015
Debt instrument, maturity date					Apr. 20, 2017
Debt instrument, interest rate					5.75%			5.75%
One Two Year Unsecured Loan [Member] | China, Yuan Renminbi [Member]
Debt Instrument [Line Items]
Aggregated principal amount | ¥								¥ 40,000,000
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					$ 37,700,000
Debt instrument, issuance date					Oct. 1, 2015
Debt instrument, maturity date					Oct. 28, 2020
Debt instrument, interest rate					4.75%			4.75%
Three Five Year Unsecured Loan [Member] | China, Yuan Renminbi [Member] | Unsecured Debt from Bank of China [Member]
Debt Instrument [Line Items]
Aggregated principal amount | ¥								¥ 260,000,000
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					$ 11,600,000
Debt instrument, issuance date					Jan. 1, 2016
Debt instrument, maturity date					Oct. 28, 2020
Debt instrument, interest rate					4.75%			4.75%
unmortized balance					$ 4,600,000
One Four Year Unsecured Loans [Member] | China, Yuan Renminbi [Member] | Unsecured Debt from Bank of China [Member]
Debt Instrument [Line Items]
Aggregated principal amount | ¥								¥ 80,000,000
One Four Year Unsecured Loans [Member] | China, Yuan Renminbi [Member] | Unsecured Debt from Bank of China [Member]
Debt Instrument [Line Items]
Aggregated principal amount | ¥								¥ 30,000,000
One Four Year Unsecured Loans [Member] | Unsecured Debt from Bank of China [Member]
Debt Instrument [Line Items]
Aggregated principal amount					$ 4,300,000
Debt instrument, interest rate					4.75%			4.75%
Three Five year Unsecured Loans [Member] | Unsecured Debt from Bank of China [Member]
Debt Instrument [Line Items]
Debt instrument, issuer					Bank of China
Aggregated principal amount					$ 3,600,000
Debt instrument, issuance date					Mar. 23, 2017
Debt instrument, maturity date					Oct. 28, 2020
Debt instrument, interest rate					4.75%			4.75%
Three Five year Unsecured Loans [Member] | China, Yuan Renminbi [Member] | Unsecured Debt from Bank of China [Member]
Debt Instrument [Line Items]
Aggregated principal amount | ¥								¥ 25,000,000
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, issuance date					May 13, 2016
Debt instrument, maturity date					Mar. 22, 2018
Debt instrument, interest rate					1.1496%			1.1496%
Spread over variable rate					1.60%
Variable rate basis					three-month LIBOR
Two Two-Year Secured Loans One [Member]
Debt Instrument [Line Items]
Debt instrument, issuer					China Construction Bank
Initial term of loan					2 years
Aggregated principal amount					$ 12,300,000
Debt instrument, issuance date					May 17, 2016
Debt instrument, maturity date					Mar. 22, 2018
Debt instrument, interest rate					1.1496%			1.1496%
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, issuance date					May 22, 2016
Debt instrument, maturity date					Mar. 22, 2018
Debt instrument, interest rate					1.1496%			1.1496%
Spread over variable rate					1.60%
Variable rate basis					three-month LIBOR
Restricted cash to secure loans					$ 10,000,000
Two Two-Year Secured Loans Two [Member] | China, Yuan Renminbi [Member]
Debt Instrument [Line Items]
Restricted cash to secure loans | ¥								¥ 68,800,000
Consortium of banks and financial institutions led by Standard Chartered Bank [Member]
Debt Instrument [Line Items]
Debt instrument, issuer					Standard Chartered Bank (Hong Kong) Limited
Aggregated principal amount					$ 180,000,000
Debt instrument, issuance date					Aug. 22, 2016
Debt instrument, interest rate					5.716%			5.716%
Legal fees					$ 6,770,000
Consortium of banks and financial institutions led by Standard Chartered Bank [Member] | Subsequent Event [Member]
Debt Instrument [Line Items]
Repayment of long-term debt	$ 90,000,000	$ 45,000,000	$ 22,500,000	$ 22,500,000
Fifteen Month Secured loan [Member]
Debt Instrument [Line Items]
Debt instrument, issuer					Industrial and Commercial Bank of China
Aggregated principal amount					$ 3,300,000
Debt instrument, issuance date					Nov. 7, 2016
Debt instrument, maturity date					Feb. 7, 2018
Debt instrument, interest rate					2.20%			2.20%
Restricted cash to secure loans					$ 3,600,000
Fifteen Month Secured loan [Member] | China, Yuan Renminbi [Member]
Debt Instrument [Line Items]
Restricted cash to secure loans					$ 25,000,000
Fifteen Month Secured loan [Member]
Debt Instrument [Line Items]
Debt instrument, issuer					Industrial and Commercial Bank of China
Aggregated principal amount					$ 10,500,000
Debt instrument, issuance date					Nov. 30, 2016
Debt instrument, maturity date					Feb. 28, 2018
Debt instrument, interest rate					2.20%			2.20%
Restricted cash to secure loans					$ 11,600,000
Fifteen Month Secured loan [Member] | China, Yuan Renminbi [Member]
Debt Instrument [Line Items]
Restricted cash to secure loans					$ 80,000,000

