Attached files

file filename
EX-32.1 - EXHIBIT 32.1 - China XD Plastics Co Ltdex32x1.htm
EX-31.2 - EXHIBIT 31.2 - China XD Plastics Co Ltdex31x2.htm
EX-31.1 - EXHIBIT 31.1 - China XD Plastics Co Ltdex31x1.htm
EX-23.1 - EXHIBIT 23.1 - China XD Plastics Co Ltdex23x1.htm
EX-21.1 - EXHIBIT 21.1 - LIST OF SUBSIDIARIES - China XD Plastics Co Ltdex21x1.htm

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

FORM 10-K

 

ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the fiscal year ended December 31, 2019

or

 

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the transition period from _______________ to _____________

 

Commission File No. 001-34546

 

  CHINA XD PLASTICS COMPANY LIMITED  
  (Exact name of registrant as specified in its charter)  

 

Nevada   04-3836208
(State or other jurisdiction of incorporation or organization)   (I.R.S. Employer Identification No.)
     

No. 9 Dalian North Road, Haping Road Centralized Industrial Park,

 Harbin Development Zone,

Heilongjiang Province, P. R. China

  150060
(Address of principal executive offices)   (Zip Code)

 

Registrant's telephone number, including area code: (86) 451-8434-6600

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class Trading Symbol Name of each exchange on which registered
Common Stock, par value $0.0001 per share CXDC NASDAQ Global Market

 

Securities registered pursuant to Section 12(g) of the Act:  None

 

Indicate by checkmark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.  Yes   No 

 

Indicate by checkmark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the Act.    Yes    No 

 

Indicate by checkmark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.  Yes       No 

 

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes     No

 

 
 

 

 

Indicate by checkmark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer   Accelerated filer  
   

Non-accelerated filer  

 

Emerging growth company

Smaller reporting company  

 

 

 

 

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

 

Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report.

 

 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act).  Yes   No

 

The aggregate market value of the voting and non-voting common equity held by non-affiliates as of June 28, 2019, the last business day of its most recently completed second fiscal quarter, was approximately $71,783,980, based on the closing price reported for such date on the Nasdaq Global Market.

 

As of May 25, 2020, there were 66,948,841 shares of common stock, par value US$0.0001 per share, outstanding.

 

Documents incorporated by reference: None.

 

 
 

 

CHINA XD PLASTICS COMPANY LIMITED

FORM 10-K ANNUAL REPORT

FOR THE FISCAL YEAR ENDED DECEMBER 31, 2019

Table of Contents

   
PART I     
  Item 1 Business  3
  Item 1A Risk Factors  48
  Item 1B Unresolved Staff Comments  63
  Item 2 Properties  63
  Item 3 Legal Proceedings  64
  Item 4 Mine Safety Disclosures  64
   
PART II    
  Item 5 Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities  65
  Item 6 Selected Financial Data  67
  Item 7 Management's Discussion and Analysis of Financial Condition and Results of Operations  68
  Item 7A Quantitative and Qualitative Disclosures About Market Risk  85
  Item 8 Financial Statements and Supplementary Data  85
  Item 9 Changes in and Disagreements with Accountants on Accounting and Financial Disclosure  85
  Item 9A Controls and Procedures  86
  Item 9B Other Information  87
   
PART III    
  Item 10 Directors, Executive Officers and Corporate Governance  87
  Item 11 Executive Compensation  94
  Item 12 Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters  103
  Item 13 Certain Relationships and Related Transactions and Director Independence  105
  Item 14 Principal Accountant Fees and Services  106
   
PART IV    
  Item 15 Exhibits, Financial Statement Schedules  107
Financial Statements  F-1
Index to Consolidated Financial Statements  F-1
Report of Independent Registered Public Accounting Firm  F-2
Consolidated Balance Sheets  F-3
Consolidated Statements of Comprehensive Income (Loss)  F-4
Consolidated Statements of Changes in Equity  F-5
Consolidated Statements of Cash Flows  F-6
Notes to the Consolidated Financial Statements  F-7

 

 

1 
 

 

 

 

NOTE ABOUT FORWARD-LOOKING STATEMENTS

 

This Annual Report on Form 10-K contains forward-looking statements. All statements contained in this Annual Report on Form 10-K other than statements of historical fact, including statements regarding our future operations, prospects, strategies, financial condition, future economic performance (including growth and earnings) and demand for our products and services, and other statements of our plans, beliefs, or expectations, including the statements contained in Item 7, “Management’s Discussion and Analysis or Plan of Operation,” regarding our future plans, strategies and expectations are forward-looking statements.

 

In some cases these statements are identifiable through the use of words such as “anticipate,” “believe,” “estimate,” “expect,” “intend,” “plan,” “project,” “target,” “can,” “could,” “may,” “should,” “will,” “would” and similar expressions. You are cautioned not to place undue reliance on these forward-looking statements because these forward-looking statements we make are not guarantees of future performance and are subject to various assumptions, risks and other factors that could cause actual results to differ materially from those suggested by these forward-looking statements. Thus, our ability to predict results or the actual effect of future plans or strategies is inherently uncertain. Factors which could have a material adverse effect on our operations and future prospects include, but are not limited to:

·changes in global and domestic economic conditions generally and the automotive modified plastics market specifically;
·legislative or regulatory changes that affect our business, including changes in environmental regulations and control policies over the domestic automotive industry;
·the length and severity of the recent COVID-19 outbreak and its impact on our business and industry;
·the availability of working capital;
·the introduction of competing products; and
·the risk factors discussed in this annual report as well as other factors and uncertainties beyond our control.

These risks and uncertainties, together with the other risks described from time-to-time in reports and documents that we filed with the Securities and Exchange Commission should be considered in evaluating forward-looking statements and undue reliance should not be placed on such statements. Indeed, it is likely that some of our assumptions will prove to be incorrect. Our actual results and financial position will vary from those projected or implied in the forward-looking statements and the variances may be material. We expressly disclaim any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

 

2 
 

 

PART I

ITEM 1.   BUSINESS.

 

Our Business

 

China XD Plastics Company Limited ("China XD", "we", and the "Company", and "us" or "our" shall be interpreted accordingly) is one of the leading specialty chemical companies engaged in the research, development, manufacture and sale of modified plastics primarily for automotive applications in China and to a lesser extent, in Dubai, United Arab Emirates ("UAE").  Through our wholly-owned subsidiaries Heilongjiang Xinda Enterprise Group Company Limited ("HLJ Xinda Group"), Sichuan Xinda Enterprise Group Company Limited ("Sichuan Xinda"), and AL Composites Materials FZE ("Dubai Xinda"), we manufacture and sell polymer composite materials (a broader category including modified plastics), primarily for automotive applications. We develop our products using our proprietary technology through our wholly-owned research laboratory owned by HLJ Xinda Group. We had 633 certifications from manufacturers in the automobile industry as of December 31, 2019. We are the only company certified as a National Enterprise Technology Center in modified plastics industry in Heilongjiang Province. Our research and development (the "R&D") team consisted of 131 professionals and 6 consultants as of December 31, 2019. As a result of the combination of our academic and technological expertise, we had a portfolio of 509 patents, among which we have obtained 32 patent registrations in China, and the applications for the remaining 477 were pending in China as of December 31, 2019. 

 

Modified plastics are produced by changing the physical and/or chemical characteristics of ordinary resin materials. In order for plastics to be used to produce automobile parts and components, they must satisfy certain physical criteria in terms of mechanical functionality, stability under light and heat, durability, flame resistance, and environmental friendliness. Our unique proprietary formulas and processing techniques enable us to produce low-cost high-quality modified plastic materials, which have been certified by many of the major domestic and international automobile manufacturers in China. In addition, we also provide specially engineered plastics and environment-friendly plastics for use in oil-field equipment, mining equipment, vessel-propulsion systems and power station equipment.

 

China XD's primary end-market is the Chinese automotive industry that has been rapidly growing for the past few years where our modified plastics are used by our customers to fabricate the following auto components: exteriors (automobile bumpers, rearview and sideview mirrors, license plate parts), interiors (door panels, dashboard, steering wheel, glove compartment and safety belt components), and functional components (air conditioner casing, heating and ventilation casing, engine covers, and air ducts). Our specialized plastics are utilized in more than 31 automobile brands manufactured in China, including leading brands such as Audi, Mercedes Benz, BMW, Toyota, Buick, Chevrolet, Mazda, Volvo, Ford, Citroen, Jinbei, VW Passat, Golf, Jetta, etc. As of December 31, 2019, 633 of HLJ Xinda Group's automotive-specific modified plastic products were certified by one or more of the automobile manufacturers in China and are in commercial production. As of December 31, 2019, 357 of our products were in the process of product certification by automobile manufacturers. After a successful trial production at our production base in Dubai in November 2018, we have established business relationships with new customers in UAE and India, and shipped products to the end users in Europe and Southeast Asia. We are optimistic about the prospect of our business expansion overseas.

 

We operate three manufacturing bases in Harbin, Heilongjiang and one manufacturing base in Nanchong, Sichuan Province, in the People's Republic of China (the "PRC"), as well as a manufacturing base in Dubai, UAE. As of December 31, 2019, in domestic market, we had approximately 394,200 metric tons of production capacity across 91 automatic production lines utilizing German twin-screw extruding systems, automatic weighing systems and Taiwanese conveyer systems. Prior to December 2012, we had approximately 255,000 metric tons of annual production capacity across 58 automatic production lines utilizing German twin-screw extruding systems, automatic weighing systems and Taiwan conveyer systems.   In December 2012, we further expanded our third production base in Harbin with additional 135,000 metric tons of annual production capacity, bringing total installed production capacity in our three production bases to 390,000 metric tons with additional 30 new production lines.

 

3 
 

 

In July 2017, our Harbin campus launched a new industrial project for upgrading existing equipment for 100,000 metric tons of engineering plastics. As a result, the production capacity in Harbin, Heilongjiang was downgraded to 290,000 MT. In 2019, our Harbin campus started another two equipment projects totaling 155,000 MT in Qinling Road Factory (“Qinling Road Project”) and Jiangnan Road Factory (“Jiangnan Road Project”) for equipment upgrade and overhaul progress, which further downgraded our production capacity to 135,000 MT. The industrial project for upgrading existing equipment for 100,000 metric tons of engineering plastics is expected to be completed by the end of second quarter of 2020, and Qinling Road Project and Jiangnan Road Project is expected be completed by the end of the third quarter of 2020, bringing the production capacity back to 390,000 MT. In addition, in July 2017, HLJ Xinda Group also started an industrial project for 300,000 metric tons of biological composite materials, an industrial project for a 3D printing intelligent manufacture demonstration factory and a 3D printing display and experience cloud factory, which was broken ground in December 2019 with four workshops. The Company expects the gradual trial out by the end of 2022 and put into production by the end of 2023, thus expanding the total production capacity to 590,000 MT.

 

In December 2013, we broke ground on the construction of our fourth production plant in Nanchong City, Sichuan Province, with additional 300,000 metric tons of annual production capacity, which we expect will bring total domestic installed production capacity to 590,000 metric tons with the addition of 70 new production lines upon the completion of the construction of our fourth production plant. Sichuan Xinda has been supplying to its customers since 2013. We installed 50 production lines in the second half of 2016 in our Sichuan plant with production capacity of 216,000 metric tons during the year of 2017 and an additional 10 production lines in July 2018, bringing the total capacity to 259,200 metric tons. Due to the installation of equipment, there is still construction ongoing on the site of our Sichuan plant as of December 31, 2019. The company estimates putting into production by the end of the fourth quarter of 2020.

 

In order to develop potential overseas markets, Dubai Xinda obtained one leased property and two purchased properties, approximately 52,530 square meters in total, including one leased property of 10,000 square meters, and two purchased two properties of 20,206 and 22,324 square meters on January 25, 2015, June 28, 2016 and September 21, 2016, respectively, from Jebel Ali Free Zone Authority ("JAFZA") in Dubai, UAE, with constructed building comprising warehouses, offices and service blocks. In addition to the earlier 10 trial production lines in Dubai Xinda, we completed installing 45 production lines with 11,250 metric tons of annual production capacity by the end of November 2018. As of December 31, 2019, an additional 30 production lines with 7,500 metric tons of annual production capacity mainly targeted for ABS products, were still in the progress of redesigning upgrading and further equipment testing. The Company estimates 22 production lines will be put into production in the fourth quarter of 2021, 8 production lines will be put into production in the second quarter of 2022, and will then increase the total production capacity in Dubai Xinda to 21,250 metric tons, targeting high-end products for the overseas market.

 

Our History

 

China XD, formerly known as NB Payphones Ltd. and NB Telecom, Inc., was originally incorporated under the laws of the state of Pennsylvania on November 16, 1999. On December 27, 2005, we migrated to the state of Nevada.

 

On December 24, 2008, we acquired Favor Sea Limited ("Favor Sea (BVI)"), a British Virgin Islands corporation, which is the holding company for Harbin Xinda Macromolecule Material Co., Ltd. ("Harbin Xinda") and Harbin Xinda's wholly-owned subsidiary, Harbin Xinda Macromolecule Material Research Institute ("Research Institute"). Harbin Xinda is a high-tech manufacturer and developer of modified plastics, which was established in September 2004 under the laws of the PRC. In December 2010, our management determined that the Research Institute could not meet the Company's development needs, including meeting the criteria to be a National Enterprise Technology Center. As a result, the Research Institute was deregistered.

 

On October 14, 2010, Harbin Xinda established Heilongjiang Xinda Software Development Company Limited ("Xinda Software") to develop software applications that provide certain standard and programmable technical services remotely. Xinda Software was deregistered on December 5, 2016.

 

On March 31, 2011, Harbin Xinda established a wholly-owned subsidiary, Harbin Xinda Macromolecule Material Testing Technical Co., Ltd. ("Xinda Testing"), to develop a nationally recognized testing laboratory and provide testing services of macromolecule materials, engineering plastics and other products.

 

In response to our rapid business expansion and in order to be eligible for certain beneficial tax policies for certain regions in China, we undertook a group restructuring plan.

 

4 
 

 

 

From August 2011 to December of 2012, Harbin Xinda established (i) Harbin Meiyuan Enterprise Management Service Company Limited ("Meiyuan Training") in Harbin to provide all year round training to both our existing and new employees, accommodate our customers and business partners as well as host industry conferences; and (ii) Heilongjiang Xinda Enterprise Group Technology Center Company Limited ("Xinda Group Technology Center") in Harbin to focus on long-term research and development projects. Meiyuan Training ceased business in the third quarter of 2016 and Xinda Group Technology Center was deregistered in 2016.

 

HLJ Xinda Group, a wholly-owned subsidiary of Xinda HK Company Limited and the proposed direct parent company of all of our PRC-based operating subsidiaries after the group restructuring was established in December 2011. Harbin Xinda Plastics Material Research Center Company Limited ("Xinda Material Research Center") was established in December 2011 to focus on research and development of products close to commercialization phase.

 

Xinda Group Material Research was established in December 2012.

 

During the year ended December 31, 2013, following the overall reorganization plan, the Company completed the deregistration of Haikou New Materials, Haikou Technical Center and Haikou Software and merged Xinda Testing and Xinda Material Research Center into Heilongjiang Xinda Enterprise Group Macromolecule Material Research Center Co., Ltd. ("Xinda Group Material Research") in 2013, whose major functions included technical support for our production bases, research and development of modified plastic products for applications in areas such as automotive, high-speed rail, aircraft and others, customer post-sales support, and collaboration with industry leading universities and institutions. Xinda Group Material Research was deregistered in 2016 as a result of group restructuring.

