A China XD Plastics follow-up

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.

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