Borrowings (Schedule of Maturit

Borrowings (Schedule of Maturities on Long-term Bank Loans Including Current Portion) (Details)	Mar. 31, 2017USD ($)
Debt Disclosure [Abstract]
2,017	$ 74,297,690
2,018	197,115,311
2,019
2,020	57,252,185
after 2,020
Total	$ 328,665,186

Accrued expenses and other cu53

Accrued expenses and other current liabilities (Schedule of Accrued expenses and other current liabilities) (Details) - USD ($)		Mar. 31, 2017	Dec. 31, 2016
Accrued Liabilities, Current [Abstract]
Payables for purchase of property, plant and equipment		$ 99,595,227	$ 98,472,641
Accrued freight expenses		4,374,036	7,972,067
Accrued interest expenses		1,197,802	885,290
Advance from customers		226,216	93,066
Non income tax payables		3,831,307	4,499,161
Others (i)	[1]	9,461,505	7,417,141
Total accrued expenses and other current liabilities		$ 118,686,093	$ 119,339,366
[1]	Others mainly represent accrued payroll and employee benefits, accrued audit and consulting fees, electricity fee and other accrued miscellaneous operating expenses.

Related party transactions (Sch

Related party transactions (Schedule of Significant Related Party Transactions) (Details) - USD ($)	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Related Party Transactions [Abstract]
Rental expenses for plant and office spaces	$ 173,557	$ 184,536

Related party transactions (S55

Related party transactions (Schedule of Related Parties Balances) (Details) - USD ($)	Mar. 31, 2017	Dec. 31, 2016
Related Party Transaction [Line Items]
Prepaid rent expenses to related party	$ 57,720	$ 229,624
Rental payable to related party	11,611	11,548
Xinda High-Tech [Member]
Related Party Transaction [Line Items]
Prepaid rent expenses to related party	57,720	229,624
Mr Han's son [Member]
Related Party Transaction [Line Items]
Rental payable to related party	$ 11,611	$ 11,548

Related party transactions (S56

Related party transactions (Schedule of Plant and Office Buildings in Harbin) (Details) - Office Building 1 [Member]	3 Months Ended
	Mar. 31, 2017USD ($)m²
Related Party Transaction [Line Items]
Area (Square Meters) | m²	23,894
Annual Rental Fee | $	$ 694,226
Lease start date	Jan. 1, 2014
Lease expiration period	Dec. 31, 2018

Income tax (Narrative) (Details

Income tax (Narrative) (Details) - USD ($)	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Income Tax [Line Items]
PRC statutory income tax rate	25.00%
Effective income tax rate	26.40%	28.50%
Change in Effective income tax rate	18.90%
Unrecognized tax benefits	$ 26,945,584	$ 6,631,408
Subsidiary One [Member]
Income Tax [Line Items]
PRC statutory income tax rate	15.00%

Deferred Income (Details)