 

On March 19, 2013, HLJ Xinda Group established Sichuan Xinda, which subsequently established Sichuan Xinda Enterprise Group Meiyuan Training Center Co., Ltd. ("Sichuan Meiyuan"), Sichuan Xinda Enterprise Group Software Development Co., Ltd. ("Sichuan Software"), and Sichuan Xinda Enterprise Group Sales Co., Ltd ("Sichuan Sales") in April 2013, in order to expand our business in Southwest China.  In 2016, Sichuan Meiyuan and Sichuan Software were deregistered and Sichuan Sales merged into Sichuan Xinda as a result of group restructuring.

 

On April 23, 2013, Xinda Holding (HK) Co, Ltd. ("Xinda Holding (HK)"), formerly known as Hong Kong Engineering Plastics Co., Ltd., set up Xinda (HK) International Trading Company Ltd ("Xinda (HK) Int'l Trading") for import and export business through Hong Kong. In February 2015, Xinda (HK) Int'l Trading was deregistered.

 

Heilongjiang Xinda Composite Material Co., Ltd. ("Xinda Composite") was established on November 27, 2013.

 

On January 8, 2014, Xinda Holding (HK) set up AL Composites Materials FZE ("Dubai Xinda") for international expansion business.

 

On March 5, 2014, Xinda Holding (HK) set up Xinda (HK) Trade Co., Ltd ("Xinda (HK) Trading") for import and export business through Hong Kong.

 

On June 17, 2014, Xinda Holding (HK) set up Xinda (Heilongjiang) Investment Co., Ltd. ("Heilongjiang Investment") for its domestic investment activities in PRC. On October 19, 2016, Heilongjiang Investment was deregistered.

 

On August 1, 2014, Heilongjiang Investment set up Nanchong Xinda Composite Materials Co., Ltd ("Nanchong Composite Materials") in order to expand our business in Southwest China and other regions in its proximity. In July 2015, Nanchong Composite Materials merged into Sichuan Xinda as part of the efforts to streamline the Company's management in Sichuan.

 

On November 12, 2014, Heilongjiang Investment set up Heilongjiang Xinda Meiyuan Tennis Club Co., Ltd. ("Meiyuan Tennis Club") in order to replace the Meiyuan Training.

 

5 
 

 

On October 16, 2015, Xinda Holding (HK) set up Xinda CI (Beijing) Investment Holding Co., Ltd. ("Xinda Beijing Investment") in order to manage domestic companies in mainland China. Pursuant to the agreement of shareholders of Xinda Beijing Investment signed on December 1, 2017, 100% equity of Xinda Beijing Investment was transferred to HLJ Xinda Group at the cost of RMB1.00 (equivalent to US$0.15). On December 27, 2017, Xinda Beijing Investment was renamed as Xinda CI (Beijing) Enterprise Management Co., Ltd. ("Xinda CI (Beijing)").

 

In 2016, as a result of group restructuring, Heilongjiang Investment and Meiyuan Tennis Club were dissolved.

 

On August 29, 2016, Xinda Holding US, a subsidiary of Xinda Holding (HK), was dissolved in New York.

 

Harbin Xinda Plastics New Materials Co., Ltd. ("Xinda Plastics New Materials") ceased business in the third quarter of 2016 and dissolved in 2018.

On September 5, 2016, Sichuan Xinda set up Chongqing Wanshengxiang Macromolecule Materials Co., Ltd. ("Chongqing Wanshengxiang") in order to engage in import and export business in the free-trade zone in Chongqing and to expand our business in Southwest China.  In August 2018, Chongqing Wanshengxiang was dissolved.

 

On February 16, 2017, the Board received a preliminary nonbinding proposal letter from Mr. Jie Han ("Mr. Han"), the Chairman and Chief Executive Officer, XD. Engineering Plastics Company Limited, a company incorporated in the British Virgin Islands and wholly owned by Mr. Han, and MSPEA Modified Plastics Holding Limited, an affiliate of Morgan Stanley Private Equity Asia III, Inc. (collectively, the "Buyer Consortium"), to acquire all of the outstanding shares of common stock of the Company not already beneficially owned by the Buyer Consortium in a "going-private" transaction for US$5.21 per share of common stock of the Company in cash. The proposal letter states that the Buyer Consortium expects that the Board will appoint a special committee of independent directors to consider the proposal and make a recommendation to the Board. The proposal letter also states that the Buyer Consortium will not move forward with the proposed Transaction unless it is approved by such a special committee, and the proposed transaction will be subject to a nonwaivable condition requiring approval by majority shareholder vote of shareholders other than the Buyer Consortium members. A special committee was previously established by the Board; however, the proposed transaction did not proceed.

 

In June 2017, HLJ Xinda Group set up Xinda (Hong Kong) Macromolecule Material Ltd. (HK Macromolecule) and Xinda Deluxe Faith Ltd. (Xinda Faith) in order to expand the international business in Hong Kong.

 

In December 2017, HLJ  Xinda Group set up (i) Heilongjiang Xinda Enterprise Group Shanghai New Materials Sales Co., Ltd. ("Shanghai Sales");  (ii) Heilongjiang Xinda Enterprise Group (Shanghai) New Materials Research and Development Co., Ltd. ("Shanghai New Materials R&D");  (iii) Heilongjiang Xinda Enterprise Group (Daqing) New Materials Industry and Trade Co., Ltd. ("Daqing New Materials); and (iv) Sichuan Xinda Composite Materials Co., Ltd. ("Sichuan Composite Materials"), in order to promote sales,  engage in & research & development in new materials such as biological composite materials, ships, airplanes, high-speed rail, 3D printing materials, biodegradable plastics, and medical devices. In January 2019, Sichuan Composite Materials was dissolved.

 

In December 2018, Shanghai Sales was disposed as a result of group restructuring to streamline resources and improve operating efficiency.

 

In February 2019, Shanghai New Materials R&D was disposed as a result of group restructuring to streamline resources and improve operating efficiency.

 

In September 2019, HLJ Xinda Group set up Nanchong Municipal Xinxin Macromolecular Composite Materials Company Ltd. ("Nanchong Xinxin") in order to promote sales, engage in & research & development in engineering plastics and macromolecular materials.

 

In December 2019, HLJ Xinda Group set up Heilongjiang Xinda New Materials Co., Ltd. in order to engage in sales, research and development in bio-based materials, composite materials, engineering materials and synthetic resins in domestic markets.

 

6 
 

 

On May 8, 2020, the Board received a preliminary nonbinding proposal letter from Mr. Han, the Chairman and Chief Executive Officer, XD. Engineering Plastics Company Limited (together with Mr. Han, the “Buyer Group”), a company incorporated in the British Virgin Islands and wholly owned by Mr. Han, proposing to acquire all of the outstanding shares of common stock of the Company not already beneficially owned by the Buyer Group in a “going-private” transaction for US$1.1 per share of common stock of the Company in cash, subject to certain conditions. The proposal letter states that the Buyer Group expects that the Board will appoint a special committee of independent and disinterested directors to consider the proposal and make a recommendation to the Board. As of the date of the proposal letter, the Buyer Group beneficially owns the Shares representing approximately 70% of the voting power and approximately 50.1% of the share capital of the Company.  The Board has established a special committee (the “Special Committee”), consisting of the following independent directors of the Company: Mr. Linyuan Zhai, Mr. Huiyi Chen and Mr. Guanbao Huang, with Mr. Huiyi Chen serving as chairperson of the Special Committee. The Special Committee will be responsible for evaluating, negotiating and recommending to the Board any proposals involving a strategic transaction by the Company with one or more third parties. On May 15, 2020, the Special Committee has retained Duff & Phelps, LLC as its financial advisor and Hogan Lovells as its legal counsel to assist it in its review and evaluation of the proposed transaction. There can be no assurance that any definitive offer will be made, that any agreement will be executed or that a transaction with the Buyer Group or any other transaction will be approved or consummated.

 

Corporate Structure

 

The following table sets forth our group structure as of December 31, 2019:

 

 

Our Industry

 

According to a research report prepared exclusively for the Company and issued by Frost & Sullivan in 2020, China is estimated to have consumed approximately 25.3 million Metric Tons ("MT") of modified plastic products in 2019, representing an increase of 6.3% compared to 2018. With China being the world's leading manufacturing center and with rising domestic individual consumption, we believe that demand for modified plastics from China will continue to increase in the foreseeable future. As shown in Figure 1, the market demand for modified plastics will reach 33.2 million MT in 2023, representing compound annual growth rates ("CAGR") of 7.0% and 6.0% by sales volume and revenues from 2019 to 2023. Currently, demand for our products is primarily driven by the Chinese automotive industry. In order for plastics to be used in automobile parts and components, they must satisfy specific physical criteria in terms of mechanical functionality, stability under light and heat, durability, flame resistance, and environmental friendliness. Modified plastics are usually found in interior materials, door panels, dashboards, mud flaps, chassis, bumpers, oil tanks, gas valves, grilles, unit heater shells, air conditioner shells, heat dissipating grids, wheel covers, and other components.

 

7 
 

 

Figure 1: Analysis of Chinese Modified Plastics Market: Sales Volume and Revenue, China 2013-2023E

 

 

 

According to Frost & Sullivan's report, stimulated by the development of China's automotive industry, the Chinese automotive modified plastics market has gained solid development from 2013 to 2018, with a CAGR of 10.7% in sales volume and 8.4% in sales revenue during this period. In 2019, given the slow-down of China’s automotive production, sales volume of modified plastics will be negatively affected. Going onwards, considering the lightweight trend of automotive development and demand on using modified plastics to replace steel, the market is expected to maintain a moderate increase in terms of both sales volume and sales revenue, with CAGRs of 7.0% and 6.0% from 2019 to 2023, respectively.

 

 

The production capacity is expected to reach 7.3 million MT in 2023, with a growth of 27.4% from 5.8 million MT in 2018. In terms of different manufacturer types, domestic manufacturers expanded their production more rapidly than non-local manufacturers, which accounted for 75.3% of the total production capacity in 2018 and is expected to take up to 78.3% by the end of 2023.

 

8 
 

 

Due to the drop of crude oil price since the latter half of 2014, market price of modified plastics has experienced an obvious decrease, which undulates sales revenue of the market in 2015. Since the growth of China’s automotive industry is slowing down, automotive modified plastics manufacturers has also decreased the expansion rate of their production capacities. Overall, the total production capacity of Chinese automotive modified plastics industry increased significantly in the past and will keep growing in the future.

 

 

 

As illustrated in Figure 2, the Chinese automotive modified plastics market is expected to maintain the decent increase, with CAGR of 7.0% and 6.0% in terms of both sales volume and sales revenue from 2019 to 2023, respectively. In terms of different manufacturer types, domestic manufacturers expanded their production more rapidly than non-local manufacturers, which accounted for 75.3% of the total production capacity in 2018 and is expected to take up to 78.3% by the end of 2023. We believe that the demand for automotive modified plastic in China will grow continuously due to the fast growing Chinese automotive market, the increasing use per unit of plastic content in automobiles and favorable government incentives and regulations. Moreover, domestic producers will likely gain larger market share from imports as they are able to manufacture products with comparable quality at highly competitive prices and close proximity to their customers. We believe that the following are the key drivers for the automotive modified plastic industry in China.

 

Figure 2: Analysis of Chinese Automotive Modified Plastics Market: Sales Volume and Revenue (China), 2013-2023E

Source: Frost & Sullivan

 

 

 

9 
 

 

According to the statistics by the China Association of Automobile Manufacturers ("CAAM") in 2018, the production volume of automobiles in China increased from 22,116.8 thousand units in 2013 to 27,809.2 thousand units in 2018. Decline in automotive production is noted in 2018 and 2019 due to the weakened market demand as well as the reducing incentives granted by Chinese government to automotive manufacturers especially for EV manufacturers. The outbreak of COVID-19 in early 2020 creates future disturbance to the market, and affects normal business operation of automotive manufacturers. Production volume is anticipated to recover from second quarter of 2020 as the disease gradually becomes under control. The growth of Chinese automotive industry is expected to slow down after several years’ rapid development and the CAGR of automotive production will be around 2.2% during the period from 2019 to 2023. Passenger cars accounted for 85% of the total production volume in 2018. The production volume of passenger cars and commercial cars will grow at a CAGR of 2.1% and 2.2% respectively during the period from 2019 to 2023. China has exceeded the United States to become the world's largest auto market as measured by the number of automobiles sold. We believe the growth momentum in China's auto sales will remain strong over the next four years. The automotive industry in China is still in its infancy with passenger car ownership of 166 vehicles per 1,000 inhabitants in 2018, which is significantly below Europe's average of 526 and United States' average of 781 according to National Bureau of Statistics, US Department of Energy, Eurosta, Frost & Sullivan.

 

From 2013 to 2018, the number of vehicles per 1,000 people in China has experienced a significant growth from 93 to 166, with the highest CAGR of 12.2% among China, United States and Europe. The significant gap of automobiles ownership per 1,000 people among China, United States and Europe indicates that the Chinese auto industry is still of huge growth potential. The gap is expected to be further narrowed with China’s vehicle per 1,000 people growing to 220 in 2023.

 

Figure 3: Overview of Chinese Macro Economy:

Vehicle Per 1000 People Comparison (Units per 1,000 people), 2013-2023E

 

 

Source: National Bureau of Statistics , US Department of Energy, Eurostat, Frost & Sullivan

 

According to the National Bureau of Statistics, the total number of Chinese automobile parts has experienced a rapid growth because of the economic development and the incentive policies issued by the government. With the continuous development of Chinese auto manufacturing industry and expansion of auto consumption market, the parc of automobiles increased from 126,830.0 thousand units in 2013 to to 231,220.0 thousand units in 2018 at a CAGR of 12.8%. It is expected that the number will keep growing and hit a record of 311,593.4 thousand units in 2023, with a CAGR of 5.7% during the period from 2019 to 2023.

 

 

10 
 

 

 

Figure 4: Overview of Chinese Macro Economy: Growth of Automotive Parts(China), 2013-2023E

 

Overview of Chinese Macro Economy:

Growth of Parc of Automobiles, China, 2013-2023E

 

 

Rising personal income in China is one of the key drivers for the rapid growth of the Chinese automobile industry. As shown in Figure 5, China has achieved long-term economic growth and the nominal GDP per capita increased from RMB 43,871.1 in 2013 to RMB 63,382.4 in 2018. There are several undergoing structural adjustments in China’s economy. It is expected that China will be able to maintain a relatively solid economic growth and nominal GDP per capita will keep growing during the period from 2019 to 2023.

 

Chinese government is attempting to stimulate the domestic consumption and has introduced a series of related incentive policies. Given that the income level of residents in China keeps increasing, the per capita consumption expenditure of urban household in China increased from RMB 18,023.0 in 2013 to RMB 26,112.0 in 2018 and is expected to reach RMB 37,427.4 in 2023.

 

Moreover, cars have become more affordable in China as local or joint venture automobile manufacturers continuously expand their production to achieve economies of scale to lower production cost and source cheaper auto parts locally. Growing income and decreasing vehicle prices will continue to make car ownership more affordable for China's rising middle class.

