0001213900-16-018040.txt : 20161107 0001213900-16-018040.hdr.sgml : 20161107 20161107163320 ACCESSION NUMBER: 0001213900-16-018040 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 68 CONFORMED PERIOD OF REPORT: 20160630 FILED AS OF DATE: 20161107 DATE AS OF CHANGE: 20161107 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Keyuan Petrochemicals, Inc. CENTRAL INDEX KEY: 0001326396 STANDARD INDUSTRIAL CLASSIFICATION: INDUSTRIAL ORGANIC CHEMICALS [2860] IRS NUMBER: 450538522 STATE OF INCORPORATION: NV FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 001-34834 FILM NUMBER: 161978572 BUSINESS ADDRESS: STREET 1: QINGSHI INDUSTRIAL PARK, NINGBO ECONOMIC STREET 2: & TECHNOLOGICAL DEVELOPMENT ZONE CITY: NINGBO, ZHEJIANG PROVINCE STATE: F4 ZIP: 315803 BUSINESS PHONE: (86) 574-8623-2955 MAIL ADDRESS: STREET 1: QINGSHI INDUSTRIAL PARK, NINGBO ECONOMIC STREET 2: & TECHNOLOGICAL DEVELOPMENT ZONE CITY: NINGBO, ZHEJIANG PROVINCE STATE: F4 ZIP: 315803 FORMER COMPANY: FORMER CONFORMED NAME: Silver Pearl Enterprises, Inc. DATE OF NAME CHANGE: 20050506 10-Q 1 f10q0616_keyuanpetro.htm QUARTERLY REPORT

U.S. SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

(Mark One)

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2016

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from _______________ to _______________

Commission File Number: 333-124837

Keyuan Petrochemicals, Inc.

(Exact name of registrant as specified in its charter)

Nevada		45-0538522
(State or other jurisdiction of incorporation or organization)		(IRS Employer Identification No.)

Qingshi Industrial Park

Ningbo Economic & Technological Development Zone

Ningbo, Zhejiang Province

P.R. China 315803

(Address of principal executive office)

(86) 574-8623-2955

(Issuer's telephone number)

(Former name, former address and former fiscal year, if changed since last report)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the past 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☐ No ☒

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (Sec. 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes ☐ No ☒

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “larger accelerated filer”, “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.

Large Accelerated Filer	☐	Accelerated Filer	☐
Non-accelerated filer	☐	Smaller reporting company	☒

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Securities Exchange Act of 1934) Yes ☐ No ☒

As of November 3, 2016, the Registrant has 63,132,726 shares of common stock outstanding.

TABLE OF CONTENTS

PART I – FINANCIAL INFORMATION

Item 1.	Financial Statements.	1

	Condensed Consolidated Balance Sheets	1

	Condensed Consolidated Statements of Operations and Comprehensive Income (Loss)	2

	Condensed Consolidated Statements of Cash Flows	3

	Notes to Condensed Consolidated Financial Statements	4

Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations.	16

Item 3.	Quantitative and Qualitative Disclosures About Market Risk.	27

Item 4.	Controls and Procedures.	27

PART II – OTHER INFORMATION		28

Item 1.	Legal Proceedings.	28

Item 1A.	Risk Factors.	28

Item 2.	Unregistered Sales of Equity Securities And Use Of Proceeds.	29

Item 3.	Defaults Upon Senior Securities.	29

Item 4.	Mine Safety Disclosures.	29

Item 5.	Other Information.	29

Item 6.	Exhibits.	29

INTRODUCTORY NOTE

Except as otherwise indicated by the context, references in this quarterly report on Form 10-Q (this “Form 10-Q”) to “Keyuan”, “we”, “us” or “our” are references to the combined business of Keyuan Petrochemicals, Inc. and its consolidated subsidiaries. References to the “Company” are references to Keyuan Petrochemicals, Inc., a Nevada corporation; references to “Sinotech Group” are references to our wholly-owned subsidiary, Sinotech Group Limited, a British Virgin Islands company, previously known as Keyuan International Group Limited; references to “Keyuan HK” are references to our wholly-owned Hong Kong subsidiary, Keyuan Group Limited; references to “Ningbo Keyuan” are references to our wholly-owned subsidiary, Ningbo Keyuan Plastics Co., Ltd., a Chinese company; references to “Ningbo Keyuan Petrochemicals” are references to our wholly-owned subsidiary, Ningbo Keyuan Petrochemicals Co., Ltd., a Chinese company; references to “Keyuan Synthetic Rubbers” are references to our wholly-owned subsidiary, Ningbo Keyuan Synthetic Rubbers Co., Ltd., a Chinese company; references to “Guangxi Keyuan” are references to our partially-owned subsidiary, Guangxi Keyuan New Materials Co., Ltd. (we own 67.1% as if Hengyun Energy has already made full payment under the Investment Cooperation Agreement as described herein below), a Chinese company; and references to “Zhongkexuneng” are references to our wholly-owned subsidiary, Zhejiang Zhongkexuneng Trading Co., Ltd, a Chinese company. A structure chart is found in Item 2. References to “China” or “PRC” are references to the People’s Republic of China. References to “RMB” are to Renminbi, the legal currency of China, and all references to “$” and dollar are to the U.S. dollar, the legal currency of the United States of America.

Special Note Regarding Forward-Looking Statements

This report contains forward-looking statements and information that are based on the beliefs of our management as well as assumptions made by and information currently available to us. Such statements should not be unduly relied upon. Forward-looking statements include statements about our expectations, beliefs, plans, objectives, intentions, assumptions and other statements that are not historical facts or that are not present facts or conditions. Forward-looking statements and information can generally be identified by the use of forward-looking terminology or words, such as “anticipate,” “approximately,” “believe,” “continue,” “estimate,” “expect,” “forecast,” “intend,” “may,” “ongoing,” “pending,” “perceive,” “plan,” “potential,” “predict,” “project,” “seek,” “should,” “views” or similar words or phrases or variations thereon, or the negatives of those words or phrases, or statements that events, conditions or results “can,” “will,” “may,” “must,” “would,” “could” or “should” occur or be achieved and similar expressions in connection with any discussion, expectation or projection of future operating or financial performance, costs, regulations, events or trends. The absence of these words does not necessarily mean that a statement is not forward-looking.

Forward-looking statements and information are based on management’s current expectations and assumptions, which are inherently subject to uncertainties, risks and changes in circumstances that are difficult to predict. These statements reflect our current view concerning future events and are subject to risks, uncertainties and assumptions. There are important factors that could cause actual results to vary materially from those described in this report as anticipated, estimated or expected, including, but not limited to, those factors and conditions described under “Item 1A. Risk Factors” in our annual report on Form 10-K for the fiscal years ended December 31, 2015 and 2014 (the “Form 10-K”) as well as general conditions in the economy, petrochemicals industry and capital markets, Securities and Exchange Commission (the “SEC”) regulations that affect trading in the securities of “penny stocks,” and other risks and uncertainties. Except as required by law, we assume no obligation to update any forward-looking statements publicly, or to update the reasons actual results could differ materially from those anticipated in any forward-looking statements, even if new information becomes available in the future. Depending on the market for our stock and other conditional tests, a specific safe harbor under the Private Securities Litigation Reform Act of 1995 may be available. Notwithstanding the above, Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), expressly state that the safe harbor for forward-looking statements does not apply to companies that issue penny stock. Because we may from time to time be considered to be an issuer of penny stock, the safe harbor for forward-looking statements may not apply to us at certain times.

PART I – FINANCIAL INFORMATION

KEYUAN PETROCHEMICALS, INC. AND SUBSIDIAIRES

CONDENSED CONSOLIDATED BALANCE SHEETS

(Amounts in thousands, except share data)

	Note		June 30, 2016			December 31, 2015
			(Unaudited)
ASSETS
Current assets:
Cash			$	10,034		$	4,764
Pledged bank deposits				239,010			282,968
Notes receivable				1,393			735
Accounts receivable				29,588			23,398
Inventories		3		40,844			55,730
Prepayments to suppliers, net				148,492			80,077
Consumption tax recoverable		4		62,605			44,377
Amounts due from related parties		15		60			92
Amounts due from non-controlling shareholder				32,383			19,376
Other current assets		5		20,018			19,049
Total current assets				584,427			530,566

Property, plant and equipment, net				274,070			273,146
Intangible assets, net				963			1,021
Land use rights				22,902			23,757
Value added tax recoverable				794			1,205

Total assets			$	883,156		$	829,695

LIABILITIES AND DEFICIT
Current Liabilities:
Short-term borrowings		6	$	317,503		$	360,720
Notes payable		7		341,894			334,139
Accounts payable				69,029			52,820
Amounts due to related parties		15		4,937			5,330
Amounts due to non-controlling interest				17,953			-
Advances from customers				54,840			15,563
Accrued expenses and other payables		8		48,196			42,654
Income tax payable				5,391			1,596
Long term debt due within one year				15,080			-
Dividends payable				2,382			2,382
Total current liabilities				877,205			815,204

Long term debts				-			15,400
Total liabilities				877,205			830,604

Stockholders’ deficit:
Common stock:
Par value: $0.001; Authorized: 100,000,000 shares Issued 57,646,160; outstanding: 57,221,050 as at June 30, 2016 and December 31, 2015				58			58
Consideration receivable				(9,417	)		(9,417	)
Additional paid-in capital				70,917			70,917
Statutory reserve				6,114			6,109
Accumulated other comprehensive income				1,797			7,098
Accumulated deficit				(88,755	)		(101,594	)
Treasury stock, at cost, 425,110 shares at June 30, 2016 and December 31, 2015, respectively				(449	)		(449	)
Total stockholders’ deficit				(19,735	)		(27,278	)

Non-controlling interests				25,686			26,369
Total equity (deficit)				5,951			(909	)

Total liabilities and equity (deficit)			$	883,156		$	829,695

See accompanying notes to the condensed consolidated financial statements.

KEYUAN PETROCHEMICALS, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) (UNAUDITED)

(Amounts in thousands, except share and per share data)

	Three Months Ended June 30,						Six Months Ended June 30,
	2016			2015			2016			2015
Sales	$	99,003		$	106,122		$	185,342		$	164,404
Cost of sales		78,115			86,144			152,199			164,987
Gross profit (loss)		20,888			19,978			33,143			(583	)

Selling expenses		769			176			1,658			410
General and administration expenses		2,614			5,725			6,644			10,367
Total operating expenses		3,383			5,901			8,302			10,777

Income (loss) from operations		17,505			14,077			24,841			(11,360	)

Other income (expense):
Interest income		860			3,652			2,835			6,977
Interest expense		(4,198	)		(11,843	)		(10,598	)		(20,191	)
Foreign exchange gain (loss), net		2,581			4,165			1,247			(5,243	)
Other expense, net		(52	)		(544	)		(204	)		(8,601	)
Total other expense, net		(809	)		(4,570	)		(6,720	)		(27,058	)

Income (loss) before income taxes		16,696			9,507			18,121			(38,418	)
Income tax expense		4,468			69			5,464			1
Net income (loss)		12,228			9,438			12,657			(38,419	)
Net loss attributable to non-controlling interests		(80	)		-			(187	)		-

Net income (loss) attributable to Keyuan Petrochemicals Inc. common stockholders	$	12,308		$	9,438		$	12,844		$	(38,419	)

Net income (loss) attributable to Keyuan Petrochemicals Inc. stockholders	$	12,228		$	9,438		$	12,657		$	(38,419	)

Other comprehensive (loss) income:
Foreign currency translation adjustment		(5,056	)		479			(5,301	)		-
Comprehensive income (loss)	$	7,172		$	9,917		$	7,356		$	(38,419	)

Comprehensive loss attributable to non-controlling interest		(80	)		-			(187	)		-

Comprehensive income (loss) attributable to Keyuan Petrochemicals Inc. common stockholders		7,252			9,917			7,543			(38,419	)

Earnings (loss) per share:
Attributable to common stock:
-Basic	$	0.22		$	0.17		$	0.22		$	(0.67	)
-Diluted	$	0.22		$	0.17		$	0.22		$	(0.67	)

Weighted average number of shares of common stock used in calculation:
-Basic		57,221,050			57,221,050			57,221,050			57,221,050
-Diluted		57,221,050			57,221,050			57,221,050			57,221,050

See accompanying notes to the condensed consolidated financial statements.

KEYUAN PETROCHEMICALS, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

(Amounts in thousands, except share data)

	Six Months Ended June 30,
	2016			2015
Cash flows from operating activities:
Net income (loss)	$	12,657		$	(38,419	)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation		7,578			7,679
Amortization		71			74
Bad debt expense		31			6,043
Land use rights amortization		368			390
Deferred income tax expense		-			13,096
Changes in operating assets and liabilities:
Notes receivable		(684	)		(1,262	)
Accounts receivable		(6,789	)		(26,031	)
Inventories		13,946			7,917
Prepayments to suppliers		(72,798	)		(45,231	)
Consumption tax refund receivable		(19,449	)		(19,862	)
Other current assets		2,913			85,740
Due from related parties		(2,340	)		(18,455	)
Accounts payable		19,676			19,020
Advances from customers		40,280			990
Income taxes payable		3,888			1,145
Accrued expenses and other payables		(28	)		(11,836	)
Other liabilities – related parties		15,123			9,134
Pledged deposit for operating activities		29,847			(68,523	)
Net cash provided by (used in) operating activities		44,290			(78,391	)

Cash flows from investing activities:
Purchase of property, plant and equipment		(14,275	)		(2,271	)
Net cash used in investing activities		(14,275	)		(2,271	)

Cash flow from financing activities:
Pledged bank deposits used for borrowings		27,385			36,047
Proceeds from short-term bank borrowings		203,484			397,717
Repayment of short-term bank borrowings		(239,778	)		(476,912	)
Proceeds from bank notes		285,405			344,004
Repayments of bank notes		(270,485	)		(216,764	)
Proceeds from long term debt		-			16,318
Net cash provided by financing activities		6,011			100,410

Effect of foreign currency exchange rate changes on cash		(30,756	)		(14,526	)

Net increase in cash		5,270			5,222

Cash at beginning of period		4,764			870
Cash at end of period	$	10,034		$	6,092

Supplemental disclosure of cash flow information:
Income tax paid	$	2,208		$	124
Interest paid, net of capitalized interest	$	10,086		$	14,660
Non cash investing and financing activities:
Amount not yet paid for purchase of property, plant and equipment (net of VAT)	$	1,774		$	(3,018	)

See accompanying notes to the condensed consolidated financial statements.

1	ORGANIZATION AND NATURE OF BUSINESS, RECENT EVENTS, AND GOING CONCERN AND MANAGEMENT’S PLANS

(a) Organization and Nature of business

Keyuan Petrochemicals, Inc. (the “Company”) was incorporated in the State of Texas on May 4, 2004 in the former name of Silver Pearl Enterprises, Inc. The Company, through its wholly-owned subsidiary, Sinotech Group Limited (“Sinotech Group”) and its indirect subsidiaries, Keyuan Group Limited (“Keyuan HK”), Ningbo Keyuan Plastics Co., Ltd. (“Ningbo Keyuan”), Ningbo Keyuan Petrochemicals Co., Ltd. (“Ningbo Keyuan Petrochemicals”), Ningbo Keyuan Synthetic Rubbers Co., Ltd. (“Keyuan Synthetic Rubbers”), Zhejiang Zhongkexuneng Trading Co. (“Zhongkexuneng”) and Guangxi Keyuan New Materials Co., Ltd. (“Guangxi Keyuan”) (collectively referred herein below as “the Group”) are engaged in the manufacture and sale of petrochemical and rubber products in the People’s Republic of China (“PRC”).

(b) Financial condition, liquidity, and capital resources

Due to the Company’s continuous efforts in realignment of product profiles and the fact that the petrochemical industry in China has been stabilized since 2015, the Company reported a net income of approximately $12.7 million and a net loss of approximately $60.5 million for the six months ended June 30, 2016 and the year ended December 31, 2015, respectively. In addition, cash flows provided by operations were approximately $44.3 million for the six months ended June 30, 2016 and cash flows used in operations were approximately $112.5 million for the year ended December 31, 2015, respectively. At June 30, 2016 and December 31, 2015, the Company had a working capital deficit of approximately $292.8 million and $284.6 million, respectively.

Consequently, there is substantial doubt about the company’s ability to continue as a going concern.

The Company continues to finance and support its operations primarily through short-term bank borrowings. Short-term bank borrowings and notes payable amounted to approximately $659 and $695 million at June 30, 2016 and December 31, 2015, respectively. In addition, the Company continues to benefit from favorable PRC tax policies related to consumption tax. As of June 30, 2016, the Company had consumption tax refund receivables of approximately $62.6 million, and as of October 31, 2016, approximately $59.6 million was refunded to the Group.

The Company is exploring sources of additional financing, including short-term financing from its vendors and other parties and equity financing. In addition, the Company is closely monitoring its cash balances, cash needs and expense levels.

The ability of the Company to continue as a going concern is dependent upon management’s ability to implement its expansion plan - particularly the Guangxi project - to increase its production capacity, obtain additional capital and generate net income and positive cash flows from operations. There can be no assurance that these plans will be sufficient or that additional financing will be available in amounts or terms acceptable to the Company, if at all.

2	BASIS OF PRESENTATION

The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) and include the consolidated financial statements of the Company and its subsidiaries. All intercompany balances and transactions are eliminated in consolidation. The consolidated financial statements have been prepared in accordance with U.S. GAAP applicable to interim financial information and the requirements of Form 10-Q and Article 10 of Regulation S-X of the Securities and Exchange Commission. Accordingly, they do not include all of the information and disclosures required by accounting principles generally accepted in the United States of America for complete financial statements. These interim financial statements should be read in conjunction with the audited consolidated financial statements for the years ended December 31, 2015 and 2014, as not all disclosures required by generally accepted accounting principles for annual financial statements are presented. The interim financial statements follow the same accounting policies and methods of computation as the audited consolidated financial statements for the years ended December 31, 2015 and 2014. Interim results are not necessarily indicative of results for a full year. In the opinion of management, all adjustments, consisting of normal recurring adjustments, considered necessary for a fair presentation of the financial position and the results of operations and cash flows for the interim periods have been included.

3	INVENTORIES

Inventories consist of the following:

	June 30,		December 31,
	2016		2015
	($’000)		($’000)
	(Unaudited)
Raw materials	$	10,090	$	34,116
Finished goods		26,884		18,003
Work-in-process		3,870		3,611

Total	$	40,844	$	55,730

4	CONSUMPTION TAX REFUND RECEIVABLE

The PRC government enacted a regulation pursuant to which domestically purchased heavy oil to be used for producing ethylene and aromatics products was exempted from consumption tax. In addition, the consumption tax paid for imported heavy oil is to be refunded if it is used for producing ethylene and aromatics products. Because all the Group’s purchased heavy oils are, or are to be, used for producing ethylene and aromatics products, the Group recognizes a consumption tax recoverable when a consumption tax for heavy oils has been paid and the relevant heavy oils have been used for producing ethylene and aromatics products. At June 30, 2016 and December 31, 2015, the Group recorded an estimated consumption tax refund receivables amounting to approximately $62.6 million and $44.4 million, respectively. As of October 31, 2016, approximately $59.6 million was refunded to the Group.

5	OTHER CURRENT ASSETS

Other current assets consist of the following:

	June 30,		December 31,
	2016		2015
	($’000)		($’000)
	(Unaudited)
VAT recoverable	$	11,118	$	10,397
Deposits paid to suppliers		2,195		3,907
Other		6,705		4,745

	$	20,018	$	19,049

Management estimates the deductible input value added tax (“VAT”) using vendor contracts, engineering and other estimates, as well as historical experience.

Customs deposits for imported inventories represent amounts paid to the local customs office in connection with the import of raw materials inventories. Upon approval by the customs authorities, these amounts become refundable by the local tax authority and are reclassified as consumption tax refund receivable (Note 4).

6	SHORT-TERM BORROWINGS AND LONG-TERM DEBT

As of June 30, 2016 and December 31, 2015, short-term borrowings outstanding carried a weighted average interest rate of 4.6% and 5.3% for loans in RMB, respectively; and a weighted average interest rate of 2.5% and 2.4% for loans in USD, respectively, and had maturity terms ranging from July 2016 to June 2017 and interest rates ranging from 1.8% to 5.7% and 1.9% to 6.9%, respectively.

Short-term borrowings consist of the following:

	June 30,				December 31,
	2016				2015
	SHORT-TERM BORROWINGS		PLEDGED BANK DEPOSITS		SHORT-TERM BORROWINGS		PLEDGED BANK DEPOSITS
	($’000)		($’000)		($’000)		($’000)
	(Unaudited)
China Construction Bank	$	178,366	$	104,550	$	181,799	$	104,500
Shanghai Pudong Development Bank		2,036		-		5,929		-
Agricultural Bank of China		6,786		-		23,100		-
Pingan Bank		-		-		2,800		2,867
Bank of Communication		11,725		-		10,934		-
Bank of China		95,609		-		122,168		19,450
China Merchant Bank		7,540		-		7,700		283
Ningbo Commerce Bank		3,000		3,090		3,000		3090
China Minsheng Bank		12,441		-		3,290		-
Total	$	317,503	$	107,640	$	360,720	$	130,190

The only long term debt of the Group is a loan to Ningbo Keyuan from Zhouji (Group) Co., Ltd (“Zhouji Group”) made on April 9, 2015 in the initial amount of RMB 100 million (approximately $15.4 million). The debt matures on the second anniversary of being made and carries an interest of 7.0%, which is approximately 40% higher than average interest rate of long-term bank loans made at that time of similar tenor. The long-term loan is secured by 15% of Mr. Chunfeng Tao’s ownership of Ningbo Keyuan. Upon the maturity of the loan, Zhouji Group has an option to elect a payment of the principal and the accrued interest or the transfer of 15% of Mr. Tao’s ownership of Ningbo Keyuan.

7	NOTES PAYABLE

Notes payable represent bills issued by an accepting bank in favor of the Group’s suppliers. The Group’s suppliers receive payments from such accepting bank directly upon maturity of the bills, and the Group is obliged to repay the face value of the bills to such accepting bank. Bills that are not remitted directly by the Group to its suppliers may be sold by the Group to other accepting banks for cash prior to their maturity. Discounts paid are recorded as a component of interest expense. Notes payable with financing nature amounted $248 million and $312 million as of June 30, 2016 and December 31, 2015, respectively.

8	ACCRUED EXPENSES AND OTHER PAYABLES

Accrued expenses and other payables consist of the following:

	June 30,		December 31,
	2016		2015
	($’000)		($’000)
	(Unaudited)
Purchase of property, plant and equipment	$	14,041	$	12,555
Accrued payroll and welfare		653		677
Liquidated damages		2,493		2,493
Deposit from customers		2,499		2,499
Loan from unrelated parties		1,508		1,540
Other tax payable		2,302		2,765
Accrued interest expense		7,826		7,476
Accrued expense according to ongoing lawsuit		14,788		10,200
Other accruals and payables		2,086		2,449
	$	48,196	$	42,654

9	COMMITMENTS AND CONTINGENCIES

(a) Operating commitments

As of June 30, 2016, the Group had outstanding Letters of Credit of approximately $33 million.

(b) Capital commitments

As of June 30, 2016, the Group had contractual capital commitments of approximately $14 million for purchases of equipment. The capital commitments relate primarily to manufacturing equipment enhancements.

On October 28, 2014, Dragon State Limited (“Dragon State”), an investor in a private placement that the Company closed in September 2010, filed a complaint against, among others, Keyuan Petrochemicals, Inc. and Mr. Chunfeng Tao, seeking rescission of the securities purchase agreement in the private placement and the return of $20 million, and in the alternative, seeking monetary damages to be determined at a trial but not less than $20 million (the “Complaint”). Pursuant to the September 2010 private placement, Dragon State had purchased from the Company for an aggregate price of $20 million, 5,333,340 shares of Series B preferred stock, 800,001 series C warrants to purchase 800,001 common shares, at a price of $4.50 per share (subject to adjustments), and 800,001 series D warrants to purchase 800,001 common shares at a price of $5.25 per share (subject to adjustments).

On July 11, 2016, the Company entered into a share purchase and settlement agreement (the “Settlement Agreement”) among Dragon State, Delight Reward Limited (“Delight Reward”), Keyuan HK, Ningbo Keyuan Petrochemicals, Ningbo Keyuan, and Keyuan Synthetic Rubbers (the Company, Keyuan HK, Ningbo Keyuan Petrochemicals, Ningbo Keyuan and Keyuan Synthetic Rubbers are collectively referred as the “Keyuan Group”), Mr. Chunfeng Tao, and Prax Capital Equity Management Co., Ltd., an affiliated party to Dragon State. Pursuant to the Settlement Agreement, Dragon State agreed to transfer the securities purchased in the September 2010 Private Placement to Delight Reward for a consideration of RMB 12,000,000 or approximately $1,800,000. In addition, Delight Reward and Keyuan Group agreed to pay, and Dragon State agreed to accept, a settlement of RMB 6,000,000 or approximately $900,000 to waive all claims and liabilities that Dragon State or its affiliated companies or individuals had brought or would bring against Delight Reward, Keyuan Group, Mr. Tao and their affiliates including the Complaint. These amounts were paid on July 15, 2016. On July 19, 2016, the United States District Court Southern District of New York entered an order granting final approval of the settlement. The Complaint was dismissed.

On August 4, 2016, Delight Reward entered into a side agreement with the Company (the “Side Agreement”). Under the Side Agreement, Delight Reward agreed not to claim that the warrants transferred pursuant to the Settlement Agreement were exercisable, and agreed pay to the Company for each convertible share underlying the Series B preferred stock transferred pursuant to the Settlement Agreement, the highest sale price of the Company’s Common Stock per share as reported on the OTC Pink during a period commencing on the date of the Settlement Agreement and ending on August 4, 2016, which was $0.005 per share of Common Stock. The aggregate purchase price for the shares of Common Stock underlying the series B preferred stock was therefore $27,465.01. On August 8, 2016, these funds were paid in cash on hand by Delight Reward. On August 10, 2016, the shares of Series B preferred stock were converted into 5,493,001 shares of Common Stock pursuant to the terms of the certificate of designations of series B preferred stock and the Side Agreement.

10	INCOME TAXES

The provision for income taxes is recorded at the end of each interim period based on the Group’s best estimate of its effective income tax rate expected to be applicable for the full fiscal year. The Group’s effective tax rate for the six months ended June 30, 2016 is approximately 30%. The increased effective rate for the six months ended June 30, 2016 compared to year 2015 is primarily due to losses in non-PRC jurisdictions, the benefit of which is not expected to be realized. The Group paid income taxes of approximately $1.5 million and $2.2 million, respectively during the three months and six months ended June 30, 2016.

11	EARNINGS (LOSS) PER SHARE

The following table sets forth the computation of basic and diluted net earnings (loss) per share:

	Three months ended June 30					Six months ended June 30
	2016			2015		2016			2015
	($’000)			($’000)		($’000)			($’000)
	(Unaudited)			(Unaudited)		(Unaudited)			(Unaudited)
Basic earnings (loss) per share:
Net income (loss)	$	12,228		$	9,438	$	12,657		$	(38,419	)

Net loss attributable to non-controlling interests		(80	)		-		(187	)		-

Net income (loss) attributable to Keyuan
Petrochemicals Inc. common stockholders	$	12,308		$	9,438	$	12,844		$	(38,419	)

Weighted average common share
(Denominator for basic and diluted income (loss) per share)		57,221,050			57,221,050		57,221,050			57,221,050

Basic net earnings (loss) per share:	$	0.22		$	0.17	$	0.22		$	(0.67	)
Diluted net earnings (loss) per share:	$	0.22		$	0.17	$	0.22		$	(0.67	)

Diluted earnings (loss) per share is calculated by dividing net income (loss) attributable to the Company’s stockholders as adjusted for the effect of dilutive common stock equivalents, if any, by the weighted average number of common stock and dilutive common stock equivalents outstanding during the year. Common stock equivalents consist of the common stock issuable upon the exercise of outstanding stock options and stock purchase warrants (using the treasury stock method). Potential dilutive securities are not included in the calculation of dilutive earnings (loss) per share if the effect is anti-dilutive. No warrants and options were included in diluted earnings (loss) per share for the three and six months ended June 30, 2016 and 2015, respectively, as their effect was anti-dilutive.

12	STOCK REPURCHASE PROGRAM

On September 22, 2014, the Board of Directors authorized the termination of a repurchase program that was commenced on December 31, 2012 to repurchase of up to $2 million of its common stock at a price of up to $1.50 per share. The Company purchased 425,110 shares of common stock through the stock repurchase program.

Shares of common stock repurchased by the Company are recorded at cost as treasury stock and result in a reduction of equity in the consolidated balance sheets. Treasury shares may be reissued as part of the Company’s stock-based compensation programs. There were no reissuances during the three and six months ended June 30, 2016 and 2015.

13	FAIR VALUE MEASUREMENTS

The Company did not have any assets or liabilities that were measured at fair value on a recurring basis as of June 30, 2016 and December 31, 2015, respectively.

The fair values of cash, pledged bank deposits, notes receivable, accounts receivable, short-term bank borrowing, notes payable, accounts payable and long term debt due within one year approximate their respective carrying amounts due to their short-term nature. The fair value of pledged bank deposits and short-term bank borrowings approximate their carrying amount because of their varying interest rates and/or their short maturities.

14	SIGNIFICANT CONCENTRATIONS AND RISKS

As of June 30, 2016 and December 31, 2015, the Group held cash and pledged bank deposits in financial institutions of approximately $249 million and $288 million, respectively. These were primarily held in major financial institutions located in mainland China and the Hong Kong Special Administrative Region, which management believes have high credit quality.

During the three and six months ended June 30, 2016 and the three and six months ended June 30, 2015, no sales to individual customer exceeded 10% of the Group’s total net revenue. As of June 30, 2016, three customers accounted for 37%, 21% and 18% of accounts receivables.