Deferred Income (Details)	1 Months Ended		3 Months Ended
	Jan. 31, 2015USD ($)	Jan. 31, 2015CNY (¥)	Mar. 31, 2017USD ($)	Mar. 31, 2017CNY (¥)	Mar. 31, 2017CNY (¥)
Fund Support Agreement With Shunqing Government [Member]
Deferred Revenue Arrangement [Line Items]
Government grant, agreement amount | $	$ 50,700,000		$ 2,400,000
Government grant related to construction in the form of repayment of bank loan on behalf of the Company by the government | $			5,200,000
Government grant related to the construction of Sichuan plant in the form of restricted cash | $			200,000
Government grant, funds received till date | $			16,200,000
Additional government grant received | $			2,600,000
Additional government grant received recognized as other income | $			1,200,000
Fund Support Agreement With Shunqing Government [Member] | China, Yuan Renminbi [Member]
Deferred Revenue Arrangement [Line Items]
Government grant, agreement amount | ¥		¥ 350,000,000		¥ 16,400,000
Government grant related to construction in the form of repayment of bank loan on behalf of the Company by the government | ¥				36,000,000
Government grant related to the construction of Sichuan plant in the form of restricted cash | ¥				14,000,000
Government grant, funds received till date | ¥					¥ 111,600,000
Additional government grant received | ¥				17,800,000
Additional government grant received recognized as other income | ¥				¥ 8,300,000
Ministry of Finance of the People's Republic of China [Member]
Deferred Revenue Arrangement [Line Items]
Government grant, funds received till date | $			900,000
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 | ¥					6,400,000
Ministry of Science and Technology [Member]
Deferred Revenue Arrangement [Line Items]
Government grant, funds received till date | $			$ 200,000
Ministry of Science and Technology [Member] | China, Yuan Renminbi [Member]
Deferred Revenue Arrangement [Line Items]
Government grant, funds received till date | ¥					¥ 1,300,000

Other non-current liabilities59

Other non-current liabilities (Details) - USD ($)		Mar. 31, 2017	Dec. 31, 2016
Other Liabilities, Noncurrent [Abstract]
Income tax payable-noncurrent	[1]	$ 33,576,992	$ 31,602,314
Deferred income tax liabilities		10,352,171	10,818,305
Total other non-current liabilities		$ 43,929,163	$ 42,420,619
[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
	Mar. 31, 2017	Mar. 31, 2016
Stockholders Equity [Line Items]
Balance as of January 1, 2017	$ 634,259,666
Net income	9,900,989	$ 11,357,350
Other comprehensive loss	3,918,303
Stock based compensation	116,264
Balance as of March 31, 2017	648,195,222
Preferred Stock [Member] | Series B Preferred Stock [Member]
Stockholders Equity [Line Items]
Balance as of January 1, 2017	$ 100
Balance as of January 1, 2017, shares	1,000,000
Net income
Stock based compensation
Balance as of March 31, 2017	$ 100
Balance as of March 31, 2017, shares	1,000,000
Common Stock [Member]
Stockholders Equity [Line Items]
Balance as of January 1, 2017	$ 4,952
Balance as of January 1, 2017, shares	49,511,541
Net income
Stock based compensation
Balance as of March 31, 2017	$ 4,952
Balance as of March 31, 2017, shares	49,511,541
Treasury Stock [Member]
Stockholders Equity [Line Items]
Balance as of January 1, 2017	$ (92,694)
Net income
Stock based compensation
Balance as of March 31, 2017	(92,694)
Additional Paid-in Capital [Member]
Stockholders Equity [Line Items]
Balance as of January 1, 2017	82,606,404
Net income
Stock based compensation	116,264
Balance as of March 31, 2017	82,606,404
Retained Earnings [Member]
Stockholders Equity [Line Items]
Balance as of January 1, 2017	617,168,735
Net income	9,900,989
Stock based compensation
Balance as of March 31, 2017	617,168,735
Accumulated Other Comprehensive Income (Loss) [Member]
Stockholders Equity [Line Items]
Balance as of January 1, 2017	(65,427,831)
Net income
Other comprehensive loss	3,918,303
Stock based compensation
Balance as of March 31, 2017	$ (65,427,831)

Stock based compensation (Narra

Stock based compensation (Narrative) (Details) - USD ($)	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost	$ 619,556
Unrecognized compensation cost, recognition period	9 months 11 days
General and administrative expenses [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	$ 116,264	$ 243,123

Stock based compensation (Summa

Stock based compensation (Summary of Nonvested Shares Activity) (Details) - Nonvested Shares [Member]	3 Months Ended
	Mar. 31, 2017$ / sharesshares
Number of Nonvested Shares
Outstanding as of December 31, 2016 | shares	402,210
Vested | shares
Forfeited | shares	(24,910)
Outstanding as of March 31, 2017 | shares	377,300
Weighted Average Grant Date Fair Value Per Share
Outstanding as of December 31, 2016 | $ / shares	$ 6.10
Vested | $ / shares
Forfeited | $ / shares	5.60
Outstanding as of March 31, 2017 | $ / shares	$ 6.13