 

Figure 5: Overview of Chinese Macro Economy and Chinese Auto Market: Growth of Nominal GDP and Per Capita Consumption Expenditure of Urban Household (China), 2013-2023E

Source: National Bureau of Statistics, International Monetary Fund, and Frost & Sullivan

 

11 
 

 

Benefit and Increasing Use of Plastics in Automobiles

(1) Cost Reduction: The primary demand driver for modified automotive plastics arises out of the cost-reduction characteristics evidenced by the plastics material inclusion in the automobile manufacturing process. Modified plastics can deliver the same performance as metallic materials at approximately a tenth of the cost. In addition, modified plastics can substitute some kinds of more expensive engineering plastics. This benefit of modified plastics will become more significant with the increasing competition in automobile manufacturing industry to improve efficiency and reduce costs.

 

(2) Vehicle Emissions Reduction: Plastic components impact fuel efficiency by saving approximately 2.5 liters of fuel per kilograms ("kg") used (equivalent to 6 kg of CO2 emissions) over the lifetime of the vehicle. Automobile manufacturers have been reducing vehicle weights in an attempt to reduce emissions and increase efficiencies. Modified plastics reduce the weight of components by 40% compared with traditional metallic materials.

 

(3) Performance and Safety Improvement: The development of advanced plastics applications lead to the improvement in performance through reducing the number and weight of the vehicle parts, causing the fuel consumption per vehicle to drop significantly. In addition, the lower net weight of the vehicles improves handling performance and thereby eliminates the likelihood of losing control in case of emergency stops. The involvement of modified plastics in automotive applications results in significant improvement of the safety features of the vehicle parts, like seat belts, air bags, and air bag containers in the recent years.

 

(4) New Applications:  Plastics reduce the number of the required parts used in automobile manufacturing and introduce new design possibilities. Conventional materials struggle to compete against this open innovation platform associated with the plastics industry. In addition, the performance benefits associated with plastic materials continue to create a competitive advantage for the plastics industry.

 

(5) Increasing Use of Plastics per Vehicle: Weight of modified plastics per vehicle in China continually increased from 2008 to 2012, and is forecasted to reach 169.8 kg by the end of 2017, with a growth rate of 40.2% according to Frost & Sullivan's Report. Although the weight of modified plastics per vehicle in China will still be less than that in North America and Europe, the highest growth rate indicates the huge potential for market growth. In 2012, plastic use in China is estimated to be about 128.6 kg per vehicle, whereas models imported from Europe contain on average as much as 219 kg per vehicle. In addition, the Chinese government's goals regarding electric and hybrid vehicles may also push the market further as weight concerns are more important for these vehicles than for traditional passenger cars.

 

Production volume of electric vehicle (EV) in China grew from 14.1 thousand units in 2012 to 794.2 thousand units in 2017 dramatically, with a CAGR of 123.9%. China is leading the development of EV industry and the largest market of EV in the world in 2017. Guided by the supportive policies, the EV industry will continue to be a development focus of auto industry in China.

 

The development of EV is a strong driver of auto modified plastics market since the production of battery packs for EV brings the demand for automotive modified plastics and the level of light-weight designs for EV is high.

 

Increasing Substitution of Imports

 

Though China's automotive plastic market has been dominated by foreign or joint venture ("JV") companies, Chinese suppliers are continually gaining market share. It is estimated that automotive plastics imported and manufactured by multinational and JV companies accounted for 24.9% of the total China automotive plastic supply in 2017, decreasing from 30.5% in 2012 according to a report by Frost & Sullivan. Compared to foreign competitors including JV companies, local manufacturers can largely benefit from the lower cost and geographical convenience in China and their product sales can be customized with time-efficient after sales services and technical supports. As the local production capacity of both domestic and foreign companies has been expanding, share of imports and multiple national companies is expected to decrease to 22.4% by the end of 2022, while the share of domestic manufacturers is forecast to rise to 77.6% in 2022 as they expand at a greater rate than MNC and JV in China.

 

12 
 

 

The financial crisis beginning in 2008 and the European debt crisis beginning in 2011 forced global automakers and suppliers to concentrate on their cost structure and pricing mechanisms. Many automakers accelerated cost reduction initiatives. Moving manufacturing operations to and sourcing raw materials from low cost regions have emerged as key measures to save costs. With its huge consumer market, low labor costs and high-quality manufacturing and logistics infrastructure, China is a location favored by global auto and component makers who source parts and components not only for their local operations in China but also for their global operations. As a result, we believe that China's local plastic suppliers will benefit from such global outsourcing trends and increasingly become a good substitute for expensive imported plastic products. JV manufacturers based in China in automotive plastics sector have been slow to invest and expand in China.

 

Favorable National Government Policies 

 

 In the past decade, the Chinese government has adopted a number of policies and initiatives intended to encourage the development of the Chinese modified plastics industry and stimulate the growth of the Chinese automobile industry. 

Since 2000, modified plastics, including engineering plastics, have been categorized as a prioritized industrialization area by a series of government guidelines or development plans. Some of these policies include: 

 

● Guiding Catalogue for Key Products and Services in Strategic Emerging Industries (2016) was announced by the National Development and Reform Commission of the People's Republic in January 2017, which categorized new engineering plastics, plastic alloy, fire-retardant modified plastics, ABS, HIPS, high performance carbon fiber, etc.. as prior development fields in new material industry.

 

 The 13th Five Year Plan for Development of Strategic Emerging Industries in China launched in 2016 included favorable policies toward advanced technologies in developing new aviation and space materials, encouraging the application of biodegradable plastics and the development of high-performance plastics used for additive manufacturing, as well as encouraging the development of new material industries

 

●  The "Made in China 2025" initiative launched on May 8, 2015 by State Council, encouraged development of new materials, energy-saving and new energy vehicles, power equipment, aerospace and aeronautical equipment, marine engineering and high-tech ships, modern railway equipment and agricultural machinery.

 

●  The "Development Plan of Additive Manufacturing (2015-2016)" initiative promulgated by the National Development and Reform Commission, Ministry of Industry and Information Technology and Ministry of Finance of People's Republic of China on February 28, 2015, advocated domestic production of several types of plastics with high heat resistance and high strength for additive manufacturing industry .

 

● It was stated in the "Outline of China's Twelfth Five-year Plan (2011)" that new functional materials, advanced structural materials, common base materials, fiber of high performance and its compounded material are key development directions of new material industry.

 

●  It was stated in the "Catalogue for Guidance on Adjustment of Industrial Structure (2011)" promulgated by the National Development and Reform Commission on March 27, 2011, that the country is currently promoting (i) the development of production equipment of polycarbonate by the use of non-phosgene method, with annual output of 60000t/year and above, (ii) the production of engineering plastic including liquid crystalline polymer (LCP) and development and application of bleeding modification and alloying; (iii) the development and production of water – absorbed resin, conductible resin and biodegradable polymers; (iv) the development and production of new polyamide including nylon 11, nylon 1414 and nylon 46, nylon with long carbon chain and heat resistant nylon.

 

●  It was stated in the "Guidance on Key Areas of Industrialization of High Technology with Current Priority in Development (2011)" jointly promulgated by the National Development and Reform Commission, the Ministry of Science and Technology, the Ministry of Commerce and the State Intellectual Property Office on June 23, 2011 that modified technologies applied to general plastics, including new engineering plastics and plastic alloy, new special engineering plastics, fire resistant modified plastics, and modified technology of general plastics, are currently prioritized areas to develop and industrialize in China's macromolecule materials sector.

 

It was stated in the "Investment Guide for Industrial Transforming and Upgrading" (2011) promulgated by  Ministry of  Industry and Information Technology of ghd People's Republic of China  promoted  the modification of waste plastics via the comprehensive utilization of related technologies and suggested the future trend of the application of new materials in the industrial area, including biodegradable plastics, engineering plastics, etc.

 

13 
 

 

●  A series of modified plastics technologies have been listed in the "National Support for Key High-tech Fields" as stated in the Circular on the Issuance of the Administrative Measure for the Recognition of High-tech Enterprise jointly promulgated by the Ministry of Science and Technology, Ministry of Finance, the State Administration of Taxation in April 2008. These technologies include special engineering plastics, macromolecular compound or new synthetic modified, etc.

 

●  Determining the detailed standards for average fuel consumption for passenger car manufacturers: 1) In 2015 average fuel consumption for passenger car reach 0.069L per kilometer; 2) In 2020 average fuel consumption for passenger car reach 0.05L per kilometer. It will accelerate the automobile weight reduction progress.

 

In addition, with the Chinese government strongly encouraging the production of more fuel-efficient and environmentally friendly vehicles, as one means to help resolve the nation's worsening air pollution problem, especially in big cities, opportunities abound for suppliers of plastics materials and auto components.

 

We believe that the above government measures and programs will continue to accelerate the demand for automotive modified plastics in China.

 

Tightening Trend and Local Government Policies

 

Despite the favorable national government policies as set forth above, in the past couple of years, the Chinese government has implemented certain measures to control the pace of economic growth and discontinued certain stimulus measures implemented to deal with the recent global financial crisis, including incentives for consumers to purchase automobiles.

 

Since 2011, in order to resolve the extreme traffic congestion, Beijing government has been implementing a vehicle purchase quota policy, which limits the maximum vehicles sold in Beijing per month to 20,000. Other cities which have begun to show signs of traffic congestion have also begun to implement similar measures to control traffic congestion, including the limited automobile licenses policy implemented in Shanghai and Tianjin and the imposition of congestion charges in Shenzhen.  The termination of nation-wide preferential policies can negatively affect consumer demand for new vehicles, and local restrictive measures over automobile purchases in major cities may result in the reduction in the sale of vehicles nationwide.

 

 

14 
 

Our Products

 

Modified plastic is processed by adding chemical agents and other additives to basic plastic resins to generate or improve certain physical and/or chemical characteristics of plastic, such as heat resistance, hardness, tensile strength, wear resistance, and flame retardance. Based on the type of materials, our products include twelve categories: Modified Polypropylene (PP), Modified Acrylonitrile Butadiene Styrene (ABS), Modified Polyamide 66 (PA66), Modified Polyamide 6 (PA6), Modified Polyoxymethylenes (POM), Modified Polyphenylene Oxide (PPO), Plastic Alloy, Modified Polyphenylene Sulfide (PPS), Modified Polyimide (PI), Modified Polylactic acid (PLA), Poly Ether Ether Ketone (PEEK), and Polyethylene (PE).

 

Our products are organized into twelve product groups, based on their physical characteristics, as set forth below:

 

 

Product Group

  Number of Products Certified  

 

Characteristics

Automotive or Other Application
Modified Polyamide 66 (PA66)     59   Abrasive resistance, self-lubrication, high strength, high temperature resistance, and flame resistance Roof handles, door knobs, transmission connection plates, fan shrouds, glovebox assembles, engine hoods, stents baffle blocks, trajectory, fasteners, etc.
             
 Modified Polyamide 6 (PA6)     53   High temperature resistance, weather resistance, high strength Inner door knobs, door knobs, hand shanks, transmission connection plates, visor bases, etc.
             
 Plastic Alloy     185   High impact resistance, high temperature resistance, flame resistance, palatable Instrument panels, instrument frames, shields, automotive center stacks, speaker covers, grids, fog light shells, battery bases, seat armrests, luggage holders, etc.
             
Modified Polypropylene (PP)     305   Non-toxic, odorless, low density, insulated, and low moisture uptake Instrument panels, inner panels, columns, bumpers, air conditioner shells, door knobs, mudguards, etc.
             
Modified Acrylonitrile butadiene styrene (ABS)     28   High rigidity, low density, rigidity toughness balance, slow burn, and corrosion resistance Heat dissipating grids, steering wheel shells, cup holders, seal banks, instrument panels, inner door knobs, wheel covers, etc.

 

             
Polyoxymethylene (POM)     1   High strength, low moisture uptake, size stability, high glass, high temperature resistance, fatigue resistance Heater fans, signal lamps switches, gas reservoir covers, door knobs, hand shanks, fuel pumps, dynamic valves, accelerator pedals, rampetior elements, etc.
             
Polyphenylene Oxide (PPO)     1   High rigidity, flame retardant, abrasive resistance, pollution resistance, high temperature resistance Battery plants, lamp holder insulation parts, anti-freezer grids, booms, instrument panels, window frames, tool cabinet covers, handwheel boxes, heater holders, heater baffles, cooling system connections, pump strainer nets, ammeter frameworks, rearview, etc.

 

 

 

15 
 

 

 

             
Modified Polyphenylene Sulfide (PPS)     1   High temperature resistance, corrosion resistance, radiation resistance, flame resistance, size stability Air bleed control valves, pneumatic signal conditioners, sparks plug wire insulation covers, tachometer sensor covers, electrical pumps, fuel pump impellers and covers, air cylinder covers, water pump impellers, etc.
             
Modified Polylactic Acid (PLA)     -   Reproducible, good biological compatibility and totally degraded Glove box handle, seat cover, rearview mirror shell, etc.
             
Modified Polyimide (PI)     -   Flame resistance, high strength, high temperature resistance, corrosion resistance Compressor blade, piston ring, sealing washer, bushing, gear, brake block, etc.
             
PEEK*     N/A   Excellent mechanical and chemical resistance and temperature tolerance Used in communications and transport electronics and electrical appliances, machinery, medical and analytical equipment
             
 Polyethylene     -    Resistance to shock, low temperature resistance, excellent electrical insulation, corrosion resistance  Agricultural film, screw cap, water pipe, gear, food package
             
Total     633      

 

*PEEK is primarily used in applications that are unrelated to automotive applications, which does not require certifications and is in the product development stage.

 

For the years ended December 31, 2019 and 2018, the Company had below product categories accounted for 10 percent or more of consolidated revenue as below:

 

   Years Ended December 31,
   2019  2018
   US$  %  US$  %
   (in millions, except percentage)
Modified Polyamide 66 (PA66)   427.0    29.5%   316.6    24.8%
Modified Polyamide 6 (PA6)   338.3    23.4%   243.9    19.1%
Plastic Alloy   245.3    16.9%   335.7    26.3%
Modified Polypropylene (PP)   126.5    8.7%   223.4    17.5%
Semi-finished goods   144.4    10.0%   —      —   
Total   1,281.5    88.5%   1,119.7    87.8%

 

We are exposed to risks inherent in any foreign operation, including foreign exchange rate fluctuations. For more details, please see “Item 1A Risk Factors - The fluctuation of the exchange rate of the Renminbi against the dollar could reduce the value of your investment”.

 

 

16 
 

Raw Materials

 

The principal raw materials used for the production of our modified plastic products are plastic resins such as polypropylene, ABS and nylon. Polypropylene is a chemical compound manufactured from petroleum.  ABS is a common thermoplastic used to make light, rigid, molded products such as automotive body parts and wheel covers.  Nylon is a thermoplastic silky material. Approximately 1.6% of our total raw materials purchased by volume are sourced from overseas petrochemical enterprises and 98.4% from domestic petrochemical enterprises during the year ended December 31, 2019.

 

The Company has one-year renewable contracts with its major suppliers, which are distributors of petrochemical enterprises. Because the raw materials used in our products are primarily petroleum products, the rise or fall in oil prices directly affects the cost of the raw materials. We attempt to mitigate the increase or decrease in our raw materials prices by appropriately raising or lowering the price for our products to pass the cost or savings to our customers as part of our pricing policy.