The Group currently buys a majority of its heavy oil and styrene, important components of its products, from three suppliers. Management believes that other suppliers could be found to provide similar products on comparable terms if it were to become necessary. A change in suppliers, however, could cause a delay in manufacturing and a possible loss of sales, which would affect operating results adversely.

During the three and six months ended June 30, 2016, three suppliers to the Group each accounted for more than 10% of total group purchase. These three suppliers accounted for approximately 27%, 27% and 20% of the total purchase for three months ended June 30, 2016 and 19%, 13% and 12% of total purchase for the six months ended June 30, 2016, respectively. During the three months ended June 30, 2015, the three individual suppliers from whom the Group purchased more than 10% of its total purchases, accounted for approximately 17%, 14% and 11% of the total purchase. During the six months ended June 30, 2015, the Group has three individual suppliers exceeded 10% of the Group’s total purchases, accounted for approximately 23%, 20% and 10% of the total purchase. As at June 30, 2016, two customers accounted for 76%, 16% of total accounts payable.

The Group commenced trading of heavy oil in April 2013 as an agent on behalf of a Hong-Kong based customer. For the three months ended June 30, 2016 and 2015, and for the six months ended June 30, 2016, there were no trading of heavy oil. For the six months ended June 30, 2015, the trading of heavy oil consists of purchases of approximately $3.0 million and sales of approximately $3.0 million, resulting in no profit or loss.

The Group’s operations are carried out in the PRC. Accordingly, the Group’s business, financial condition and results of operations may be influenced by the political, economic and legal environments in the PRC, as well as by the general state of the PRC’s economy. The business may be influenced by changes in governmental policies with respect to laws and regulations, anti-inflationary measures, currency conversion and remittances abroad, and rates and methods of taxation, among other things.

15	RELATED PARTY TRANSACTIONS AND RELATIONSHIPS AND TRANSACTIONS WITH CERTAIN OTHER PARTIES

(A) Related Party Transactions

The Company considers all transactions with the following parties to be related party transactions.

Name of parties		Relationship
Mr. Chunfeng Tao (“Mr. Tao”)		Majority stockholder

Mr. Jicun Wang (“Mr. Wang”)		Principal stockholder

Mr. Peijun Chen (“Mr. Chen”)		Principal stockholder

Ms. Sumei Chen		Member of the Company’s Board of Supervisors and spouse of Mr. Wang

Ms. Yushui Huang (“Ms. Huang”)		Vice President of Administration, Ningbo Keyuan

Ms. Feng Chen		Acting Chief Executive Officer, Chief Financial Officer and Vice President of Administration of Keyuan Petrochemicals Inc. since April 8, 2016

Ningbo Pacific Ocean Shipping Co., Ltd (“Ningbo Pacific”)		100% ownership by Mr. Wang

Ningbo Hengfa Metal Product Co., Ltd (“Ningbo Hengfa”, former name “Ningbo Tenglong”)		100% ownership by Mr. Chen

Ningbo Xinhe Logistic Co., Ltd (“Ningbo Xinhe”)		10% ownership by Ms. Huang

Related party transactions and amounts outstanding with the related parties as of June 30, 2016 and December 31, 2015 and for the three and six months ended June 30, 2016 and 2015, are summarized as follows:

	Three months ended June 30,				Six months ended June 30,
	2016		2015		2016		2015
	($’000)		($’000)		($’000)		($’000)
	(Unaudited)		(Unaudited)		(Unaudited)		(Unaudited)
Purchase of transportation services (a)	$	-	$	297	$	862	$	455

	June 30, 2016		December 31, 2015
	($’000)		($’000)
	(Unaudited)
Amounts due from related parties (d)	$	40	$	92
Amounts due to related parties (c)	$	4,930	$	4,592
Account payable to related parties (c)	$	7	$	739
Account receivable from related parties (d)	$	20	$	-

(a) The Group purchased transportation services of approximately nil and $0.3 million from Ningbo Xinhe during the three months ended June 30, 2016 and 2015, respectively. The Group purchased transportation services of $0.9 million and $0.5 million from Ningbo Xinhe during the six months ended June 30, 2016 and 2015, respectively.

(b) Guarantees for Bank Loans

Guarantee provided by Mr. Tao amounted $135.7 million and $138.6 million as of June 30, 2016 and December 31, 2015.

Bank loans guarantee provided by Mr. Tao amounted $96.8 million and $95.9 million as of June 30, 2016 and December 31, 2015.

	June 30, 2016		December 31, 2015
	($’000)		($’000)
	(Unaudited)
Mr. Tao		4,592		4,592
Ningbo Xinhe		338		-

Amounts payable to related party consist of the following:

	June 30, 2016		December 31, 2015
	($’000)		($’000)
	(Unaudited)
Ningbo Xinhe		7		739

(d) Amount due from related parties consist of the following.

	June 30, 2016		December 31, 2015
	($’000)		($’000)
	(Unaudited)

Mr. Dingan Zhang	$	-	$	38
Ms. Yushui Huang		-		8
Mr. Tao		40		46
Total	$	40	$	92

Amounts receivable from related party consist of the following:

	June 30, 2016		December 31, 2015
	($’000)		($’000)
	(Unaudited)
Ningbo Xinhe		20		-

(B) Relationships and transactions with certain other parties

The Group has the following relationships and transactions with certain other parties:

Name of parties		Relationship
Ningbo Litong Petrochemical Co., Ltd (“Ningbo Litong”)		Former 12.75% nominee shareholder of Ningbo Keyuan

Huaning International Trading Co., Ltd (“Huaning”)		The director of Huaning is the shareholder and director of Ningbo Xinghe, one of the Group’s related parties

Mercuria energy trading Pte Ltd (“Mercuria”)		Major supplier

Ningbo Anqi Petrochemical Co., Ltd		A related party until September 2011 when control transferred

Ningbo Lide Investment Co., Ltd. (“Ningbo Lide”, f/k/a Ningbo Kewei)		A related party until September 2011 when control transferred

Ningbo Kunde Petrochemical Co, Ltd. (“Ningbo Kunde”)		A related party until September 2011 when control transferred

Transactions and amounts outstanding with these parties for the three and six months ended June 30, 2016 and 2015 and as of June 30, 2016 and December 31, 2015 are summarized as follows:

	Three months ended June 30				Six months ended June 30
	2016		2015		2016		2015
	($’000)		($’000)		($’000)		($’000)
	(Unaudited)		(Unaudited)		(Unaudited)		(Unaudited)
Sales of products (e)	$	-	$	6,606	$	-	$	8,542
Purchase of raw materials (f)	$	-	$	65,416	$	55,489	$	94,573

	June 30, 2016		December 31, 2015
	($’000)		($’000)
	(Unaudited)
Guarantee for bank borrowings (g)	$	214,139	$	310,276
Amounts due from these parties (h)	$	2,195	$	3,907
Advance payments to these parties(i)	$	74,796	$	4,552
Advance received from these parties (j)	$	33,119	$	4
Accounts payables (l)	$	38,063	$	41,269
Notes payable (m)	$	131,750	$	140,715
Notes receivable (n)	$	-	$	514

(e)The Group sold finished products of approximately nil and $2.6 million to Ningbo Litong during the three months ended June 30, 2016 and 2015, respectively. The Group sold finished products of approximately nil and $4.0 million to Ningbo Lide during the three months ended June 30, 2016 and 2015, respectively. The Group sold finished products of approximately nil and $4.1 million to Ningbo Litong, during the six months ended June 30, 2016 and 2015, respectively. The Group sold finished products of approximately nil and $4.4 million to Ningbo Lide during the six months ended June 30, 2016 and 2015, respectively.

(f) Purchase of raw materials

	Purchase of raw materials during the three months ended June 30,				Purchase of raw materials during the six months ended June 30,
	2016		2015		2016		2015
	($’000)		($’000)		($’000)		($’000)
	(Unaudited)		(Unaudited)		(Unaudited)		(Unaudited)
Ningbo Litong	$	-	$	27,094	$	21,429	$	36,768
Ningbo Lide		-		29,789		28,618		29,807
Huaning		-		3		-		2,852
Mercuria		-		8,529		5,442		25,146
Total	$	-	$	65,415	$	55,489	$	94,573

(g) Guarantees for Bank Loans

	Guarantee provided as of
	June 30, 2016		December 31, 2015
	($’000)		($’000)
	(Unaudited)
Ningbo Litong	$	40,717	$	102,379
Ningbo Lide		173,422		207,897
Total	$	214,139	$	310,276

	Bank loans Guaranteed as of
	June 30, 2016		December 31, 2015
	($’000)		($’000)
	(Unaudited)

Ningbo Litong	$	19,265	$	18,634
Ningbo Lide		98,813		101,783
Total	$	118,078	$	120,417

(h) At June 30, 2016 and December 31, 2015, the amounts due from these parties consist of amounts due from Huaning of $1.2 million and $3.9 million, respectively, and amounts due from Mercuria of $1.0 million and nil, respectively.

(i) At June 30, 2016 and December 31, 2015, advances payments to these parties consist of payments to Ningbo Litong of $53.2 million and nil, respectively, and Ningbo Lide of $21.6 million and $4.6 million, respectively.

(j) At June 30, 2016 and December 31, 2015, advances received from these parties consist of amounts received from Ningbo Litong of $33.1 million and nil, respectively, and amounts received from Huaning of $4,000 and $4,000, respectively.

(k) At June 30, 2016 and December 31, 2015 accounts payables to these parties consist of payables to Ningbo Litong of nil and $1.4 million, respectively, and payables to Mecuria of $38.1 million and $39.9 million, respectively.

(l) At June 30, 2016 and December 31, 2015 notes payable to these parties consist of notes payable to Ningbo Litong of $75.5 million and $68.6 million, respectively, and notes payables to Ningbo Lide of $56.3 million and $72.2 million, respectively.

(n) At June 30, 2016 and December 31, 2015 notes receivables from these parties consist of notes receivable from Ningbo Litong of nil and $0.5 million, respectively, and notes receivables from Ningbo Lide of nil and $0.02 million, respectively.

(C) Relationships and transactions with the entity that has non-controlling interests in Company’s subsidiaries:

The Group has the following relationships and transactions with non-controlling interest shareholder:

Name of party		Relationship
Ningbo Hengyun Energy Technology Co, Ltd (Ningbo Hengyun)		Non-controlling interest shareholder of Guangxi Keyuan since 2015

The transactions and amounts outstanding with this party as of June 30, 2016 and December 31, 2015 and for the three and six months ended June 30, 2016 and 2015 are summarized as follows:

	Three months ended June 30				Six months ended June 30
	2016		2015		2016		2015
	($’000)		($’000)		($’000)		($’000)
	(Unaudited)		(Unaudited)		(Unaudited)		(Unaudited)
Sales of products	$	-	$	1,111	$	268	$	1,668
Purchase of raw materials	$	-	$	34,901	$	42,115	$	57,690

	As at June 30, 2016		As at December 31, 2015
	($’000)		($’000)
	(Unaudited)
Advance received from non-controlling interest shareholder	$	17,953	$	-
Advance payments to non-controlling interest shareholder	$	32,069	$	2,222
Accounts receivables	$	314	$	17,153
Notes receivables	$	87,092	$	90,601

16	Consolidated Segment Data

Segment information is based on how management reviews the business, makes investing and resource allocation decisions and assesses operating performance. The segment data presented reflects management’s segment structure. The Company reports financial and operating information in the following two segments:

(a) Petrochemicals Segment: Manufacturing and sales of mixed light aromatics, mixed heavy aromatics, fine propylene, propane, butane, liquefied petroleum gas (LPG), methyltert butyl ether, styrene, etc.

(b) Rubber Segment: Manufacturing and sales of various rubber products.

Segment information for the three and six months ended June 30, 2016 and 2015 is as follows:

	Three Months Ended June 30
	2016							2015
	Petrochemical		Rubber			Total		Petrochemical		Rubber			Total
	($'000)		($'000)			($'000)		($'000)		($'000)			($'000)
	(Unaudited)		(Unaudited)			(Unaudited)		(Unaudited)		(Unaudited)			(Unaudited)
Sales	$	75,654	$	23,349		$	99,003	$	90,922	$	15,200		$	106,122
Income (loss) from operations	$	22,109	$	(4,604	)	$	17,505	$	14,530	$	(453	)	$	14,077

	Six months Ended June 30
	2016							2015
	Petrochemical		Rubber			Total		Petrochemical			Rubber		Total
	($'000)		($'000)			($'000)		($'000)			($'000)		($'000)
	(Unaudited)		(Unaudited)			(Unaudited)		(Unaudited)			(Unaudited)		(Unaudited)
Sales	$	140,613	$	44,729		$	185,342	$	135,229		$	29,175	$	164,404
Income (loss) from operations	$	32,543	$	(7,702	)	$	24,841	$	(13,420	)	$	2,060	$	(11,360	)

	As of June 30, 2016						As of December 31, 2015
	Petrochemical		Rubber		Total		Petrochemical		Rubber		Total
	($'000)		($'000)		($'000)		($'000)		($'000)		($'000)
	(Unaudited)		(Unaudited)		(Unaudited)
Total assets	$	772,252	$	110,904	$	883,156	$	724,008	$	105,687	$	829,695

17	SUBSEQUENT EVENTS

On July 11, 2016, the Company and certain affiliates of the Company entered into the Settlement Agreement with Dragon State and others described in Note 9(c) above, pursuant to which Dragon State agreed to transfer the securities of the Company it owned to Delight Reward and waive all claims and liabilities that Dragon State or its affiliated companies or individuals had brought or would bring against the Company, Delight Reward and certain affiliates of the Company for an aggregate consideration of RMB 18 million or approximately $2.7 million.

On August 4, 2016, the Company entered into the Side Agreement with Delight Reward described in Note 9(c) above in connection with the execution of the Settlement Agreement and the payment subsequently made thereunder by the Company to Dragon State.

For more details of the Settlement Agreement and the Side Agreement, please refer to Note 9(c) above.

ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS.

The following discussion and analysis of our financial condition and result of operations should be read in conjunction with our unaudited consolidated financial statements and the notes to those financial statements appearing elsewhere in this Form 10-Q. This discussion contains forward-looking statements and involves numerous risks and uncertainties, including, but not limited to, those described in the "Risk Factors" section of the Form 10-K for the fiscal years ended December 31, 2015 and 2014, and the other reports we file with the Securities and Exchange Commission. Our actual results may differ materially from those contained in any forward-looking statements.

General Overview

Nature of Business

We are engaged in the manufacture and sale of petrochemical products and rubber in the PRC through our PRC operating subsidiaries, Ningbo Keyuan, Ningbo Keyuan Petrochemicals, Keyuan Synthetic Rubbers, Guangxi Keyuan and Zhongkexuneng. Our operations include:

	(1)	A production facility with an annual petrochemical production capacity of 720,000 metric tons (“MT”) of a variety of petrochemical products;

	(2)	A Styrene-Butadiene-Styrene (“SBS”) production facility with a designed annual production capacity of 70,000 MT;

	(3)	A Styrene-Ethylene-Butylene-Styrene (“SEBS”) production facility with a designed annual production capacity of 10,000 MT;

	(4)	Facilities for the storage and loading of raw materials and finished petrochemical and rubber goods; and

	(5)	Manufacturing technologies that can support our manufacturing process with relatively low raw material costs and high utilization and yields.

In January 2012, we signed a cooperation agreement with Fangchenggang City to build a new petrochemicals production facility in Guangxi Keyuan New Materials Industrial Park, Guangxi Province (the “Guangxi Project”). The estimated cost for the Guangxi Project is approximately $300 million. According to the cooperation agreement, the local government of Fangchenggang City agreed to grant to us land use rights for the facility.

On August 9, 2013, the Guangxi Project was approved by the local government of Fangchengang City. We were granted a land use right for 40 years for approximately 4,668,437 square feet of land, effective in 2014. In August 2013, we commenced engineering and facility construction. The preliminary investigation for foundation piling was completed in late October 2013. We completed the land leveling and finished the installation of water pipes, electricity wires and basic pipelines at the end of 2014. We completed the technical design of the facility and the equipment at the end of 2015. We are currently arranging the tendering on the construction of the facility and major equipment. We expect to finish construction of the facility and installation of main equipment and pipelines by the end of 2017 and commence production by the end of 2018.

We believe that the Guangxi Project once it goes into operation, will improve our competitive positions by extending and expanding our supply chain and manufacturing base. The facility is expected to have an annual production capacity of 50,000 MT of Acrylonitrile Butadiene Styrene (“ABS”). We plan to fund the construction and operation of the Guangxi Project through outside financing. If such financing is not available on terms acceptable to us, the project will be delayed until appropriate financing is available. As a result, the timelines for the Guangxi Project described above are subject to adjustment pending the status of outside financing.

Organization

Keyuan Petrochemicals, Inc. (formerly known as “Silver Pearl Enterprises, Inc.”) was incorporated in the State of Texas on May 4, 2004 and redomiciled to Nevada on February 28, 2007.

On April 22, 2010, we entered into a share exchange agreement (the “Exchange Agreement”) with Sinotech Group, Delight Reward Limited (“Delight Reward”), a British Virgin Islands company and sole stockholder of Sinotech Group, and Denise D. Smith, our former principal stockholder. Pursuant to the terms of the Exchange Agreement, Delight Reward transferred to us all of its shares of Sinotech Group in exchange for 47,658 shares of our Series M convertible preferred stock (the “Share Exchange”). On an “as converted” basis, the Series M convertible preferred stock represented approximately 95% of our outstanding common stock immediately after the Share Exchange. The Series M convertible preferred stock voted with the common stock on an “as converted basis” and was converted into 47,658,000 shares of our common stock on December 28, 2010.

As a result of the Share Exchange, Sinotech Group became a wholly-owned subsidiary of us and Delight Reward became our controlling stockholder. The Share Exchange was accounted for as a reverse acquisition and recapitalization whereby Sinotech Group was deemed to be the accounting acquirer (and the legal acquiree).

On May 12, 2010, we formed a corporation under the laws of the State of Nevada called Keyuan Petrochemicals, Inc. as our wholly-owned subsidiary (the “Merger Subsidiary”). Effective as of May 17, 2010, the Merger Subsidiary was merged with and into us. As a result of the merger, our name was changed to “Keyuan Petrochemicals, Inc.” Prior to the merger, the Merger Subsidiary had no liabilities and nominal assets and, as a result of the merger, the separate existence of the merger subsidiary ceased. We are the surviving corporation in the merger except for the name change, and there was no change in our directors, officers, capital structure or business.

On August 8, 2010, we established a wholly owned subsidiary in China, Ningbo Keyuan Petrochemicals, through our subsidiary Keyuan HK. Ningbo Keyuan Petrochemicals was initially set up to engage in the sales and marketing for products produced by Ningbo Keyuan and, later, by Keyuan Synthetic Rubbers. However, in fact, Ningbo Keyuan and Keyuan Synthetic Rubbers have been selling their products directly and Ningbo Keyuan Petrochemicals has mostly assisted each subsidiary in training and recruiting sale persons as well as organizing marketing events.

On April 4, 2012, a wholly-owned, indirect subsidiary, Guangxi Keyuan, was formed for the purpose of developing the Guangxi Project.

On June 15, 2012, Keyuan Synthetic Rubbers was established as a wholly-owned PRC subsidiary of Ningbo Keyuan to engage in the production and sales of SBS and SEBS.

On May 13, 2014, Zhongkexuneng was incorporated by Sinotech Group owning 75% of Zhongkexuneng and Ningbo Keyuan owning the remaining 25% of Zhongkexuneng. Zhongkexuneng is located in Zhejiang province, China. Zhongkexuneng was formed for the purpose of trading petrochemical products.

On September 16, 2015, Ningbo Keyuan and Sinotech Group entered into an investment cooperation agreement with Ningbo Hengyun Energy Technology Co., Ltd (“Hengyun Energy”) (the “Investment Cooperation Agreement”), pursuant to which Sinotech Group agreed to transfer 32.88% of its equity interest in Guangxi Keyuan to Hengyun Energy subject to a payment of consideration of RMB 198,284,300 by Hengyun Energy (approximately $30.5 million) to be made by December 31, 2016. As the date of this report, Hengyun Energy has paid RMB 138,284,300 (approximately $21.7 million).

The current shareholding structure of the Company is illustrated in the following diagram. The diagram is presented as if Hengyun Energy has already made full payment under the Investment Cooperation Agreement:

Our Facility and Equipment

Facilities

During the six months ended June 30, 2016, we have invested a total of approximately $9.8 million in the construction and improvement of our production facility. Our current production facility encompasses approximately 7.2 million square feet, which includes 2.5 million square feet facility in Zhejiang Province and 4.7 million square feet facility in Guangxi Province.

Facilities for Petrochemical Products

Product	Amount of Production Lines		Location of Facility	2015 Designed Annual Manufacturing Capacity (MT)		2015 Actual Annual Production (MT)		Utilization Rate
BTX Aromatics		1	Ningbo, Zhejiang		300,000		235,347		78	%
Propylene		1	Ningbo, Zhejiang		50,000		21,713		43	%
Styrene		1	Ningbo, Zhejiang		80,000		65,695		82	%
LPG		1	Ningbo, Zhejiang		100,000		61,366		61	%
MTBE and other chemicals		1	Ningbo, Zhejiang		190,000		118,293		62	%
Total		5	N/A		720,000		502,414		N/A

Facilities for Rubber Products

Product	Amount of Production Lines		Location of Facility	2015 Designed Annual Manufacturing Capacity (MT)		2015 Actual Annual Production (MT)		Utilization Rate
SBS		2	Ningbo, Zhejiang		70,000		29,828		43	%
SEBS		1	Ningbo, Zhejiang		10,000		2,355		24	%
Total		3	N/A		80,000		32,183		N/A

We have a total of 134,000 MT of storage capacity, consisting of 84,000 MT of storage capacity for raw materials and 50,000 MT for finished products. As a part of our expansion plan, we intend to add additional 16,000 MT of new storage capacity which is now under construction and expected to be completed in the fourth quarter of 2016.

We own an on-site ocean shipping dock with 50,000 MT of shipping capacity and a 10-truck loading capacity next to our production facility in Ningbo, China. Approximately 90% of our feedstock and finished products use this shipping dock. We are currently upgrading the classification of our own dock so that we can unload foreign cargo vessels under the 50,000 MT cargo capacity to our dock directly. We expect that the upgrade will be completed by the end of 2017 and we will be able to unload certain cargoes directly rather paying a third party to do so.

Our Guangxi Project is located in Fangchengang city, an important port for Guangxi province, and other than Beihai, the only major Chinese port on the Tonkin Gulf. The storage and logistics costs are generally lower in Fanchengang city compared to other ports in China.

Equipment

Our major processing equipment includes the following:

●

Heavy oil catalytic pyrolysis processing equipment: risers/generators/precipitators, fuel gas boilers, fractionating tower, absorbing, re-absorbing, and desorbing towers, heat exchangers, pumps, and a stabilizing tower;

●

Gas fractionation processing equipment: de-propanizing tower, refining propylene tower, de-ethanizination tower, heat exchangers, and pumps;

●

Ethylbenzene processing equipment: alkylation reactor, anti-alkylation reactor, dehydrogenation reactor, propylene absorbing tower, de-ethylene tower, ethylbenzene recovering tower, heating furnace for benzene, heating furnace for gas, steam overheating furnace, tail gas compressor, and washing tower; and

●

Liquefied petroleum gas (LPG) and sulfur recovery processing equipment: LPG desulfurization extraction tower, dry gas desulfurization tower, regenerating tower, and LPG de-mecaptan extraction tower.

Our Products

We manufacture and supply a variety of petrochemical and rubber products, including petrochemical products such as Benzene Toluene-Xylene Aromatics (“BTX Aromatics”), propylene, styrene, liquid petroleum gas (“LPG”), Methyl Tertiary Butyl Ether (“MTBE”) and rubber products such as SBS and SEBS, each of which is described below, and other products.

Petrochemical Products:

●

BTX Aromatics: consisting of benzene, toluene, xylene and other chemical components for further processing into plastics, gasoline and solvents materials widely used in paint, ink, construction coating and pesticide.

●

Propylene: a chemical intermediate as one of the building blocks for an array of chemical and plastic products that are commonly used to produce polypropylene, acrylonitrile, oxo alcohols, propylene oxide, cumene, isopropyl alcohol, acrylic acid and other chemicals for paints, household detergents, automotive brake fluids, indoor/outdoor carpeting, textile, insulating materials, auto parts and electrical appliances.

●

Styrene: a precursor to polystyrene and several copolymers widely used for packaging materials, construction materials, electronic parts, home appliances, household goods, home furnishings, toys, sporting goods and others.

●

LPG: a mixture of hydrocarbon gases used as fuel in heating appliances and vehicles. It is also a replacement for chlorofluorocarbons as an aerosol propellant and a refrigerant, which we believe reduces damage to the ozone layer.

●

MTBE & Other Chemicals: MTBE, oil slurry, sulphur and others are used for a variety of applications including fuel components, refrigeration systems, fertilizers, insecticides and fungicides.

Rubber Products:

●

SBS: consisting of styrene and butadiene, widely used for waterproofing building material, asphalt modification, furniture, shoe sole material, tubes, tape, auto parts and electrical appliances.

●

SEBS: Styrene-Ethylene-Butylene-Styrene, a product similar to SBS but we believe with a more durable product feature.

In addition, we will start producing ABS once we complete the construction of the facility in Guangxi and the trail production.

Production Capacity and Expansion

Our annual designed manufacturing capacity is 720,000 MT in the aggregate of these products. Our designed capacity for SBS production facility is to 70,000 MT annually and for SEBS production facility is to 10,000 MT annually. Additionally, we have a total of 134,000 MT of storage capacity, consisting of 84,000 MT of storage capacity for raw materials and 50,000 MT for finished products. We also own a dock in Ningbo, China which can directly unload foreign cargo vessels under the 50,000 MT cargo capacity to our dock.

All of our facilities, except for the SBS and SEBS facility, have been operating since 2009. Therefore, those older facilities generally provide us with a stable output. While we are continuously working on existing equipment upgrades to increase production, we realize that optimizing the utilization rates for our current facilities is currently not sufficient to meet increasing customer demands. More specifically, increasing market demand for tire and auto parts has resulted in increasing market demand for styrene and ABS; and higher requirements related to environmental protection imposed by the PRC government have led to greater demand for transformer oil and catalytic cracking oil.

Based on these market trends, we completed the construction of an oil catalytic cracking processing facility by the end of 2014. It is used as an extension of our catalytic pyrolysis processing equipment. This facility can reduce production costs and the market risk in the purchase of raw materials, and improve the stability and efficiency of project production of heavy oil to 200,000 MT of heavy oil per year.

We are currently focused on the following improvements to our infrastructure to expand our manufacturing capacity:

	●	Constructing an ABS production facility in Guangxi Province. We completed the technical design of the facility and the equipment at the end of 2015. We are currently arranging the tendering on the construction of the facility and major equipment. We expect to finish construction of the facility and installation of main equipment and pipelines by the end of 2017 and commence production by the end of 2018 with an annual production capacity of 50,000 MT of ABS;

	●	Upgrading our facility for styrene to increase annual design capacity of ethylene-styrene from 80,000 MT to 200,000 MT, of which 120,000 MT can be used for producing synthetic materials and 80,000 MT can be sold to downstream petrochemical companies;

	●	Constructing a transformer oil facility using hydrogen from the ethylene-styrene facility so that we can complete a double hydrogenation process on original products (such as BTX Aromatic) for refining transformer oil and producing high value transformer oil with a design capability of 100,000 MT per year. Construction of the main facility column was completed at the end of October 2013. We are currently performing the assembly and installation and expect to start production by the end of March 2017; and

	●	Adding additional 16,000 MT of new storage capacity which is under construction. We expect to complete the construction at the end of 2016 and start operation in early 2017.

The total estimated cost of our expansion plan is approximately $372.5 million, including $300 million for Guangxi Project, $30 million for the transformer oil facility, $40 million for the increased annual design capacity of ethylene-styrene, and $2.5 million for additional storage capacity. Upon completion of our expansion described above, our total production capacity is expected to reach 1,270,000 MT per year comprised of our current petrochemical production of 720,000 MT, SBS of 70,000 MT, SEBS of 10,000 MT, additional styrene of 120,000 MT, catalytic cracking oil of 200,000 MT, ABS of 50,000 MT, and transformer oil of 100,000 MT.

Our current estimate of our expansion schedule is as follows. However, we are continuing our evaluation of timelines for our expansion projects based on our financial situation and market conditions.

Expansion Project		Expected Completion Date
Ethylene-Styrene Facility		End of Q1, 2017
Transformer Oil Facility		End of Q1, 2017
ABS Production Facility		End of Q4, 2017⁽¹⁾
New storage capacity of 16,000 MT		End of Q4, 2016

(1)	The construction of the ABS facility and installation of main equipment and pipelines is expected to be completed by the end of 2017 and production is expected to be started by the end of 2018.

Manufacturing and Sales

Our total production of finished products was 352,032 MT for the six months ended June 30, 2016, and we generated $185.3 million in revenue based on the sale of 400,334 MT of petrochemical and rubber products. Our total production of finished products was 209,705 MT for the six months ended June 30, 2015 and we generated $164.4 million in revenue based on the sale of 193,042 MT of petrochemical and rubber products.

The increase in total production of finished products and revenues during the first half year of 2016 was mainly due to a 85-day production suspension during the first half year of 2015 while there was no production suspension during the first half year of 2016.