Earnings per share (Calculation

Earnings per share (Calculation of Basic and Diluted Earnings Per Share) (Details) - USD ($)	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Numerator:
Net income	$ 9,900,989	$ 11,357,350
Net income for basic and diluted earnings per share	$ 7,439,976	$ 8,501,103
Denominator
Denominator for basic and diluted earnings per share	49,511,541	49,377,229
Earnings per share:
Basic and diluted	$ 0.15	$ 0.17
Series D Convertible Preferred Stock [Member]
Numerator:
Less: Earnings allocated to participating Series D convertible preferred stock and nonvested shares	$ (2,404,280)	$ (2,754,663)
Nonvested Shares [Member]
Numerator:
Less: Earnings allocated to participating Series D convertible preferred stock and nonvested shares	$ (56,733)	$ (101,584)

Earnings per share (Summary of

Earnings per share (Summary of Potentially Dilutive Securities) (Details) - shares	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Convertible Preferred Stock Series D [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Shares issuable upon exercise	16,000,000	16,000,000

Commitments and contingencies65

Commitments and contingencies (Schedule of Future Minimum Rental Payments) (Details) - USD ($)	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Commitments and Contingencies Disclosure [Abstract]
Period from April 1, 2017 to December 31, 2017	$ 943,679
2,018	1,008,337
2,019	108,382
2,020	108,382
2,021	108,382
2022 and thereafter	867,055
Operating lease rental expense, plant, equipment and office spaces	$ 660,351	$ 214,789

Commitments and contingencies66

Commitments and contingencies (Narrative) (Details)

Sep. 06, 2016USD ($)T

Sep. 06, 2016CNY (¥)T

Feb. 28, 2017USD ($)

Feb. 28, 2017CNY (¥)

Feb. 20, 2017USD ($)

Feb. 20, 2017CNY (¥)

Nov. 15, 2016USD ($)

Nov. 15, 2016CNY (¥)

Oct. 20, 2016USD ($)

Oct. 20, 2016CNY (¥)

Apr. 30, 2015USD ($)

Apr. 30, 2015AED

Mar. 31, 2013CNY (¥)

Mar. 31, 2017USD ($)

Mar. 31, 2017CNY (¥)

Mar. 31, 2017CNY (¥)

Mar. 31, 2017AED

Dec. 31, 2016USD ($)

Sep. 06, 2016CNY (¥)

Mar. 31, 2016USD ($)

Mar. 31, 2016CNY (¥)

Long-term Purchase Commitment [Line Items]

Prepayments to equipment suppliers

$ 381,007,445

$ 14,167,702

Facility Construction [Member]

Long-term Purchase Commitment [Line Items]

Purchase Obligation

6,400,000

Facility Construction [Member] | China, Yuan Renminbi [Member]

Long-term Purchase Commitment [Line Items]

Purchase Obligation | ¥

¥ 64,600,000

Falcon Red Eye Contracting Co LLC [Member] | Warehouse Construction Contract [Member]

Long-term Purchase Commitment [Line Items]

Total consideration

$ 1,800,000

Purchase Obligation

900,000

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 6,700,000

Purchase Obligation | AED

AED 3,300,000

Sichuan Xinda [Member] | Equipment [Member]

Long-term Purchase Commitment [Line Items]

Total consideration

$ 2,500,000

Number of product line purchases under contract | T

200,000

200,000

Purchase Obligation

$ 200,000

1,400,000

Prepayments to equipment suppliers

$ 16,700,000

250,600,000

$ 900,000

Sichuan Xinda [Member] | Equipment [Member] | China, Yuan Renminbi [Member]

Long-term Purchase Commitment [Line Items]

Total consideration | ¥

¥ 17,000,000

Purchase Obligation | ¥

9,400,000

¥ 1,600,000

Prepayments to equipment suppliers | ¥

¥ 6,000,000

Xinda Holdings HK [Member] | Property, Plant and Equipment [Member]

Long-term Purchase Commitment [Line Items]

Total consideration | ¥

¥ 1,800,000,000

Xinda Holdings HK [Member] | Working Capital [Member]

Long-term Purchase Commitment [Line Items]

Total consideration | ¥

¥ 600,000,000

Peaceful [Member]

Long-term Purchase Commitment [Line Items]

Prepayments to equipment suppliers

[1]

4,911,150

Peaceful [Member] | Equipment [Member]

Long-term Purchase Commitment [Line Items]