 

Because raw materials constitute a substantial part of the cost of our products, we seek to reduce costs by dealing with major suppliers. During the year ended December 31, 2019, the Company purchased approximately 14.7% of the Company's raw materials from one major supplier. By dealing in large quantities with these major suppliers, we obtain reduced prices for raw materials, therefore reducing the cost of our products. If we were unable to purchase from these suppliers, we believe we would still have adequate sources of raw materials from other petrochemical distributors without material impact on the cost of our products.  

 

Intellectual Property

 

Patents

 

As a result of our collection of academic and technological expertise, as of December 31, 2019, we had 32 approved patents and 477 pending patent applications in China, as set forth in the following table:

 

No Patent Name Application No Date Status
1 A preparation method of polylactic acid used in auto dashboard 201110035716.1 February 11, 2011 Authorized
         
2 A high impact and high heat-resistant flame retardant ABS composite material reinforce by glass fiber and its preparation process 201110268625.2 September 13, 2011 Authorized
         
3 Supercritical fluid rapid diffusion synthesis of nano calcium carbonate enhanced  microcrystalline polypropylene composites 200910073402.3 December 11, 2009 Authorized
         
4 A rapid detection method of the tensile propertie of modified PP used in auto specially by non-standard situation 201110094454.6 April 15, 2011 Authorized
         
5 A high toughness,low warpage and high-mobility PET/PBT/PC alloy renforced by glass fiber and its preparation method 201110235189.9 August 17, 2011 Authorized
         
6 A preparation method of polypropylene resin foam particles with supercritical CO2 act 201110230302.4 August 12, 2011 Authorized
         
7 A high-powered aircraft tail composite material and its preparation process 201110196209.6 July 13,2011 Authorized
         
8 A method for automotive interior low odor, low VOC, high performance polypropylene composites 201010258937.0 August 20, 2010 Authorized

 

 

17 
 

 

         
9 A high-strength carbon fiber reinforced polyetheretherketone composite material and its preparation method 201210114931.5 April 20, 2012 Authorized
         
10 High performance halogen-free flame-retardant PC / ABS composite material and its preparation method 201210201826.5 June 19, 2012 Authorized
         
11 Graphene / polymer conductive composites 201210411231.2 October 25, 2012 Authorized
         
12 A high temperature conductive PPO/PA6 alloy material and its preparation method 201210241856.9 July 13, 2012 Authorized
         
13 High-performance, green flame retardant reinforced PA66 composites technology 201210260160.0 July 26, 2012 Authorized
         
14 An antistatic LSOH flame retardant PC / ABS alloy material and its preparation method 201210296750.9 August 20, 2012 Authorized
         
15 A free primer and  sprayed directly on the bumper composites 201210306240.5 August 27, 2012 Authorized
         
16 A long glass fiber reinforced polypropylene material and its preparation method 201210362626.8 September 26, 2012 Authorized
         
17 A modified Kevlar fiber reinforced PA66 material and its preparation method 201210369747.5 September 29, 2012 Authorized
         
18 A high toughness wear-resistant fiberglass /PA6 composites for rail transit fasteners 201210396122.8 October 18, 2012 Authorized
         
19 A glass fiber reinforced poly (ethylene terephthalate) / polycarbonate alloy 201210403197.4 October 22, 2012 Authorized
         
20 A production method of antimicrobial, hydrophilic polypropylene particle 201210411680.7 October 25, 2012 Authorized
         
21 A glass fiber, SiO2 enhanced toughening polyphenylene sulfide material and its preparation method 201210439116.6 November 7, 2012 Authorized
         
22 A high mobility of polyvinyl alcohol / lignin WPC 201310203047.3 May 28, 2013 Authorized
         
23 A applied to electrostatic spraying PPO/PA6 alloy material and its preparation method 201310367459.0 August 22, 2013 Authorized
         
24 Preparation method of impact-resistant strain of modified polylactic acid material 201310468059.9 October 10, 2013 Authorized
         
25 A free spray paint bumper with modified material and preparation method 201310468057.X October 10, 2013 Authorized
         
26 A stereoscopic word based on 3D printing 201520229477.7 April 16, 2015 Authorized
         
27 A medical chest straps based on 3D printing technology and its preparation method 201510290769.6 June 1, 2015 Authorized
         
28 A 3D printing withABS composite material and its preparation method 201610073934.7 February 3, 2016 Authorized
         
29 A kind of starch based biodegradable plastics and its preparation method 201610078670.4 February 5, 2016 Authorized

 

 

18 
 

 

         
30 A kind of high-toughness full-degradation polylactic acid-based composite material and its preparation method 201610073925.8 February 5, 2016 Authorized
         
31 A high heat-resistant PC / ASA alloy material and its preparation method 201010508149.2 October 15, 2010 Authorized
         
32 An extrusion grade sisal fiber reinforced polypropylene composite material and its preparation process 201210357867.3 September 25, 2012 Authorized
         
33 A molding method suitable PEEK 201010173663.5 May 17, 2010 Pending
         
34 A high notched impact PA / ASA alloy material and its preparation method 201010230061.9 July 19, 2010 Pending
         
35 A method for automotive interior matte, anti-scratch modified polypropylene composites 201010230064.2 July 19, 2010 Pending
         
36 A lower mold shrinkage ratio method of calcium carbonate / polypropylene nanocomposites 201010230088.8 July 19, 2010 Pending
         
37 Nano-ZnO filled with modified PEEK film and its preparation method 201010258955.9 August 20, 2010 Pending
         
38 A high impact and high flow PC / ASA alloy material and its preparation method 201010258950.6 August 20, 2010 Pending
         
39 A preparation method of SiO2/CaCO3 nano-composite particles modified polypropylene 201010282042.0 September 15, 2010 Pending
         
40 A microporous zeolite materials modified PEEK and its preparation method 201010282022.3 September 15, 2010 Pending
         
41 An anti-aging, anti-yellowing, low odor polypropylene composite material and its preparation method 201010508177.4 October 15, 2010 Pending
         
42 A alloy material of high-impact, high-brightness ASA 201010543439.0 November 15, 2010 Pending
         
43 A high heat-resistant and high wear-resistant PEEX composite material and its preperation  process 201110347338.0 January 10, 2011 Pending
         
44 A preperation process of high weathering  colour ASA resin 201110347336.1 February 11, 2011 Pending
         
45 A preparation method of polymer composites with high toughness 201110035736.9 February 11, 2011 Pending
         
46 A special material of cooling grille with high heat resistance and high weather resistance 201110094466.9 April 15, 2011 Pending
         
47 Apreparation process of ABS alloy with high impact performance and high heat resistance 201110122586.5 May 12, 2011 Pending
         
48 A preparation process of centralized control method used in plastic production line 201110122566.8 May 12, 2011 Pending
         
49 A preparation method of easily dispersed and easily processimg polyprolene composite material 201110158511.2 June 14, 2011 Pending
         
50 A preparation method of high heat-resistant and high rigid PLA composite material reinforced by fully biodegrdable natural fiber 201110158512.7 June 14, 2011 Pending

 

 

19 
 

 

 

         
51 A preparation process of the premixed screening system 201110158488.7 June 14, 2011 Pending
         
52 A rapid detection method of the impact propertie of midfide plastics used in automobile specially 201110158528.8 June 14, 2011 Pending
         
53 A high impact PA6 composite material with core-shell toughening and its preparation method 201110196226.X July 13, 2011 Pending
         
54 A preparation methed of the plastic production line with high performance and high honogeneity 201110233488.9 August 16, 2011 Pending
         
55 A preparation method of polylactic acid used composite material modified by hydroxyapatite with supercritical water act 201110268687.3 September 13, 2011 Pending
         
56 A polypropylene composite material used in battery tank of new source of energy automobile and its preperation  method 201110347320.0 November 7, 2011 Pending
         
57 A high toughnees,low warpage and low mold temperature PET/PA6 alloy reinfoced by glass fiber and preperation method 201110347339.5 November 7, 2011 Pending
         
58 A preparation method of glass fiber reinforced polyether ether ketone with high strength and high heat resestance 201110399890.4 December 5, 2011 Pending
         
59 A high toughness of polycarbonate blends material and its preparation method 201110319832.6 December 20, 2011 Pending
         
60 A high-impact, green flame retardant PC / ABS alloy material and its preparation process 201210122281.9 April 25, 2012 Pending
         
61 A preparation method for heat-resistant and easy processing of natural fiber reinforced polylactic acid composites 201210147444.9 May 14, 2012 Pending
         
62 A preparation method of high encapsulation efficiency and stable release polylactic lysozyme drug microsphere 201210295154.9 August 20, 2012 Pending
         
63 A Supercritical carbon dioxide reactor pressure method for preparating polypropylene foamed material 201210298694.2 August 22, 2012 Pending
         
64 An antimicrobial, dust suppression, halogen-free flame retardant ABS and its preparation process 201210305824.0 August 27, 2012 Pending
         
65 A preparation methods of ultra-hydrophobic microporous polymer film 201210358122.9 September 25, 2012 Pending
         
66 A flame-retardant glass fiber reinforced PA66 and its preparation method 201210370558.X September 29, 2012 Pending
         
67 The chest protected belts 201220526299.0 October 15, 2012 Pending
         
68 A non-asbestos and non-metal materials brake pads composite material and its preparation method 201210395921.3 October 18, 2012 Pending
         
69 A wear-resistant, anti-static, flame retardant ultra-high molecular weight polyethylene composite material 201210402814.9 October 22, 2012 Pending
         
70 A high impact, high heat-resistant PC / PBT alloy material and its preparation process 201210403095.2 October 22, 2012 Pending

 

 

20 
 

 

         
71 A continuous aramid fiber reinforced POM materials and preparation methods 201210411967.X October 25, 2012 Pending
         
72 An alcohol solution PA66 material special for intake manifold and its preparation method 201210442251.6 November 8, 2012 Pending
         
73 An environmentally friendly self- aromatic polypropylene material and its preparation process 201210457403.X November 15, 2012 Pending
         
74 A mechanical strength polypropylene power lithium battery separator and its preparation method 201210472283.0 November 21, 2012 Pending
         
75 A multilayer hot pressing method for preparating hydroxyapatite / polylactide composite 201210474211.X November 21, 2012 Pending
         
76 Preparation of a glass fiber reinforced nylon 66 / nylon 6 Composites 201310185041.8 May 20, 2013 Pending
         
77 An environmentally friendly foam polypropylene material and preparation method 201310185228.8 May 20, 2013 Pending
         
78 An ramie fiber reinforced polypropylene composite material and its preparation process 201310185514.4 May 20, 2013 Pending
         
79 One kind of resistance to warpage reinforced polyamide 6 material and preparation method 201310250426.8 June 24, 2013 Pending
         
80 Preparing a polyamide material reinforced with continuous glass fibers 201310250967.0 June 24, 2013 Pending
         
81 A low-cost method for preparing hydrophobic material of polypropylene 201310250185.7 June 24, 2013 Pending
         
82 A polypropylene self-luminous material and preparation method 201310250047.9 June 24, 2013 Pending
         
83 A preparation method of  reinforced, flame-retardant ABS material 201310367420.9 August 22, 2013 Pending
         
84 One kind of aramid pulp-reinforced PA66 composite material and preparation method 201310367404.X August 22, 2013 Pending
         
85 Preparation of a high-performance fiber-reinforced polyphenylene sulfide composites 201310372289.5 August 24, 2013 Pending
         
86 One kind of anti-alcohol solution, low warpage reinforced nylon66 composite material and preparation method 201310372282.3 August 24, 2013 Pending
         
87 A high-gloss, free paint, scratch-resistant alloy material and preparation method 201310372789.9 August 26, 2013 Pending
         
88 A preparation process of heat-stable flame retardant reinforced nylon composite material 201310413691.3 September 12, 2013 Pending
         
89 An anti-oxidation, high flow, flame retardant ABS and preparation process 201310413270.0 September 12, 2013 Pending
         
90 An flax noil fiber reinforced polypropylene composite material and its preparation process 201310413287.6 September 12, 2013 Pending
         
91 A Preparation of appling to charging pile casing PC / ABS alloy compound 201310414007.3 September 12, 2013 Pending

 

 

21 
 

 

         
92 A no-spray, high durability, scratch-resistant, flame retardant ABS Preparation and Process 201310414024.7 September 12, 2013 Pending
         
93 An antistatic, low smoke, flame retardant PC / ABS alloy materials and  preparing process 201310414847.X September 13, 2013 Pending
         
94 A method for preparing an enhanced flame retardant rigid polyurethane composites 201310467797.1 October 10, 2013 Pending
         
95 A MARINE with wear-resistant ultra high molecular weight polyethylene composites 201310468060.1 October 10, 2013 Pending
         
96 A method for preparing low temperature resistance, scratch-resistant zipper jacket compound for cars 201310468076.2 October 10, 2013 Pending
         
97 An environmentally friendly fire-retardant, high-performance EVA composite material and preparation method 201310467812.2 October 10, 2013 Pending
         
98 A direct line of long glass fiber reinforced thermoplastic composite material and its preparation method 201310471859.6 October 12, 2013 Pending
         
99 A toughening wear-resistant alloy material and preparation method 201310556261.7 November 12, 2013 Pending
         
100 A high resistance temperature reinforced polyamide 6 material and preparation method 201310556569.1 November 12, 2013 Pending
         
101 Preparation of an aircraft engine surrounding high temperature polyimide composites 201310555389.1 November 12, 2013 Pending
         
102 Preparation of a high strength of continuous glass fiber reinforced nylon 6 material 201310555451.7 November 12, 2013 Pending
         
103 A highly weather-resistant polypropylene self-luminous material and preparation method 201310555483.7 November 12, 2013 Pending
         
104 Method for preparing porous polymer composite superhydrophobic  films 201310559589.4 November 13, 2013 Pending
         
105 A polypropylene foam material and preparation method 201310559024.6 November 13, 2013 Pending
         
106 One kind of aramid fiber / polyimide composite material and preparation method 201310559294.7 November 13, 2013 Pending
         
107  An alloy NiMoB modified talc enhanced Bumper material and its preparation method 201310559588.X November 13, 2013 Pending
         
108 A silicone toughening polyphenylene sulfide material and its preparation method 201310560625.9 November 13, 2013 Pending
         
109 A high toughness, wear-resistant rail fasteners with glass / nylon 6 Composites 201310646768.1 December 6, 2013 Pending
         
110 A high-gloss, avoid spraying PTT / PMMA rearview mirror Compound and its production process 201310652729.2 December 6, 2013 Pending

 

 

22 
 

 

         
111 A keyboard and mouse with anti-bacterial perspiration modified plastics and its preparation method 201310676101.6 December 13, 2013 Pending
         
112 A high-strength lightweight hollow glass microspheres toughening PP material and preparation method 201310721731.0 December 25, 2013 Pending
         
113 a method for producing a heatproof polyimide composite used for aircraft engine periphery 201410144739.X April 12, 2014 Pending
         
114 a method for producing a heatproof polyimide composite 201410205669.4 May 16, 2014 Pending
         
115 An advantage of specially coupling treated carbon fibers reinforced PEEK 201410262651.8 June 13, 2014 Pending
         
116 A high dimensional stabilityexcellent abrasion resistance PEEK valve composite 201410262638.2 June 13, 2014 Pending
         
117 The preparation method of a high-strength PEEK composites 201410262746.X June 13, 2014 Pending
         
118 A Method for preparing high performance PEEK/long glass fiber composites 201410263606.4 June 16, 2014 Pending
         
119 a method for producing a polyimide composite 201410326840.7 July 10, 2014 Pending
         