During the first half year of 2015, operation of Ningbo Keyuan and Keyuan Synthetic Rubbers was suspended for 85 days in connection with continuing depressed oil price in international markets occurring in June 2014 which materially negatively impacted us and our downstream distributors. As a result, we did not have enough capital to satisfy the unsustainable cash demand to maintain operations. We resumed operations in April 2015 when we observed the recovery and stabilization of oil market. During the suspension, we conducted routine maintenance of our facility, which is required every two years and requires a temporary suspension of production. There was no production suspension during the six months ended June 30, 2016. As a result, our total production of finished products for the six months ended June 30, 2016 was increased by 142,327 MT compared to the comparative period in 2015 and revenue for the six months ended June 30, 2016 was increased by approximately $20.9 million compared to the comparative period in 2015.

Going Concern and Management’s Plans

Due to our continuous efforts in realignment of product profiles and the fact that the petrochemical industry in China has been stabilized since 2015, we reported a net income of approximately $12.7 million and a net loss of approximately $60.5 million for the six months ended June 30, 2016 and the year ended December 31, 2015, respectively. In addition, cash flows provided by operations were approximately $44.3 million for the six months ended June 30, 2016 and cash flows used in operations were approximately $112.5 million for the year ended December 31, 2015, respectively. Nevertheless, at June 30, 2016 and December 31, 2015, we had a working capital deficit of approximately $292.8 million and $284.6 million, respectively.

Consequently, there is substantial doubt about our ability to continue as a going concern.

We continue to finance and support our operations primarily through short-term bank borrowings. Short-term bank borrowings and notes payable amounted to approximately $659 and $695 million at June 30, 2016 and December 31, 2015, respectively. In addition, we continue to benefit from favorable PRC tax policies related to consumption tax. As of June 30, 2016, we had consumption tax refund receivables of approximately $62.6 million, and as of October 31, 2016, approximately $59.6 million was refunded to us.

We are exploring sources of additional financing, including short-term financing from our vendors and other parties and equity financing. In addition, we are closely monitoring its cash balances, cash needs and expense levels. In addition, we are currently contemplating our options to reduce our costs, including one option to "go dark." If we decide to undertake this, and if it is successful, we expect that our legal, accounting and certain other expenses that we currently incur as a result of being a public company may be reduced.

Our ability to continue as a going concern is dependent upon management’s ability to implement our expansion plan - particularly Guangxi project - to increase our production capacity, obtain additional capital and generate net income and positive cash flows from operations. There can be no assurance that these plans will be sufficient or that additional financing will be available in amounts or terms acceptable to us, if at all.

Results of Operations

The following table sets forth information from our statements of operations and comprehensive income (loss) for the three and six months ended June 30, 2016 and 2015.

Comparison of the three and six months ended June 30, 2016 and 2015 (in thousands)

	For the three months						Year to Year Comparison						For the six months						Year to Year Comparison
	Ended June 30,						Increase			Percentage			Ended June 30,						Increase			Percentage
	2016			2015			/(Decrease)			change			2016			2015			/ (Decrease)			change
	(unaudited)			(unaudited)									(unaudited)			(unaudited)
Sales	$	99,003			106,122			(7,119	)		(6.7	)%		185,342			164,404			20,938			12.7	%

Cost of sales		78,115			86,144			(8,029	)		(9.3	)%		152,199			164,987			(12,788	)		(7.8	)%

Gross profit (loss)		20,888			19,978			910			4.6	%		33,143			(583	)		33,726			5784.9	%

Operating expenses
Selling expenses		769			176			593			336.9	%		1,658			410			1,248			304.4	%
General and administrative expenses		2,614			5,725			(3,111	)		(54.3	)%		6,644			10,367			(3,723	)		(35.9	)%
Total operating expenses		3,383			5,901			(2,518	)		(42.7	)%		8,302			10,777			(2,475	)		(23.0	)%

Income (loss) from operations		17,505			14,077			3,428			24.4	%		24,841			(11,360	)		36,201			318.7	%

Other income (expenses):
Interest income:		860			3,652			(2,792	)		(76.5	)%		2,835			6,977			(4,142	)		(59.4	)%
Interest expense		(4,198	)		(11,843	)		7,645			64.6	%		(10,598	)		(20,191	)		9,593			47.5	%
Foreign exchange gain (loss), net		2,581			4,165			(1,584	)		(38.0	)%		1,247			(5,243	)		6,490			123.8	%
Other expense, net		(52	)		(544	)		492			90.4	%		(204	)		(8,601	)		8,397			97.6	%
Total other expenses, net		(809	)		(4,570	)		3,761			82.3	%		(6,720	)		(27,058	)		20,338			75.2	%

Income (loss) before income taxes		16,696			9,507			7,189			75.6	%		18,121			(38,418	)		56,539			147.2	%
Income tax expense		4,468			69			4,399			6375.4	%		5,464			1			5,463			546300	%
Net Income (Loss)		12,228			9,438			2,790			29.6	%		12,657			(38,419	)		51,076			132.9	%
Other comprehensive (loss) income
Foreign currency translation adjustment		(5,056	)		479			(5,535	)		1155.5	%		(5,301	)		-			(5,301	)		-	%
Comprehensive income (loss)	$	7,172		$	9,917		$	(2,745	)		27.7	%	$	7,356		$	(38,419	)	$	45,775			119.1	%

Sales: Our sales for the three months ended June 30, 2016 were approximately $99.0 million compared to $106.1 million for the three months ended June 30, 2015, a decrease of $7.1 million, or 6.7%. The decrease was mainly due to the average unit sale price decreased by about $75/MT (RMB500/MT) compared to the same period in 2015 as the result of the management’s strategy to attract customers by lower sale price, which partially offset by the 10-day production suspension in the second quarter of 2015.

Sales for the six months ended June 30, 2016 were approximately $185.3 million compared to $164.4 million for the six months ended June 30, 2015, an increase of $20.9 million, or 12.7%. We incurred an 85-day production interruption responding to less market demands in the first and second quarter of 2015. There was no production interruption during the same period in 2016.

Cost of Sales: Our overall cost of sales was approximately $78.1 million for the three months ended June 30, 2016, or 78.9% of sales, compared to approximately $86.1 million, or 81.1% of sales for the three months ended June 30, 2015. Our cost of sales is primarily composed of the costs of direct raw materials (mainly heavy oil, benzene, butadiene and carbinol), labor, depreciation and amortization of manufacturing equipment and facilities, and other overhead. The decrease in the cost of sales for the three months ended June 30, 2016 compared to same period in 2015 was mainly due to the decrease in the sales during the three months ended June 30, 2016.

Our overall cost of sales was approximately $152.2 million for the six months ended June 30, 2016, or 82.1% of sales, compared to approximately $165.0 million, or 100.4% of sales for the six months ended June 30, 2015. The decrease in the cost of sales for the six months ended June 30, 2016 compared to the same period in 2015 was mainly due to the decrease in average purchase price of raw materials due to the stabilization of international crude oil market in the first half year of 2016 comparing to same period in 2015.

Energy required for production of our products consists of water, electricity and steam, the costs of which are attributed to cost of sales rather than operating expense. The supply prices of these energy sources in China have historically been very stable as a result of PRC government policy. Accordingly, the potential impact of changing energy costs to our production is minimal. The following are the costs for water, electricity and stream for the three and six months ended June 30, 2016 and 2015 (amounts in thousands):

	For the Three Months Ended June 30,				For the Six Months Ended June 30,
	2016 (Unaudited)		2015 (Unaudited)		2016 (Unaudited)		2015 (Unaudited)
Water		447		209		834		386
Electricity		2,902		3,048		6,089		5,508
Steam		1,699		1,179		3,120		2,444

Total energy cost was approximately $5.0 million for the three months ended June 30, 2016, which constitutes approximately 5.1% of sales. Total energy cost was approximately $4.4 million for the three months ended June 30, 2015, which constitutes approximately 4.2% of sales.

Total energy cost was approximately $10.0 million for the six months ended June 30, 2016, which constitutes approximately 5.4% of sales. Total energy cost was approximately $8.3 million for the six months ended June 30, 2015, which constitutes approximately 5.0% of sales.

Gross Profit (loss): Gross profit for the three months ended June 30, 2016 was approximately $20.9 million compared to a gross profit of $20.0 million for the three months ended June 30, 2015, representing an increase of approximately $0.9 million, or 4.6%, which we believe was not significant.

Gross profit for the six months ended June 30, 2016 was approximately $33.1 million compared to a gross loss of $0.6 million for the comparative period in 2015, representing an increase of $33.7 million, or 5,784.9%. Our total gross margin increased from negative 0.4% for the six months ended June 30, 2015 to 17.9% for the six months ended June 30, 2016. The main reason for the increase is that we had a 85-day production suspension during the first six months in 2015 and the sale prices of our products were negatively impacted by the depressed international crude market during the six months ended June 30, 2015.

Operating Expenses: Our operating expenses include selling expenses, and general and administrative expenses. Operating expenses were approximately $3.4 million or 3.4% of sales for the three months ended June 30, 2016 compared to $5.9 million or 5.6% of sales for the comparative period in 2015, a decrease of $2.5 million or 42.7%. The decrease was mainly because we incurred only $19,000 bad debt expense during the three months ended June 30, 2016 while we had accrued bad debt expense of approximately $3.5 million during the three months ended June 30, 2015, offset by an increase of $0.2 million in consulting expenses during the three months ended June 30, 2016.

Operating expenses were approximately $8.3 million or 4.5% of sales for the six months ended June 30, 2016 compared to $10.8 million or 6.6% of sales for the comparative period in 2015, a decrease of $2.5 million or 23.0%. The decrease was mainly because we incurred only $31,000 bad debt expense during the six months ended June 30, 2016 while we had the accrued bad debt expense of approximately $6.0 million during the same period in 2015, offset by an increase of $0.5 million in consulting expenses during the six months ended June 30, 2016.

Interest Income/Expense: For the three months ended June 30, 2016, interest income and interest expense were approximately $0.9 million and $4.2 million, respectively, compared to interest income and interest expense of approximately $3.7 million and $11.8 million, respectively, for the same period in 2015. The decrease in interest income was mainly due to decreased deposits as collateral for bank loans and the decrease in interest expense was mainly due to decreased borrowings during the three months ended June 30, 2016.

For the six months ended June 30, 2016, interest income and interest expense were approximately $2.8 million and $10.6 million, respectively, compared to interest income and interest expense of approximately $7.0 million and $20.2 million, respectively, for the same period in 2015. The decrease in interest income was mainly due to the decreased deposits as collateral for bank loans and the decrease in interest expense was mainly due to decreased borrowings during the six months ended June 30, 2016.

Net Income/(Loss): Net income was approximately $12.2 million for the three months ended June 30, 2016 compared to net income of approximately $9.4 million for the same period in 2015, representing an increase of $2.8 million or 29.6%. This increase was mainly due to a combination of increased gross profit, decreased operating expenses and decreased interest expense for the three months ended June 30, 2016 compared to the same period in 2015.

Net income was approximately $12.7 million for the six months ended June 30, 2016 compared to a net loss of approximately $38.4 million for the same period in 2015, representing an increase of $51.1 million or 132.9%. This increase was primarily due to the increase in gross profit and the decrease of interest expense during the six months ended June 30, 2016 compared to the same period in 2015.

Foreign Currency Translation Adjustment: Our reporting currency is the U.S. dollar. Our local currency, RMB, is our functional currency. Results of operations and cash flow are translated at average exchange rates during the period, and assets and liabilities are translated at the unified exchange rate as quoted by the People’s Bank of China at the end of the period. Translation adjustments resulting from this process are included in accumulated other comprehensive income in the statement of shareholders’ equity. Transaction gains and losses that arise from exchange rate fluctuations on transactions denominated in a currency other than the functional currency are included in the results of operations as incurred.

Currency translation adjustments resulting from this process are included in accumulated other comprehensive loss and amounted to $5.1 million and $5.3 million for the three and six months ended June 30, 2016, respectively. The balance sheet amounts at June 30, 2016 and December 31, 2015, with the exception of equity, were translated at RMB 6.6312 and RMB 6.1275 to 1.00 U.S. dollar, respectively. The equity accounts were translated at their historical rates. The average translation rates applied to income statement accounts for the three months ended June 30, 2016 and 2015 were RMB 6.5285 and RMB 6.1200, respectively, and the six months ended June 30, 2016 and 2015 were RMB 6.5282 and RMB 6.1284, respectively, to 1.00 U.S. dollar.

Liquidity and Capital Resources

The following table sets forth a summary of our cash flows for the periods indicated:

	For The Six Months Ended June 30,
	2016 (Unaudited)			2015 (Unaudited)
Net cash provided by (used in) operating activities		44,290			(78,391	)
Net cash used in investing activities		(14,275	)		(2,271	)
Net cash provided by financing activities		6,011			100,410

Net cash provided by operating activities was approximately $44.3 million for the six months ended June 30, 2016 compared to net cash used in operating activities of approximately $78.4 million for the same period in 2015, representing an increase of $122.7 million or 156%. The reason for the change is primarily due to a combination of increased net income, increased accounts payable and increased advances from customers during the six months ended June 30, 2016 compared to the comparative period in 2015.

Net cash used in investing activities was approximately $14.3 million and $2.3 million for the six months ended June 30, 2016 and 2015, respectively. The increase in net cash used in investing activities is primarily due to our increased investments of $9.8 million in the construction of our infrastructures and facilities in accordance with our expansion plan.

Net cash provided by financing activities amounted to approximately $6.0 million for the six months ended June 30, 2016 compared with approximately $100.4 million for the same period in 2015. For the six months ended June 30, 2016, net cash provided by financing activities was primarily through bank borrowings. The decrease resulted primarily from decreases in bank borrowing during the six months ended June 30, 2016 compared to the same period in 2015.

There is substantial doubt about the Group’s ability to continue as a going concern. The Group continued to finance and support its operations primarily through short-term bank borrowings. Short-term bank borrowings and notes payable amounted to approximately $659 and $695 million at June 30, 2016 and December 31, 2015, respectively. In addition, the Group continued to benefit from favorable PRC tax policies related to consumption tax. As of June 30, 2016, the Group had consumption tax refund receivables of approximately $62.6 million, and as of October 31, 2016, approximately $59.6 million was refunded to us.

The Group is exploring sources of additional financing, including short-term financing from its vendors and other parties and equity financing. In addition, the Group closely monitored its cash balances, cash needs and expense levels.

Consumption Tax Refund

The PRC government enacted a regulation pursuant to which domestically purchased heavy oil to be used for producing ethylene and aromatics products was exempted from consumption tax. In addition, the consumption tax paid for imported heavy oil is to be refunded if it is used for producing ethylene and aromatics products. Given all the Group’s purchased heavy oils are, or are to be, used for producing ethylene and aromatics products, the Group recognizes a consumption tax recoverable when a consumption tax for heavy oils has been paid and the relevant heavy oils have been used for production of ethylene and aromatics products. At June 30, 2016 and December 31, 2015, the Group recorded an estimated consumption tax recoverable amounting to approximately $62.6 million and $44.4 million, respectively. As of October 31, 2016, approximately $59.6 million was refunded to the Group.

Bank Loans

Before we enter into a loan agreement with a lender, the lender will approve a comprehensive credit line which is the maximum amount of the loans we can obtain from that lender within a certain time period. The comprehensive credit line is usually secured by one or more third party guaranties or liens on our property and equipment, or a security deposit. Once the comprehensive credit line is approved, we will enter into an individual loan agreement with the lender each time we obtain a loan from such lender under the credit line. Therefore, we typically have multiple loan agreements under one comprehensive credit line with one lender as long as the credit limit has not been reached.

We have entered into short-term loan agreements with our primary lenders such as Bank of China, China Construction Bank and Agricultural Bank of China. As of June 30, 2016, we had an aggregate outstanding principal of approximately $317.5 million in bank loans under the loan agreements, with maturity dates from July 2016 to June 2017 and interest rates from 1.8% to 5.7% per annum. The loan agreements were mainly guaranteed by third parties and individual persons or secured by a lien on our property and equipment. Historically, all debts due have been paid back by us in a timely manner. All short-term bank loans are revolving loans, and the lenders generally agree to extend the loans upon maturity if we request. As the date of this Form 10-Q, we have timely repaid or renewed all short-term bank loans. As such, we expect that outstanding bank loans will be extended if not paid back upon maturity. Depending on our capital needs, we evaluate whether to apply for additional long-term bank loans. We currently have sufficient lines of credit with our primary lenders for both short-term and long-term borrowings for our operations. However, we estimate the total cost of the expansion will be $372.5 million. We plan to fund the expansion through debt financing, cash from operations, and potential equity financing. However, we may not be able to obtain additional financing at acceptable terms, or at all, and, as a result, our ability to increase our production capacity and to expand our business could be adversely affected.

Related Party Transactions

During the three months ended June 30, 2016, Mr. Chunfeng Tao, the Chairman of our Board of Directors and controlling shareholder, provided personal guarantees to our bank loans in a total amount of $5 million. In addition, as of June 30, 2016, Mr. Tao provided personal guarantees in a total amount of $135.7 million.

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK.

Not applicable to smaller reporting companies.

ITEM 4. CONTROLS AND PROCEDURES.

(a) Disclosure Controls and Procedures

Disclosure controls are procedures that are designed with the objective of ensuring that information required to be disclosed in our reports filed under the Exchange Act, such as this Form 10-Q, is recorded, processed, summarized, and reported within the time periods specified in the SEC’s rules and forms. Disclosure controls are also designed with the objective of ensuring that such information is accumulated and communicated to our management, including the Chief Executive Officer and Chief Financial Officer, as appropriate to allow timely decisions regarding required disclosure. We performed an evaluation, under the supervision and with the participation of our management, including our Chief Executive Officer and Chief Financial Officer, of the effectiveness of the design and operation of our disclosure controls and procedures as of the end of the period covered by this Form 10-Q. Based on this evaluation, our Chief Executive Officer and our Chief Financial Officer has concluded that, as of June 30, 2016, our disclosure controls and procedures were not effective to ensure that information required to be disclosed in reports filed under the Exchange Act is recorded, processed, summarized and reported properly within the time periods specified by the SEC, and did not provide reasonable assurance that information required to be disclosed by us in such reports would be accumulated and communicated to our management, including its Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosure.

(b) Changes in Internal Control over Financial Reporting

In connection with the preparation of our financial statements for the fiscal year ended December 31, 2015 and 2014, the management determined that our internal control environment is not properly designed due to the existence of certain material weaknesses and that it did not operate effectively to ensure that our financial statements (and related financial statement disclosures) were prepared in accordance with US generally accepted accounting principles. We have established a number of remediation measures, which we believe will remediate the material weaknesses identified, if such measures are effectively implemented and maintained, however, we cannot assure when or if we will be able to successfully implement these remedial measures. For more information regarding our controls and procedures, please refer to Item 9A. Controls and Procedures in the Form 10-K.

There were no changes in our internal control over financial reporting (as such term is defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) during the fiscal quarter covered by this report that has materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

PART II - OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS.

We may from time to time become a party to various legal or administrative proceedings arising in the ordinary course of our business.

In 2014, Jiujiang Jianan Petrochemicals Engineering Co., Ltd. (“Jiujiang Jianan”) filed a suit against Ningbo Keyuan in the Beilun District People’s Court. Jiujiang Jianan and Ningbo Keyuan are parties to certain service contract pursuant to which Jiujiang Jianan performed maintenance to Ningbo Keyuan’s production equipment. Jiujiang Jianan claimed it had provided additional services and thus was entitled to additional service fee from Ningbo Keyuan. On July 27, 2016, the Beilun District People’s Court issued a judgment that Ningbo Keyuan should pay construction fee of RMB 9.0 million (approximately $1.4 million) plus an interest of RMB 0.8 million (approximately $0.1 million) to Jiujiang Jianan. Ningbo Keyuan appealed to the Ningbo City Intermediate People’s Court on August 8, 2016. The case is currently under the review by the Ningbo Intermediate People’s Court.

In May 2015, Taihua Plastic (Ningbo) Co., Ltd (“Taihua”) filed a complaint against Ningbo Keyuan and Zhongkexuneng in the Ningbo Intermediate People’s Court. Pursuant to a sale agreement between Taihua and Zhongkexuneng, Taihua made a payment of approximately RMB 29.7 million (approximately $4.8 million) to Zhongkexuneng for styrene. Taihua claimed damages in the amount of RMB 29.7 million, along with interest of RMB 0.8 million (approximately $0.1 million) and deductible value added tax of RMB 4.7 million (approximately US$0.7 million). On June 24, 2016, the Ningbo Intermediate People’s Court ruled that Zhongkexuneng should return the payment of RMB 29.7 million (approximately $4.8 million) to Taihua, plus the interest; and Ningbo Keyuan should be jointly liable to such payment as a shareholder of Taihua. Ningbo Keyuan appealed to the Zhejiang Higher People’s Court on July 11, 2016 claiming of its limited liability as a shareholder of a corporation. The case is currently under the trial.

On March 25, 2016, the Sixth Chemical Engineering Construction Co., Ltd (the “Sixth”) brought a suit against Ningbo Keyuan in the Beilun District People’s Court. The Sixth was a contractor who was supposed to build one of Ningbo Keyuan facilities. Completion of the construction was delayed for several months by the Sixth resulting in our loss of approximately RMB 30.4 million (approximately $4.7 million). The Sixth claimed that Ningo Keyuan owed a remaining contractual payment of RMB 24.8 million (approximately $3.8 million) plus the penalties of breach of the contract. In July 2016, Ningbo Keyuan filed a counter claim alleging that the Sixth had breached the contract by delaying the completion of the construction and requesting a total compensation of RMB 30.4 million (approximately $4.7 million) from the Sixth. A hearing is to be scheduled by the Beilun District People’s Court.

In July 2016, Mr. Zongdong Hu filed a labor dispute in Beilun District Ningbo City Labor Arbitration Department claiming a compensation of RMB 0.5 million (approximately $0.08 million). Mr. Hu was a former vice general engineer at Ningbo Keyuan. Ningbo Keyuan decided not to grant Mr. Hu certain amount of cash reward based on the evaluation of his performance in accordance with his employment agreement. Mr. Hu disagrees with our decision. The arbitration is currently pending.

Other than as set forth herein, we are currently not a party to any material legal or administrative proceedings and are not aware of any pending or threatened legal or administrative proceedings against us.

ITEM 1A. RISK FACTORS.

Not applicable to smaller reporting companies.

ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS.

(a) As reported in our current report on Form 8-K filed on August 8, 2016, we entered into a side agreement with Delight Reward on August 4, 2016, pursuant to which, Delight Reward agreed to pay us for each convertible share of Common Stock underlying 5,333,340 Series B preferred shares $0.005 per share of Common Stock, for an aggregate purchase price of $27,465.01. We intend to use the proceeds as general capital for the Company.

(b) Not Applicable.

ITEM 3. DEFAULTS UPON SENIOR SECURITIES.

(a) Not Applicable.

(b) Not Applicable.

ITEM 4. MINE SAFETY DISCLOSURES.

Not applicable.

ITEM 5. OTHER INFORMATION.

(a) Not applicable.

(b) Not applicable.

ITEM 6. EXHIBITS.

(a) The following exhibits are filed as part of this report.

31.1 *		Certification of Chief Executive Officer and Chief Financial Officer required by Rule 13a-14/15d-14(a) under the Exchange Act
32.1 *		Certification of Chief Executive Officer and Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
101.INS *		XBRL Instance Document
101.SCH*		XBRL Taxonomy Extension Schema Document
101.CAL*		XBRL Taxonomy Extension Calculation Linkbase Document
101.DEF*		XBRL Taxonomy Extension Definition Linkbase Document
101.LAB*		XBRL Taxonomy Extension Label Linkbase Document
101.PRE*		XBRL Taxonomy Extension Presentation Linkbase Document

* Filed herewith.

SIGNATURES

In accordance with the requirements of the Exchange Act, the registrant caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Date: November 7, 2016	Keyuan Petrochemicals, Inc.

	By:	/s/ Feng Chen
		Feng Chen
		Chief Executive Officer, Chief Financial Officer and Vice President of Accounting

EX-31.1 2 f10q0616ex31i_keyuanpetro.htm CERTIFICATION

Exhibit 31.1

CERTIFICATION OF CHIEF EXECUTIVE OFFICER, CHIEF

FINANCIAL OFFICER AND VICE PRESIDENT OF ACCOUNTING

I, Feng Chen, certify that:

1. I have reviewed this quarterly report on Form 10-Q of Keyuan Petrochemicals, Inc.

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. I am responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under my supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to me by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under my supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report my conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

5. I have disclosed, based on my most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weakness in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: November 7, 2016

/s/ Feng Chen
Feng Chen
Chief Executive Officer,
Chief Financial Officer and
Vice President of Accounting

EX-32.1 3 f10q0616ex32i_keyuanpetro.htm CERTIFICATION

Exhibit 32.1

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of Keyuan Petrochemicals, Inc. (the “Company”) on Form 10-Q for the period ending June 30, 2016, as filed with the Securities and Exchange Commission on the date hereof (the “Report’), I, Feng Chen, Chief Executive Officer, Chief Financial Officer and Vice President of Accounting of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

(1) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company at the dates and for the periods indicated.

Date: November 7, 2016

/s/ Feng Chen
Feng Chen
Chief Executive Officer, Chief Financial Officer and Vice President of Accounting

