November 30, 2009 (FinancialWire) — China XD Plastics Co. Ltd. (NASDAQ: CXDC), a Chinese developer, manufacturer, and distributor of modified plastics primarily for use in the automotive applications in China, said it has entered into a private placement agreement with several institutional and individual investors.

The company agreed to sell an aggregate 15,188 shares of convertible preferred stock, resulting in aggregate gross proceeds of approximately $15.2 million. The preferred stock is convertible into the company’s common stock at a price of $4.60 per share and will accrue cumulative dividends at the rate of 6% per annum until maturity on December 1, 2012.

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