120 Preparation of Carbon Fiber Reinforced PI Composite Material 201410326641.6 July 10, 2014 Pending
         
121 Preparation of  a high tensile strength of PEEK composites 201410326616.8 July 10, 2014 Pending
         
122 The prepatation of a high-strength ,high-temperature polyimide composites 201410413832.6 August 21, 2014 Pending
         
123 A high-heat-resistant,excellent in abrasion resistance sheet composite PEEK valve 201410413379.9 August 21, 2014 Pending
         
124 Preparation of  PI composite material by coupling agent treated glass fiber 201410481809.0 September 22, 2014 Pending
         
125 A kind of 3D printing poly lactic acid/leather powder composite materials and its preparation method 201410690528.6 November 27, 2014 Pending
         
126 A kind of  biodegradable polymer-docetaxel bonding medicine and its preparation method 201410690529.0 November 27, 2014 Pending
         
127 A prepatation method of polyimide composite material 201410691532.4 November 27, 2014 Pending
         
128 A prepatation method of high toughness biodegradable polylactic acid foam plastics 201410691587.5 November 27, 2014 Pending
         
129 A preparation of  antibacterial polylactic acid fiber 201410691901.X November 27, 2014 Pending
         
130 A kind of poly lactic acid preparation method of lactide ring-opening polymerization 201410697015.8 November 28, 2014 Pending
         
131 A modification of PLA material and its preparation method 201410697822.X November 28, 2014 Pending
         
132 A method of preparing high strenght PLA composites 201410697790.3 November 28, 2014 Pending

 

 

23 
 

 

         
133 A kind of  twin screw reactive extrusion method ring opening polymerization preparation of PLA 201410697838.0 November 28, 2014 Pending
         
134 A method of preparing high toughness PLA composites 201410697801.8 November 28, 2014 Pending
         
135 A kind of  organic molecule catalytic method for preparation of poly lactic acid 201410703493.5 November 30, 2014 Pending
         
136 A surface treatment of carbon fiber reinforced thermoplastic polyimide composites 201410703815.6 November 30, 2014 Pending
         
137 A carbon fiber-reinforced thermoplastic polyimide composites 201410703816.0 November 30, 2014 Pending
         
138 A preparation method  of the high toughness,high mobility PLA/PP Alloy 201410704664.6 December 4, 2014 Pending
         
139 A preparation method  of  the natural fiber/polylactic acidbased composite materials 201410704612.9 December 4, 2014 Pending
         
140 A preparation method  of  the high toughness ABS/PLA-based alloys 201410704588.9 December 4, 2014 Pending
         
141 Nanoparticles/CF hybrid reinforced PEEK composite material and its preparation method 201410729719.9 December 5, 2014 Pending
         
142 Method for preparing thermoplastic polyimide composites 201410730324.0 December 5, 2014 Pending
         
143 Boron fiber reinforced polyimide 201410730235.6 December 5, 2014 Pending
         
144 A method of preparation of carbon fiber prepreg reinforced skis 201410729635.5 December 5, 2014 Pending
         
145 High mobility TLCP/PES/PEEK composite material and its preparation method 201410729614.3 December 5, 2014 Pending
         
146 An  PEEK/BaSo4 composite material  and its preparation method 201410730260.4 December 5, 2014 Pending
         
147 Foamed PP and graphite fiber composites preparation methods of enhancement of skis 201410729634.0 December 5, 2014 Pending
         
148 Method for increasing the compatibility of PPS/PEEK composite materials 201410730258.7 December 5, 2014 Pending
         
149 A compressor valve plate with a modified material and the method 201410733902.6 December 8, 2014 Pending
         
150 An automobile air conditioner drive gear with the modified materials and the method 201410733905.X December 8, 2014 Pending
         
151 Method for preparing high toughness of polycarbonate/polylactic acid-bassed alloys 201410733882.2 December 8, 2014 Pending
         
152 A modified high-performance carbon fiber composite materials 201410747395.1 December 10, 2014 Pending
         
153 A prepatation method of high performance PEEK/carbon fiber composite material 201410747379.2 December 10, 2014 Pending
         
154 A prepatation method of PEEK composite material 201410746978.2 December 10, 2014 Pending

 

 

 

24 
 

 

         
155 A ternary no return toughening copolymer of polylactic acid composite material and its preparation method 201410747386.2 December 10, 2014 Pending
         
156 Sensor with high-performance fiber-reinforced PPS composites 201410747061.4 December 10, 2014 Pending
         
157 Glass fiber modified wearable Polyimide 201410747053.X December 10, 2014 Pending
         
158 An advantage of specially prepared by coupling treatment sio2 reinforced PEEK 201410747062.9 December 10, 2014 Pending
         
159 A high-mobility PVA/wood flour composite biomass 201410747054.4 December 10, 2014 Pending
         
160 One kind of thermal evaporation method graphene Gec 201410746877.5 December 10, 2014 Pending
         
161 A highly heat-resistant polylactic acid/Wood Flour Composites 201410747097.2 December 10, 2014 Pending
         
162 Preparation of  an enhanced flame retardant polyurethane composites 201410747055.9 December 10, 2014 Pending
         
163 A process for producing fiber reinforced PA6 dedicated 3D printing materials processing using a special method 201410747082.6 December 10, 2014 Pending
         
164 A preparation method  of low warpage ABS special 3D printing materials 201410746979.7 December 10, 2014 Pending
         
165 A preparation method  of impact-resistant strain of modified polylactic acid materials 201410747377.3 December 10, 2014 Pending
         
166 A preparation method  of  chemical vapor deposition method graphene films 201410747180.X December 10, 2014 Pending
         
167 A process for producing acrylic polyurethane high-solids coatings 201410747079.4 December 10, 2014 Pending
         
168 The use of core-shell particles toughening PC and PBT resin 201410747406.6 December 10, 2014 Pending
         
169 A high strength,high modulus of PEEK composite material and preparation method 201410747376.9 December 10, 2014 Pending
         
170 A kind of microfluids device prepared by the technology of 3D-printing 201410747264.3 December 10, 2014 Pending
         
171 A high-retardant polyvinyl alcohol/Wood Flour Composites biomass 201410746938.8 December 10, 2014 Pending
         
172 A method of processing aids (ACR) improved PVC materials 201410746804.6 December 10, 2014 Pending
         
173 A preparation method  of  polylactic acid film 201410746939.2 December 10, 2014 Pending
         
174 A kind of suitable for 3D printing chest straps of polylactic acid materials and its preparation method 201510089885.1 February 28, 2015 Pending
         
175 A kind of alloy material for 3D printing 201510179994.2 April 16, 2015 Pending
         
176 A method of preparation of water-soluble PLA support material for 3D printing 201510180141.0 April 17, 2015 Pending

 

 

25 
 

 

         
177 A kind of  high performance PEEK/chopped carbon fiber composite material and the preparation method 201510180750.6 April 17, 2015 Pending
         
178 The prepatation method of  a high toughness polylactic acid based composite material 201510180761.4 April 17, 2015 Pending
         
179 A nylon base composite material for medical strap by 3D printing and the preparation method 201510180170.7 April 17, 2015 Pending
         
180 A preparation method  of 3D printing support material of PVA with amylum filled 201510342646.2 June 19, 2015 Pending
         
181 A preparation method  of  ASA composite materials for  3D printing 201510342647.7 June 19, 2015 Pending
         
182 A kind of PBT/carbon fiber composite material and its preparation method 201510343448.8 June 20, 2015 Pending
         
183 A kind of anionic catalytic method for preparation of PLA 201510343470.2 June 20, 2015 Pending
         
184 A kind of suitable for 3D printing flexible material and its preparation method 201510343479.3 June 20, 2015 Pending
         
185 A gear assembly line pen container 201510372972.8 July 1, 2015 Pending
         
186 A 3D printing PA-12 composite materials and preparation methods 201510425924.0 July 21, 2015 Pending
         
187 A kind Of  PC/ABS alloy for 3D printing 201510425922.1 July 21, 2015 Pending
         
188 A kind Of  chitosan fill the PVA support materials for 3D printing 201510425923.6 July 21, 2015 Pending
         
189 A preparation methods of  PA-12 composite materials for 3D printing 201510425925.5 July 21, 2015 Pending
         
190 A preparation methods of  ASA composite materials for 3D printing 201510426034.1 July 21, 2015 Pending
         
191 A PCL materials for 3D printing 201510426518.6 July 21, 2015 Pending
         
192 A PLA/carbon fiber composite materials for 3D printing 201510444970.5 July 27, 2015 Pending
         
193 A ABS/carbon fiber composite materials for 3D printing 201510444857.7 July 27, 2015 Pending
         
194 A low-cost PEEK composite materials 201510442250.5 July 27, 2015 Pending
         
195 A kind of flame retardant PEK-C composite materials 201510442249.2 July 27, 2015 Pending
         
196 The preparation method  of  PLA composites with higher strength 201510513220.9 August 20, 2015 Pending
         
197 High flexibility and heat resistance of modified PLA material and its preparation method 201510513331.X August 20, 2015 Pending
         
198 The preparation method of high toughness PLA composites 201510513381.8 August 21, 2015 Pending
         
199 A low hardness material for 3D printing and its preparation method 201510513507.1 August 21, 2015 Pending

 

 

26 
 

 

         
200 A kind of high toughness ABS/PLA base alloy and its preparation method 201510513987.1 August 21, 2015 Pending
         
201 A preparation methods of  PLA/carbon fiber composite cable 201510513965.5 August 21, 2015 Pending
         
202 A kind of high toughness PC/PLA base alloy and its preparation method 201510513964.0 August 21, 2015 Pending
         
203 A PLA/PCL materials for 3D printing 201510513963.6 August 21, 2015 Pending
         
204 A preparation methods of biodegradable PP  composite materials 201510516595.0 August 21, 2015 Pending
         
205 A kind of twin screw reactive extrusion method ring opening polymerization preparation of PLA 201510516697.2 August 21, 2015 Pending
         
206 A 3D printing with PLA wood plastic composite material and its preparation method 201510516892.5 August 22, 2015 Pending
         
207 A kind of biodegradable plastic material 201510516891.0 August 22, 2015 Pending
         
208 A water-soluble 3D printing support material and its preparation method 201510517574.0 August 22, 2015 Pending
         
209 A kind of modified carbon fiber reinforced PEK-C composite materials 201510518210.4 August 24, 2015 Pending
         
210 The preparation method of  PLA by catalytic organic molecules 201510529386.x August 26, 2015 Pending
         
211 A kind of alloy material for 3D printing 201510529324.9 August 26, 2015 Pending
         
212 The preparation method of  PLA by glue lactide ring-opening polymerization 201510529229.9 August 26, 2015 Pending
         
213 A PLA/PCLbased materials for 3D printing 201510596497.2 September 19, 2015 Pending
         
214 A kind of  PC/PLA alloy for 3D printing 201510596496.8 September 19, 2015 Pending
         
215 A preparation methods of  PA-12 composite materials for 3D printing 201510596494.9 September 19, 2015 Pending
         
216 A straw filling masterbatch for car and its preparation method 201510596493.4 September 19, 2015 Pending
         
217 A kind of flame retardant straw man-made composite panels and its preparation method 201510598097.5 September 21, 2015 Pending
         
218 A kind of injection molding with straw powder/PP composite wood plastic material 201510598151.6 September 21, 2015 Pending
         
219 A free aldehyde a two-component straw green adhesive and its preparation method 201510598096.0 September 21, 2015 Pending
         
220 A radiation-hardened PEK-C composite materials 201510598127.2 September 21, 2015 Pending
         
221 A highly transparent and heat resistant PLA based composite materials and  preparation methods 201510605550.0 September 22, 2015 Pending

 

 

 

27 
 

 

         
222 A long natural fiber/PLA based composite materials and  preparation methods 201510605549.8 September 22, 2015 Pending
         
223 A high toughness,high liquidity PLA/PP alloy and  its preparation method 201510605551.5 September 22, 2015 Pending
         
224 A kind of chemical modification of two-component straw without adhesive and  its preparation method 201510606502.3 September 23, 2015 Pending
         
225 A filler masterbatch containing straw fiber and its preparation method 201510620223.2 September 26, 2015 Pending
         
226 A kind of high toughness of polyolefin/PLA based alloy material  and its preparation method 201510620222.8 September 26, 2015 Pending
         
227 A straw in organic resin environmental protection plastic masterbatch and preparation method 201510620187.X September 26, 2015 Pending
         
228 A straw combined with compound wood plastic material and its preparation method 201510621223.4 September 28, 2015 Pending
         
229 A kind of SEBS compound materials for 3D printing and preparation methods 201510625700.4 September 29, 2015 Pending
         
230 A 3D printing in toughenning PLA material 201510678609.9 October 21, 2015 Pending
         
231 A 3D printing with imitation wood material and its preparation method 201510678582.3 October 21, 2015 Pending
         
232 A shock profile ASA modification and preparation metgod 201510678508.1 October 21, 2015 Pending
         
233 A kind of suitable for 3D printing PP/SEBS composite materials 201510678417.8 October 21, 2015 Pending
         
234 A werther resistance type ASA material preparation method 201510682952.0 October 21, 2015 Pending
         
235 A 3D printing with PA-12/carbon fiber composite material preparation method 201510774246.9 November 14, 2015 Pending
         
236 A PEEK composites used for 3D printing 201510776191.5 November 16, 2015 Pending
         
237 A 3D printing use environmental protection material and  its preparation method 201510781986.5 November 17, 2015 Pending
         
238 A 3D printing to atrengthen PLA material 201510781729.1 November 17, 2015 Pending
         
239 A 3D printing for PVA/PLA composite materials 201510781822.2 November 17, 2015 Pending
         
240 Carbon fiber reinforced polylactic acid/hydroxyapatite composite material preparation method 201510781758.8 November 17, 2015 Pending
         
241 A PLA/PCL composite materials for 3D printing fixed with chest photo 201510781757.3 November 17, 2015 Pending
         
242 A kind of plant fiber modified PP composite material and its preparation process 201510801217.7 November 20, 2015 Pending
         
243 A carbon fiber thermoplastic composites material and its preparation method 201510802664.4 November 20, 2015 Pending

 

 

28 
 

 

 

         
244 A straw biodegradable green tableware and its preparation method 201510800686.7 November 20, 2015 Pending
         
245 A straw packaging products and its preparation method 201510800422.1 November 20, 2015 Pending
         
246 A long natural fiber/polylactic acid based composite material  preparation method 201510807808.5 November 23, 2015 Pending
         
247 A synthetic PLA composite and its preparation method 201510994685.0 December 30, 2015 Pending
         
248 The preparation method  of high toughness PLA  composites 201510994684.6 December 30, 2015 Pending
         
249 A kind of high strength polypropylene fiber and its manufacturing method 201510994680.8 December 30, 2015 Pending
         
250 The method  of  preparation of polypropylene fiber 201510994693.5 December 30, 2015 Pending
         
251 The preparation method  of  the high toughness PP composites 201510994695.4 December 30, 2015 Pending
         
252 Carbon fiber reinforced polylactic acid/hydroxyapatite composite material preparation method 201510994697.3 December 30, 2015 Pending
         
253 The preparation method  of  PLA/PP bicomponent fiber filtering material and products 201510994720.9 December 30, 2015 Pending
         
254 A kind of carbon fiber reinforced halogen-free flame retardant PA66 composite materials and preparation methods 201510995630.1 December 30, 2015 Pending
         