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normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif;">1</td><td style="width: 1519px; text-align: justify; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif;">ORGANIZATION AND NATURE OF BUSINESS, RECENT EVENTS, AND GOING CONCERN AND MANAGEMENT’S PLANS</td></tr></table><p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0px; text-align: justify;"> <p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0px; text-align: justify;">(a) Organization and Nature of business<p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0px; text-align: justify;"> <p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0px; text-align: justify;">Keyuan Petrochemicals, Inc. (the “Company”) was incorporated in the State of Texas on May 4, 2004 in the former name of Silver Pearl Enterprises, Inc. The Company, through its wholly-owned subsidiary, Sinotech Group Limited (“Sinotech Group”) and its indirect subsidiaries, Keyuan Group Limited (“Keyuan HK”), Ningbo Keyuan Plastics Co., Ltd. (“Ningbo Keyuan”), Ningbo Keyuan Petrochemicals Co., Ltd. (“Ningbo Keyuan Petrochemicals”), Ningbo Keyuan Synthetic Rubbers Co., Ltd. (“Keyuan Synthetic Rubbers”), Zhejiang Zhongkexuneng Trading Co. (“Zhongkexuneng”) and Guangxi Keyuan New Materials Co., Ltd. (“Guangxi Keyuan”) (collectively referred herein below as “the Group”) are engaged in the manufacture and sale of petrochemical and rubber products in the People’s Republic of China (“PRC”).<p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0px; text-align: justify;"> <p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0px; text-align: justify;">(b) Financial condition, liquidity, and capital resources<p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0px; text-align: justify;"> <p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0px; text-align: justify;">Due to the Company’s continuous efforts in realignment of product profiles and the fact that the petrochemical industry in China has been stabilized since 2015, the Company reported a net income of approximately $12.7 million and a net loss of approximately $60.5 million for the six months ended June 30, 2016 and the year ended December 31, 2015, respectively. In addition, cash flows provided by operations were approximately $44.3 million for the six months ended June 30, 2016 and cash flows used in operations were approximately $112.5 million for the year ended December 31, 2015, respectively. At June 30, 2016 and December 31, 2015, the Company had a working capital deficit of approximately $292.8 million and $284.6 million, respectively.<p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0px; text-align: justify;"> <p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0px; text-align: justify;">Consequently, there is substantial doubt about the company’s ability to continue as a going concern.<p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0px; text-align: justify;"> <p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0px; text-align: justify;">The Company continues to finance and support its operations primarily through short-term bank borrowings. Short-term bank borrowings and notes payable amounted to approximately $659 and $695 million at June 30, 2016 and December 31, 2015, respectively. In addition, the Company continues to benefit from favorable PRC tax policies related to consumption tax. As of June 30, 2016, the Company had consumption tax refund receivables of approximately $62.6 million, and as of October 31, 2016, approximately $59.6 million was refunded to the Group.<p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0px; text-align: justify;"> <p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0px; text-align: justify;">The Company is exploring sources of additional financing, including short-term financing from its vendors and other parties and equity financing. In addition, the Company is closely monitoring its cash balances, cash needs and expense levels.<p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0px; text-align: justify;"> <p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0px; text-align: justify;">The ability of the Company to continue as a going concern is dependent upon management’s ability to implement its expansion plan - particularly the Guangxi project - to increase its production capacity, obtain additional capital and generate net income and positive cash flows from operations. There can be no assurance that these plans will be sufficient or that additional financing will be available in amounts or terms acceptable to the Company, if at all. <div><table style="font: 10pt/normal 'times new roman', times, serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0"><tr style="font: 10pt/normal 'times new roman', times, serif; vertical-align: top; font-stretch: normal;"><td style="font: 10pt/normal 'times new roman', times, serif; width: 48px; font-stretch: normal;">2</td><td style="font: 10pt/normal 'times new roman', times, serif; width: 1519px; font-stretch: normal;">BASIS OF PRESENTATION</td></tr></table><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) and include the consolidated financial statements of the Company and its subsidiaries. All intercompany balances and transactions are eliminated in consolidation. The consolidated financial statements have been prepared in accordance with U.S. GAAP applicable to interim financial information and the requirements of Form 10-Q and Article 10 of Regulation S-X of the Securities and Exchange Commission. Accordingly, they do not include all of the information and disclosures required by accounting principles generally accepted in the United States of America for complete financial statements. These interim financial statements should be read in conjunction with the audited consolidated financial statements for the years ended December 31, 2015 and 2014, as not all disclosures required by generally accepted accounting principles for annual financial statements are presented. The interim financial statements follow the same accounting policies and methods of computation as the audited consolidated financial statements for the years ended December 31, 2015 and 2014. Interim results are not necessarily indicative of results for a full year. In the opinion of management, all adjustments, consisting of normal recurring adjustments, considered necessary for a fair presentation of the financial position and the results of operations and cash flows for the interim periods have been included.</div> <div><table style="font: 10pt/normal 'times new roman', times, serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0"><tr style="font: 10pt/normal 'times new roman', times, serif; vertical-align: top; font-stretch: normal;"><td style="font: 10pt/normal 'times new roman', times, serif; width: 48px; font-stretch: normal;">3</td><td style="font: 10pt/normal 'times new roman', times, serif; width: 1519px; font-stretch: normal;">INVENTORIES</td></tr></table><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">Inventories consist of the following:<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"> <table style="font: 10pt/normal 'times new roman', times, serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0"><tr style="vertical-align: bottom;"><td style="text-align: center;"> </td><td style="font-weight: bold;"> </td><td style="text-align: center; font-weight: bold;" colspan="2">June 30,</td><td style="font-weight: bold;"> </td><td style="font-weight: bold;"> </td><td style="text-align: center; font-weight: bold;" colspan="2">December 31,</td><td style="font-weight: bold;"> </td></tr><tr style="vertical-align: bottom;"><td style="text-align: center;"> </td><td style="padding-bottom: 1.5pt; font-weight: bold;"> </td><td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">2016</td><td style="padding-bottom: 1.5pt; font-weight: bold;"> </td><td style="padding-bottom: 1.5pt; font-weight: bold;"> </td><td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">2015</td><td style="padding-bottom: 1.5pt; font-weight: bold;"> </td></tr><tr style="vertical-align: bottom;"><td style="text-align: center;"> </td><td style="font-weight: bold;"> </td><td style="text-align: center; font-weight: bold;" colspan="2">($’000)</td><td style="font-weight: bold;"> </td><td style="font-weight: bold;"> </td><td style="text-align: center; font-weight: bold;" colspan="2">($’000)</td><td style="font-weight: bold;"> </td></tr><tr style="vertical-align: bottom;"><td style="text-align: center;"> </td><td style="font-weight: bold;"> </td><td style="text-align: center; font-weight: bold;" colspan="2">(Unaudited)</td><td style="font-weight: bold;"> </td><td> </td><td style="text-align: center;" colspan="2"> </td><td> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="width: 1191px; text-align: left;">Raw materials</td><td style="width: 16px;"> </td><td style="width: 16px; text-align: left;">$</td><td style="width: 142px; text-align: right;">10,090</td><td style="width: 16px; text-align: left;"> </td><td style="width: 15px;"> </td><td style="width: 15px; text-align: left;">$</td><td style="width: 141px; text-align: right;">34,116</td><td style="width: 15px; text-align: left;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-align: left;">Finished goods</td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">26,884</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">18,003</td><td style="text-align: left;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="padding-bottom: 1.5pt;">Work-in-process</td><td style="padding-bottom: 1.5pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">3,870</td><td style="text-align: left; padding-bottom: 1.5pt;"> </td><td style="padding-bottom: 1.5pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">3,611</td><td style="text-align: left; padding-bottom: 1.5pt;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;"> </td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;"> </td><td style="text-align: left;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="padding-bottom: 4pt;">Total</td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">40,844</td><td style="text-align: left; padding-bottom: 4pt;"> </td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">55,730</td></tr></table></div> <div><table style="font: 10pt/normal 'times new roman', times, serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0"><tr style="font: 10pt/normal 'times new roman', times, serif; vertical-align: top; font-stretch: normal;"><td style="font: 10pt/normal 'times new roman', times, serif; width: 48px; font-stretch: normal;">4</td><td style="font: 10pt/normal 'times new roman', times, serif; width: 1519px; font-stretch: normal;">CONSUMPTION TAX REFUND RECEIVABLE</td></tr></table><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">The PRC government enacted a regulation pursuant to which domestically purchased heavy oil to be used for producing ethylene and aromatics products was exempted from consumption tax. In addition, the consumption tax paid for imported heavy oil is to be refunded if it is used for producing ethylene and aromatics products. Because all the Group’s purchased heavy oils are, or are to be, used for producing ethylene and aromatics products, the Group recognizes a consumption tax recoverable when a consumption tax for heavy oils has been paid and the relevant heavy oils have been used for producing ethylene and aromatics products. At June 30, 2016 and December 31, 2015, the Group recorded an estimated consumption tax refund receivables amounting to approximately $62.6 million and $44.4 million, respectively. As of October 31, 2016, approximately $59.6 million was refunded to the Group.</div> <div><table style="font: 10pt/normal 'times new roman', times, serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0"><tr style="font: 10pt/normal 'times new roman', times, serif; vertical-align: top; font-stretch: normal;"><td style="font: 10pt/normal 'times new roman', times, serif; width: 48px; font-stretch: normal;">5</td><td style="font: 10pt/normal 'times new roman', times, serif; width: 1519px; font-stretch: normal;">OTHER CURRENT ASSETS</td></tr></table><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">Other current assets consist of the following:<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"> <table style="font: 10pt/normal 'times new roman', times, serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0"><tr style="vertical-align: bottom;"><td style="text-align: center;"> </td><td style="font-weight: bold;"> </td><td style="text-align: center; font-weight: bold;" colspan="2">June 30,</td><td style="font-weight: bold;"> </td><td style="font-weight: bold;"> </td><td style="text-align: center; font-weight: bold;" colspan="2">December 31,</td><td style="font-weight: bold;"> </td></tr><tr style="vertical-align: bottom;"><td style="text-align: center;"> </td><td style="padding-bottom: 1.5pt; font-weight: bold;"> </td><td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">2016</td><td style="padding-bottom: 1.5pt; font-weight: bold;"> </td><td style="padding-bottom: 1.5pt; font-weight: bold;"> </td><td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">2015</td><td style="padding-bottom: 1.5pt; font-weight: bold;"> </td></tr><tr style="vertical-align: bottom;"><td style="text-align: center;"> </td><td style="font-weight: bold;"> </td><td style="text-align: center; font-weight: bold;" colspan="2">($’000)</td><td style="font-weight: bold;"> </td><td style="font-weight: bold;"> </td><td style="text-align: center; font-weight: bold;" colspan="2">($’000)</td><td style="font-weight: bold;"> </td></tr><tr style="vertical-align: bottom;"><td style="text-align: center;"> </td><td style="font-weight: bold;"> </td><td style="text-align: center; font-weight: bold;" colspan="2">(Unaudited)</td><td style="font-weight: bold;"> </td><td> </td><td style="text-align: center;" colspan="2"> </td><td> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="width: 1191px; text-align: left;">VAT recoverable</td><td style="width: 16px;"> </td><td style="width: 16px; text-align: left;">$</td><td style="width: 142px; text-align: right;">11,118</td><td style="width: 16px; text-align: left;"> </td><td style="width: 15px;"> </td><td style="width: 15px; text-align: left;">$</td><td style="width: 141px; text-align: right;">10,397</td><td style="width: 15px; text-align: left;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-align: left;">Deposits paid to suppliers</td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">2,195</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">3,907</td><td style="text-align: left;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="padding-bottom: 1.5pt;">Other</td><td style="padding-bottom: 1.5pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">6,705</td><td style="text-align: left; padding-bottom: 1.5pt;"> </td><td style="padding-bottom: 1.5pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">4,745</td><td style="text-align: left; padding-bottom: 1.5pt;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;"> </td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;"> </td><td style="text-align: left;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="padding-bottom: 4pt;"> </td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">20,018</td><td style="text-align: left; padding-bottom: 4pt;"> </td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">19,049</td><td style="text-align: left; padding-bottom: 4pt;"> </td></tr></table><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">Management estimates the deductible input value added tax (“VAT”) using vendor contracts, engineering and other estimates, as well as historical experience.<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">Customs deposits for imported inventories represent amounts paid to the local customs office in connection with the import of raw materials inventories. Upon approval by the customs authorities, these amounts become refundable by the local tax authority and are reclassified as consumption tax refund receivable (Note 4).</div> <table style="font: 10pt/normal 'times new roman', times, serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0"><tr style="vertical-align: top; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif;"><td style="width: 48px; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif;">6</td><td style="width: 1519px; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif;">SHORT-TERM BORROWINGS AND LONG-TERM DEBT</td></tr></table><p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0px;"> <p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0px; text-align: justify;">As of June 30, 2016 and December 31, 2015, short-term borrowings outstanding carried a weighted average interest rate of 4.6% and 5.3% for loans in RMB, respectively; and a weighted average interest rate of 2.5% and 2.4% for loans in USD, respectively, and had maturity terms ranging from July 2016 to June 2017 and interest rates ranging from 1.8% to 5.7% and 1.9% to 6.9%, respectively.<p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0px;">  <p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0px;">Short-term borrowings consist of the following:<p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0px;"> <table style="font: 10pt/normal 'times new roman', times, serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0"><tr style="vertical-align: bottom;"><td> </td><td style="font-weight: bold;"> </td><td style="font-weight: bold; text-align: center;" colspan="6">June 30,</td><td style="font-weight: bold;"> </td><td style="font-weight: bold;"> </td><td style="font-weight: bold; text-align: center;" colspan="6">December 31,</td><td style="font-weight: bold;"> </td></tr><tr style="vertical-align: bottom;"><td> </td><td style="font-weight: bold; padding-bottom: 1.5pt;"> </td><td style="font-weight: bold; text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="6">2016</td><td style="padding-bottom: 1.5pt; font-weight: bold;"> </td><td style="font-weight: bold; padding-bottom: 1.5pt;"> </td><td style="font-weight: bold; text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="6">2015</td><td style="padding-bottom: 1.5pt; font-weight: bold;"> </td></tr><tr style="vertical-align: bottom;"><td> </td><td style="font-weight: bold; padding-bottom: 1.5pt;"> </td><td style="font-weight: bold; text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">SHORT-TERM  BORROWINGS</td><td style="padding-bottom: 1.5pt; font-weight: bold;"> </td><td style="font-weight: bold; padding-bottom: 1.5pt;"> </td><td style="font-weight: bold; text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">PLEDGED BANK DEPOSITS</td><td style="padding-bottom: 1.5pt; font-weight: bold;"> </td><td style="font-weight: bold; padding-bottom: 1.5pt;"> </td><td style="font-weight: bold; text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">SHORT-TERM  BORROWINGS</td><td style="padding-bottom: 1.5pt; font-weight: bold;"> </td><td style="font-weight: bold; padding-bottom: 1.5pt;"> </td><td style="font-weight: bold; text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">PLEDGED BANK DEPOSITS</td><td style="padding-bottom: 1.5pt; font-weight: bold;"> </td></tr><tr style="vertical-align: bottom;"><td> </td><td style="font-weight: bold;"> </td><td style="font-weight: bold; text-align: center;" colspan="2">($’000)</td><td style="font-weight: bold;"> </td><td style="font-weight: bold;"> </td><td style="font-weight: bold; text-align: center;" colspan="2">($’000)</td><td style="font-weight: bold;"> </td><td style="font-weight: bold;"> </td><td style="font-weight: bold; text-align: center;" colspan="2">($’000)</td><td style="font-weight: bold;"> </td><td style="font-weight: bold;"> </td><td style="font-weight: bold; text-align: center;" colspan="2">($’000)</td><td style="font-weight: bold;"> </td></tr><tr style="vertical-align: bottom;"><td> </td><td style="font-weight: bold;"> </td><td style="font-weight: bold; text-align: center;" colspan="6">(Unaudited)</td><td style="font-weight: bold;"> </td><td> </td><td colspan="6"> </td><td> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="width: 801.671875px; text-align: left; text-indent: -10pt; padding-left: 10pt;">China Construction Bank</td><td style="width: 16px;"> </td><td style="width: 16px; text-align: left;">$</td><td style="width: 142px; text-align: right;">178,366</td><td style="width: 16px; text-align: left;"> </td><td style="width: 16px;"> </td><td style="width: 16px; text-align: left;">$</td><td style="width: 142px; text-align: right;">104,550</td><td style="width: 16px; text-align: left;"> </td><td style="width: 15px;"> </td><td style="width: 15px; text-align: left;">$</td><td style="width: 141px; text-align: right;">181,799</td><td style="width: 15px; text-align: left;"> </td><td style="width: 15px;"> </td><td style="width: 15px; text-align: left;">$</td><td style="width: 141px; text-align: right;">104,500</td><td style="width: 15px; text-align: left;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-align: left; text-indent: -10pt; padding-left: 10pt;">Shanghai Pudong Development Bank</td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">2,036</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">-</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">5,929</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">-</td><td style="text-align: left;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="text-align: left; text-indent: -10pt; padding-left: 10pt;">Agricultural Bank of China</td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">6,786</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">-</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">23,100</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">-</td><td style="text-align: left;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-align: left; text-indent: -10pt; padding-left: 10pt;">Pingan Bank</td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">-</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">-</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">2,800</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">2,867</td><td style="text-align: left;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="text-indent: -10pt; padding-left: 10pt;">Bank of Communication</td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">11,725</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">-</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">10,934</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">-</td><td style="text-align: left;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-indent: -10pt; padding-left: 10pt;">Bank of China</td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">95,609</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">-</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">122,168</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">19,450</td><td style="text-align: left;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="text-align: left; text-indent: -10pt; padding-left: 10pt;">China Merchant Bank</td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">7,540</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">-</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">7,700</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">283</td><td style="text-align: left;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-align: left; text-indent: -10pt; padding-left: 10pt;">Ningbo Commerce Bank</td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">3,000</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">3,090</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">3,000</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">3090</td><td style="text-align: left;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="text-align: left; padding-bottom: 1.5pt; text-indent: -10pt; padding-left: 10pt;">China Minsheng Bank</td><td style="padding-bottom: 1.5pt;"> </td><td style="border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; text-align: left;"> </td><td style="border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; text-align: right;">12,441</td><td style="padding-bottom: 1.5pt; text-align: left;"> </td><td style="padding-bottom: 1.5pt;"> </td><td style="border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; text-align: left;"> </td><td style="border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; text-align: right;">-</td><td style="padding-bottom: 1.5pt; text-align: left;"> </td><td style="padding-bottom: 1.5pt;"> </td><td style="border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; text-align: left;"> </td><td style="border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; text-align: right;">3,290</td><td style="padding-bottom: 1.5pt; text-align: left;"> </td><td style="padding-bottom: 1.5pt;"> </td><td style="border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; text-align: left;"> </td><td style="border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; text-align: right;">-</td><td style="padding-bottom: 1.5pt; text-align: left;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="padding-bottom: 4pt; text-indent: -10pt; padding-left: 10pt;">Total</td><td style="padding-bottom: 4pt;"> </td><td style="border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double; text-align: left;">$</td><td style="border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double; text-align: right;">317,503</td><td style="padding-bottom: 4pt; text-align: left;"> </td><td style="padding-bottom: 4pt;"> </td><td style="border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double; text-align: left;">$</td><td style="border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double; text-align: right;">107,640</td><td style="padding-bottom: 4pt; text-align: left;"> </td><td style="padding-bottom: 4pt;"> </td><td style="border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double; text-align: left;">$</td><td style="border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double; text-align: right;">360,720</td><td style="padding-bottom: 4pt; text-align: left;"> </td><td style="padding-bottom: 4pt;"> </td><td style="border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double; text-align: left;">$</td><td style="border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double; text-align: right;">130,190</td><td style="padding-bottom: 4pt; text-align: left;"> </td></tr></table><p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0px;"> <p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0px; text-align: justify;">The only long term debt of the Group is a loan to Ningbo Keyuan from Zhouji (Group) Co., Ltd (“Zhouji Group”) made on April 9, 2015 in the initial amount of RMB 100 million (approximately $15.4 million). The debt matures on the second anniversary of being made and carries an interest of 7.0%, which is approximately 40% higher than average interest rate of long-term bank loans made at that time of similar tenor. The long-term loan is secured by 15% of Mr. Chunfeng Tao’s ownership of Ningbo Keyuan. Upon the maturity of the loan, Zhouji Group has an option to elect a payment of the principal and the accrued interest or the transfer of 15% of Mr. Tao’s ownership of Ningbo Keyuan. <div><table style="font: 10pt/normal 'times new roman', times, serif; width: 1422.73px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0"><tr style="font: 10pt/normal 'times new roman', times, serif; vertical-align: top; font-stretch: normal;"><td style="font: 10pt/normal 'times new roman', times, serif; width: 42.72px; font-stretch: normal;">7</td><td style="font: 10pt/normal 'times new roman', times, serif; width: 1380px; font-stretch: normal;">NOTES PAYABLE</td></tr></table><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px;"> <p style="margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; font-family: 'times new roman', times, serif; font-size: 13.33px; font-style: normal; font-weight: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; -webkit-text-stroke-width: 0px; font-variant-ligatures: normal; font-variant-caps: normal;">Notes payable represent bills issued by an accepting bank in favor of the Group’s suppliers. The Group’s suppliers receive payments from such accepting bank directly upon maturity of the bills, and the Group is obliged to repay the face value of the bills to such accepting bank. Bills that are not remitted directly by the Group to its suppliers may be sold by the Group to other accepting banks for cash prior to their maturity. Discounts paid are recorded as a component of interest expense. Notes payable with financing nature amounted $248 million and $312 million as of June 30, 2016 and December 31, 2015, respectively.</div> <div><table style="font: 10pt/normal 'times new roman', times, serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0"><tr style="font: 10pt/normal 'times new roman', times, serif; vertical-align: top; font-stretch: normal;"><td style="font: 10pt/normal 'times new roman', times, serif; width: 48px; font-stretch: normal;">8</td><td style="font: 10pt/normal 'times new roman', times, serif; width: 1519px; font-stretch: normal;">ACCRUED EXPENSES AND OTHER PAYABLES</td></tr></table><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px;"> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px;">Accrued expenses and other payables consist of the following:<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px;"> <table style="font: 10pt/normal 'times new roman', times, serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0"><tr style="vertical-align: bottom;"><td style="text-align: center;"> </td><td style="font-weight: bold;"> </td><td style="text-align: center; font-weight: bold;" colspan="2">June 30,</td><td style="font-weight: bold;"> </td><td style="font-weight: bold;"> </td><td style="text-align: center; font-weight: bold;" colspan="2">December 31,</td><td style="font-weight: bold;"> </td></tr><tr style="vertical-align: bottom;"><td style="text-align: center;"> </td><td style="padding-bottom: 1.5pt; font-weight: bold;"> </td><td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">2016</td><td style="padding-bottom: 1.5pt; font-weight: bold;"> </td><td style="padding-bottom: 1.5pt; font-weight: bold;"> </td><td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">2015</td><td style="padding-bottom: 1.5pt; font-weight: bold;"> </td></tr><tr style="vertical-align: bottom;"><td style="text-align: center;"> </td><td style="font-weight: bold;"> </td><td style="text-align: center; font-weight: bold;" colspan="2">($’000)</td><td style="font-weight: bold;"> </td><td style="font-weight: bold;"> </td><td style="text-align: center; font-weight: bold;" colspan="2">($’000)</td><td style="font-weight: bold;"> </td></tr><tr style="vertical-align: bottom;"><td style="text-align: center;"> </td><td style="font-weight: bold;"> </td><td style="text-align: center; font-weight: bold;" colspan="2">(Unaudited)</td><td style="font-weight: bold;"> </td><td> </td><td style="text-align: center;" colspan="2"> </td><td> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="width: 1191px; text-align: left;">Purchase of property, plant and equipment</td><td style="width: 16px;"> </td><td style="width: 16px; text-align: left;">$</td><td style="width: 142px; text-align: right;">14,041</td><td style="width: 16px; text-align: left;"> </td><td style="width: 15px;"> </td><td style="width: 15px; text-align: left;">$</td><td style="width: 141px; text-align: right;">12,555</td><td style="width: 15px; text-align: left;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-align: left;">Accrued payroll and welfare</td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">653</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">677</td><td style="text-align: left;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="text-align: left;">Liquidated damages</td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">2,493</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">2,493</td><td style="text-align: left;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-align: left;">Deposit from customers</td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">2,499</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">2,499</td><td style="text-align: left;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="text-align: left;">Loan from unrelated parties</td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">1,508</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">1,540</td><td style="text-align: left;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-align: left;">Other tax payable</td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">2,302</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">2,765</td><td style="text-align: left;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="text-align: left;">Accrued interest expense</td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">7,826</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">7,476</td><td style="text-align: left;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-align: left;">Accrued expense according to ongoing lawsuit</td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">14,788</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">10,200</td><td style="text-align: left;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="text-align: left; padding-bottom: 1.5pt;">Other accruals and payables</td><td style="padding-bottom: 1.5pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">2,086</td><td style="text-align: left; padding-bottom: 1.5pt;"> </td><td style="padding-bottom: 1.5pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">2,449</td><td style="text-align: left; padding-bottom: 1.5pt;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="padding-bottom: 4pt;"> </td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">48,196</td><td style="text-align: left; padding-bottom: 4pt;"> </td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">42,654</td><td style="text-align: left; padding-bottom: 4pt;"> </td></tr></table></div> <div><table style="font: 10pt/normal 'times new roman', times, serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0"><tr style="font: 10pt/normal 'times new roman', times, serif; vertical-align: top; font-stretch: normal;"><td style="font: 10pt/normal 'times new roman', times, serif; width: 48px; font-stretch: normal;">9</td><td style="font: 10pt/normal 'times new roman', times, serif; width: 1519px; font-stretch: normal;">COMMITMENTS AND CONTINGENCIES</td></tr></table><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">(a) Operating commitments<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">As of June 30, 2016, the Group had outstanding Letters of Credit of approximately $33 million.<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">(b) Capital commitments<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">As of June 30, 2016, the Group had contractual capital commitments of approximately $14 million for purchases of equipment. The capital commitments relate primarily to manufacturing equipment enhancements.<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">(c) Litigation<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">On October 28, 2014, Dragon State Limited (“Dragon State”), an investor in a private placement that the Company closed in September 2010, filed a complaint against, among others, Keyuan Petrochemicals, Inc. and Mr. Chunfeng Tao, seeking rescission of the securities purchase agreement in the private placement and the return of $20 million, and in the alternative, seeking monetary damages to be determined at a trial but not less than $20 million (the “Complaint”). Pursuant to the September 2010 private placement, Dragon State had purchased from the Company for an aggregate price of $20 million, 5,333,340 shares of Series B preferred stock, 800,001 series C warrants to purchase 800,001 common shares, at a price of $4.50 per share (subject to adjustments), and 800,001 series D warrants to purchase 800,001 common shares at a price of $5.25 per share (subject to adjustments).<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 36pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">On July 11, 2016, the Company entered into a share purchase and settlement agreement (the “Settlement Agreement”) among Dragon State, Delight Reward Limited (“Delight Reward”), Keyuan HK, Ningbo Keyuan Petrochemicals, Ningbo Keyuan, and Keyuan Synthetic Rubbers (the Company, Keyuan HK, Ningbo Keyuan Petrochemicals, Ningbo Keyuan and Keyuan Synthetic Rubbers are collectively referred as the “Keyuan Group”), Mr. Chunfeng Tao, and Prax Capital Equity Management Co., Ltd., an affiliated party to Dragon State. Pursuant to the Settlement Agreement, Dragon State agreed to transfer the securities purchased in the September 2010 Private Placement to Delight Reward for a consideration of RMB 12,000,000 or approximately $1,800,000. In addition, Delight Reward and Keyuan Group agreed to pay, and Dragon State agreed to accept, a settlement of RMB 6,000,000 or approximately $900,000 to waive all claims and liabilities that Dragon State or its affiliated companies or individuals had brought or would bring against Delight Reward, Keyuan Group, Mr. Tao and their affiliates including the Complaint. These amounts were paid on July 15, 2016. On July 19, 2016, the United States District Court Southern District of New York entered an order granting final approval of the settlement. The Complaint was dismissed.<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 36pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">On August 4, 2016, Delight Reward entered into a side agreement with the Company (the “Side Agreement”). Under the Side Agreement, Delight Reward agreed not to claim that the warrants transferred pursuant to the Settlement Agreement were exercisable, and agreed pay to the Company for each convertible share underlying the Series B preferred stock transferred pursuant to the Settlement Agreement, the highest sale price of the Company’s Common Stock per share as reported on the OTC Pink during a period commencing on the date of the Settlement Agreement and ending on August 4, 2016, which was $0.005 per share of Common Stock. The aggregate purchase price for the shares of Common Stock underlying the series B preferred stock was therefore $27,465.01. On August 8, 2016, these funds were paid in cash on hand by Delight Reward. On August 10, 2016, the shares of Series B preferred stock were converted into 5,493,001 shares of Common Stock pursuant to the terms of the certificate of designations of series B preferred stock and the Side Agreement.</div> <div><table style="font: 10pt/normal 'times new roman', times, serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0"><tr style="font: 10pt/normal 'times new roman', times, serif; vertical-align: top; font-stretch: normal;"><td style="font: 10pt/normal 'times new roman', times, serif; width: 48px; text-align: justify; font-stretch: normal;">10</td><td style="font: 10pt/normal 'times new roman', times, serif; width: 1519px; text-align: justify; font-stretch: normal;">INCOME TAXES</td></tr></table><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">The provision for income taxes is recorded at the end of each interim period based on the Group’s best estimate of its effective income tax rate expected to be applicable for the full fiscal year. The Group’s effective tax rate for the six months ended June 30, 2016 is approximately 30%. The increased effective rate for the six months ended June 30, 2016 compared to year 2015 is primarily due to losses in non-PRC jurisdictions, the benefit of which is not expected to be realized. The Group paid income taxes of approximately $1.5 million and $2.2 million, respectively during the three months and six months ended June 30, 2016.