Seeking Alpha

China XD Plastics refutes Seeking Alpha article warning of 80% downside

  • China XD Plastics (CXDC -17%) responds to a negative article by Bleecker Street Research, posted on Seeking Alpha, saying it "contains numerous errors of facts, misleading speculations and malicious interpretation of events" and that it is committed to providing full and accurate disclosure to investors.
  • The article says CXDC's overstatement of earnings means shares are worth ~$1.38 each; CXDC claims much higher margins than its main competitor even though it spends far less on R&D, and it reported higher revenues and net income in SEC filings than in SAIC filings from 2008 to 2010.
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