255 A kind of high toughness polylactic acid based composite material preparation method 201510995642.4 December 30, 2015 Pending
         
256 Carbon fiber reinforced halogen-free flame retardant PBT composite material and its preparation method 201510995644.3 December 30, 2015 Pending
         
257 A kind of starch based biodegradable plastics and its preparation method 201510995643.9 December 30, 2015 Pending
         
258 A highly transparent heat-proof PLA based composite material preparation method 201510995641.X December 30, 2015 Pending
         
259 A kind of human pipeline support for controllable safety PLA/PCL composite material 201610068028.8 February 2, 2016 Pending
         
260 A kind of wood material for 3D printing and its preparation method 201610068060.6 February 2, 2016 Pending
         
261 A kind of PBS/PHB material for 3D pringting and its preparation method 201610068519.2 February 2, 2016 Pending
         
262 A preparation method of high toughness PP wood plastic composite materials 201610068969.1 February 2, 2016 Pending
         
263 A kind of glass fiber reinforced polyetheretheketone 3D printing supplies and preparation method thereof 201610069556.5 February 2, 2016 Pending
         
264 A kind of biodegradable polylactic acid protection film and its preparation method 201610070678.6 February 2, 2016 Pending
         
265 A kind of straw degradable plastic film and its preparation method 201610070677.1 February 2, 2016 Pending

 

 

29 
 

 

         
266 A poly lactic acid/starch/straw powder bio based biodegradable composite material and its preparation method 201610070676.7 February 2, 2016 Pending
         
267 A kind of modified PET material and its preparation method 201610071902.3 February 3, 2016 Pending
         
268 A kind of environmental protection type plastic pipe and its preparation method 201610073495.X February 3, 2016 Pending
         
269 The medical adjustable chest abdomen fixing belt based on FDM printing technology 201610073497.9 February 3, 2016 Pending
         
270 An enhanced impact modification of polylactic acid material and its preparation method 201610072317.5 February 3, 2016 Pending
         
271 A preparation method of the thermoplastic elastomers PP with high mobility and high resistance of deformation 201110035725.0 February 11, 2016 Pending
         
272 A shape of thermotropic polymers material with memoty 201610117090.1 March 2, 2016 Pending
         
273 A kind of low cost straw polyethylene film and its preparation method 201610117151.4 March 2, 2016 Pending
         
274 Preparation method of wood plastic composite materials PP 201610117088.4 March 2, 2016 Pending
         
275 A kind of degradable plastic film and its preparation method 201610117087.X March 2, 2016 Pending
         
276 A kind of biodegradable thoughening heat-resistant polylactic acid modified resin and its preparation method 201610117085.0 March 2, 2016 Pending
         
277 A preparation method and application of glass fiber reinforced polylactic acid composite material 201610117084.6 March 2, 2016 Pending
         
278 A kind of automobile sheet witn the 3D printing technology 201610117083.1 March 2, 2016 Pending
         
279 A kind of environmental protection engineering plastics for plate 201610117082.7 March 2, 2016 Pending
         
280 A kind of environmental protection engineering plastics for automobile 201610117081.2 March 2, 2016 Pending
         
281 A kind of preparation of the 3D printing technology based on medical lesions 201610117080.8 March 2, 2016 Pending
         
282 A kind of PA-12 wood plastic composite powder for 3D printung and its preparation method 201610117079.5 March 2, 2016 Pending
         
283 A kind of PBS/carbon material composite wire used for 3D printing and its preparation method 201610117815.7 March 3, 2016 Pending
         
284 A kind of Environment friendly type poly lactic acid film and the  preparation method thereof 201610207898.9 April 6, 2016 Pending
         
285 A kind of shape memory polymer material of poly and its preparation method 201610205124.2 April 6, 2016 Pending

 

 

 

30 
 

 

         
286 Method for preparing poly lactic acid foaming material by supercritical carbon dioxide autoclave pressure method 201610205122.3 April 6, 2016 Pending
         
287 A kind of degradable straw polyethylene film and the preparation method thereof 201610206640.7 April 6, 2016 Pending
         
288 A kind of high transparent heat-resistant polylactic acid composite material preparation method 201610206661.9 April 6, 2016 Pending
         
289 A starch based degradable biological plastic PP and the preparation method thereof 201610208232.5 April 6, 2016 Pending
         
290 A kind of heat resistant PEEK composite material 201610208393.4 April 6, 2016 Pending
         
291 A kind of PA12/PA6 alloy material powder for 3D printing 201610208432.0 April 6, 2016 Pending
         
292 A preparation of the 3D printing technology of medical equipment based on the elbow 201610208548.4 April 6, 2016 Pending
         
293 A kind of PBS/PBC printing 3D material and the  preparation method thereof 201610209276.X April 7, 2016 Pending
         
294 A kind of environmental protection engineering plastic for pipe 201610208583.6 April 7, 2016 Pending
         
295 A kind of  Glass fiber reinforced 3D printing plate 201610209379.6 April 7, 2016 Pending
         
296 A kind of environmental protection engineering plastic for pipe 201610283803.1 May 4, 2016 Pending
         
297 A kind of environmental protection engineering plastic for plate 201610286257.7 May 4, 2016 Pending
         
298 A kind of  environmental protection engineering plastic for automobile 201610286746.2 May 4, 2016 Pending
         
299 A kind of long fiber reinforced nylon composite material and the preparation method thereof 201610288368.1 May 5, 2016 Pending
         
300 A kind of preparation method of high toughness PP wood plastic composite materials 201610287792.4 May 5, 2016 Pending
         
301 A kind of Environment friendly polyethylene film and itspreparation method 201610290594.3 May 5, 2016 Pending
         
302 Thermally conductive PBT composite material with shielding function and its preparation method 201610291019.5 May 5, 2016 Pending
         
303 A kind of degradable shape memory lumen inner bracket and the  preparation method thereof 201610291432.1 May 5, 2016 Pending
         
304 A kind of biodegradable plastic materials PLA 201610291430.2 May 5, 2016 Pending
         
305 A carbon fiber composite material suitable for 3D printing 201610291577.1 May 6, 2016 Pending
         
306 A kind of wood material for 3D printing and preparation method thereof 201610291576.7 May 6, 2016 Pending
         
307 A kind of special material for 3D printing lamp 201610291575.2 May 6, 2016 Pending
         
308 A kind of PA12/PA66 alloy material powder for 3D printing 201610381000.X June 1, 2016 Pending
         
309 A kind of PBS/C printing 3D material and preparation method thereof 201610380995.8 June 1, 2016 Pending

 

 

31 
 

 

 

         
310 A kind of environmental protection material for 3D printing and the preparation method thereof 201610380993.9 June 1, 2016 Pending
         
311 A kind of PBT composite flame retardant material and its preparation method 201610380999.6 June 1, 2016 Pending
         
312 A kind of preparation method of talc PP composite wood 201610380997.7 June 1, 2016 Pending
         
313 A kind of anti bending PEEK composite material 201610381001.4 June 1, 2016 Pending
         
314 A kind of environmental protection engineering plastic for automobile 201610381002.9 June 1, 2016 Pending
         
315 A kind of flexible material suitable for 3D printing chest and abdomen fixing band and the preparation method thereof 201610380992.4 June 1, 2016 Pending
         
316 A method for preparing medical lactide 201610380998.1 June 1, 2016 Pending
         
317 A kind of functional type polyethylene film material and preparation method thereof 201610381752.6 June 1, 2016 Pending
         
318 A kind of high performance long fiber reinforced nylon composite material and the preparation method thereof 201610381709.X June 3, 2016 Pending
         
319 A kind of full biological degradation heat resistant poly lactic acid foaming material and the preparation method thereof 201610381706.6 June 3, 2016 Pending
         
320 A kind of low cost and high heat-resistant PEEK composites 201610515565.2 July 4, 2016 Pending
         
321 A high performance with environmental protection engineering plastic pipes 201610519136.2 July 4, 2016 Pending
         
322 An amphiphilic polymer based on oil phase inverse microemulsion preparation method 201610516931.6 July 4, 2016 Pending
         
323 A PBT/PC insulating thermal conductive composite materials 201610516932.0 July 4, 2016 Pending
         
324 A continuous glass fiber reinforced nylon material and its preparation method 201610515566.7 July 4, 2016 Pending
         
325 A preparation method of flax fiber wood plastic PP composites 201610515567.1 July 4, 2016 Pending
         
326 A uniform bubble hole high cushioning foaming materials preparation methods of PLA 201610516835.1 July 5, 2016 Pending
         
327 A straw plastic film and its preparation method 201610516933.5 July 5, 2016 Pending
         
328 A heat-resistant environmental engineering plastics 201610519137.7 July 5, 2016 Pending
         
329 A 3D printing with ABS material and its preparation method 201610536415.X July 11, 2016 Pending
         
330 A kind of toughening for 3D printing plate material 201610536433.8 July 11, 2016 Pending
         
331 A 3D printing chest straps of  PLA/POE composite materials 201610542588.2 July 12, 2016 Pending

 

 

32 
 

 

 

         
332 A kind of long fiber reinforced PP/nylon composite material and its preparation method 201610680642.X August 18, 2016 Pending
         
333 A kind of 3D printing neck gear nylon base composite material and its preparation method 201610680095.5 August 18, 2016 Pending
         
334 A 3D printing in toughenning PLA material 201610680636.4 August 18, 2016 Pending
         
335 A supercritical CO2 micro foaming polylactic acid/wood powder composite materials 201610680071.X August 18, 2016 Pending
         
336 A kind of super toughness plank with environmental protection engineering plastic 201610680093.6 August 18, 2016 Pending
         
337 The treatment a lung targeted therapy drugs preparation of PLGA microspheres 201610680058.4 August 18, 2016 Pending
         
338 An efficient composite PBT guide the cooling material and its preparation method and application 201610680624.1 August 18, 2016 Pending
         
339 A high-performance automotive environmental protection engineering plastics 201610680094.0 August 18, 2016 Pending
         
340 A kind of biomass polyethylene film and its preparation method 201610680625.6 August 18, 2016 Pending
         
341 A kind of suitable for 3D printing carbon fiber composite materials 201610680068.8 August 18, 2016 Pending
         
342 A kind of selective laser sintering of 3D printing with PA-12 composite powder 201610680072.4 August 18, 2016 Pending
         
343 A kind of flax fiber and rise husk powder preparation methods of wood plastic PP composites 201610680069.2 August 18, 2016 Pending
         
344 A PLA material for 3D printing and its preparation 201610826923.1 September 18, 2016 Pending
         
345 A kind of impact resistance PEEK composites 201610827117.6 September 18, 2016 Pending
         
346 A TPU material for 3D printers and its preparation method 201610828189.2 September 19, 2016 Pending
         
347 A 3D printing wood plastic composite material 201610829085.3 September 19, 2016 Pending
         
348 A kind of thermal insulation flame retardant performance enhancing PBT plastics and its preparation method 201610829136.2 September 19, 2016 Pending
         
349 A kind of thermoplastic starch/PLA foam and its production method 201610826922.7 September 19, 2016 Pending
         
350 A SLS3D printing PA-12/GB composite material 201610831955.0 September 20, 2016 Pending
         
351 A permanent plastic tubing special material and its preparation method 201610831634.0 September 20, 2016 Pending
         
352 Toughening endurance of biodegradable polylactic acid modified resin and preparation method 201610831721.6 September 20, 2016 Pending

 

 

 

33 
 

 

         
353 A newtype of PLA membrane material and its preparation method 201610832327.4 September 20, 2016 Pending
         
354 A preparation method of PLA by the lactide 201610826893.4 September 20, 2016 Pending
         
355 A long glass fiber reinforced nylon material preparation and mechanical properties of research 201610831722.0 September 20, 2016 Pending
         
356 A polymer gene drug carrier and its preparation method 201610909926.1 October 19, 2016 Pending
         
357 A multi-segmented polyurethane shape memory polymer material and its preparation method 201610909927.6 October 19, 2016 Pending
         
358 A  modified poly lactic and preparation method thereof 201610909903.0 October 19, 2016 Pending
         
359 One Kind of Environmental Engineering Plastics for Lightweight Automobile 201610909759.0 October 19, 2016 Pending
         
360 A Method of Preparation of  PC/ABS for 3D Printing 201610909754.8 October 19, 2016 Pending
         
361 A Methodfor preparing PP/SEBS for Rapid prototyping 201610909905.x October 19, 2016 Pending
         
362 A Method of Preparation of High-rigidity Engineering Plastics for Pipe 201610909762.2 October 19, 2016 Pending
         
363 A Method for Preparing Environmental Engineering Plastics for High-strength Pipe 201610909760.3 October 19, 2016 Pending
         
364 Preparation of continuous glass fiber reinforced nylon composite materials 201610916278.2 October 20, 2016 Pending
         
365 The invention relates to an environment - friendly film adsorption traditional tableware process and its preparation method 201610910743.1 October 20, 2016 Pending
         
366 The invention relates to an environment - friendly film adsorption hollowing tableware process and its preparation method 201610941346.0 November 2, 2016 Pending
         
367 Environmental protection engineering plastic for weather resistant automobile 201610943159.6 November 2, 2016 Pending
         
368 An eco-friendly tableware traditional film adsorption process for its preparation 201610943233.4 November 2, 2016 Pending
         
369 A kind of material  can be used to increase manufacturing ABS/PC alloy modified  material 201610940316.8 November 2, 2016 Pending
         
370 A short cut glass fiber reinforced nylon material and its preparation method 201610940275.2 November 2, 2016 Pending
         
371 Preparation of continuous glass fiber reinforced nylon composite materials 201610960086.1 November 5, 2016 Pending
         
372 PA12/PA6/GB Alloy Material for SLS 3D Printing 201610961256.8 November 5, 2016 Pending
         
373 Heat conductive flame retardant poly ethylene terephthalate and preparation method thereof 201610971556.4 November 7, 2016 Pending
         
374 A kind of shape memory polyurethane polymer materials and its synthesis process 201610971345.0 November 7, 2016 Pending

 

 

 

34 
 

 

 

         
375 A kind of containing folic acid targeted polymer drug carrier and its preparation method 201610971300.3 November 7, 2016 Pending
         
376 A Kind Composite Of PLA/TPU for 3D printing 201610971583.1 November 7, 2016 Pending
         
377 A kind of PEEK/PES composite material 201610999301.9 November 15, 2016 Pending
         
378 A low hardness composite material forRapid prototyping and the preparation method 201611001390.x November 17, 2016 Pending
         
379 A  hydrolysis  modified poly lactic fiber and the preparation method 201610998812.9 November 21, 2016 Pending
         
380 An environmental wood material for 3D printing and its preparation method 201610999438.4 November 21, 2016 Pending
         
381 A high performance fiber modified polypropylene composite material and its preparation method 201611088126.4 December 1, 2016 Pending
         
382 A car interior with environmentally friendly scratch resistant polypropylene materials and preparation method 201611088117.5 December 1, 2016 Pending
         
383 A shock polylactic acid material preparation method 201611115340.4 December 7, 2016 Pending
         
384 A Method for Preparing Environmental Engineering Plastics for Weather resistance Pipe 201611116482.2 December 7, 2016 Pending
         