</div> <table style="font: 10pt/normal 'times new roman', times, serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0"><tr style="vertical-align: top; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif;"><td style="width: 48px; text-align: justify; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif;">11</td><td style="width: 1519px; text-align: justify; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif;">EARNINGS (LOSS) PER SHARE</td></tr></table><p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0px; text-align: justify;"> <p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0px; text-align: justify;">The following table sets forth the computation of basic and diluted net earnings (loss) per share:<p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0px;"> <table style="font: 10pt/normal 'times new roman', times, serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0"><tr style="vertical-align: bottom;"><td style="text-align: justify;"> </td><td style="font-weight: bold; padding-bottom: 1.5pt;"> </td><td style="font-weight: bold; text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="6">Three months ended  June 30</td><td style="padding-bottom: 1.5pt; font-weight: bold;"> </td><td style="font-weight: bold; padding-bottom: 1.5pt;"> </td><td style="font-weight: bold; text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="6">Six months ended  June 30</td><td style="padding-bottom: 1.5pt; font-weight: bold;"> </td></tr><tr style="vertical-align: bottom;"><td style="text-align: justify;"> </td><td style="font-weight: bold; padding-bottom: 1.5pt;"> </td><td style="font-weight: bold; text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">2016</td><td style="padding-bottom: 1.5pt; font-weight: bold;"> </td><td style="font-weight: bold; padding-bottom: 1.5pt;"> </td><td style="font-weight: bold; text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">2015</td><td style="padding-bottom: 1.5pt; font-weight: bold;"> </td><td style="font-weight: bold; padding-bottom: 1.5pt;"> </td><td style="font-weight: bold; text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">2016</td><td style="padding-bottom: 1.5pt; font-weight: bold;"> </td><td style="font-weight: bold; padding-bottom: 1.5pt;"> </td><td style="font-weight: bold; text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">2015</td><td style="padding-bottom: 1.5pt; font-weight: bold;"> </td></tr><tr style="vertical-align: bottom;"><td style="text-align: justify;"> </td><td> </td><td style="text-align: center;" colspan="2">($’000)</td><td> </td><td> </td><td style="text-align: center;" colspan="2">($’000)</td><td> </td><td> </td><td style="text-align: center;" colspan="2">($’000)</td><td> </td><td> </td><td style="text-align: center;" colspan="2">($’000)</td><td> </td></tr><tr style="vertical-align: bottom;"><td style="text-align: justify;"> </td><td> </td><td style="text-align: center;" colspan="2">(Unaudited)</td><td> </td><td> </td><td style="text-align: center;" colspan="2">(Unaudited)</td><td> </td><td> </td><td style="text-align: center;" colspan="2">(Unaudited)</td><td> </td><td> </td><td style="text-align: center;" colspan="2">(Unaudited)</td><td> </td></tr><tr style="vertical-align: bottom;"><td style="text-align: justify;">Basic earnings (loss) per share:</td><td> </td><td style="text-align: right;" colspan="2"> </td><td> </td><td> </td><td style="text-align: right;" colspan="2"> </td><td> </td><td> </td><td style="text-align: right;" colspan="2"> </td><td> </td><td> </td><td style="text-align: right;" colspan="2"> </td><td> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="width: 801.671875px; text-align: left; text-indent: -10pt; padding-left: 10pt;">Net income (loss)</td><td style="width: 16px;"> </td><td style="width: 16px; text-align: left;">$</td><td style="width: 142px; text-align: right;">12,228</td><td style="width: 16px; text-align: left;"> </td><td style="width: 16px;"> </td><td style="width: 16px; text-align: left;">$</td><td style="width: 142px; text-align: right;">9,438</td><td style="width: 16px; text-align: left;"> </td><td style="width: 15px;"> </td><td style="width: 15px; text-align: left;">$</td><td style="width: 141px; text-align: right;">12,657</td><td style="width: 15px; text-align: left;"> </td><td style="width: 15px;"> </td><td style="width: 15px; text-align: left;">$</td><td style="width: 141px; text-align: right;">(38,419</td><td style="width: 15px; text-align: left;">)</td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-align: justify; text-indent: -10pt; padding-left: 10pt;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;"> </td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;"> </td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;"> </td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;"> </td><td style="text-align: left;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="text-align: justify; padding-bottom: 1.5pt; text-indent: -10pt; padding-left: 10pt;">Net loss attributable to non-controlling interests</td><td style="padding-bottom: 1.5pt;"> </td><td style="border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; text-align: left;"> </td><td style="border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; text-align: right;">(80</td><td style="padding-bottom: 1.5pt; text-align: left;">)</td><td style="padding-bottom: 1.5pt;"> </td><td style="border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; text-align: left;"> </td><td style="border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; text-align: right;">-</td><td style="padding-bottom: 1.5pt; text-align: left;"> </td><td style="padding-bottom: 1.5pt;"> </td><td style="border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; text-align: left;"> </td><td style="border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; text-align: right;">(187</td><td style="padding-bottom: 1.5pt; text-align: left;">)</td><td style="padding-bottom: 1.5pt;"> </td><td style="border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; text-align: left;"> </td><td style="border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; text-align: right;">-</td><td style="padding-bottom: 1.5pt; text-align: left;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-align: justify; text-indent: -10pt; padding-left: 10pt;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;"> </td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;"> </td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;"> </td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;"> </td><td style="text-align: left;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="text-align: left; text-indent: -10pt; padding-left: 10pt;">Net income (loss) attributable to Keyuan</td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;"> </td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;"> </td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;"> </td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;"> </td><td style="text-align: left;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-align: justify; padding-bottom: 4pt; text-indent: -10pt; padding-left: 10pt;">Petrochemicals Inc. common stockholders</td><td style="padding-bottom: 4pt;"> </td><td style="border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double; text-align: left;">$</td><td style="border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double; text-align: right;">12,308</td><td style="padding-bottom: 4pt; text-align: left;"> </td><td style="padding-bottom: 4pt;"> </td><td style="border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double; text-align: left;">$</td><td style="border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double; text-align: right;">9,438</td><td style="padding-bottom: 4pt; text-align: left;"> </td><td style="padding-bottom: 4pt;"> </td><td style="border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double; text-align: left;">$</td><td style="border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double; text-align: right;">12,844</td><td style="padding-bottom: 4pt; text-align: left;"> </td><td style="padding-bottom: 4pt;"> </td><td style="border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double; text-align: left;">$</td><td style="border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double; text-align: right;">(38,419</td><td style="padding-bottom: 4pt; text-align: left;">)</td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="text-align: justify; text-indent: -10pt; padding-left: 10pt;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;"> </td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;"> </td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;"> </td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;"> </td><td style="text-align: left;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-align: justify; text-indent: -10pt; padding-left: 10pt;">Weighted average common share</td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;"> </td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;"> </td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;"> </td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;"> </td><td style="text-align: left;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="text-align: justify; padding-bottom: 4pt; text-indent: -10pt; padding-left: 10pt;">(Denominator for basic and diluted income (loss) per share)</td><td style="padding-bottom: 4pt;"> </td><td style="border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double; text-align: left;"> </td><td style="border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double; text-align: right;">57,221,050</td><td style="padding-bottom: 4pt; text-align: left;"> </td><td style="padding-bottom: 4pt;"> </td><td style="border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double; text-align: left;"> </td><td style="border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double; text-align: right;">57,221,050</td><td style="padding-bottom: 4pt; text-align: left;"> </td><td style="padding-bottom: 4pt;"> </td><td style="border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double; text-align: left;"> </td><td style="border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double; text-align: right;">57,221,050</td><td style="padding-bottom: 4pt; text-align: left;"> </td><td style="padding-bottom: 4pt;"> </td><td style="border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double; text-align: left;"> </td><td style="border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double; text-align: right;">57,221,050</td><td style="padding-bottom: 4pt; text-align: left;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-align: justify; text-indent: -10pt; padding-left: 10pt;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;"> </td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;"> </td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;"> </td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;"> </td><td style="text-align: left;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="text-align: justify; text-indent: -10pt; padding-left: 10pt;">Basic net earnings (loss) per share:</td><td> </td><td style="text-align: left;">$</td><td style="text-align: right;">0.22</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;">$</td><td style="text-align: right;">0.17</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;">$</td><td style="text-align: right;">0.22</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;">$</td><td style="text-align: right;">(0.67</td><td style="text-align: left;">)</td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-align: justify; text-indent: -10pt; padding-left: 10pt;">Diluted net earnings (loss) per share:</td><td> </td><td style="text-align: left;">$</td><td style="text-align: right;">0.22</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;">$</td><td style="text-align: right;">0.17</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;">$</td><td style="text-align: right;">0.22</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;">$</td><td style="text-align: right;">(0.67</td><td style="text-align: left;">)</td></tr></table><p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0px;"> <p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0px; text-align: justify;">Diluted earnings (loss) per share is calculated by dividing net income (loss) attributable to the Company’s stockholders as adjusted for the effect of dilutive common stock equivalents, if any, by the weighted average number of common stock and dilutive common stock equivalents outstanding during the year. Common stock equivalents consist of the common stock issuable upon the exercise of outstanding stock options and stock purchase warrants (using the treasury stock method). Potential dilutive securities are not included in the calculation of dilutive earnings (loss) per share if the effect is anti-dilutive. No warrants and options were included in diluted earnings (loss) per share for the three and six months ended June 30, 2016 and 2015, respectively, as their effect was anti-dilutive. <div><table style="font: 10pt/normal 'times new roman', times, serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0"><tr style="font: 10pt/normal 'times new roman', times, serif; vertical-align: top; font-stretch: normal;"><td style="font: 10pt/normal 'times new roman', times, serif; width: 48px; font-stretch: normal;">12</td><td style="font: 10pt/normal 'times new roman', times, serif; width: 1519px; font-stretch: normal;">STOCK REPURCHASE PROGRAM</td></tr></table><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px;"> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px;">On September 22, 2014, the Board of Directors authorized the termination of a repurchase program that was commenced on December 31, 2012 to repurchase of up to $2 million of its common stock at a price of up to $1.50 per share. The Company purchased 425,110 shares of common stock through the stock repurchase program.<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px;"> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px;">Shares of common stock repurchased by the Company are recorded at cost as treasury stock and result in a reduction of equity in the consolidated balance sheets. Treasury shares may be reissued as part of the Company’s stock-based compensation programs. There were no reissuances during the three and six months ended June 30, 2016 and 2015.</div> <table style="font: 10pt/normal 'times new roman', times, serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0"><tr style="vertical-align: top; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif;"><td style="width: 48px; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif;">13</td><td style="width: 1519px; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif;">FAIR VALUE MEASUREMENTS</td></tr></table><p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0px;"> <p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0px; text-align: justify;">The Company did not have any assets or liabilities that were measured at fair value on a recurring basis as of June 30, 2016 and December 31, 2015, respectively.<p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0px; text-align: justify;"> <p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0px; text-align: justify;">The fair values of cash, pledged bank deposits, notes receivable, accounts receivable, short-term bank borrowing, notes payable, accounts payable and long term debt due within one year approximate their respective carrying amounts due to their short-term nature. The fair value of pledged bank deposits and short-term bank borrowings approximate their carrying amount because of their varying interest rates and/or their short maturities. <div><table style="font: 10pt/normal 'times new roman', times, serif; width: 1422.73px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0"><tr style="font: 10pt/normal 'times new roman', times, serif; vertical-align: top; font-stretch: normal;"><td style="font: 10pt/normal 'times new roman', times, serif; width: 42.72px; font-stretch: normal;">14</td><td style="font: 10pt/normal 'times new roman', times, serif; width: 1380px; font-stretch: normal;">SIGNIFICANT CONCENTRATIONS AND RISKS</td></tr></table><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px;"> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px;">As of June 30, 2016 and December 31, 2015, the Group held cash and pledged bank deposits in financial institutions of approximately $249 million and $288 million, respectively. These were primarily held in major financial institutions located in mainland China and the Hong Kong Special Administrative Region, which management believes have high credit quality.<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px;"> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px;">During the three and six months ended June 30, 2016 and the three and six months ended June 30, 2015, no sales to individual customer exceeded 10% of the Group’s total net revenue. As of June 30, 2016, three customers accounted for 37%, 21% and 18% of accounts receivables.<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px;"> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px;">The Group currently buys a majority of its heavy oil and styrene, important components of its products, from three suppliers. Management believes that other suppliers could be found to provide similar products on comparable terms if it were to become necessary. A change in suppliers, however, could cause a delay in manufacturing and a possible loss of sales, which would affect operating results adversely.<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px;"> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px;">During the three and six months ended June 30, 2016, three suppliers to the Group each accounted for more than 10% of total group purchase. These three suppliers accounted for approximately 27%, 27% and 20% of the total purchase for three months ended June 30, 2016 and 19%, 13% and 12% of total purchase for the six months ended June 30, 2016, respectively. During the three months ended June 30, 2015, the three individual suppliers from whom the Group purchased more than 10% of its total purchases, accounted for approximately 17%, 14% and 11% of the total purchase. During the six months ended June 30, 2015, the Group has three individual suppliers exceeded 10% of the Group’s total purchases, accounted for approximately 23%, 20% and 10% of the total purchase. As at June 30, 2016, two customers accounted for 76%, 16% of total accounts payable.<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px;"> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px;">The Group commenced trading of heavy oil in April 2013 as an agent on behalf of a Hong-Kong based customer. For the three months ended June 30, 2016 and 2015, and for the six months ended June 30, 2016, there were no trading of heavy oil. For the six months ended June 30, 2015, the trading of heavy oil consists of purchases of approximately $3.0 million and sales of approximately $3.0 million, resulting in no profit or loss.<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px;"> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px;">The Group’s operations are carried out in the PRC. Accordingly, the Group’s business, financial condition and results of operations may be influenced by the political, economic and legal environments in the PRC, as well as by the general state of the PRC’s economy. The business may be influenced by changes in governmental policies with respect to laws and regulations, anti-inflationary measures, currency conversion and remittances abroad, and rates and methods of taxation, among other things.</div> <table style="font: 10pt/normal 'times new roman', times, serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0"><tr style="vertical-align: top; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif;"><td style="width: 48px; text-align: justify; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif;">15</td><td style="width: 1519px; text-align: justify; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif;">RELATED PARTY TRANSACTIONS AND RELATIONSHIPS AND TRANSACTIONS WITH CERTAIN OTHER PARTIES</td></tr></table><p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0px;"> <p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0px;">(A) Related Party Transactions<p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0px;"> <p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0px;">The Company considers all transactions with the following parties to be related party transactions.<p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0px;"> <table style="font: 10pt/normal 'times new roman', times, serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0"><tr style="vertical-align: top; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; background-color: white;"><td style="width: 768px; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif;">Name of parties</td><td style="width: 32px; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif;"> </td><td style="width: 767px; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif;">Relationship</td></tr><tr style="vertical-align: top; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; background-color: #cceeff;"><td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif;">Mr. Chunfeng Tao (“Mr. Tao”)</td><td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif;"> </td><td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif;">Majority stockholder</td></tr><tr style="vertical-align: top; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; background-color: white;"><td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif;"> </td><td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif;"> </td><td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif;"> </td></tr><tr style="vertical-align: top; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; background-color: #cceeff;"><td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif;">Mr. Jicun Wang (“Mr. Wang”)</td><td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif;"> </td><td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif;">Principal stockholder</td></tr><tr style="vertical-align: top; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; background-color: white;"><td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif;"> </td><td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif;"> </td><td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif;"> </td></tr><tr style="vertical-align: top; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; background-color: #cceeff;"><td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif;">Mr. Peijun Chen (“Mr. Chen”)</td><td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif;"> </td><td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif;">Principal stockholder</td></tr><tr style="vertical-align: top; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; background-color: white;"><td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif;"> </td><td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif;"> </td><td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif;"> </td></tr><tr style="vertical-align: top; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; background-color: #cceeff;"><td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif;">Ms. Sumei Chen</td><td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif;"> </td><td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif;">Member of the Company’s Board of  Supervisors and spouse of Mr. Wang</td></tr><tr style="vertical-align: top; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; background-color: white;"><td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif;"> </td><td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif;"> </td><td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif;"> </td></tr><tr style="vertical-align: top; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; background-color: #cceeff;"><td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif;">Ms. Yushui Huang (“Ms. Huang”)</td><td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif;"> </td><td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif;">Vice President of Administration,  Ningbo Keyuan</td></tr><tr style="vertical-align: top; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; background-color: white;"><td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif;"> </td><td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif;"> </td><td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif;"> </td></tr><tr style="vertical-align: top; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; background-color: #cceeff;"><td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif;">Ms. Feng Chen</td><td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif;"> </td><td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif;">Acting Chief Executive Officer, Chief Financial Officer and Vice President of Administration of Keyuan Petrochemicals Inc. since April 8, 2016</td></tr><tr style="vertical-align: top; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; background-color: white;"><td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif;"> </td><td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif;"> </td><td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif;"> </td></tr><tr style="vertical-align: top; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; background-color: #cceeff;"><td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif;">Ningbo Pacific Ocean Shipping Co., Ltd  (“Ningbo Pacific”)</td><td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif;"> </td><td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif;">100% ownership by Mr. Wang</td></tr><tr style="vertical-align: top; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; background-color: white;"><td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif;"> </td><td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif;"> </td><td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif;"> </td></tr><tr style="vertical-align: top; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; background-color: #cceeff;"><td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif;">Ningbo Hengfa Metal Product Co., Ltd (“Ningbo Hengfa”, former name “Ningbo Tenglong”)</td><td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif;"> </td><td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif;">100% ownership by Mr. Chen</td></tr><tr style="vertical-align: top; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; background-color: white;"><td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif;"> </td><td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif;"> </td><td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif;"> </td></tr><tr style="vertical-align: top; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; background-color: #cceeff;"><td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif;">Ningbo Xinhe Logistic Co., Ltd  (“Ningbo Xinhe”)</td><td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif;"> </td><td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif;">10% ownership by Ms. Huang</td></tr></table><p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0px;"><p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0px;"> <p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0px; text-align: justify;">Related party transactions and amounts outstanding with the related parties as of June 30, 2016 and December 31, 2015 and for the three and six months ended June 30, 2016 and 2015, are summarized as follows:<p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0px;"> <table style="font: 10pt/normal 'times new roman', times, serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0"><tr style="vertical-align: bottom;"><td> </td><td style="font-weight: bold; padding-bottom: 1.5pt;"> </td><td style="font-weight: bold; text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="6">Three months ended  June 30,</td><td style="padding-bottom: 1.5pt; font-weight: bold;"> </td><td style="font-weight: bold; padding-bottom: 1.5pt;"> </td><td style="font-weight: bold; text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="6">Six months ended June 30,</td><td style="padding-bottom: 1.5pt; font-weight: bold;"> </td></tr><tr style="vertical-align: bottom;"><td> </td><td style="font-weight: bold; padding-bottom: 1.5pt;"> </td><td style="font-weight: bold; text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">2016</td><td style="padding-bottom: 1.5pt; font-weight: bold;"> </td><td style="font-weight: bold; padding-bottom: 1.5pt;"> </td><td style="font-weight: bold; text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">2015</td><td style="padding-bottom: 1.5pt; font-weight: bold;"> </td><td style="font-weight: bold; padding-bottom: 1.5pt;"> </td><td style="font-weight: bold; text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">2016</td><td style="padding-bottom: 1.5pt; font-weight: bold;"> </td><td style="font-weight: bold; padding-bottom: 1.5pt;"> </td><td style="font-weight: bold; text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">2015</td><td style="padding-bottom: 1.5pt; font-weight: bold;"> </td></tr><tr style="vertical-align: bottom;"><td> </td><td style="font-weight: bold;"> </td><td style="font-weight: bold; text-align: center;" colspan="2">($’000)</td><td style="font-weight: bold;"> </td><td style="font-weight: bold;"> </td><td style="font-weight: bold; text-align: center;" colspan="2">($’000)</td><td style="font-weight: bold;"> </td><td style="font-weight: bold;"> </td><td style="font-weight: bold; text-align: center;" colspan="2">($’000)</td><td style="font-weight: bold;"> </td><td style="font-weight: bold;"> </td><td style="font-weight: bold; text-align: center;" colspan="2">($’000)</td><td style="font-weight: bold;"> </td></tr><tr style="vertical-align: bottom;"><td> </td><td style="font-weight: bold;"> </td><td style="font-weight: bold; text-align: center;" colspan="2">(Unaudited)</td><td style="font-weight: bold;"> </td><td style="font-weight: bold;"> </td><td style="font-weight: bold; text-align: center;" colspan="2">(Unaudited)</td><td style="font-weight: bold;"> </td><td style="font-weight: bold;"> </td><td style="font-weight: bold; text-align: center;" colspan="2">(Unaudited)</td><td style="font-weight: bold;"> </td><td style="font-weight: bold;"> </td><td style="font-weight: bold; text-align: center;" colspan="2">(Unaudited)</td><td style="font-weight: bold;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="width: 801.671875px; text-align: left; padding-left: 10pt;">Purchase of transportation services (a)</td><td style="width: 16px;"> </td><td style="width: 16px; text-align: left;">$</td><td style="width: 142px; text-align: right;">-</td><td style="width: 16px; text-align: left;"> </td><td style="width: 16px;"> </td><td style="width: 16px; text-align: left;">$</td><td style="width: 142px; text-align: right;">297</td><td style="width: 16px; text-align: left;"> </td><td style="width: 15px;"> </td><td style="width: 15px; text-align: left;">$</td><td style="width: 141px; text-align: right;">862</td><td style="width: 15px; text-align: left;"> </td><td style="width: 15px;"> </td><td style="width: 15px; text-align: left;">$</td><td style="width: 141px; text-align: right;">455</td><td style="width: 15px; text-align: left;"> </td></tr></table><p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0px;"> <table style="font: 10pt/normal 'times new roman', times, serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0"><tr style="vertical-align: bottom;"><td> </td><td style="font-weight: bold; padding-bottom: 1.5pt;"> </td><td style="font-weight: bold; text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">June 30, 2016</td><td style="padding-bottom: 1.5pt; font-weight: bold;"> </td><td style="font-weight: bold; padding-bottom: 1.5pt;"> </td><td style="font-weight: bold; text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">December 31,  2015</td><td style="padding-bottom: 1.5pt; font-weight: bold;"> </td></tr><tr style="vertical-align: bottom;"><td> </td><td style="font-weight: bold;"> </td><td style="font-weight: bold; text-align: center;" colspan="2">($’000)</td><td style="font-weight: bold;"> </td><td style="font-weight: bold;"> </td><td style="font-weight: bold; text-align: center;" colspan="2">($’000)</td><td style="font-weight: bold;"> </td></tr><tr style="vertical-align: bottom;"><td> </td><td style="font-weight: bold;"> </td><td style="font-weight: bold; text-align: center;" colspan="2">(Unaudited)</td><td style="font-weight: bold;"> </td><td> </td><td style="text-align: center;" colspan="2"> </td><td> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="width: 1177.671875px; text-align: left; text-indent: -10pt; padding-left: 10pt;">Amounts due from related parties (d)</td><td style="width: 16px;"> </td><td style="width: 16px; text-align: left;">$</td><td style="width: 142px; text-align: right;">40</td><td style="width: 16px; text-align: left;"> </td><td style="width: 15px;"> </td><td style="width: 15px; text-align: left;">$</td><td style="width: 141px; text-align: right;">92</td><td style="width: 15px; text-align: left;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-align: left; text-indent: -10pt; padding-left: 10pt;">Amounts due to related parties (c)</td><td> </td><td style="text-align: left;">$</td><td style="text-align: right;">4,930</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;">$</td><td style="text-align: right;">4,592</td><td style="text-align: left;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="text-align: left; text-indent: -10pt; padding-left: 10pt;">Account payable to related parties (c)</td><td> </td><td style="text-align: left;">$</td><td style="text-align: right;">7</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;">$</td><td style="text-align: right;">739</td><td style="text-align: left;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-align: left; text-indent: -10pt; padding-left: 10pt;">Account receivable from related parties (d)</td><td> </td><td style="text-align: left;">$</td><td style="text-align: right;">20</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;">$</td><td style="text-align: right;">-</td><td style="text-align: left;"> </td></tr></table><p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0px;"> <p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0px; text-align: justify;">(a) The Group purchased transportation services of approximately nil and $0.3 million from Ningbo Xinhe during the three months ended June 30, 2016 and 2015, respectively. The Group purchased transportation services of $0.9 million and $0.5 million from Ningbo Xinhe during the six months ended June 30, 2016 and 2015, respectively.<p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0px; text-align: justify;"> <p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0px; text-align: justify;">(b) Guarantees for Bank Loans<p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0px; text-align: justify;"> <p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0px; text-align: justify;">Guarantee provided by Mr. Tao amounted $135.7 million and $138.6 million as of June 30, 2016 and December 31, 2015.<p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0px; text-align: justify;"> <p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0px; text-align: justify;">Bank loans guarantee provided by Mr. Tao amounted $96.8 million and $95.9 million as of June 30, 2016 and December 31, 2015.<p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0px;"> <p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0px; text-align: justify;">(c) Amounts due to related parties consist of the following.<p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0px; text-align: justify;"> <table style="font: 10pt/normal 'times new roman', times, serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0"><tr style="vertical-align: bottom;"><td> </td><td style="font-weight: bold; padding-bottom: 1.5pt;"> </td><td style="font-weight: bold; text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">June 30, 2016</td><td style="padding-bottom: 1.5pt; font-weight: bold;"> </td><td style="font-weight: bold; padding-bottom: 1.5pt;"> </td><td style="font-weight: bold; text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">December 31,  2015</td><td style="padding-bottom: 1.5pt; font-weight: bold;"> </td></tr><tr style="vertical-align: bottom;"><td> </td><td style="font-weight: bold;"> </td><td style="font-weight: bold; text-align: center;" colspan="2">($’000)</td><td style="font-weight: bold;"> </td><td style="font-weight: bold;"> </td><td style="font-weight: bold; text-align: center;" colspan="2">($’000)</td><td style="font-weight: bold;"> </td></tr><tr style="vertical-align: bottom;"><td> </td><td style="font-weight: bold;"> </td><td style="font-weight: bold; text-align: center;" colspan="2">(Unaudited)</td><td style="font-weight: bold;"> </td><td> </td><td style="text-align: center;" colspan="2"> </td><td> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="width: 1191px; text-align: left;">Mr. Tao</td><td style="width: 16px;"> </td><td style="width: 16px; text-align: left;"> </td><td style="width: 142px; text-align: right;">4,592</td><td style="width: 16px; text-align: left;"> </td><td style="width: 15px;"> </td><td style="width: 15px; text-align: left;"> </td><td style="width: 141px; text-align: right;">4,592</td><td style="width: 15px; text-align: left;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-align: left;">Ningbo Xinhe</td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">338</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">-</td><td style="text-align: left;"> </td></tr></table><p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0px; text-align: justify;"> <p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0px; text-align: justify;">Amounts payable to related party consist of the following:<table style="font: 10pt/normal 'times new roman', times, serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0"><tr style="vertical-align: bottom;"><td> </td><td style="font-weight: bold; padding-bottom: 1.5pt;"> </td><td style="font-weight: bold; text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">June 30,  2016</td><td style="padding-bottom: 1.5pt; font-weight: bold;"> </td><td style="font-weight: bold; padding-bottom: 1.5pt;"> </td><td style="font-weight: bold; text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">December 31,  2015</td><td style="padding-bottom: 1.5pt; font-weight: bold;"> </td></tr><tr style="vertical-align: bottom;"><td> </td><td style="font-weight: bold;"> </td><td style="font-weight: bold; text-align: center;" colspan="2">($’000)</td><td style="font-weight: bold;"> </td><td style="font-weight: bold;"> </td><td style="font-weight: bold; text-align: center;" colspan="2">($’000)</td><td style="font-weight: bold;"> </td></tr><tr style="vertical-align: bottom;"><td> </td><td style="font-weight: bold;"> </td><td style="font-weight: bold; text-align: center;" colspan="2">(Unaudited)</td><td style="font-weight: bold;"> </td><td> </td><td style="text-align: center;" colspan="2"> </td><td> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="width: 1191px; text-align: left;">Ningbo Xinhe</td><td style="width: 16px;"> </td><td style="width: 16px; text-align: left;"> </td><td style="width: 142px; text-align: right;">7</td><td style="width: 16px; text-align: left;"> </td><td style="width: 15px;"> </td><td style="width: 15px; text-align: left;"> </td><td style="width: 141px; text-align: right;">739</td><td style="width: 15px; text-align: left;"> </td></tr></table><p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0px; text-align: justify;"> <p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0px;">(d) Amount due from related parties consist of the following.