In my previous post, I explained how CXDC’s website was worse than Bill Ackman’s due diligence on Valeant. It turns out that CXDC really does use that website for their operating business; I thought that they simply setup chinaxd.net for Western investors and had another website somewhere else for the operating business.
According to CXDC’s latest 10-K, they had $237M USD in revenue for 2016. They have almost two thousand employees:
As of December 31, 2016, there were 1,960 employees, including 710 in manufacturing, 485 in R&D, 584 in management, 59 in finance, 101 in sales, purchasing and marketing and 21 in other departments.
But apparently they cannot make a fully functional website. Perhaps it is due to a stifling bureaucratic environment of middle management: more than a quarter of their employees (584) are in management.