385 A Method of Preparation of Abrasion resistance Engineering Plastics for Pipe 201611115376.2 December 7, 2016 Pending
         
386 A kind of glass fiber reinforced PEEK/PES composite material 201611122470.2 December 7, 2016 Pending
         
387 An environment - friendly Wood-plastic Composite for 3D printing 201611114397.2 December 7, 2016 Pending
         
388 Preparation of high content glass fiber reinforced nylon-66 composite materials 201611149148.7 December 14, 2016 Pending
         
389 A modified ABS Resin for 3D Printing and Preparation Method 201611149042.7 December 14, 2016 Pending
         
390 A kind offiber reinforced composite materials for 3D printing 201611149031.9 December 14, 2016 Pending
         
391 Polypyrrolidone type of polymeric drug carrier micelles 201611149041.2 December 14, 2016 Pending
         
392 A PBT heat conduction and heat resisting material for an LED lamp socket 201611149004.1 December 14, 2016 Pending
         
393 A glass fiber reinforced polypropylene composite material  preparation method 201710535349.9 July 4, 2017 Pending
         
394  A carbon fiberprepreg preleaching and preparation method 201710535350.1 July 4, 2017 Pending

 

 

35 
 

 

         
395 A kind of high toughness flame-retardant PC/PLA alloy material  preparation method 201710535381.7 July 4, 2017 Pending
         
396 A kind of glass fiber reinforced polypropylene base composite material preparation method 201710535406.3 July 4, 2017 Pending
         
397 Preparation of a glass fiber reinforced PA6/PA66Composites 201710651178.6 August 2, 2017 Pending
         
398 A Kind of preparation of appling to charging pile casing PC / ABS alloy material   preparation 201710650880.0 August 2, 2017 Pending
         
399 A toughening wear-resistant  plastic alloy material and preparation method 201710651176.7 August 2, 2017 Pending
         
400 Preparation of a continuous glass fiber reinforced PA6 material 201710651146.6 August 2, 2017 Pending
         
401 One kind of resistance to warpage reinforced PA6 material and preparation method 201710784584.X September 4, 2017 Pending
         
402 An antistatic LSOH retardant PC / ABS alloy material and its preparation method 201710784585.4 September 4, 2017 Pending
         
403 Preparation method of an aircraft engine surrounding high temperature polyimide composites 201710784591.X September 4, 2017 Pending
         
404 A silicone toughening polyphenylene sulfide material and its preparation method 201710784588.8 September 4, 2017 Pending
         
405 A kind of High Gloss ABS/PMMA composite material and its preparation method 201711416249.0 December 25, 2017 Pending
         
406 An electroplated PC/ABS alloy material and preparation method 201711416255.6 December 25, 2017 Pending
         
407 A preparation method of high barrier plastic alloy material for packaging 201711416792.0 December 25, 2017 Pending
         
408 An enhanced modified PA6 material and its preparation method 201711416793.5 December 25, 2017 Pending
         
409 A high heat resistant ABS material and its preparation method 201711416795.4 December 25, 2017 Pending
         
410 A kind of mattefree-spraying plastic alloy material and its preparation method 201711417027.0 December 25, 2017 Pending
         
411 A hybrid fiber reinforced PBT composite and its preparation method 201711417028.5 December 25, 2017 Pending
         
412 A kind of environment-friendly fire retardant PC engineering plastic material 201711417029.X December 25, 2017 Pending
         
413 A kind of scratch resistant PP material and its preparation method 201711417052.9 December 25, 2017 Pending
         
414 A high strength PC/PET/PBT composite and preparation method 201711416491.8 December 25, 2017 Pending
         
415 A high-heat, high-resistant nylon composite 201711417482.0 December 25, 2017 Pending
         
416 A high strength long fiber reinforced nylon composite material and its preparation method 201711417479.9 December 25, 2017 Pending
         
417 A kind of special material for high - cold charging pile housing and its preparation process 201711417484.x December 25, 2017 Pending
         
418 A kind of dried fruit shell powder modified composite material and its preparation method 201711418376.4 December 25, 2017 Pending
         
419 A preparation method of high strength straw fiber composite material 201711426425.9 December 26, 2017 Pending

 

 

 

36 
 

 

         
420 A straw powder modified polypropylene and its preparation method 201711426589.1 December 26, 2017 Pending
         
421 A kind of plant straw powder filled polypropylene polyethylene foamed composite material 201711427565.8 December 26, 2017 Pending
         
422 A preparation method of plant fiber polypropylene composite 201711428470.8 December 26, 2017 Pending
         
423 A business card with polylactic acid composite material and its preparation method 201711439395.5 December 27, 2017 Pending
         
424 A kind of heat-resistant polylactic acid composite material and its preparation method 201711439422.9 December 27, 2017 Pending
         
425 Preparation of a biodegradable express bag and its method 201711491600.2 December 30, 2017 Pending
         
426 The preparation of a polylactic acid composite material 201711491814.X December 30, 2017 Pending
         
427 A kind of plant fiber reinforced modified PLA composite material and its preparation method 201711491978.2 December 30, 2017 Pending
         
428 A kind of flame retardant reinforced PLA composite and its preparation method 201711492033.2 December 30, 2017 Pending
         
429 SLS3D printing PA12/GB high fill composite powder 201711492102.X December 30, 2017 Pending
         
430 A selective laser sintered polyamide material powder and its preparation method 201711492403.2 December 30, 2017 Pending
         
431 Preparation method of toughened polylactic acid composite material 201711493458.5 December 31, 2017 Pending
         
432 SLS3D printing PA12 coated PA6 alloy material powder 201711493547.X December 31, 2017 Pending
         
433 A selective laser sintering PA12 / PS alloy powder material 201711493557.3 December 31, 2017 Pending
         
434 A selective laser sintering PA6 alloy powder material and its preparation method 201711493575.1 December 31, 2017 Pending
         
435 High toughness PC/ABS alloy material for 3D printing 201711496409.7 December 31, 2017 Pending
         
436 Preparation method of ABS modified material for 3D printing 201711496441.5 December 31, 2017 Pending
         
437 Preparation method of  PETG modified material for 3D printing 201711496488.1 December 31, 2017 Pending
         
438 High-toughness PLA material for 3D printing 201711496532.9 December 31, 2017 Pending
         
439 A PLA/PCL 3D printing composite material 201711496564.9 December 31, 2017 Pending
         
440 HIPS composite material for 3D printing and preparation method 201711496595.4 December 31, 2017 Pending
         
441 PC/ABS material for 3D printing and preparation method 201711496639.3 December 31, 2017 Pending
         
442 A modified ABS Resin for 3D Printing and Preparation Method 201711496689.1 December 31, 2017 Pending

 

37 
 

 

 

         
443 Light curing device for preparing 3D printing portrait and preparation method thereof 201711496762.5 December 31, 2017 Pending
         
444 A nylon-based composite material suitable for 3D printed leg protectors 201711496788.X December 31, 2017 Pending
         
445 A low hardness composite material for Rapid prototyping and the preparation method 201711496822.3 December 31, 2017 Pending
         
446 Toughened and water resistant starch plastic and preparation method thereof 201810003570.4 January 3, 2018 Pending
         
447 Preparation method of enhanced polylactic acid composite material 201810288664.0 April 3, 2018 Pending
         
448 ABS/PP alloy material for 3D printing and preparation method 201810292551.8 April 4, 2018 Pending
         
449 An impact resistant PC/PET/PBT composite 201810399099.5 April 28, 2018 Pending
         
450 A low moulding shrinkage PC composite material for 3D printing and preparation method thereof 201910921954.9 September 27, 2019 Pending
         
451 A high resistant PC/ASA alloy materrial for 3D printing and its preparation method 201910921871.X September 27, 2019 Pending
         
452 A High melt index PC composite material for 3D printing and preparation method 201910921807.1 September 27, 2019 Pending
         
453 A high modulus, high impact and high flow polypropylene composite material and its preparation method 201910921795.2 September 27, 2019 Pending
         
454 A High performance PLA/fibrilia composite material
and its preparation method
201910921708.3 September 27, 2019 Pending
         
455 A Low Temperature Resistance and Enhanced PA56/PA6 Composite and Its Preparation Method 201910986845.5 October 17, 2019 Pending
         
456 A high impact , flame-retardant and high strength polycarbonate composite material and its preparation method 201910986844.0 October 17, 2019 Pending
         
457 A high modulus, high flow and high impact polypropylene glass fiber toughened composite material and its preparation method 201910985944.1 October 17, 2019 Pending
         
458 A Nylon 6 Composite Material with High Toughness, High Heat Resistance and Easy Demoulding Toughening and Its Preparation Method 201910985942.2 October 17, 2019 Pending
         
459 A graphene modified polypropylene composite material for automobile bumper and its preparation method 201910985943.7 October 17, 2019 Pending
         
460 A high gloss and high impact PC / ASA alloy material and its preparation method 201911036467.0 October 29, 2019 Pending
         
461 A high-gloss, reinforced polypropylene composite material and its preparation method 201911036473.6 October 29, 2019 Pending
         
462 A PP and PA6 blend modified composite and its preparation method 201911036493.3 October 29, 2019 Pending

 

 

38 
 

 

 

         
463 A Polypropylene Composite With High Gloss And Toughness And Its Preparation Method 201911036986.7 October 29, 2019 Pending
         
464 A low VOC, scratch-resistant polypropylene composite material and its preparation method 201911036987.1 October 29, 2019 Pending
         
465 A High performance PLA/mineral composite material
and its preparation method
201911322324.6 December 20, 2019 Pending
         
466 A high modulus, high impact and high flow polypropylene composite material and its preparation method 201911322069.5 December 20, 2019 Pending
         
467 A high modulus, high flow nylon glass fiber toughened composite material and its preparation method 201911322091.X December 20, 2019 Pending
         
468 A Low-odor and Low-VOC Polypropylene Composite and Its Preparation Method 201911322073.1 December 20, 2019 Pending
         
469 Low warpage, precipitation resisitance halogen-free flame retardant Acrylonitrile Butadiene Styrene composite material and its preparation method 201911322086.9 December 20, 2019 Pending
         
470 A high impact and high modulus nylon composite and its preparation method 201911322075.0 December 20, 2019 Pending
         
471 Halogen-free flame retardant, low floating fiber reinforced polypropylene composite material and its preparation method 201911322074.6 December 20, 2019 Pending
         
472 A High Wear Resistant Bio-Based PA56 Composite and Its Preparation Method 201911322092.4 December 20, 2019 Pending
         
473 Light weight,environmental protection,flame retardant and aging resistant polypropylene composite material and its preparation method 201911322125.5 December 20, 2019 Pending
         
474 A low temperature impact resistant PC/ABS composite material and its preparation method 201911322124.0 December 20, 2019 Pending
         
475 A high toughness pcabs alloy material resistant to automobile paint and its preparation method 201911322087.3 December 20, 2019 Pending
         
476 A Low Temperature Resistance and Fall-resistant Box Body Material And Its Preparation Method 201911322088.8 December 20, 2019 Pending
         
477 High performance PBS/mineral composite material
and its preparation method
201911322127.4 December 20, 2019 Pending
         
478 The high impact, high flow3D-printed PS material and its preparation method 201911322128.9 December 20, 2019 Pending
         
479 A high impact, flame-retardant and high strength PC/ABS composite material and its preparation method 201911322322.7 December 20, 2019 Pending
         
480 A Method of Preparation Of Glass Fiber And Talc Reinforced Nylon With Low Shrinkage And Water Absorption 201911322321.2 December 20, 2019 Pending
         
481  The invention relates to a graphene modified antistaic polypropylene composite material and its preparation method thereof 201911322323.1 December 20, 2019 Pending

 

 

39 
 

 

         
482 A high modulus, flame-retardant and high strength nylon composite material and its preparation method 201911322331.6 December 20, 2019 Pending
         
483 An impact-resistance PC/PBT composite material and its preparation method 201911345326.7 December 24, 2019 Pending
         
484 A high modulus, high impact and high flow polypropylene composite material and its preparation method 201911347542.5 December 24, 2019 Pending
         
485 An easy separation and environmental protection film is used for absorbing the hollow type tableware and the preparation method 201611149005.6 December 14, 2016 Pending
         
486 A kind of low odor PP material and its preparation method 201711379459.7 December 20, 2017 Pending
         
487 A preparation method  of poly(lacticacid)/starch composite foams 201410489544.9 September 22, 2014 Pending
         
488 A catalyst with double function activation properties of  PLA and preparation method 201510949309.x December 20, 2015 Pending
         
489 A preparation method of high strength and biodegradable PLA composite material

201510949307.0

 

December 20, 2015 Pending
         
490 A high-performance PLA and its preparation method 201510949312.1 December 20, 2015 Pending
         
491 A kind of biodegradable recycling PLA material and its preparation method 201510949306.6 December 20, 2015 Pending
         
492 A high flexibility and heat resistance of  PLA modified material and its preparation method 201510949313.6 December 20, 2015 Pending
         
493 A kind of inorganic filler biodegradable 3D printing consumables and its preparation method 201510949636.5 December 20, 2015 Pending
         
494 A kind of biodegradable 3D printing toughening material and its preparation method 201510949638.4 December 20, 2015 Pending
         
495 A low-cost biodegradable 3D printing consumables and its preparation method 201510949637.x December 20, 2015 Pending
         
496 A kind of biodegradable 3D printing reinforced material and its preparation method 201510949653.9 December 20, 2015 Pending
         
497 A biodegradable 3D printing alloy material and its preparation method 201510949651.x December 20, 2015 Pending
         
498 A kind of preparation method of rice husk powder / Talc Composite Reinforced starch based degradable plastics 201610293135.0 June 05, 2016 Pending
         
499 A kind of nylon reinforced 3D material special material and the preparation method thereof 201610293621.2 June 05, 2016 Pending
         
500 A kind of preparation method of straw powder filled PP composite material 201610294471.7 June 05, 2016 Pending
         
501 A kind of special material for 3D ABS/PC consumable material and the preparation method thereof 201610443577.9 August 06, 2016 Pending
         
502 A kind of special material of modified nylon 3D consumable material and the preparation method thereof 201610442209.2 August 06, 2016 Pending
         
503 An application on starch based biodegradable plastic food packaging 201610442190.1 August 06, 2016 Pending

 

40 
 

 

 

         
504 A kind of can be used for 3D printing enhanced toughenting nylon material and the preparation method  thereof 201610593945.8 July 27, 2016 Pending
         
505 A kind of plant fiber filling modified polypropylene composite material and the preparation method  thereof 201610591739.3 July 26, 2016 Pending
         
506 A material can be used to increase manufacturing preparation methods of toughening nylon materials 201610829480.1 September 19, 2016 Pending
         
 507  A KT-1 as compatibilizer modified polypropylene composite material 201610827269.6  September 18, 2016  Pending 
         
 508  A kind of material can be used to increase manufacturing ASA/PC alloy  and the preparation method  thereof  201610875348.4  October 08, 2016 Pending 
         
 509  A high modulus fibeer/polypropylene composite material preparation method 201610874802.4   October 08, 2016 Pending 

 

Trademark

 

We own the trademarks for our graphic logo and Chinese characters of "Xinda", which we use in packaging our products and marketing.

 

Certification Process

 

To meet the requirements of an automobile manufacturer, products used as component parts must pass a rigorous certification process by the manufacturer's technological quality assurance department before they can be approved for and used in production. The certification process consists of three stages.