<p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0px;"> <table style="font: 10pt/normal 'times new roman', times, serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0"><tr style="vertical-align: bottom;"><td> </td><td style="font-weight: bold; padding-bottom: 1.5pt;"> </td><td style="font-weight: bold; text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">June 30, 2016</td><td style="padding-bottom: 1.5pt; font-weight: bold;"> </td><td style="font-weight: bold; padding-bottom: 1.5pt;"> </td><td style="font-weight: bold; text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">December 31, 2015</td><td style="padding-bottom: 1.5pt; font-weight: bold;"> </td></tr><tr style="vertical-align: bottom;"><td style="text-align: center;"> </td><td style="font-weight: bold;"> </td><td style="font-weight: bold; text-align: center;" colspan="2">($’000)</td><td style="font-weight: bold;"> </td><td style="font-weight: bold;"> </td><td style="font-weight: bold; text-align: center;" colspan="2">($’000)</td><td style="font-weight: bold;"> </td></tr><tr style="vertical-align: bottom;"><td style="text-align: center;"> </td><td style="font-weight: bold;"> </td><td style="font-weight: bold; text-align: center;" colspan="2">(Unaudited)</td><td style="font-weight: bold;"> </td><td> </td><td colspan="2"> </td><td> </td></tr><tr style="vertical-align: bottom;"><td> </td><td> </td><td colspan="2"> </td><td> </td><td> </td><td colspan="2"> </td><td> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="width: 1191px; text-align: left;">Mr. Dingan Zhang</td><td style="width: 16px;"> </td><td style="width: 16px; text-align: left;">$</td><td style="width: 142px; text-align: right;">-</td><td style="width: 16px; text-align: left;"> </td><td style="width: 15px;"> </td><td style="width: 15px; text-align: left;">$</td><td style="width: 141px; text-align: right;">38</td><td style="width: 15px; text-align: left;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-align: left;">Ms. Yushui Huang</td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">-</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">8</td><td style="text-align: left;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="text-align: left; padding-bottom: 1.5pt;">Mr. Tao</td><td style="padding-bottom: 1.5pt;"> </td><td style="border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; text-align: left;"> </td><td style="border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; text-align: right;">40</td><td style="padding-bottom: 1.5pt; text-align: left;"> </td><td style="padding-bottom: 1.5pt;"> </td><td style="border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; text-align: left;"> </td><td style="border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; text-align: right;">46</td><td style="padding-bottom: 1.5pt; text-align: left;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="padding-bottom: 4pt;">Total</td><td style="padding-bottom: 4pt;"> </td><td style="border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double; text-align: left;">$</td><td style="border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double; text-align: right;">40</td><td style="padding-bottom: 4pt; text-align: left;"> </td><td style="padding-bottom: 4pt;"> </td><td style="border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double; text-align: left;">$</td><td style="border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double; text-align: right;">92</td><td style="padding-bottom: 4pt; text-align: left;"> </td></tr></table><p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0px;"> <p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0px; text-align: justify;">Amounts receivable from related party consist of the following:<p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0px; text-align: justify;"> <table style="font: 10pt/normal 'times new roman', times, serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0"><tr style="vertical-align: bottom;"><td> </td><td style="font-weight: bold; padding-bottom: 1.5pt;"> </td><td style="font-weight: bold; text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">June 30, 2016</td><td style="padding-bottom: 1.5pt; font-weight: bold;"> </td><td style="font-weight: bold; padding-bottom: 1.5pt;"> </td><td style="font-weight: bold; text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">December 31, 2015</td><td style="padding-bottom: 1.5pt; font-weight: bold;"> </td></tr><tr style="vertical-align: bottom;"><td> </td><td style="font-weight: bold;"> </td><td style="font-weight: bold; text-align: center;" colspan="2">($’000)</td><td style="font-weight: bold;"> </td><td style="font-weight: bold;"> </td><td style="font-weight: bold; text-align: center;" colspan="2">($’000)</td><td style="font-weight: bold;"> </td></tr><tr style="vertical-align: bottom;"><td> </td><td style="font-weight: bold;"> </td><td style="font-weight: bold; text-align: center;" colspan="2">(Unaudited)</td><td style="font-weight: bold;"> </td><td> </td><td style="text-align: center;" colspan="2"> </td><td> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="width: 1191px; text-align: left;">Ningbo Xinhe</td><td style="width: 16px;"> </td><td style="width: 16px; text-align: left;"> </td><td style="width: 142px; text-align: right;">20</td><td style="width: 16px; text-align: left;"> </td><td style="width: 15px;"> </td><td style="width: 15px; text-align: left;"> </td><td style="width: 141px; text-align: right;">-</td><td style="width: 15px; text-align: left;"> </td></tr></table><p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0px;"> <p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0px;">(B) Relationships and transactions with certain other parties<p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0px;"> <p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0px;">The Group has the following relationships and transactions with certain other parties:<p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0px;"> <table style="font: 10pt/normal 'times new roman', times, serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0"><tr style="vertical-align: bottom; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; background-color: white;"><td style="width: 754.671875px; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; padding-left: 10pt; text-indent: -10pt;">Name of parties</td><td style="width: 32px; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif;"> </td><td style="width: 767px; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif;">Relationship</td></tr><tr style="vertical-align: bottom; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; background-color: #cceeff;"><td style="padding-left: 10pt; text-indent: -10pt; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif;">Ningbo Litong Petrochemical Co., Ltd  (“Ningbo Litong”)</td><td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif;"> </td><td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif;">Former 12.75% nominee shareholder of Ningbo  Keyuan</td></tr><tr style="vertical-align: bottom; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; background-color: white;"><td style="padding-left: 10pt; text-indent: -10pt; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif;"> </td><td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif;"> </td><td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif;"> </td></tr><tr style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; background-color: #cceeff;"><td style="vertical-align: top; padding-left: 10pt; text-align: justify; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; text-indent: -10pt;">Huaning International Trading Co., Ltd (“Huaning”)</td><td style="vertical-align: bottom; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif;"> </td><td style="vertical-align: bottom; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif;">The director of Huaning is the shareholder and director of Ningbo Xinghe, one of the Group’s related parties</td></tr><tr style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; background-color: white;"><td style="vertical-align: top; padding-left: 10pt; text-align: justify; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; text-indent: -10pt;"> </td><td style="vertical-align: bottom; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif;"> </td><td style="vertical-align: bottom; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif;"> </td></tr><tr style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; background-color: #cceeff;"><td style="vertical-align: top; padding-left: 10pt; text-align: justify; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; text-indent: -10pt;">Mercuria energy trading Pte Ltd (“Mercuria”)</td><td style="vertical-align: bottom; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif;"> </td><td style="vertical-align: bottom; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif;">Major supplier</td></tr><tr style="vertical-align: bottom; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; background-color: white;"><td style="padding-left: 10pt; text-indent: -10pt; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif;"> </td><td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif;"> </td><td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif;"> </td></tr><tr style="vertical-align: bottom; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; background-color: #cceeff;"><td style="padding-left: 10pt; text-indent: -10pt; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif;">Ningbo Anqi Petrochemical Co., Ltd  </td><td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif;"> </td><td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif;">A related party until September 2011  when control transferred</td></tr><tr style="vertical-align: bottom; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; background-color: white;"><td style="padding-left: 10pt; text-indent: -10pt; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif;"> </td><td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif;"> </td><td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif;"> </td></tr><tr style="vertical-align: bottom; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; background-color: #cceeff;"><td style="padding-left: 10pt; text-indent: -10pt; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif;">Ningbo Lide Investment Co., Ltd.  (“Ningbo Lide”, f/k/a Ningbo Kewei)</td><td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif;"> </td><td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif;">A related party until September 2011  when control transferred</td></tr><tr style="vertical-align: bottom; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; background-color: white;"><td style="padding-left: 10pt; text-indent: -10pt; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif;"> </td><td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif;"> </td><td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif;"> </td></tr><tr style="vertical-align: bottom; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; background-color: #cceeff;"><td style="padding-left: 10pt; text-indent: -10pt; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif;">Ningbo Kunde Petrochemical Co, Ltd. (“Ningbo Kunde”)</td><td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif;"> </td><td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif;">A related party until September 2011  when control transferred</td></tr></table><p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0px;"> <p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0px; text-align: justify;">Transactions and amounts outstanding with these parties for the three and six months ended June 30, 2016 and 2015 and as of June 30, 2016 and December 31, 2015 are summarized as follows:<p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0px; text-align: justify; text-indent: 40pt;"> <table style="font: 10pt/normal 'times new roman', times, serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0"><tr style="vertical-align: bottom;"><td> </td><td style="font-weight: bold; padding-bottom: 1.5pt;"> </td><td style="font-weight: bold; text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="6">Three months ended June 30</td><td style="padding-bottom: 1.5pt; font-weight: bold;"> </td><td style="font-weight: bold; padding-bottom: 1.5pt;"> </td><td style="font-weight: bold; text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="6">Six months ended June 30</td><td style="padding-bottom: 1.5pt; font-weight: bold;"> </td></tr><tr style="vertical-align: bottom;"><td style="text-align: center;"> </td><td style="font-weight: bold; padding-bottom: 1.5pt;"> </td><td style="font-weight: bold; text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">2016</td><td style="padding-bottom: 1.5pt; font-weight: bold;"> </td><td style="font-weight: bold; padding-bottom: 1.5pt;"> </td><td style="font-weight: bold; text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">2015</td><td style="padding-bottom: 1.5pt; font-weight: bold;"> </td><td style="font-weight: bold; padding-bottom: 1.5pt;"> </td><td style="font-weight: bold; text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">2016</td><td style="padding-bottom: 1.5pt; font-weight: bold;"> </td><td style="font-weight: bold; padding-bottom: 1.5pt;"> </td><td style="font-weight: bold; text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">2015</td><td style="padding-bottom: 1.5pt; font-weight: bold;"> </td></tr><tr style="vertical-align: bottom;"><td style="text-align: center;"> </td><td style="font-weight: bold;"> </td><td style="font-weight: bold; text-align: center;" colspan="2">($’000)</td><td style="font-weight: bold;"> </td><td style="font-weight: bold;"> </td><td style="font-weight: bold; text-align: center;" colspan="2">($’000)</td><td style="font-weight: bold;"> </td><td style="font-weight: bold;"> </td><td style="font-weight: bold; text-align: center;" colspan="2">($’000)</td><td style="font-weight: bold;"> </td><td style="font-weight: bold;"> </td><td style="font-weight: bold; text-align: center;" colspan="2">($’000)</td><td style="font-weight: bold;"> </td></tr><tr style="vertical-align: bottom;"><td style="text-align: center;"> </td><td style="font-weight: bold;"> </td><td style="font-weight: bold; text-align: center;" colspan="2">(Unaudited)</td><td style="font-weight: bold;"> </td><td style="font-weight: bold;"> </td><td style="font-weight: bold; text-align: center;" colspan="2">(Unaudited)</td><td style="font-weight: bold;"> </td><td style="font-weight: bold;"> </td><td style="font-weight: bold; text-align: center;" colspan="2">(Unaudited)</td><td style="font-weight: bold;"> </td><td style="font-weight: bold;"> </td><td style="font-weight: bold; text-align: center;" colspan="2">(Unaudited)</td><td style="font-weight: bold;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="width: 815px; text-align: left;">Sales of products (e)</td><td style="width: 16px;"> </td><td style="width: 16px; text-align: left;">$</td><td style="width: 142px; text-align: right;">-</td><td style="width: 16px; text-align: left;"> </td><td style="width: 16px;"> </td><td style="width: 16px; text-align: left;">$</td><td style="width: 142px; text-align: right;">6,606</td><td style="width: 16px; text-align: left;"> </td><td style="width: 15px;"> </td><td style="width: 15px; text-align: left;">$</td><td style="width: 141px; text-align: right;">-</td><td style="width: 15px; text-align: left;"> </td><td style="width: 15px;"> </td><td style="width: 15px; text-align: left;">$</td><td style="width: 141px; text-align: right;">8,542</td><td style="width: 15px; text-align: left;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-align: left;">Purchase of raw materials (f)</td><td> </td><td style="text-align: left;">$</td><td style="text-align: right;">-</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;">$</td><td style="text-align: right;">65,416</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;">$</td><td style="text-align: right;">55,489</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;">$</td><td style="text-align: right;">94,573</td><td style="text-align: left;"> </td></tr></table><p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0px;"> <table style="font: 10pt/normal 'times new roman', times, serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0"><tr style="vertical-align: bottom;"><td> </td><td style="font-weight: bold; padding-bottom: 1.5pt;"> </td><td style="font-weight: bold; text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">June 30, 2016</td><td style="padding-bottom: 1.5pt; font-weight: bold;"> </td><td style="font-weight: bold; padding-bottom: 1.5pt;"> </td><td style="font-weight: bold; text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">December 31, 2015</td><td style="padding-bottom: 1.5pt; font-weight: bold;"> </td></tr><tr style="vertical-align: bottom;"><td> </td><td style="font-weight: bold;"> </td><td style="font-weight: bold; text-align: center;" colspan="2">($’000)</td><td style="font-weight: bold;"> </td><td style="font-weight: bold;"> </td><td style="font-weight: bold; text-align: center;" colspan="2">($’000)</td><td style="font-weight: bold;"> </td></tr><tr style="vertical-align: bottom;"><td> </td><td style="font-weight: bold;"> </td><td style="font-weight: bold; text-align: center;" colspan="2">(Unaudited)</td><td style="font-weight: bold;"> </td><td> </td><td style="text-align: center;" colspan="2"> </td><td> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="width: 1177.671875px; text-align: left; text-indent: -10pt; padding-left: 10pt;">Guarantee for bank borrowings (g)</td><td style="width: 16px;"> </td><td style="width: 16px; text-align: left;">$</td><td style="width: 142px; text-align: right;">214,139</td><td style="width: 16px; text-align: left;"> </td><td style="width: 15px;"> </td><td style="width: 15px; text-align: left;">$</td><td style="width: 141px; text-align: right;">310,276</td><td style="width: 15px; text-align: left;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-align: left; text-indent: -10pt; padding-left: 10pt;">Amounts due from these parties (h)</td><td> </td><td style="text-align: left;">$</td><td style="text-align: right;">2,195</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;">$</td><td style="text-align: right;">3,907</td><td style="text-align: left;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="text-align: left; text-indent: -10pt; padding-left: 10pt;">Advance payments to these parties(i)</td><td> </td><td style="text-align: left;">$</td><td style="text-align: right;">74,796</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;">$</td><td style="text-align: right;">4,552</td><td style="text-align: left;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-align: left; text-indent: -10pt; padding-left: 10pt;">Advance received from these parties (j)</td><td> </td><td style="text-align: left;">$</td><td style="text-align: right;">33,119</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;">$</td><td style="text-align: right;">4</td><td style="text-align: left;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="text-align: left; text-indent: -10pt; padding-left: 10pt;">Accounts payables (l)</td><td> </td><td style="text-align: left;">$</td><td style="text-align: right;">38,063</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;">$</td><td style="text-align: right;">41,269</td><td style="text-align: left;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-align: left; text-indent: -10pt; padding-left: 10pt;">Notes payable (m)</td><td> </td><td style="text-align: left;">$</td><td style="text-align: right;">131,750</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;">$</td><td style="text-align: right;">140,715</td><td style="text-align: left;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="text-align: left; text-indent: -10pt; padding-left: 10pt;">Notes receivable (n)</td><td> </td><td style="text-align: left;">$</td><td style="text-align: right;">-</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;">$</td><td style="text-align: right;">514</td><td style="text-align: left;"> </td></tr></table><p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0px;"> <p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0px; text-align: justify;">(e)The Group sold finished products of approximately nil and $2.6 million to Ningbo Litong during the three months ended June 30, 2016 and 2015, respectively. The Group sold finished products of approximately nil and $4.0 million to Ningbo Lide during the three months ended June 30, 2016 and 2015, respectively. The Group sold finished products of approximately nil and $4.1 million to Ningbo Litong, during the six months ended June 30, 2016 and 2015, respectively. The Group sold finished products of approximately nil and $4.4 million to Ningbo Lide during the six months ended June 30, 2016 and 2015, respectively.<p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0px; text-align: justify;"> <p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0px; text-align: justify;">(f) Purchase of raw materials<p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0px; text-align: justify;"> <table style="font: 10pt/normal 'times new roman', times, serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0"><tr style="vertical-align: bottom;"><td> </td><td style="font-weight: bold; padding-bottom: 1.5pt;"> </td><td style="font-weight: bold; text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="6">Purchase of raw materials during the three months ended June 30,</td><td style="padding-bottom: 1.5pt; font-weight: bold;"> </td><td style="font-weight: bold; padding-bottom: 1.5pt;"> </td><td style="font-weight: bold; text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="6">Purchase of raw materials during the six months ended June 30,</td><td style="padding-bottom: 1.5pt; font-weight: bold;"> </td></tr><tr style="vertical-align: bottom;"><td> </td><td style="font-weight: bold; padding-bottom: 1.5pt;"> </td><td style="font-weight: bold; text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">2016</td><td style="padding-bottom: 1.5pt; font-weight: bold;"> </td><td style="font-weight: bold; padding-bottom: 1.5pt;"> </td><td style="font-weight: bold; text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">2015</td><td style="padding-bottom: 1.5pt; font-weight: bold;"> </td><td style="font-weight: bold; padding-bottom: 1.5pt;"> </td><td style="font-weight: bold; text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">2016</td><td style="padding-bottom: 1.5pt; font-weight: bold;"> </td><td style="font-weight: bold; padding-bottom: 1.5pt;"> </td><td style="font-weight: bold; text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">2015</td><td style="padding-bottom: 1.5pt; font-weight: bold;"> </td></tr><tr style="vertical-align: bottom;"><td> </td><td style="font-weight: bold;"> </td><td style="font-weight: bold; text-align: center;" colspan="2">($’000)</td><td style="font-weight: bold;"> </td><td style="font-weight: bold;"> </td><td style="font-weight: bold; text-align: center;" colspan="2">($’000)</td><td style="font-weight: bold;"> </td><td style="font-weight: bold;"> </td><td style="font-weight: bold; text-align: center;" colspan="2">($’000)</td><td style="font-weight: bold;"> </td><td style="font-weight: bold;"> </td><td style="font-weight: bold; text-align: center;" colspan="2">($’000)</td><td style="font-weight: bold;"> </td></tr><tr style="vertical-align: bottom;"><td> </td><td style="font-weight: bold;"> </td><td style="font-weight: bold;" colspan="2">(Unaudited)</td><td style="font-weight: bold;"> </td><td style="font-weight: bold;"> </td><td style="font-weight: bold;" colspan="2">(Unaudited)</td><td style="font-weight: bold;"> </td><td style="font-weight: bold;"> </td><td style="font-weight: bold;" colspan="2">(Unaudited)</td><td style="font-weight: bold;"> </td><td style="font-weight: bold;"> </td><td style="font-weight: bold;" colspan="2">(Unaudited)</td><td style="font-weight: bold;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="width: 815px; text-align: left;">Ningbo Litong</td><td style="width: 16px;"> </td><td style="width: 16px; text-align: left;">$</td><td style="width: 142px; text-align: right;">-</td><td style="width: 16px; text-align: left;"> </td><td style="width: 16px;"> </td><td style="width: 16px; text-align: left;">$</td><td style="width: 142px; text-align: right;">27,094</td><td style="width: 16px; text-align: left;"> </td><td style="width: 15px;"> </td><td style="width: 15px; text-align: left;">$</td><td style="width: 141px; text-align: right;">21,429</td><td style="width: 15px; text-align: left;"> </td><td style="width: 15px;"> </td><td style="width: 15px; text-align: left;">$</td><td style="width: 141px; text-align: right;">36,768</td><td style="width: 15px; text-align: left;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-align: left;">Ningbo Lide</td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">-</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">29,789</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">28,618</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">29,807</td><td style="text-align: left;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td>Huaning</td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">-</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">3</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">-</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">2,852</td><td style="text-align: left;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="padding-bottom: 1.5pt;">Mercuria</td><td style="padding-bottom: 1.5pt;"> </td><td style="border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; text-align: left;"> </td><td style="border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; text-align: right;">-</td><td style="padding-bottom: 1.5pt; text-align: left;"> </td><td style="padding-bottom: 1.5pt;"> </td><td style="border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; text-align: left;"> </td><td style="border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; text-align: right;">8,529</td><td style="padding-bottom: 1.5pt; text-align: left;"> </td><td style="padding-bottom: 1.5pt;"> </td><td style="border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; text-align: left;"> </td><td style="border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; text-align: right;">5,442</td><td style="padding-bottom: 1.5pt; text-align: left;"> </td><td style="padding-bottom: 1.5pt;"> </td><td style="border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; text-align: left;"> </td><td style="border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; text-align: right;">25,146</td><td style="padding-bottom: 1.5pt; text-align: left;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="padding-bottom: 4pt;">Total</td><td style="padding-bottom: 4pt;"> </td><td style="border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double; text-align: left;">$</td><td style="border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double; text-align: right;">-</td><td style="padding-bottom: 4pt; text-align: left;"> </td><td style="padding-bottom: 4pt;"> </td><td style="border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double; text-align: left;">$</td><td style="border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double; text-align: right;">65,415</td><td style="padding-bottom: 4pt; text-align: left;"> </td><td style="padding-bottom: 4pt;"> </td><td style="border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double; text-align: left;">$</td><td style="border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double; text-align: right;">55,489</td><td style="padding-bottom: 4pt; text-align: left;"> </td><td style="padding-bottom: 4pt;"> </td><td style="border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double; text-align: left;">$</td><td style="border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double; text-align: right;">94,573</td><td style="padding-bottom: 4pt; text-align: left;"> </td></tr></table><p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0px; text-align: justify;"> <p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0px;">(g) Guarantees for Bank Loans<p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0px;"> <table style="font: 10pt/normal 'times new roman', times, serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0"><tr style="vertical-align: bottom;"><td> </td><td style="font-weight: bold; padding-bottom: 1.5pt;"> </td><td style="font-weight: bold; text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="6">Guarantee provided as of</td><td style="padding-bottom: 1.5pt; font-weight: bold;"> </td></tr><tr style="vertical-align: bottom;"><td> </td><td style="font-weight: bold; padding-bottom: 1.5pt;"> </td><td style="font-weight: bold; text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">June 30, 2016</td><td style="padding-bottom: 1.5pt; font-weight: bold;"> </td><td style="font-weight: bold; padding-bottom: 1.5pt;"> </td><td style="font-weight: bold; text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">December 31, 2015</td><td style="padding-bottom: 1.5pt; font-weight: bold;"> </td></tr><tr style="vertical-align: bottom;"><td> </td><td style="font-weight: bold;"> </td><td style="font-weight: bold; text-align: center;" colspan="2">($’000)</td><td style="font-weight: bold;"> </td><td style="font-weight: bold;"> </td><td style="font-weight: bold; text-align: center;" colspan="2">($’000)</td><td style="font-weight: bold;"> </td></tr><tr style="vertical-align: bottom;"><td> </td><td style="font-weight: bold;"> </td><td style="font-weight: bold;" colspan="2">(Unaudited)</td><td style="font-weight: bold;"> </td><td> </td><td colspan="2"> </td><td> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="width: 1191px; text-align: left;">Ningbo Litong</td><td style="width: 16px;"> </td><td style="width: 16px; text-align: left;">$</td><td style="width: 142px; text-align: right;">40,717</td><td style="width: 16px; text-align: left;"> </td><td style="width: 15px;"> </td><td style="width: 15px; text-align: left;">$</td><td style="width: 141px; text-align: right;">102,379</td><td style="width: 15px; text-align: left;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-align: left; padding-bottom: 1.5pt;">Ningbo Lide</td><td style="padding-bottom: 1.5pt;"> </td><td style="border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; text-align: left;"> </td><td style="border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; text-align: right;">173,422</td><td style="padding-bottom: 1.5pt; text-align: left;"> </td><td style="padding-bottom: 1.5pt;"> </td><td style="border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; text-align: left;"> </td><td style="border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; text-align: right;">207,897</td><td style="padding-bottom: 1.5pt; text-align: left;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="padding-bottom: 4pt;">Total</td><td style="padding-bottom: 4pt;"> </td><td style="border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double; text-align: left;">$</td><td style="border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double; text-align: right;">214,139</td><td style="padding-bottom: 4pt; text-align: left;"> </td><td style="padding-bottom: 4pt;"> </td><td style="border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double; text-align: left;">$</td><td style="border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double; text-align: right;">310,276</td><td style="padding-bottom: 4pt; text-align: left;"> </td></tr></table><p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0px;"> <table style="font: 10pt/normal 'times new roman', times, serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0"><tr style="vertical-align: bottom;"><td> </td><td style="font-weight: bold; padding-bottom: 1.5pt;"> </td><td style="font-weight: bold; text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="6">Bank loans Guaranteed as of</td><td style="padding-bottom: 1.5pt; font-weight: bold;"> </td></tr><tr style="vertical-align: bottom;"><td> </td><td style="font-weight: bold; padding-bottom: 1.5pt;"> </td><td style="font-weight: bold; text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">June 30, 2016</td><td style="padding-bottom: 1.5pt; font-weight: bold;"> </td><td style="font-weight: bold; padding-bottom: 1.5pt;"> </td><td style="font-weight: bold; text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">December 31, 2015</td><td style="padding-bottom: 1.5pt; font-weight: bold;"> </td></tr><tr style="vertical-align: bottom;"><td> </td><td style="font-weight: bold;"> </td><td style="font-weight: bold; text-align: center;" colspan="2">($’000)</td><td style="font-weight: bold;"> </td><td style="font-weight: bold;"> </td><td style="font-weight: bold; text-align: center;" colspan="2">($’000)</td><td style="font-weight: bold;"> </td></tr><tr style="vertical-align: bottom;"><td> </td><td style="font-weight: bold;"> </td><td style="font-weight: bold; text-align: center;" colspan="2">(Unaudited)</td><td style="font-weight: bold;"> </td><td> </td><td style="text-align: center;" colspan="2"> </td><td> </td></tr><tr style="vertical-align: bottom;"><td style="text-align: justify;"> </td><td> </td><td style="text-align: justify;" colspan="2"> </td><td> </td><td> </td><td style="text-align: justify;" colspan="2"> </td><td> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="width: 1191px; text-align: justify;">Ningbo Litong</td><td style="width: 16px;"> </td><td style="width: 16px; text-align: left;">$</td><td style="width: 142px; text-align: right;">19,265</td><td style="width: 16px; text-align: left;"> </td><td style="width: 15px;"> </td><td style="width: 15px; text-align: left;">$</td><td style="width: 141px; text-align: right;">18,634</td><td style="width: 15px; text-align: left;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-align: justify; padding-bottom: 1.5pt;">Ningbo Lide</td><td style="padding-bottom: 1.5pt;"> </td><td style="border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; text-align: left;"> </td><td style="border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; text-align: right;">98,813</td><td style="padding-bottom: 1.5pt; text-align: left;"> </td><td style="padding-bottom: 1.5pt;"> </td><td style="border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; text-align: left;"> </td><td style="border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; text-align: right;">101,783</td><td style="padding-bottom: 1.5pt; text-align: left;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="text-align: justify; padding-bottom: 4pt;">Total</td><td style="padding-bottom: 4pt;"> </td><td style="border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double; text-align: left;">$</td><td style="border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double; text-align: right;">118,078</td><td style="padding-bottom: 4pt; text-align: left;"> </td><td style="padding-bottom: 4pt;"> </td><td style="border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double; text-align: left;">$</td><td style="border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double; text-align: right;">120,417</td><td style="padding-bottom: 4pt; text-align: left;"> </td></tr></table><p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0px;"> <p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0px; text-align: justify;">(h) At June 30, 2016 and December 31, 2015, the amounts due from these parties consist of amounts due from Huaning of $1.2 million and $3.9 million, respectively, and amounts due from Mercuria of $1.0 million and nil, respectively.<p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0px;"> <p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0px; text-align: justify;">(i) At June 30, 2016 and December 31, 2015, advances payments to these parties consist of payments to Ningbo Litong of $53.2 million and nil, respectively, and Ningbo Lide of $21.6 million and $4.6 million, respectively. <p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0px;"> <p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0px; text-align: justify;">(j) At June 30, 2016 and December 31, 2015, advances received from these parties consist of amounts received from Ningbo Litong of $33.1 million and nil, respectively, and amounts received from Huaning of $4,000 and $4,000, respectively. <p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0px;"> <p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0px; text-align: justify;">(k) At June 30, 2016 and December 31, 2015 accounts payables to these parties consist of payables to Ningbo Litong of nil and $1.4 million, respectively, and payables to Mecuria of $38.1 million and $39.9 million, respectively.<p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0px; text-align: justify;"> <p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0px; text-align: justify;">(l) At June 30, 2016 and December 31, 2015 notes payable to these parties consist of notes payable to Ningbo Litong of $75.5 million and $68.6 million, respectively, and notes payables to Ningbo Lide of $56.3 million and $72.2 million, respectively.<p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0px; text-align: justify;"> <p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0px; text-align: justify;">(n) At June 30, 2016 and December 31, 2015 notes receivables from these parties consist of notes receivable from Ningbo Litong of nil and $0.5 million, respectively, and notes receivables from Ningbo Lide of nil and $0.02 million, respectively.