China XD Plastics Company Limited (NASDAQ: CXDC) today announced that its board of directors (the "Board") has formed a special committee (the "Special Committee") consisting of three independent and disinterested directors, Linyuan Zhai, Huiyi Chen and Guanbao Huang, with Huiyi Chen serving as the chairperson of the Special Committee, to consider and evaluate the previously announced preliminary non-binding "going private" proposal received by the Board on May 8, 2020. The Special Committee has been authorized by the Board with the power to retain independent advisors, including independent legal and financial advisors, to assist it in its review and evaluation of the proposed transaction.
The Board cautions the Company's shareholders and others considering trading the Company's securities that no decisions have been made by the Special Committee with respect to the Company's response to the proposal. There can be no assurance that any definitive offer will be made, that any agreement will be executed or that this or any other transaction will be approved or consummated. The Company does not undertake any obligation to provide any updates with respect to this or any other transaction, except as required under applicable law.