China XD Plastics Company Ltd (NASDAQ:CXDC) was in sharp focus among investors last week and that became even more apparent from the price action in its stock. On Friday, the stock saw heavy action and went up by 22%. More importantly, the rally on Friday took the gains clocked by the stock over the course of the week to as much as 85%.
The gains made by the China XD Plastics stock were quite eye popping but there was no news about the company at all. While the rally in the stock may have been fired by speculation it is still important for investors to take a closer look at the company and its business.
The company is involved in the manufacturing, sale and development of modified plastics and conducts its operations through a range of subsidiary companies.
Most of the plastics that are produced by China XD Plastics are meant for the automotive applications markets in China and the United Arab Emirates. As a matter of fact, back in May this year the company had even received a notice from NASDAQ with regards to the fact that it had not filed its financial results for the quarter ended on March 31, 2021 on time.