<p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0px; text-align: justify;"> <p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0px;">(C) Relationships and transactions with the entity that has non-controlling interests in Company’s subsidiaries: <p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0px;"> <p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0px;">The Group has the following relationships and transactions with non-controlling interest shareholder:<p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0px;"> <table style="font: 10pt/normal 'times new roman', times, serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0"><tr style="vertical-align: top; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif;"><td style="width: 768px; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif;">Name of party</td><td style="width: 32px; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif;"> </td><td style="width: 767px; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif;">Relationship                                               </td></tr><tr style="vertical-align: top; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; background-color: #cceeff;"><td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif;">Ningbo Hengyun Energy Technology Co, Ltd (Ningbo Hengyun)</td><td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif;"> </td><td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif;">Non-controlling interest shareholder of Guangxi Keyuan since 2015</td></tr></table><p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0px; text-align: justify;"> <p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0px; text-align: justify;">The transactions and amounts outstanding with this party as of June 30, 2016 and December 31, 2015 and for the three and six months ended June 30, 2016 and 2015 are summarized as follows:<p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0px; text-align: justify;"> <table style="font: 10pt/normal 'times new roman', times, serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0"><tr style="vertical-align: bottom;"><td> </td><td style="font-weight: bold; padding-bottom: 1.5pt;"> </td><td style="font-weight: bold; text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="6">Three months ended June 30</td><td style="padding-bottom: 1.5pt; font-weight: bold;"> </td><td style="font-weight: bold; padding-bottom: 1.5pt;"> </td><td style="font-weight: bold; text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="6">Six months ended June 30</td><td style="padding-bottom: 1.5pt; font-weight: bold;"> </td></tr><tr style="vertical-align: bottom;"><td style="text-align: center;"> </td><td style="font-weight: bold; padding-bottom: 1.5pt;"> </td><td style="font-weight: bold; text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">2016</td><td style="padding-bottom: 1.5pt; font-weight: bold;"> </td><td style="font-weight: bold; padding-bottom: 1.5pt;"> </td><td style="font-weight: bold; text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">2015</td><td style="padding-bottom: 1.5pt; font-weight: bold;"> </td><td style="font-weight: bold; padding-bottom: 1.5pt;"> </td><td style="font-weight: bold; text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">2016</td><td style="padding-bottom: 1.5pt; font-weight: bold;"> </td><td style="font-weight: bold; padding-bottom: 1.5pt;"> </td><td style="font-weight: bold; text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">2015</td><td style="padding-bottom: 1.5pt; font-weight: bold;"> </td></tr><tr style="vertical-align: bottom;"><td style="text-align: center;"> </td><td style="font-weight: bold;"> </td><td style="font-weight: bold; text-align: center;" colspan="2">($’000)</td><td style="font-weight: bold;"> </td><td style="font-weight: bold;"> </td><td style="font-weight: bold; text-align: center;" colspan="2">($’000)</td><td style="font-weight: bold;"> </td><td style="font-weight: bold;"> </td><td style="font-weight: bold; text-align: center;" colspan="2">($’000)</td><td style="font-weight: bold;"> </td><td style="font-weight: bold;"> </td><td style="font-weight: bold; text-align: center;" colspan="2">($’000)</td><td style="font-weight: bold;"> </td></tr><tr style="vertical-align: bottom;"><td style="text-align: center;"> </td><td style="font-weight: bold;"> </td><td style="font-weight: bold; text-align: center;" colspan="2">(Unaudited)</td><td style="font-weight: bold;"> </td><td style="font-weight: bold;"> </td><td style="font-weight: bold; text-align: center;" colspan="2">(Unaudited)</td><td style="font-weight: bold;"> </td><td style="font-weight: bold;"> </td><td style="font-weight: bold; text-align: center;" colspan="2">(Unaudited)</td><td style="font-weight: bold;"> </td><td style="font-weight: bold;"> </td><td style="font-weight: bold; text-align: center;" colspan="2">(Unaudited)</td><td style="font-weight: bold;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="width: 815px;">Sales of products</td><td style="width: 16px;"> </td><td style="width: 16px; text-align: left;">$</td><td style="width: 142px; text-align: right;">-</td><td style="width: 16px; text-align: left;"> </td><td style="width: 16px;"> </td><td style="width: 16px; text-align: left;">$</td><td style="width: 142px; text-align: right;">1,111</td><td style="width: 16px; text-align: left;"> </td><td style="width: 15px;"> </td><td style="width: 15px; text-align: left;">$</td><td style="width: 141px; text-align: right;">268</td><td style="width: 15px; text-align: left;"> </td><td style="width: 15px;"> </td><td style="width: 15px; text-align: left;">$</td><td style="width: 141px; text-align: right;">1,668</td><td style="width: 15px; text-align: left;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-align: left;">Purchase of raw materials</td><td> </td><td style="text-align: left;">$</td><td style="text-align: right;">-</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;">$</td><td style="text-align: right;">34,901</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;">$</td><td style="text-align: right;">42,115</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;">$</td><td style="text-align: right;">57,690</td><td style="text-align: left;"> </td></tr></table><p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0px;"> <table style="font: 10pt/normal 'times new roman', times, serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0"><tr style="vertical-align: bottom;"><td> </td><td style="font-weight: bold; padding-bottom: 1.5pt;"> </td><td style="font-weight: bold; text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">As at June 30,  2016</td><td style="padding-bottom: 1.5pt; font-weight: bold;"> </td><td style="font-weight: bold; padding-bottom: 1.5pt;"> </td><td style="font-weight: bold; text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">As at December 31,  2015</td><td style="padding-bottom: 1.5pt; font-weight: bold;"> </td></tr><tr style="vertical-align: bottom;"><td> </td><td style="font-weight: bold;"> </td><td style="font-weight: bold; text-align: center;" colspan="2">($’000)</td><td style="font-weight: bold;"> </td><td style="font-weight: bold;"> </td><td style="font-weight: bold; text-align: center;" colspan="2">($’000)</td><td style="font-weight: bold;"> </td></tr><tr style="vertical-align: bottom;"><td> </td><td style="font-weight: bold;"> </td><td style="font-weight: bold;" colspan="2">(Unaudited)</td><td style="font-weight: bold;"> </td><td> </td><td colspan="2"> </td><td> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="width: 1191px; text-align: left;">Advance received from non-controlling interest shareholder</td><td style="width: 16px;"> </td><td style="width: 16px; text-align: left;">$</td><td style="width: 142px; text-align: right;">17,953</td><td style="width: 16px; text-align: left;"> </td><td style="width: 15px;"> </td><td style="width: 15px; text-align: left;">$</td><td style="width: 141px; text-align: right;">-</td><td style="width: 15px; text-align: left;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-align: left;">Advance payments to non-controlling interest shareholder</td><td> </td><td style="text-align: left;">$</td><td style="text-align: right;">32,069</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;">$</td><td style="text-align: right;">2,222</td><td style="text-align: left;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="text-align: left;">Accounts receivables</td><td> </td><td style="text-align: left;">$</td><td style="text-align: right;">314</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;">$</td><td style="text-align: right;">17,153</td><td style="text-align: left;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-align: left;">Notes receivables</td><td> </td><td style="text-align: left;">$</td><td style="text-align: right;">87,092</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;">$</td><td style="text-align: right;">90,601</td><td style="text-align: left;"> </td></tr></table><div> </div> <div> <table style="font: 10pt/normal 'times new roman', times, serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0"> <tr style="font: 10pt/normal 'times new roman', times, serif; vertical-align: top; font-stretch: normal;"> <td style="font: 10pt/normal 'times new roman', times, serif; width: 48px; font-stretch: normal;">16</td> <td style="font: 10pt/normal 'times new roman', times, serif; width: 1519px; font-stretch: normal;">CONSOLIDATED SEGMENT DATA</td> </tr> </table> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">  <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">Segment information is based on how management reviews the business, makes investing and resource allocation decisions and assesses operating performance. The segment data presented reflects management’s segment structure. The Company reports financial and operating information in the following two segments: <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">  <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">(a) Petrochemicals Segment: Manufacturing and sales of mixed light aromatics, mixed heavy aromatics, fine propylene, propane, butane, liquefied petroleum gas (LPG), methyltert butyl ether, styrene, etc. <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">  <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">(b) Rubber Segment: Manufacturing and sales of various rubber products. <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">  <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">Segment information for the three and six months ended June 30, 2016 and 2015 is as follows: <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">  <table style="font: 10pt/normal 'times new roman', times, serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td> </td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> <td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="22">Three Months Ended June 30</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="text-align: center;"> </td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> <td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="10">2016</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> <td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="10">2015</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="text-align: center;"> </td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> <td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">Petrochemical</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> <td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">Rubber</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> <td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">Total</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> <td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">Petrochemical</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> <td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">Rubber</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> <td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">Total</td> <td style="padding-bottom: 1.5pt; font-weight: bold;"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="text-align: center;"> </td> <td style="font-weight: bold;"> </td> <td style="text-align: center; font-weight: bold;" colspan="2">($'000)</td> <td style="font-weight: bold;"> </td> <td style="font-weight: bold;"> </td> <td style="text-align: center; font-weight: bold;" colspan="2">($'000)</td> <td style="font-weight: bold;"> </td> <td style="font-weight: bold;"> </td> <td style="text-align: center; font-weight: bold;" colspan="2">($'000)</td> <td style="font-weight: bold;"> </td> <td style="font-weight: bold;"> </td> <td style="text-align: center; font-weight: bold;" colspan="2">($'000)</td> <td style="font-weight: bold;"> </td> <td style="font-weight: bold;"> </td> <td style="text-align: center; font-weight: bold;" colspan="2">($'000)</td> <td style="font-weight: bold;"> </td> <td style="font-weight: bold;"> </td> <td style="text-align: center; font-weight: bold;" colspan="2">($'000)</td> <td style="font-weight: bold;"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="text-align: center;"> </td> <td style="font-weight: bold;"> </td> <td style="text-align: center; font-weight: bold;" colspan="2">(Unaudited)</td> <td style="font-weight: bold;"> </td> <td style="font-weight: bold;"> </td> <td style="text-align: center; font-weight: bold;" colspan="2">(Unaudited)</td> <td style="font-weight: bold;"> </td> <td style="font-weight: bold;"> </td> <td style="text-align: center; font-weight: bold;" colspan="2">(Unaudited)</td> <td style="font-weight: bold;"> </td> <td style="font-weight: bold;"> </td> <td style="text-align: center; font-weight: bold;" colspan="2">(Unaudited)</td> <td style="font-weight: bold;"> </td> <td style="font-weight: bold;"> </td> <td style="text-align: center; font-weight: bold;" colspan="2">(Unaudited)</td> <td style="font-weight: bold;"> </td> <td style="font-weight: bold;"> </td> <td style="text-align: center; font-weight: bold;" colspan="2">(Unaudited)</td> <td style="font-weight: bold;"> </td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="width: 425.67px; text-indent: -10pt; padding-bottom: 4pt; padding-left: 10pt;">Sales</td> <td style="width: 16px; padding-bottom: 4pt;"> </td> <td style="width: 16px; text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td> <td style="width: 142px; text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">75,654</td> <td style="width: 16px; text-align: left; padding-bottom: 4pt;"> </td> <td style="width: 16px; padding-bottom: 4pt;"> </td> <td style="width: 16px; text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td> <td style="width: 142px; text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">23,349</td> <td style="width: 16px; text-align: left; padding-bottom: 4pt;"> </td> <td style="width: 16px; padding-bottom: 4pt;"> </td> <td style="width: 16px; text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td> <td style="width: 142px; text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">99,003</td> <td style="width: 16px; text-align: left; padding-bottom: 4pt;"> </td> <td style="width: 15px; padding-bottom: 4pt;"> </td> <td style="width: 15px; text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td> <td style="width: 141px; text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">90,922</td> <td style="width: 15px; text-align: left; padding-bottom: 4pt;"> </td> <td style="width: 15px; padding-bottom: 4pt;"> </td> <td style="width: 15px; text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td> <td style="width: 141px; text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">15,200</td> <td style="width: 15px; text-align: left; padding-bottom: 4pt;"> </td> <td style="width: 15px; padding-bottom: 4pt;"> </td> <td style="width: 15px; text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td> <td style="width: 141px; text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">106,122</td> <td style="width: 15px; text-align: left; padding-bottom: 4pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="text-align: left; text-indent: -10pt; padding-bottom: 4pt; padding-left: 10pt;">Income (loss) from operations</td> <td style="padding-bottom: 4pt;"> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">22,109</td> <td style="text-align: left; padding-bottom: 4pt;"> </td> <td style="padding-bottom: 4pt;"> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">(4,604</td> <td style="text-align: left; padding-bottom: 4pt;">)</td> <td style="padding-bottom: 4pt;"> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">17,505</td> <td style="text-align: left; padding-bottom: 4pt;"> </td> <td style="padding-bottom: 4pt;"> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">14,530</td> <td style="text-align: left; padding-bottom: 4pt;"> </td> <td style="padding-bottom: 4pt;"> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">(453</td> <td style="text-align: left; padding-bottom: 4pt;">)</td> <td style="padding-bottom: 4pt;"> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">14,077</td> <td style="text-align: left; padding-bottom: 4pt;"> </td> </tr> </table> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">  <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"> <table style="font: 10pt/normal calibri, helvetica, sans-serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td> </td> <td style="padding-bottom: 1.5pt; font-family: 'times new roman', serif; font-weight: bold;"> </td> <td style="text-align: center; font-family: 'times new roman', serif; font-weight: bold; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="22">Six months Ended June 30</td> <td style="padding-bottom: 1.5pt; font-family: 'times new roman', serif; font-weight: bold;"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="text-align: center;"> </td> <td style="padding-bottom: 1.5pt; font-family: 'times new roman', serif; font-weight: bold;"> </td> <td style="text-align: center; font-family: 'times new roman', serif; font-weight: bold; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="10">2016</td> <td style="padding-bottom: 1.5pt; font-family: 'times new roman', serif; font-weight: bold;"> </td> <td style="padding-bottom: 1.5pt; font-family: 'times new roman', serif; font-weight: bold;"> </td> <td style="text-align: center; font-family: 'times new roman', serif; font-weight: bold; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="10">2015</td> <td style="padding-bottom: 1.5pt; font-family: 'times new roman', serif; font-weight: bold;"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="text-align: center;"> </td> <td style="padding-bottom: 1.5pt; font-family: 'times new roman', serif; font-weight: bold;"> </td> <td style="text-align: center; font-family: 'times new roman', serif; font-weight: bold; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">Petrochemical</td> <td style="padding-bottom: 1.5pt; font-family: 'times new roman', serif; font-weight: bold;"> </td> <td style="padding-bottom: 1.5pt; font-family: 'times new roman', serif; font-weight: bold;"> </td> <td style="text-align: center; font-family: 'times new roman', serif; font-weight: bold; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">Rubber</td> <td style="padding-bottom: 1.5pt; font-family: 'times new roman', serif; font-weight: bold;"> </td> <td style="padding-bottom: 1.5pt; font-family: 'times new roman', serif; font-weight: bold;"> </td> <td style="text-align: center; font-family: 'times new roman', serif; font-weight: bold; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">Total</td> <td style="padding-bottom: 1.5pt; font-family: 'times new roman', serif; font-weight: bold;"> </td> <td style="padding-bottom: 1.5pt; font-family: 'times new roman', serif; font-weight: bold;"> </td> <td style="text-align: center; font-family: 'times new roman', serif; font-weight: bold; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">Petrochemical</td> <td style="padding-bottom: 1.5pt; font-family: 'times new roman', serif; font-weight: bold;"> </td> <td style="padding-bottom: 1.5pt; font-family: 'times new roman', serif; font-weight: bold;"> </td> <td style="text-align: center; font-family: 'times new roman', serif; font-weight: bold; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">Rubber</td> <td style="padding-bottom: 1.5pt; font-family: 'times new roman', serif; font-weight: bold;"> </td> <td style="padding-bottom: 1.5pt; font-family: 'times new roman', serif; font-weight: bold;"> </td> <td style="text-align: center; font-family: 'times new roman', serif; font-weight: bold; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">Total</td> <td style="padding-bottom: 1.5pt; font-family: 'times new roman', serif; font-weight: bold;"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="text-align: center;"> </td> <td style="font-family: 'times new roman', serif; font-weight: bold;"> </td> <td style="text-align: center; font-family: 'times new roman', serif; font-weight: bold;" colspan="2">($'000)</td> <td style="font-family: 'times new roman', serif; font-weight: bold;"> </td> <td style="font-family: 'times new roman', serif; font-weight: bold;"> </td> <td style="text-align: center; font-family: 'times new roman', serif; font-weight: bold;" colspan="2">($'000)</td> <td style="font-family: 'times new roman', serif; font-weight: bold;"> </td> <td style="font-family: 'times new roman', serif; font-weight: bold;"> </td> <td style="text-align: center; font-family: 'times new roman', serif; font-weight: bold;" colspan="2">($'000)</td> <td style="font-family: 'times new roman', serif; font-weight: bold;"> </td> <td style="font-family: 'times new roman', serif; font-weight: bold;"> </td> <td style="text-align: center; font-family: 'times new roman', serif; font-weight: bold;" colspan="2">($'000)</td> <td style="font-family: 'times new roman', serif; font-weight: bold;"> </td> <td style="font-family: 'times new roman', serif; font-weight: bold;"> </td> <td style="text-align: center; font-family: 'times new roman', serif; font-weight: bold;" colspan="2">($'000)</td> <td style="font-family: 'times new roman', serif; font-weight: bold;"> </td> <td style="font-family: 'times new roman', serif; font-weight: bold;"> </td> <td style="text-align: center; font-family: 'times new roman', serif; font-weight: bold;" colspan="2">($'000)</td> <td style="font-family: 'times new roman', serif; font-weight: bold;"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="text-align: center;"> </td> <td style="font-family: 'times new roman', serif; font-weight: bold;"> </td> <td style="text-align: center; font-family: 'times new roman', serif; font-weight: bold;" colspan="2">(Unaudited)</td> <td style="font-family: 'times new roman', serif; font-weight: bold;"> </td> <td style="font-family: 'times new roman', serif; font-weight: bold;"> </td> <td style="text-align: center; font-family: 'times new roman', serif; font-weight: bold;" colspan="2">(Unaudited)</td> <td style="font-family: 'times new roman', serif; font-weight: bold;"> </td> <td style="font-family: 'times new roman', serif; font-weight: bold;"> </td> <td style="text-align: center; font-family: 'times new roman', serif; font-weight: bold;" colspan="2">(Unaudited)</td> <td style="font-family: 'times new roman', serif; font-weight: bold;"> </td> <td style="font-family: 'times new roman', serif; font-weight: bold;"> </td> <td style="text-align: center; font-family: 'times new roman', serif; font-weight: bold;" colspan="2">(Unaudited)</td> <td style="font-family: 'times new roman', serif; font-weight: bold;"> </td> <td style="font-family: 'times new roman', serif; font-weight: bold;"> </td> <td style="text-align: center; font-family: 'times new roman', serif; font-weight: bold;" colspan="2">(Unaudited)</td> <td style="font-family: 'times new roman', serif; font-weight: bold;"> </td> <td style="font-family: 'times new roman', serif; font-weight: bold;"> </td> <td style="text-align: center; font-family: 'times new roman', serif; font-weight: bold;" colspan="2">(Unaudited)</td> <td style="font-family: 'times new roman', serif; font-weight: bold;"> </td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="width: 425.67px; text-indent: -10pt; padding-bottom: 4pt; padding-left: 10pt; font-family: 'times new roman', serif;">Sales</td> <td style="width: 16px; padding-bottom: 4pt; font-family: 'times new roman', serif;"> </td> <td style="width: 16px; text-align: left; font-family: 'times new roman', serif; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td> <td style="width: 142px; text-align: right; font-family: 'times new roman', serif; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">140,613</td> <td style="width: 16px; text-align: left; padding-bottom: 4pt; font-family: 'times new roman', serif;"> </td> <td style="width: 16px; padding-bottom: 4pt; font-family: 'times new roman', serif;"> </td> <td style="width: 16px; text-align: left; font-family: 'times new roman', serif; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td> <td style="width: 142px; text-align: right; font-family: 'times new roman', serif; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">44,729</td> <td style="width: 16px; text-align: left; padding-bottom: 4pt; font-family: 'times new roman', serif;"> </td> <td style="width: 16px; padding-bottom: 4pt; font-family: 'times new roman', serif;"> </td> <td style="width: 16px; text-align: left; font-family: 'times new roman', serif; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td> <td style="width: 142px; text-align: right; font-family: 'times new roman', serif; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">185,342</td> <td style="width: 16px; text-align: left; padding-bottom: 4pt; font-family: 'times new roman', serif;"> </td> <td style="width: 15px; padding-bottom: 4pt; font-family: 'times new roman', serif;"> </td> <td style="width: 15px; text-align: left; font-family: 'times new roman', serif; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td> <td style="width: 141px; text-align: right; font-family: 'times new roman', serif; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">135,229</td> <td style="width: 15px; text-align: left; padding-bottom: 4pt; font-family: 'times new roman', serif;"> </td> <td style="width: 15px; padding-bottom: 4pt; font-family: 'times new roman', serif;"> </td> <td style="width: 15px; text-align: left; font-family: 'times new roman', serif; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td> <td style="width: 141px; text-align: right; font-family: 'times new roman', serif; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">29,175</td> <td style="width: 15px; text-align: left; padding-bottom: 4pt; font-family: 'times new roman', serif;"> </td> <td style="width: 15px; padding-bottom: 4pt; font-family: 'times new roman', serif;"> </td> <td style="width: 15px; text-align: left; font-family: 'times new roman', serif; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td> <td style="width: 141px; text-align: right; font-family: 'times new roman', serif; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">164,404</td> <td style="width: 15px; text-align: left; padding-bottom: 4pt; font-family: 'times new roman', serif;"> </td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="text-align: left; text-indent: -10pt; padding-bottom: 4pt; padding-left: 10pt; font-family: 'times new roman', serif;">Income (loss) from operations</td> <td style="padding-bottom: 4pt; font-family: 'times new roman', serif;"> </td> <td style="text-align: left; font-family: 'times new roman', serif; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td> <td style="text-align: right; font-family: 'times new roman', serif; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">32,543</td> <td style="text-align: left; padding-bottom: 4pt; font-family: 'times new roman', serif;"> </td> <td style="padding-bottom: 4pt; font-family: 'times new roman', serif;"> </td> <td style="text-align: left; font-family: 'times new roman', serif; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td> <td style="text-align: right; font-family: 'times new roman', serif; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">(7,702</td> <td style="text-align: left; padding-bottom: 4pt; font-family: 'times new roman', serif;">)</td> <td style="padding-bottom: 4pt; font-family: 'times new roman', serif;"> </td> <td style="text-align: left; font-family: 'times new roman', serif; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td> <td style="text-align: right; font-family: 'times new roman', serif; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">24,841</td> <td style="text-align: left; padding-bottom: 4pt; font-family: 'times new roman', serif;"> </td> <td style="padding-bottom: 4pt; font-family: 'times new roman', serif;"> </td> <td style="text-align: left; font-family: 'times new roman', serif; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td> <td style="text-align: right; font-family: 'times new roman', serif; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">(13,420</td> <td style="text-align: left; padding-bottom: 4pt; font-family: 'times new roman', serif;">)</td> <td style="padding-bottom: 4pt; font-family: 'times new roman', serif;"> </td> <td style="text-align: left; font-family: 'times new roman', serif; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td> <td style="text-align: right; font-family: 'times new roman', serif; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">2,060</td> <td style="text-align: left; padding-bottom: 4pt; font-family: 'times new roman', serif;"> </td> <td style="padding-bottom: 4pt; font-family: 'times new roman', serif;"> </td> <td style="text-align: left; font-family: 'times new roman', serif; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td> <td style="text-align: right; font-family: 'times new roman', serif; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">(11,360</td> <td style="text-align: left; padding-bottom: 4pt; font-family: 'times new roman', serif;">)</td> </tr> </table> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">   <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"> <table style="font: 10pt/normal calibri, helvetica, sans-serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td style="text-align: center;"> </td> <td style="padding-bottom: 1.5pt; font-family: 'times new roman', serif; font-weight: bold;"> </td> <td style="text-align: center; font-family: 'times new roman', serif; font-weight: bold; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="10">As of June 30, 2016</td> <td style="padding-bottom: 1.5pt; font-family: 'times new roman', serif; font-weight: bold;"> </td> <td style="padding-bottom: 1.5pt; font-family: 'times new roman', serif; font-weight: bold;"> </td> <td style="text-align: center; font-family: 'times new roman', serif; font-weight: bold; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="10">As of December 31, 2015</td> <td style="padding-bottom: 1.5pt; font-family: 'times new roman', serif; font-weight: bold;"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="text-align: center;"> </td> <td style="padding-bottom: 1.5pt; font-family: 'times new roman', serif; font-weight: bold;"> </td> <td style="text-align: center; font-family: 'times new roman', serif; font-weight: bold; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">Petrochemical</td> <td style="padding-bottom: 1.5pt; font-family: 'times new roman', serif; font-weight: bold;"> </td> <td style="padding-bottom: 1.5pt; font-family: 'times new roman', serif; font-weight: bold;"> </td> <td style="text-align: center; font-family: 'times new roman', serif; font-weight: bold; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">Rubber</td> <td style="padding-bottom: 1.5pt; font-family: 'times new roman', serif; font-weight: bold;"> </td> <td style="padding-bottom: 1.5pt; font-family: 'times new roman', serif; font-weight: bold;"> </td> <td style="text-align: center; font-family: 'times new roman', serif; font-weight: bold; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">Total</td> <td style="padding-bottom: 1.5pt; font-family: 'times new roman', serif; font-weight: bold;"> </td> <td style="padding-bottom: 1.5pt; font-family: 'times new roman', serif; font-weight: bold;"> </td> <td style="text-align: center; font-family: 'times new roman', serif; font-weight: bold; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">Petrochemical</td> <td style="padding-bottom: 1.5pt; font-family: 'times new roman', serif; font-weight: bold;"> </td> <td style="padding-bottom: 1.5pt; font-family: 'times new roman', serif; font-weight: bold;"> </td> <td style="text-align: center; font-family: 'times new roman', serif; font-weight: bold; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">Rubber</td> <td style="padding-bottom: 1.5pt; font-family: 'times new roman', serif; font-weight: bold;"> </td> <td style="padding-bottom: 1.5pt; font-family: 'times new roman', serif; font-weight: bold;"> </td> <td style="text-align: center; font-family: 'times new roman', serif; font-weight: bold; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">Total</td> <td style="padding-bottom: 1.5pt; font-family: 'times new roman', serif; font-weight: bold;"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="text-align: center;"> </td> <td style="font-family: 'times new roman', serif; font-weight: bold;"> </td> <td style="text-align: center; font-family: 'times new roman', serif; font-weight: bold;" colspan="2">($'000)</td> <td style="font-family: 'times new roman', serif; font-weight: bold;"> </td> <td style="font-family: 'times new roman', serif; font-weight: bold;"> </td> <td style="text-align: center; font-family: 'times new roman', serif; font-weight: bold;" colspan="2">($'000)</td> <td style="font-family: 'times new roman', serif; font-weight: bold;"> </td> <td style="font-family: 'times new roman', serif; font-weight: bold;"> </td> <td style="text-align: center; font-family: 'times new roman', serif; font-weight: bold;" colspan="2">($'000)</td> <td style="font-family: 'times new roman', serif; font-weight: bold;"> </td> <td style="font-family: 'times new roman', serif; font-weight: bold;"> </td> <td style="text-align: center; font-family: 'times new roman', serif; font-weight: bold;" colspan="2">($'000)</td> <td style="font-family: 'times new roman', serif; font-weight: bold;"> </td> <td style="font-family: 'times new roman', serif; font-weight: bold;"> </td> <td style="text-align: center; font-family: 'times new roman', serif; font-weight: bold;" colspan="2">($'000)</td> <td style="font-family: 'times new roman', serif; font-weight: bold;"> </td> <td style="font-family: 'times new roman', serif; font-weight: bold;"> </td> <td style="text-align: center; font-family: 'times new roman', serif; font-weight: bold;" colspan="2">($'000)</td> <td style="font-family: 'times new roman', serif; font-weight: bold;"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="text-align: center;"> </td> <td style="font-family: 'times new roman', serif; font-weight: bold;"> </td> <td style="text-align: center; font-family: 'times new roman', serif; font-weight: bold;" colspan="2">(Unaudited)</td> <td style="font-family: 'times new roman', serif; font-weight: bold;"> </td> <td style="font-family: 'times new roman', serif; font-weight: bold;"> </td> <td style="text-align: center; font-family: 'times new roman', serif; font-weight: bold;" colspan="2">(Unaudited)</td> <td style="font-family: 'times new roman', serif; font-weight: bold;"> </td> <td style="font-family: 'times new roman', serif; font-weight: bold;"> </td> <td style="text-align: center; font-family: 'times new roman', serif; font-weight: bold;" colspan="2">(Unaudited)</td> <td style="font-family: 'times new roman', serif; font-weight: bold;"> </td> <td> </td> <td style="text-align: center;" colspan="2"> </td> <td> </td> <td> </td> <td style="text-align: center;" colspan="2"> </td> <td> </td> <td> </td> <td style="text-align: center;" colspan="2"> </td> <td> </td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="width: 425.67px; text-align: left; text-indent: -10pt; padding-bottom: 4pt; padding-left: 10pt; font-family: 'times new roman', serif;">Total assets</td> <td style="width: 16px; padding-bottom: 4pt; font-family: 'times new roman', serif;"> </td> <td style="width: 16px; text-align: left; font-family: 'times new roman', serif; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td> <td style="width: 142px; text-align: right; font-family: 'times new roman', serif; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">772,252</td> <td style="width: 16px; text-align: left; padding-bottom: 4pt; font-family: 'times new roman', serif;"> </td> <td style="width: 16px; padding-bottom: 4pt; font-family: 'times new roman', serif;"> </td> <td style="width: 16px; text-align: left; font-family: 'times new roman', serif; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td> <td style="width: 142px; text-align: right; font-family: 'times new roman', serif; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">110,904</td> <td style="width: 16px; text-align: left; padding-bottom: 4pt; font-family: 'times new roman', serif;"> </td> <td style="width: 16px; padding-bottom: 4pt; font-family: 'times new roman', serif;"> </td> <td style="width: 16px; text-align: left; font-family: 'times new roman', serif; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td> <td style="width: 142px; text-align: right; font-family: 'times new roman', serif; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">883,156</td> <td style="width: 16px; text-align: left; padding-bottom: 4pt; font-family: 'times new roman', serif;"> </td> <td style="width: 15px; padding-bottom: 4pt; font-family: 'times new roman', serif;"> </td> <td style="width: 15px; text-align: left; font-family: 'times new roman', serif; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td> <td style="width: 141px; text-align: right; font-family: 'times new roman', serif; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">724,008</td> <td style="width: 15px; text-align: left; padding-bottom: 4pt; font-family: 'times new roman', serif;"> </td> <td style="width: 15px; padding-bottom: 4pt; font-family: 'times new roman', serif;"> </td> <td style="width: 15px; text-align: left; font-family: 'times new roman', serif; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td> <td style="width: 141px; text-align: right; font-family: 'times new roman', serif; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">105,687</td> <td style="width: 15px; text-align: left; padding-bottom: 4pt; font-family: 'times new roman', serif;"> </td> <td style="width: 15px; padding-bottom: 4pt; font-family: 'times new roman', serif;"> </td> <td style="width: 15px; text-align: left; font-family: 'times new roman', serif; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td> <td style="width: 141px; text-align: right; font-family: 'times new roman', serif; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">829,695</td> <td style="width: 15px; text-align: left; padding-bottom: 4pt; font-family: 'times new roman', serif;"> </td> </tr> </table> </div> <table style="font: 10pt/normal 'times new roman', times, serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0"><tr style="vertical-align: top; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif;"><td style="width: 48px; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif;">17</td><td style="width: 1519px; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif;"><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; text-transform: uppercase;">SUBSEQUENT EVENTS</td></tr></table><p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0px;"> <p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0px; text-align: justify;">On July 11, 2016, the Company and certain affiliates of the Company entered into the Settlement Agreement with Dragon State and others described in Note 9(c) above, pursuant to which Dragon State agreed to transfer the securities of the Company it owned to Delight Reward and waive all claims and liabilities that Dragon State or its affiliated companies or individuals had brought or would bring against the Company, Delight Reward and certain affiliates of the Company for an aggregate consideration of RMB 18 million or approximately $2.7 million.<p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0px; text-align: justify;"> <p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0px; text-align: justify;">On August 4, 2016, the Company entered into the Side Agreement with Delight Reward described in Note 9(c) above in connection with the execution of the Settlement Agreement and the payment subsequently made thereunder by the Company to Dragon State.