 

First, the automobile manufacturer reviews the manufacturer of modified plastics.  The examination involves assessment of the operation history of the modified plastics manufacturer, their experience in providing component services, the specialization of their factory equipment, their research and development capacity and quality assurance systems. The manufacturer's operations need to meet the requirements of the automobile manufacturer. Once the initial review is passed, the modified plastics manufacturer will obtain a qualification as an automobile component manufacturer. This initial stage takes approximately sixteen to twenty-two months to complete.

 

Second, the automobile manufacturer and the manufacturer of modified plastics reach an understanding about a product specification. The modified plastics manufacturer provides product research and development materials to the automobile manufacturer for inspection. The automobile manufacturer tests the product specification according to its standards and, if results are satisfactory, the modified plastics manufacturer obtains a product specification certification and enters the product certification stage. The second stage takes approximately eight months to complete.

 

Third, the parties complete technology R&D tests and perform automobile component finished parts tests.  The product undergoes additional testing by the automobile manufacturer and is used in road tests. This stage takes approximately five to fifteen months depending on whether the car model is an existing model or a new model. At the conclusion of the third stage, the modified plastics manufacturer receives a product certification from the automobile manufacturer.

 

We believe that the necessity, rigorousness, complexity and duration of the certification process make it difficult for outside competitors to enter the field in a short period of time. We had 633 certifications from automobile manufacturers as of December 31, 2019, which we believe is currently one of the largest portfolios of product certifications in the Chinese automobile modified plastics industry.

 

41 
 

Sales and Marketing

 

Currently, our sales network focuses on the northeastern, northern, eastern and southwestern regions of China. We primarily sell to end customers through our approved distributors.  To a less extent, we also sell directly to end customers.  A typical customer development cycle starts when our R&D staff develops customized products for new end customers and obtains product certifications. These end customers are usually major automobile parts manufacturers who can only source from suppliers like China XD with product certifications granted by major automobile manufacturers. After we established relationships with these end customers and began to have large volume of transactions with them, we assign end customers to our approved distributors according to our internal policies. We also acquired end customers with our existing certifications from time to time. In 2019, approximately 82.9% of our sales were generated from approved distributors.

 

We enter into distribution agreements with local distributors in areas where large automobile manufacturers are located. The distribution agreements usually have a term of one year, during which period we can enter into distribution agreements with other distributors for our products. The distributors are responsible for marketing and distributing our products. Through the established sales channels, we can quickly respond to local market demand, address customer needs, enhance our ability to provide technical support and after-sales services, and lower our marketing expenses. Our general credit term with our distributors is three months and our collection of payment from distributors is not contingent upon their cash collection from end customers. We manufacture products according to orders received from our distributors and maintain a certain quantity of raw materials based on our experience and the distributors order patterns. By doing this we hope to ensure the smooth implementation of the production plan of major automobile manufacturers and avoid risks of inventory shortage. We do not provide the distributors nor end customers with the right of return, price protection or any other concessions.  We allow for an exchange of products or return only if the products are defective.

 

We have been actively engaging our distribution network with twelve distributors in 2019 and we believe we have good relationships with our distributors.  We believe that we have been able to secure and maintain strong relationships with end customers due to our existing certifications, advanced technologies and high product quality, which establish a higher barrier to entry for others. Most of the end customer relationships will be developed through our own R&D and sales force and maintained by our R&D and sales professionals and our distributors.  According to our distribution contracts, our distributors are prohibited from selling our competitors' products and required to use the product certificate, brand name and package standards set by us during the distribution period. After the expiration of the distribution contracts in absence of renewal, we retain the customer relationships with end customers.

 

While the pricing volatility of our raw materials is a primary cause of cost variations in our products, we are generally able to pass the cost of price changes in our raw materials to our customers, although there are timing delays of varying lengths depending upon volatility of raw material prices, the type of products, competitive conditions and individual customer arrangements.

 

We sell our products substantially through approved distributors in the PRC.  Our sales to our distributors are highly concentrated but have been gradually diversified in recent years. Sales to major distributors and direct customer, which individually exceeded 10% of our revenues, accounted for approximately 13.9% and 38.3% of our revenues for the years ended December 31, 2019 and 2018, respectively. We expect to reduce our distributor concentration over time, although revenues from these distributors are expected to continue to represent a substantial portion of our revenue in the future. Further information about our major distributors and the director customer, which individually exceeded 10% of our revenues, for the years ended December 31, 2019 and 2018, is set forth in Note 1 of the notes to the consolidated financial statements included elsewhere in this Annual Report on Form 10-K.

 

We have initiated our marketing efforts to develop new customers outside of China, in particular those in the UAE market. We have started offering certain high-end products, such as PA66 and long-chain Plastic Alloy, most manufactured in Heilongjiang plants and a small portion manufactured in Dubai plant since the second quarter of 2014. In January 2015, we completed and run the trial production in the plant in Dubai, UAE with additional 2,500 metric tons targeting high-end products for the overseas markets. We plan to serve customers in oversea markets from our Dubai Xinda plant. In order to develop potential overseas markets, Dubai Xinda obtained one leased property and two purchased properties, approximately 52,530 square meters in total, including one leased 10,000 square meters, and two purchased 20,206 and 22,324 square meters on January 25, 2015, June 28, 2016 and September 21, 2016, respectively, from Jebel Ali Free Zone Authority ("JAFZA") in Dubai, UAE, with constructed building comprising warehouses, offices and service blocks. In addition to the earlier 10 trial production lines in Dubai Xinda, we completed installing 45 production lines with 11,250 metric tons of annual production capacity by the end of November 2018. As of December 31, 2019, an additional 30 production lines with 7,500 metric tons of annual production capacity mainly targeted for ABS products, were still in the progress of redesigning upgrading and further equipment testing. The Company estimates 22 production lines will be put into production in the fourth quarter of 2021, 8 production lines will be put into production in the second quarter of 2022, and will then increase the total production capacity in Dubai Xinda to 21,250 metric tons, targeting high-end products for the overseas market.

 

42 
 

After a successful trial production at our production base in Dubai in November 2018, we have established business relationships with new customers in UAE and India, and shipped products to the end users in Europe and Southeast Asia. We are optimistic about the prospect of our business expansion overseas.

 

Information about geographic revenue is set forth in Note 24 of the notes to the consolidated financial statements included elsewhere in this Annual Report on Form 10-K.

 

Competition

 

The PRC automotive modified plastics industry is growing rapidly and highly fragmented with the top four domestic producers occupying less than approximately 28.8% of the market shares in 2018 according to Frost & Sullivan's report. According to Frost & Sullivan's report, in terms of sales volume and production capacity, we are one of the leading domestic specialized manufacturers of modified plastic for automobile parts in China, with a market share of approximately 8.0% in 2018 and 8.8% in 2017. In 2019, our sales volume of automotive plastics was approximately 360,072 MT. As of December 31, 2019, our annual production capacity of automotive plastics was 405,450 MT.

 

Due to our high quality standard and competitive pricing, we are able to compete in and penetrate markets outside of China.

 

After a successful trial production at our production base in Dubai in November 2018, the Company has established business relationships with new customers in UAE and India, and shipped products to the end users in Europe and Southeast Asia. We are optimistic about the prospect of our business expansion overseas.

 

Currently, the Company's primary Chinese competitor in the automobile industry is Guangzhou Kingfa Science & Technology Co., Ltd. ("Guangzhou Kingfa"). Guangzhou Kingfa entered the automotive modified plastics market in 2006 and had a sales volume of 523,000 MT in 2018 with a market share of 11.0% in 2018, according to Frost & Sullivan’s report. Guangzhou Kingfa has the largest capacity expansion with 1.29 million MT annual production capacity, including 1.26 million MT annual modified plastics at the end of 2019 based on Guangzhou Kingfa's public disclosure, but its utilization rate of production capacity is expected to be lower than that of China XD based on Frost & Sullivan's report. Guangzhou Kingfa has much larger financial resources than HLJ Xinda Group and Sichuan Xinda. However, we believe that it is less focused in automotive sector and currently holds fewer number of product certifications for automotive modified plastic to the automobile industry compared to HLJ Xinda Group and Sichuan Xinda. Another top domestic manufacturer of modified plastic is Shanghai Pret Composites Co., Ltd. ("Shanghai Pret"), which focuses on the production of automotive plastics.  It had a sales volume of 206,200 MT with a market share of 4.3% in 2018, according to Frost & Sullivan’s report.

 

Historically, the Chinese auto market predominantly used modified plastics manufactured overseas or in factories controlled by foreign companies, such as manufacturers from Germany, the US, the Netherlands and Japan. Although China's automotive plastic market has been dominated by foreign or JV players, Chinese suppliers are continuing to gain market share. It is estimated that automotive plastics imported or manufactured by multinational and JV companies accounted for approximately 24.7% of the total China automotive plastic supply in 2018, decreased from 30.5% in 2012. JV manufacturers based in China in automotive plastics sector have been slow to invest and expand in China. Compared to non-domestic competitors including JV manufacturers, domestic manufacturers can benefit from the lower costs and geographical proximity in China. As local players continue to invest in research and development, enhance product quality and improve management skills, we believe that domestic production of automotive plastics will compete very favorably with the foreign competitors in terms of price, quality, services and delivery times and continue to replace imported plastics.

 

 

43 
 

Our Competitive Strengths

 

We believe that the following competitive strengths continue to enable us to compete effectively in the automotive modified plastics market in the PRC:

 

 ●

Leading Market Position in an Industry with High Barrier to Entry. We believe that we are one of the China's leading specialized manufacturers of modified plastic for automobile parts in terms of sales volume and production capacity, with a market share of approximately 8.0% in 2018. The PRC automotive modified plastics industry is growing rapidly and is highly fragmented with the top three domestic producers occupying less than approximately 23.3% of the market shares in 2018.

 

We installed 50 new product lines in 2012 and 2013, which are utilized primarily for the manufacture of higher value-added modified plastics products. The lines increased the Company's total production capacity by 135,000 MT to 390,000 MT per annum.  In July 2017, the Company launched a new industrial project for upgrading existing equipment for 100,000 metric tons of engineering plastics, which is expected to be completed by the end of the second quarter of 2020. The reason for such delay is due to additional time for equipment’s installation and test.  As a result, our production capacity in Harbin, Heilongjiang was downgraded to 290,000 MT as of December 31, 2018. Due to the need for equipment upgrade and overhaul, our Harbin campus further downgraded its production capacity to 135,000 MT as of December 31, 2019, in Qinling Road Factory (“Qinling Road Project”) and Jiangnan Road Factory (“Jiangnan Road Project”), which will be completed by end of the third quarter of 2020, bring the production capacity in Harbin campus back to 390,000 MT. Simultaneously, our Harbin campus also included an industrial project for 300,000 metric tons of biological composite materials, an industrial project for a 3D printing intelligent manufacture demonstration factory and a 3D printing display and experience cloud factory,, which was broken ground in December 2019 with four workshop. We expect a gradual trial out by the end of 2022 and put into production by the end of 2023.

 

In December 2013, we broke ground on the construction of our fourth production plant in Nanchong City, Sichuan Province, with additional 300,000 metric tons of annual production capacity, which is expected to bring total domestic installed production annual capacity to 690,000 metric tons with the addition of 70 new production lines upon the completion of the construction of our fourth production plant. Sichuan Xinda has been supplying to its customers since 2013, mainly backed by production capacity in our Harbin production plant until we installed 50 production lines in the second half of 2016 at our Sichuan plant with production capacity of 216,000 metric tons during 2017. We installed an additional 10 production lines in July 2018, bringing the total capacity to 259,200 metric tons. As of December 31, 2019, there is still construction ongoing on the site of our Sichuan plant for equipment installation, and we expect to put into production by the end of the fourth quarter of 2020.

 

In addition, we completed and run the trial production in the plant in Dubai, UAE with additional 2,500 metric tons targeting high-end products for the overseas markets. In order to develop potential overseas markets, Dubai Xinda obtained one leased property and two purchased properties, approximately 52,530 square meters in total, including one leased 10,000 square meters, and two purchased 20,206 and 22,324 square meters on January 25, 2015, June 28, 2016, and September 21, 2016, respectively, from Jebel Ali Free Zone Authority ("JAFZA") in Dubai, UAE, with constructed building comprising warehouses, offices and service blocks.

 

As of December 31, 2019, our annual production capacity of automotive plastics totaled 405,450 MT, including 394,200 MT in domestic production bases and 11,250 in Dubai campus. In 2019, our sales volume of automotive plastics was approximately 360,072 MT, representing a decrease of 18.8% compared to that in 2018, primarily because the overall weakening in macroeconomic conditions since summer of 2018, though our sales in Northeast, South, Central, and North China has grown. We also had overseas sales of US$61.2 million in the year ended December 31, 2019 as compared to US$15.0 million in prior year.

 

We believe our leading market position allows us to successfully compete with other foreign and domestic modified plastic manufacturers in the market. Being one of the leading specialized manufacturers of automotive modified plastics in China, we believe we are well-positioned to not only grow with the increasing market demand but increase market share by replacing smaller and less efficient modified plastic manufacturer.

 

44 
 

 

In addition, as a result of our consistent research and development efforts, we had 633 product certifications from major automotive manufacturers in the PRC as of December 31, 2019, which we believe is among the largest numbers of product certifications by any domestic player in China's automotive plastics industry. Strict certification requirements and long certification periods result in high barriers to entry. Our current or potential competitors are required to obtain relevant product certifications from automotive manufacturers in order to compete with us. Each certification normally takes over two years to complete, and as a result, automotive manufacturers are reluctant to replace suppliers like us who have already received necessary certifications and proven consistent product quality. We believe that having one of the largest portfolios of product certifications in China allows us to strengthen our competitive position.

 

Long-Term Relationships with Reputable End Users. Our senior management has been involved in the business of modified plastics since 1985. We benefit from the industry connections and experience of our senior management, which have enabled us to establish long-term customer relationships and strong industry recognition. We are a qualified provider of high-quality automotive plastics, and have sold our products through plastic auto part manufacturers to many leading automotive manufacturers in China. Currently, our modified plastics are utilized in more than 31 automobile brands and 111 automobile models manufactured in China, including Audi, Mercedes Benz, BMW, Toyota, Buick, Chevrolet, Mazda, Volvo, Ford, Citroen, Jinbei, VW Passat, Golf, Jetta, etc. We believe that our brand and our products are well recognized and respected in China's automotive modified plastics market.

 

Manufacturing facilities critical to the quality of products. We have in the past invested substantial time and resources in building state-of-the-art production lines to enhance our product quality. Our facilities have maintained ISO/TS16949, a certification of quality management systems specific to the automotive industry.

 

Strong Customer-Oriented R&D Capabilities. The modified plastics industry is characterized by rapid development and increasing demand for high quality products. We have strong R&D capabilities that allow us to successfully pass OEM automakers' certification processes in the past and continually introduce new and high quality products to the market. Compared to international plastic supply models, which target larger scale applications of common plastics and involve less customization and specialization, we provide customer-oriented product development through our certification process.  By working closely with our customers, we are able to adjust our product features to better satisfy the specific needs of each customer. To achieve this, we have staffed our R&D team with professionals, 24 of whom have Ph.D. and/or Master's degrees. On average, our R&D employees have worked with us for more than three years, and some key experts have more than 10 years of experience in our industry. We have also cooperated with a number of the leading technology centers in China. Besides providing specialized research and development skills, these relationships help us formulate cutting edge research programs aimed at developing new technologies and applications in plastics engineering.  We currently have 32 approved patents and 477 pending patent applications with the State Intellectual Property Office of the PRC, or SIPO.

 

Established Dis