Total consideration

$ 12,900,000

8,100,000

Prepayments to equipment suppliers

4,900,000

Peaceful [Member] | Equipment [Member] | China, Yuan Renminbi [Member]

Long-term Purchase Commitment [Line Items]

Total consideration | ¥

¥ 89,800,000

¥ 55,900,000

Beijin Construction [Member]

Long-term Purchase Commitment [Line Items]

Prepayments to equipment suppliers

[2]

16,709,116

4,324,636

Beijin Construction [Member] | Equipment [Member]

Long-term Purchase Commitment [Line Items]

Total consideration

$ 400,000

$ 34,300,000

Purchase Obligation

18,100,000

Beijin Construction [Member] | Equipment [Member] | China, Yuan Renminbi [Member]

Long-term Purchase Commitment [Line Items]

Total consideration | ¥

¥ 2,900,000

¥ 237,600,000

Purchase Obligation | ¥

125,200,000

Harbin Hailezi Science and Technology Co. Ltd. ("Hailezi") [Member] | Equipment [Member]

Long-term Purchase Commitment [Line Items]

Total consideration

325,100,000

Purchase Obligation

75,300,000

Harbin Hailezi Science and Technology Co. Ltd. ("Hailezi") [Member] | Equipment [Member] | China, Yuan Renminbi [Member]

Long-term Purchase Commitment [Line Items]

Total consideration | ¥

¥ 22,000,000

Purchase Obligation | ¥

515,900,000

Hailezi [Member]

Long-term Purchase Commitment [Line Items]

Prepayments to equipment suppliers

[3]

340,684,867

Hailezi [Member] | Warehouse Construction Contract [Member]

Long-term Purchase Commitment [Line Items]

Total consideration

$ 113,400,000

Purchase Obligation

23,300,000

Hailezi [Member] | Warehouse Construction Contract [Member] | China, Yuan Renminbi [Member]

Long-term Purchase Commitment [Line Items]

Total consideration | ¥

¥ 782,200,000

Purchase Obligation | ¥

¥ 160,600,000

Hailezi [Member] | Equipment [Member]

Long-term Purchase Commitment [Line Items]

Prepayments to equipment suppliers

$ 90,100,000

[1]

On October 20, 2016, Sichuan Xinda entered into an equipment purchase agreement purchase contract with Peaceful Treasure Limited ("Peaceful") for a total consideration of US$12.9 million to purchase certain production and testing equipment. Pursuant to the contract with Peaceful, the Company prepaid RMB33.9 million (equivalent to US$4.9 million) as of March 31, 2017.

[2]

On November 15, 2016, Sichuan Xinda entered into decoration contract with Sichuan Beijin Construction Engineering Company Limited ("Beijin Construction") to perform indoor and outdoor decoration work for a consideration of RMB237.6 million (equivalent to US$34.3 million). Pursuant to the contract with Beijin Construction, Sichuan Xinda has prepaid RMB115.3 million (equivalent to US$16.7 million) as of March 31, 2017, which was recognized in investing activities in the statements of cash flow.

[3]

On March 17, 2017, Sichuan Xinda entered into a definitive agreement with the People's Government of Shunqing District, Nanchong City of Sichuan Province for the production of 300,000 metric tons of bio-composite materials and additive manufacturing and 20,000 metric tons of functional masterbatch, a high-end color additive process in plastics manufacturing ("the Nanchong Project"). The Nanchong Project will be located in a land area of 250 mu (equivalent to 41.2 acres), with 215 mu will be designated for bio-composite materials and additive manufacturing production and 35 mu to be designated for functional masterbatch production. The projected total capital expenditures is approximately RMB 2.5 billion (estimated to be US$357 million) with anticipated completion by the end of December 2018. Pursuant to the project, Sichuan Xinda entered into equipment purchase contracts with Hailezi to purchase production equipment and testing equipment for a consideration of RMB2.2 billion (equivalent to US$325.1 million). Pursuant to the contracts with Hailezi, Sichuan Xinda have prepaid RMB1,728.9 million (equivalent to US$250.6 million) as of March 31, 2017. On February 28, 2017, HLJ Xinda Group entered into an equipment purchase contract with Hailezi to purchase storage facility and other equipment, which will be used for upgrading the storage system of warehouse located in Harbin, China, for a consideration of RMB774.5 million (equivalent to US$112.3 million). Pursuant to the contract with Hailezi, HLJ Xinda has prepaid RMB619.6 million (equivalent to US$89.8 million) as of March 31, 2017.