<p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0px;"> <p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0px;">For more details of the Settlement Agreement and the Side Agreement, please refer to Note 9(c) above. <div><table style="font: 10pt/normal 'times new roman', times, serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0"><tr style="vertical-align: bottom;"><td style="text-align: center;"> </td><td style="font-weight: bold;"> </td><td style="text-align: center; font-weight: bold;" colspan="2">June 30,</td><td style="font-weight: bold;"> </td><td style="font-weight: bold;"> </td><td style="text-align: center; font-weight: bold;" colspan="2">December 31,</td><td style="font-weight: bold;"> </td></tr><tr style="vertical-align: bottom;"><td style="text-align: center;"> </td><td style="padding-bottom: 1.5pt; font-weight: bold;"> </td><td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">2016</td><td style="padding-bottom: 1.5pt; font-weight: bold;"> </td><td style="padding-bottom: 1.5pt; font-weight: bold;"> </td><td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">2015</td><td style="padding-bottom: 1.5pt; font-weight: bold;"> </td></tr><tr style="vertical-align: bottom;"><td style="text-align: center;"> </td><td style="font-weight: bold;"> </td><td style="text-align: center; font-weight: bold;" colspan="2">($’000)</td><td style="font-weight: bold;"> </td><td style="font-weight: bold;"> </td><td style="text-align: center; font-weight: bold;" colspan="2">($’000)</td><td style="font-weight: bold;"> </td></tr><tr style="vertical-align: bottom;"><td style="text-align: center;"> </td><td style="font-weight: bold;"> </td><td style="text-align: center; font-weight: bold;" colspan="2">(Unaudited)</td><td style="font-weight: bold;"> </td><td> </td><td style="text-align: center;" colspan="2"> </td><td> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="width: 1191px; text-align: left;">Raw materials</td><td style="width: 16px;"> </td><td style="width: 16px; text-align: left;">$</td><td style="width: 142px; text-align: right;">10,090</td><td style="width: 16px; text-align: left;"> </td><td style="width: 15px;"> </td><td style="width: 15px; text-align: left;">$</td><td style="width: 141px; text-align: right;">34,116</td><td style="width: 15px; text-align: left;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-align: left;">Finished goods</td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">26,884</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">18,003</td><td style="text-align: left;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="padding-bottom: 1.5pt;">Work-in-process</td><td style="padding-bottom: 1.5pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">3,870</td><td style="text-align: left; padding-bottom: 1.5pt;"> </td><td style="padding-bottom: 1.5pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">3,611</td><td style="text-align: left; padding-bottom: 1.5pt;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;"> </td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;"> </td><td style="text-align: left;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="padding-bottom: 4pt;">Total</td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">40,844</td><td style="text-align: left; padding-bottom: 4pt;"> </td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">55,730</td></tr></table></div> <div><table style="font: 10pt/normal 'times new roman', times, serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0"><tr style="vertical-align: bottom;"><td style="text-align: center;"> </td><td style="font-weight: bold;"> </td><td style="text-align: center; font-weight: bold;" colspan="2">June 30,</td><td style="font-weight: bold;"> </td><td style="font-weight: bold;"> </td><td style="text-align: center; font-weight: bold;" colspan="2">December 31,</td><td style="font-weight: bold;"> </td></tr><tr style="vertical-align: bottom;"><td style="text-align: center;"> </td><td style="padding-bottom: 1.5pt; font-weight: bold;"> </td><td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">2016</td><td style="padding-bottom: 1.5pt; font-weight: bold;"> </td><td style="padding-bottom: 1.5pt; font-weight: bold;"> </td><td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">2015</td><td style="padding-bottom: 1.5pt; font-weight: bold;"> </td></tr><tr style="vertical-align: bottom;"><td style="text-align: center;"> </td><td style="font-weight: bold;"> </td><td style="text-align: center; font-weight: bold;" colspan="2">($’000)</td><td style="font-weight: bold;"> </td><td style="font-weight: bold;"> </td><td style="text-align: center; font-weight: bold;" colspan="2">($’000)</td><td style="font-weight: bold;"> </td></tr><tr style="vertical-align: bottom;"><td style="text-align: center;"> </td><td style="font-weight: bold;"> </td><td style="text-align: center; font-weight: bold;" colspan="2">(Unaudited)</td><td style="font-weight: bold;"> </td><td> </td><td style="text-align: center;" colspan="2"> </td><td> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="width: 1191px; text-align: left;">VAT recoverable</td><td style="width: 16px;"> </td><td style="width: 16px; text-align: left;">$</td><td style="width: 142px; text-align: right;">11,118</td><td style="width: 16px; text-align: left;"> </td><td style="width: 15px;"> </td><td style="width: 15px; text-align: left;">$</td><td style="width: 141px; text-align: right;">10,397</td><td style="width: 15px; text-align: left;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-align: left;">Deposits paid to suppliers</td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">2,195</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">3,907</td><td style="text-align: left;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="padding-bottom: 1.5pt;">Other</td><td style="padding-bottom: 1.5pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">6,705</td><td style="text-align: left; padding-bottom: 1.5pt;"> </td><td style="padding-bottom: 1.5pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">4,745</td><td style="text-align: left; padding-bottom: 1.5pt;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;"> </td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;"> </td><td style="text-align: left;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="padding-bottom: 4pt;"> </td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">20,018</td><td style="text-align: left; padding-bottom: 4pt;"> </td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">19,049</td><td style="text-align: left; padding-bottom: 4pt;"> </td></tr></table></div> <table style="font: 10pt/normal 'times new roman', times, serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0"><tr style="vertical-align: bottom;"><td></td><td style="font-weight: bold;"> </td><td style="text-align: center; font-weight: bold;" colspan="6">June 30,</td><td style="font-weight: bold;"> </td><td style="font-weight: bold;"> </td><td style="text-align: center; font-weight: bold;" colspan="6">December 31,</td><td style="font-weight: bold;"> </td></tr><tr style="vertical-align: bottom;"><td> </td><td style="padding-bottom: 1.5pt; font-weight: bold;"> </td><td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="6">2016</td><td style="padding-bottom: 1.5pt; font-weight: bold;"> </td><td style="padding-bottom: 1.5pt; font-weight: bold;"> </td><td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="6">2015</td><td style="padding-bottom: 1.5pt; font-weight: bold;"> </td></tr><tr style="vertical-align: bottom;"><td> </td><td style="padding-bottom: 1.5pt; font-weight: bold;"> </td><td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">SHORT-TERM  BORROWINGS</td><td style="padding-bottom: 1.5pt; font-weight: bold;"> </td><td style="padding-bottom: 1.5pt; font-weight: bold;"> </td><td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">PLEDGED BANK DEPOSITS</td><td style="padding-bottom: 1.5pt; font-weight: bold;"> </td><td style="padding-bottom: 1.5pt; font-weight: bold;"> </td><td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">SHORT-TERM  BORROWINGS</td><td style="padding-bottom: 1.5pt; font-weight: bold;"> </td><td style="padding-bottom: 1.5pt; font-weight: bold;"> </td><td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">PLEDGED BANK DEPOSITS</td><td style="padding-bottom: 1.5pt; font-weight: bold;"> </td></tr><tr style="vertical-align: bottom;"><td> </td><td style="font-weight: bold;"> </td><td style="text-align: center; font-weight: bold;" colspan="2">($’000)</td><td style="font-weight: bold;"> </td><td style="font-weight: bold;"> </td><td style="text-align: center; font-weight: bold;" colspan="2">($’000)</td><td style="font-weight: bold;"> </td><td style="font-weight: bold;"> </td><td style="text-align: center; font-weight: bold;" colspan="2">($’000)</td><td style="font-weight: bold;"> </td><td style="font-weight: bold;"> </td><td style="text-align: center; font-weight: bold;" colspan="2">($’000)</td><td style="font-weight: bold;"> </td></tr><tr style="vertical-align: bottom;"><td> </td><td style="font-weight: bold;"> </td><td style="text-align: center; font-weight: bold;" colspan="6">(Unaudited)</td><td style="font-weight: bold;"> </td><td> </td><td colspan="6"> </td><td> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="width: 801px; text-align: left; text-indent: -10pt; padding-left: 10pt;">China Construction Bank</td><td style="width: 16px;"> </td><td style="width: 16px; text-align: left;">$</td><td style="width: 142px; text-align: right;">178,366</td><td style="width: 16px; text-align: left;"> </td><td style="width: 16px;"> </td><td style="width: 16px; text-align: left;">$</td><td style="width: 142px; text-align: right;">104,550</td><td style="width: 16px; text-align: left;"> </td><td style="width: 15px;"> </td><td style="width: 15px; text-align: left;">$</td><td style="width: 141px; text-align: right;">181,799</td><td style="width: 15px; text-align: left;"> </td><td style="width: 15px;"> </td><td style="width: 15px; text-align: left;">$</td><td style="width: 141px; text-align: right;">104,500</td><td style="width: 15px; text-align: left;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-align: left; text-indent: -10pt; padding-left: 10pt;">Shanghai Pudong Development Bank</td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">2,036</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">-</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">5,929</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">-</td><td style="text-align: left;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="text-align: left; text-indent: -10pt; padding-left: 10pt;">Agricultural Bank of China</td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">6,786</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">-</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">23,100</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">-</td><td style="text-align: left;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-align: left; text-indent: -10pt; padding-left: 10pt;">Pingan Bank</td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">-</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">-</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">2,800</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">2,867</td><td style="text-align: left;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="text-indent: -10pt; padding-left: 10pt;">Bank of Communication</td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">11,725</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">-</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">10,934</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">-</td><td style="text-align: left;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-indent: -10pt; padding-left: 10pt;">Bank of China</td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">95,609</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">-</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">122,168</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">19,450</td><td style="text-align: left;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="text-align: left; text-indent: -10pt; padding-left: 10pt;">China Merchant Bank</td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">7,540</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">-</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">7,700</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">283</td><td style="text-align: left;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-align: left; text-indent: -10pt; padding-left: 10pt;">Ningbo Commerce Bank</td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">3,000</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">3,090</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">3,000</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">3090</td><td style="text-align: left;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="text-align: left; text-indent: -10pt; padding-bottom: 1.5pt; padding-left: 10pt;">China Minsheng Bank</td><td style="padding-bottom: 1.5pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">12,441</td><td style="text-align: left; padding-bottom: 1.5pt;"> </td><td style="padding-bottom: 1.5pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">-</td><td style="text-align: left; padding-bottom: 1.5pt;"> </td><td style="padding-bottom: 1.5pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">3,290</td><td style="text-align: left; padding-bottom: 1.5pt;"> </td><td style="padding-bottom: 1.5pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">-</td><td style="text-align: left; padding-bottom: 1.5pt;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-indent: -10pt; padding-bottom: 4pt; padding-left: 10pt;">Total</td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">317,503</td><td style="text-align: left; padding-bottom: 4pt;"> </td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">107,640</td><td style="text-align: left; padding-bottom: 4pt;"> </td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">360,720</td><td style="text-align: left; padding-bottom: 4pt;"> </td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">130,190</td><td style="text-align: left; padding-bottom: 4pt;"> </td></tr></table> <table style="font: 10pt/normal 'times new roman', times, serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0"><tr style="vertical-align: bottom;"><td style="text-align: center;"></td><td style="font-weight: bold;"> </td><td style="text-align: center; font-weight: bold;" colspan="2">June 30,</td><td style="font-weight: bold;"> </td><td style="font-weight: bold;"> </td><td style="text-align: center; font-weight: bold;" colspan="2">December 31,</td><td style="font-weight: bold;"> </td></tr><tr style="vertical-align: bottom;"><td style="text-align: center;"> </td><td style="padding-bottom: 1.5pt; font-weight: bold;"> </td><td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">2016</td><td style="padding-bottom: 1.5pt; font-weight: bold;"> </td><td style="padding-bottom: 1.5pt; font-weight: bold;"> </td><td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">2015</td><td style="padding-bottom: 1.5pt; font-weight: bold;"> </td></tr><tr style="vertical-align: bottom;"><td style="text-align: center;"> </td><td style="font-weight: bold;"> </td><td style="text-align: center; font-weight: bold;" colspan="2">($’000)</td><td style="font-weight: bold;"> </td><td style="font-weight: bold;"> </td><td style="text-align: center; font-weight: bold;" colspan="2">($’000)</td><td style="font-weight: bold;"> </td></tr><tr style="vertical-align: bottom;"><td style="text-align: center;"> </td><td style="font-weight: bold;"> </td><td style="text-align: center; font-weight: bold;" colspan="2">(Unaudited)</td><td style="font-weight: bold;"> </td><td> </td><td style="text-align: center;" colspan="2"> </td><td> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="width: 1191px; text-align: left;">Purchase of property, plant and equipment</td><td style="width: 16px;"> </td><td style="width: 16px; text-align: left;">$</td><td style="width: 142px; text-align: right;">14,041</td><td style="width: 16px; text-align: left;"> </td><td style="width: 15px;"> </td><td style="width: 15px; text-align: left;">$</td><td style="width: 141px; text-align: right;">12,555</td><td style="width: 15px; text-align: left;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-align: left;">Accrued payroll and welfare</td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">653</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">677</td><td style="text-align: left;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="text-align: left;">Liquidated damages</td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">2,493</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">2,493</td><td style="text-align: left;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-align: left;">Deposit from customers</td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">2,499</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">2,499</td><td style="text-align: left;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="text-align: left;">Loan from unrelated parties</td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">1,508</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">1,540</td><td style="text-align: left;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-align: left;">Other tax payable</td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">2,302</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">2,765</td><td style="text-align: left;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="text-align: left;">Accrued interest expense</td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">7,826</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">7,476</td><td style="text-align: left;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-align: left;">Accrued expense according to ongoing lawsuit</td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">14,788</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">10,200</td><td style="text-align: left;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="text-align: left; padding-bottom: 1.5pt;">Other accruals and payables</td><td style="padding-bottom: 1.5pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">2,086</td><td style="text-align: left; padding-bottom: 1.5pt;"> </td><td style="padding-bottom: 1.5pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">2,449</td><td style="text-align: left; padding-bottom: 1.5pt;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="padding-bottom: 4pt;"> </td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">48,196</td><td style="text-align: left; padding-bottom: 4pt;"> </td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">42,654</td><td style="text-align: left; padding-bottom: 4pt;"> </td></tr></table> <table style="font: 10pt/normal 'times new roman', times, serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0"><tr style="vertical-align: bottom;"><td style="text-align: justify;"> </td><td style="font-weight: bold; padding-bottom: 1.5pt;"> </td><td style="font-weight: bold; text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="6">Three months ended  June 30</td><td style="padding-bottom: 1.5pt; font-weight: bold;"> </td><td style="font-weight: bold; padding-bottom: 1.5pt;"> </td><td style="font-weight: bold; text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="6">Six months ended  June 30</td><td style="padding-bottom: 1.5pt; font-weight: bold;"> </td></tr><tr style="vertical-align: bottom;"><td style="text-align: justify;"> </td><td style="font-weight: bold; padding-bottom: 1.5pt;"> </td><td style="font-weight: bold; text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">2016</td><td style="padding-bottom: 1.5pt; font-weight: bold;"> </td><td style="font-weight: bold; padding-bottom: 1.5pt;"> </td><td style="font-weight: bold; text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">2015</td><td style="padding-bottom: 1.5pt; font-weight: bold;"> </td><td style="font-weight: bold; padding-bottom: 1.5pt;"> </td><td style="font-weight: bold; text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">2016</td><td style="padding-bottom: 1.5pt; font-weight: bold;"> </td><td style="font-weight: bold; padding-bottom: 1.5pt;"> </td><td style="font-weight: bold; text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">2015</td><td style="padding-bottom: 1.5pt; font-weight: bold;"> </td></tr><tr style="vertical-align: bottom;"><td style="text-align: justify;"> </td><td> </td><td style="text-align: center;" colspan="2">($’000)</td><td> </td><td> </td><td style="text-align: center;" colspan="2">($’000)</td><td> </td><td> </td><td style="text-align: center;" colspan="2">($’000)</td><td> </td><td> </td><td style="text-align: center;" colspan="2">($’000)</td><td> </td></tr><tr style="vertical-align: bottom;"><td style="text-align: justify;"> </td><td> </td><td style="text-align: center;" colspan="2">(Unaudited)</td><td> </td><td> </td><td style="text-align: center;" colspan="2">(Unaudited)</td><td> </td><td> </td><td style="text-align: center;" colspan="2">(Unaudited)</td><td> </td><td> </td><td style="text-align: center;" colspan="2">(Unaudited)</td><td> </td></tr><tr style="vertical-align: bottom;"><td style="text-align: justify;">Basic earnings (loss) per share:</td><td> </td><td style="text-align: right;" colspan="2"> </td><td> </td><td> </td><td style="text-align: right;" colspan="2"> </td><td> </td><td> </td><td style="text-align: right;" colspan="2"> </td><td> </td><td> </td><td style="text-align: right;" colspan="2"> </td><td> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="width: 801.671875px; text-align: left; text-indent: -10pt; padding-left: 10pt;">Net income (loss)</td><td style="width: 16px;"> </td><td style="width: 16px; text-align: left;">$</td><td style="width: 142px; text-align: right;">12,228</td><td style="width: 16px; text-align: left;"> </td><td style="width: 16px;"> </td><td style="width: 16px; text-align: left;">$</td><td style="width: 142px; text-align: right;">9,438</td><td style="width: 16px; text-align: left;"> </td><td style="width: 15px;"> </td><td style="width: 15px; text-align: left;">$</td><td style="width: 141px; text-align: right;">12,657</td><td style="width: 15px; text-align: left;"> </td><td style="width: 15px;"> </td><td style="width: 15px; text-align: left;">$</td><td style="width: 141px; text-align: right;">(38,419</td><td style="width: 15px; text-align: left;">)</td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-align: justify; text-indent: -10pt; padding-left: 10pt;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;"> </td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;"> </td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;"> </td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;"> </td><td style="text-align: left;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="text-align: justify; padding-bottom: 1.5pt; text-indent: -10pt; padding-left: 10pt;">Net loss attributable to non-controlling interests</td><td style="padding-bottom: 1.5pt;"> </td><td style="border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; text-align: left;"> </td><td style="border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; text-align: right;">(80</td><td style="padding-bottom: 1.5pt; text-align: left;">)</td><td style="padding-bottom: 1.5pt;"> </td><td style="border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; text-align: left;"> </td><td style="border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; text-align: right;">-</td><td style="padding-bottom: 1.5pt; text-align: left;"> </td><td style="padding-bottom: 1.5pt;"> </td><td style="border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; text-align: left;"> </td><td style="border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; text-align: right;">(187</td><td style="padding-bottom: 1.5pt; text-align: left;">)</td><td style="padding-bottom: 1.5pt;"> </td><td style="border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; text-align: left;"> </td><td style="border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; text-align: right;">-</td><td style="padding-bottom: 1.5pt; text-align: left;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-align: justify; text-indent: -10pt; padding-left: 10pt;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;"> </td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;"> </td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;"> </td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;"> </td><td style="text-align: left;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="text-align: left; text-indent: -10pt; padding-left: 10pt;">Net income (loss) attributable to Keyuan</td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;"> </td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;"> </td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;"> </td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;"> </td><td style="text-align: left;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-align: justify; padding-bottom: 4pt; text-indent: -10pt; padding-left: 10pt;">Petrochemicals Inc. common stockholders</td><td style="padding-bottom: 4pt;"> </td><td style="border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double; text-align: left;">$</td><td style="border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double; text-align: right;">12,308</td><td style="padding-bottom: 4pt; text-align: left;"> </td><td style="padding-bottom: 4pt;"> </td><td style="border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double; text-align: left;">$</td><td style="border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double; text-align: right;">9,438</td><td style="padding-bottom: 4pt; text-align: left;"> </td><td style="padding-bottom: 4pt;"> </td><td style="border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double; text-align: left;">$</td><td style="border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double; text-align: right;">12,844</td><td style="padding-bottom: 4pt; text-align: left;"> </td><td style="padding-bottom: 4pt;"> </td><td style="border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double; text-align: left;">$</td><td style="border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double; text-align: right;">(38,419</td><td style="padding-bottom: 4pt; text-align: left;">)</td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="text-align: justify; text-indent: -10pt; padding-left: 10pt;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;"> </td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;"> </td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;"> </td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;"> </td><td style="text-align: left;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-align: justify; text-indent: -10pt; padding-left: 10pt;">Weighted average common share</td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;"> </td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;"> </td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;"> </td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;"> </td><td style="text-align: left;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="text-align: justify; padding-bottom: 4pt; text-indent: -10pt; padding-left: 10pt;">(Denominator for basic and diluted income (loss) per share)</td><td style="padding-bottom: 4pt;"> </td><td style="border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double; text-align: left;"> </td><td style="border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double; text-align: right;">57,221,050</td><td style="padding-bottom: 4pt; text-align: left;"> </td><td style="padding-bottom: 4pt;"> </td><td style="border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double; text-align: left;"> </td><td style="border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double; text-align: right;">57,221,050</td><td style="padding-bottom: 4pt; text-align: left;"> </td><td style="padding-bottom: 4pt;"> </td><td style="border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double; text-align: left;"> </td><td style="border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double; text-align: right;">57,221,050</td><td style="padding-bottom: 4pt; text-align: left;"> </td><td style="padding-bottom: 4pt;"> </td><td style="border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double; text-align: left;"> </td><td style="border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double; text-align: right;">57,221,050</td><td style="padding-bottom: 4pt; text-align: left;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-align: justify; text-indent: -10pt; padding-left: 10pt;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;"> </td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;"> </td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;"> </td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;"> </td><td style="text-align: left;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="text-align: justify; text-indent: -10pt; padding-left: 10pt;">Basic net earnings (loss) per share:</td><td> </td><td style="text-align: left;">$</td><td style="text-align: right;">0.22</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;">$</td><td style="text-align: right;">0.17</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;">$</td><td style="text-align: right;">0.22</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;">$</td><td style="text-align: right;">(0.67</td><td style="text-align: left;">)</td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-align: justify; text-indent: -10pt; padding-left: 10pt;">Diluted net earnings (loss) per share:</td><td> </td><td style="text-align: left;">$</td><td style="text-align: right;">0.22</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;">$</td><td style="text-align: right;">0.17</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;">$</td><td style="text-align: right;">0.22</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;">$</td><td style="text-align: right;">(0.67</td><td style="text-align: left;">)</td></tr></table><div> </div> <table style="font: 10pt/normal 'times new roman', times, serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0"><tr style="vertical-align: bottom;"><td> </td><td style="padding-bottom: 1.5pt; font-weight: bold;"> </td><td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="6">Three months ended June 30</td><td style="padding-bottom: 1.5pt; font-weight: bold;"> </td><td style="padding-bottom: 1.5pt; font-weight: bold;"> </td><td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="6">Six months ended June 30</td><td style="padding-bottom: 1.5pt; font-weight: bold;"> </td></tr><tr style="vertical-align: bottom;"><td style="text-align: center;"> </td><td style="padding-bottom: 1.5pt; font-weight: bold;"> </td><td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">2016</td><td style="padding-bottom: 1.5pt; font-weight: bold;"> </td><td style="padding-bottom: 1.5pt; font-weight: bold;"> </td><td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">2015</td><td style="padding-bottom: 1.5pt; font-weight: bold;"> </td><td style="padding-bottom: 1.5pt; font-weight: bold;"> </td><td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">2016</td><td style="padding-bottom: 1.5pt; font-weight: bold;"> </td><td style="padding-bottom: 1.5pt; font-weight: bold;"> </td><td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">2015</td><td style="padding-bottom: 1.5pt; font-weight: bold;"> </td></tr><tr style="vertical-align: bottom;"><td style="text-align: center;"> </td><td style="font-weight: bold;"> </td><td style="text-align: center; font-weight: bold;" colspan="2">($’000)</td><td style="font-weight: bold;"> </td><td style="font-weight: bold;"> </td><td style="text-align: center; font-weight: bold;" colspan="2">($’000)</td><td style="font-weight: bold;"> </td><td style="font-weight: bold;"> </td><td style="text-align: center; font-weight: bold;" colspan="2">($’000)</td><td style="font-weight: bold;"> </td><td style="font-weight: bold;"> </td><td style="text-align: center; font-weight: bold;" colspan="2">($’000)</td><td style="font-weight: bold;"> </td></tr><tr style="vertical-align: bottom;"><td style="text-align: center;"> </td><td style="font-weight: bold;"> </td><td style="text-align: center; font-weight: bold;" colspan="2">(Unaudited)</td><td style="font-weight: bold;"> </td><td style="font-weight: bold;"> </td><td style="text-align: center; font-weight: bold;" colspan="2">(Unaudited)</td><td style="font-weight: bold;"> </td><td style="font-weight: bold;"> </td><td style="text-align: center; font-weight: bold;" colspan="2">(Unaudited)</td><td style="font-weight: bold;"> </td><td style="font-weight: bold;"> </td><td style="text-align: center; font-weight: bold;" colspan="2">(Unaudited)</td><td style="font-weight: bold;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="width: 815px; text-align: left;">Sales of products (e)</td><td style="width: 16px;"> </td><td style="width: 16px; text-align: left;">$</td><td style="width: 142px; text-align: right;">-</td><td style="width: 16px; text-align: left;"> </td><td style="width: 16px;"> </td><td style="width: 16px; text-align: left;">$</td><td style="width: 142px; text-align: right;">6,606</td><td style="width: 16px; text-align: left;"> </td><td style="width: 15px;"> </td><td style="width: 15px; text-align: left;">$</td><td style="width: 141px; text-align: right;">-</td><td style="width: 15px; text-align: left;"> </td><td style="width: 15px;"> </td><td style="width: 15px; text-align: left;">$</td><td style="width: 141px; text-align: right;">8,542</td><td style="width: 15px; text-align: left;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-align: left;">Purchase of raw materials (f)</td><td> </td><td style="text-align: left;">$</td><td style="text-align: right;">-</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;">$</td><td style="text-align: right;">65,416</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;">$</td><td style="text-align: right;">55,489</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;">$</td><td style="text-align: right;">94,573</td><td style="text-align: left;"> </td></tr></table><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;"> <table style="font: 10pt/normal 'times new roman', times, serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0"><tr style="vertical-align: bottom;"><td> </td><td style="padding-bottom: 1.5pt; font-weight: bold;"> </td><td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">June 30, 2016</td><td style="padding-bottom: 1.5pt; font-weight: bold;"> </td><td style="padding-bottom: 1.5pt; font-weight: bold;"> </td><td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">December 31, 2015</td><td style="padding-bottom: 1.5pt; font-weight: bold;"> </td></tr><tr style="vertical-align: bottom;"><td> </td><td style="font-weight: bold;"> </td><td style="text-align: center; font-weight: bold;" colspan="2">($’000)</td><td style="font-weight: bold;"> </td><td style="font-weight: bold;"> </td><td style="text-align: center; font-weight: bold;" colspan="2">($’000)</td><td style="font-weight: bold;"> </td></tr><tr style="vertical-align: bottom;"><td> </td><td style="font-weight: bold;"> </td><td style="text-align: center; font-weight: bold;" colspan="2">(Unaudited)</td><td style="font-weight: bold;"> </td><td> </td><td style="text-align: center;" colspan="2"> </td><td> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="width: 1177px; text-align: left; text-indent: -10pt; padding-left: 10pt;">Guarantee for bank borrowings (g)</td><td style="width: 16px;"> </td><td style="width: 16px; text-align: left;">$</td><td style="width: 142px; text-align: right;">214,139</td><td style="width: 16px; text-align: left;"> </td><td style="width: 15px;"> </td><td style="width: 15px; text-align: left;">$</td><td style="width: 141px; text-align: right;">310,276</td><td style="width: 15px; text-align: left;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-align: left; text-indent: -10pt; padding-left: 10pt;">Amounts due from these parties (h)</td><td> </td><td style="text-align: left;">$</td><td style="text-align: right;">2,195</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;">$</td><td style="text-align: right;">3,907</td><td style="text-align: left;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="text-align: left; text-indent: -10pt; padding-left: 10pt;">Advance payments to these parties(i)</td><td> </td><td style="text-align: left;">$</td><td style="text-align: right;">74,796</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;">$</td><td style="text-align: right;">4,552</td><td style="text-align: left;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-align: left; text-indent: -10pt; padding-left: 10pt;">Advance received from these parties (j)</td><td> </td><td style="text-align: left;">$</td><td style="text-align: right;">33,119</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;">$</td><td style="text-align: right;">4</td><td style="text-align: left;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="text-align: left; text-indent: -10pt; padding-left: 10pt;">Accounts payables (l)</td><td> </td><td style="text-align: left;">$</td><td style="text-align: right;">38,063</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;">$</td><td style="text-align: right;">41,269</td><td style="text-align: left;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-align: left; text-indent: -10pt; padding-left: 10pt;">Notes payable (m)</td><td> </td><td style="text-align: left;">$</td><td style="text-align: right;">131,750</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;">$</td><td style="text-align: right;">140,715</td><td style="text-align: left;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="text-align: left; text-indent: -10pt; padding-left: 10pt;">Notes receivable (n)</td><td> </td><td style="text-align: left;">$</td><td style="text-align: right;">-</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;">$</td><td style="text-align: right;">514</td><td style="text-align: left;"> </td></tr></table><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;"> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;">(e)The Group sold finished products of approximately nil and $2.6 million to Ningbo Litong during the three months ended June 30, 2016 and 2015, respectively. The Group sold finished products of approximately nil and $4.0 million to Ningbo Lide during the three months ended June 30, 2016 and 2015, respectively. The Group sold finished products of approximately nil and $4.1 million to Ningbo Litong, during the six months ended June 30, 2016 and 2015, respectively. The Group sold finished products of approximately nil and $4.4 million to Ningbo Lide during the six months ended June 30, 2016 and 2015, respectively.<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;"> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;">(f) Purchase of raw materials<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;"> <table style="font: 10pt/normal 'times new roman', times, serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0"><tr style="vertical-align: bottom;"><td> </td><td style="padding-bottom: 1.5pt; font-weight: bold;"> </td><td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="6">Purchase of raw materials during the three months ended June 30,</td><td style="padding-bottom: 1.5pt; font-weight: bold;"> </td><td style="padding-bottom: 1.5pt; font-weight: bold;"> </td><td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="6">Purchase of raw materials during the six months ended June 30,</td><td style="padding-bottom: 1.5pt; font-weight: bold;"> </td></tr><tr style="vertical-align: bottom;"><td> </td><td style="padding-bottom: 1.5pt; font-weight: bold;"> </td><td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">2016</td><td style="padding-bottom: 1.5pt; font-weight: bold;"> </td><td style="padding-bottom: 1.5pt; font-weight: bold;"> </td><td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">2015</td><td style="padding-bottom: 1.5pt; font-weight: bold;"> </td><td style="padding-bottom: 1.5pt; font-weight: bold;"> </td><td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">2016</td><td style="padding-bottom: 1.5pt; font-weight: bold;"> </td><td style="padding-bottom: 1.5pt; font-weight: bold;"> </td><td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">2015</td><td style="padding-bottom: 1.5pt; font-weight: bold;"> </td></tr><tr style="vertical-align: bottom;"><td> </td><td style="font-weight: bold;"> </td><td style="text-align: center; font-weight: bold;" colspan="2">($’000)</td><td style="font-weight: bold;"> </td><td style="font-weight: bold;"> </td><td style="text-align: center; font-weight: bold;" colspan="2">($’000)</td><td style="font-weight: bold;"> </td><td style="font-weight: bold;"> </td><td style="text-align: center; font-weight: bold;" colspan="2">($’000)</td><td style="font-weight: bold;"> </td><td style="font-weight: bold;"> </td><td style="text-align: center; font-weight: bold;" colspan="2">($’000)</td><td style="font-weight: bold;"> </td></tr><tr style="vertical-align: bottom;"><td> </td><td style="font-weight: bold;"> </td><td style="font-weight: bold;" colspan="2">(Unaudited)</td><td style="font-weight: bold;"> </td><td style="font-weight: bold;"> </td><td style="font-weight: bold;" colspan="2">(Unaudited)</td><td style="font-weight: bold;"> </td><td style="font-weight: bold;"> </td><td style="font-weight: bold;" colspan="2">(Unaudited)</td><td style="font-weight: bold;"> </td><td style="font-weight: bold;"> </td><td style="font-weight: bold;" colspan="2">(Unaudited)</td><td style="font-weight: bold;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="width: 815px; text-align: left;">Ningbo Litong</td><td style="width: 16px;"> </td><td style="width: 16px; text-align: left;">$</td><td style="width: 142px; text-align: right;">-</td><td style="width: 16px; text-align: left;"> </td><td style="width: 16px;"> </td><td style="width: 16px; text-align: left;">$</td><td style="width: 142px; text-align: right;">27,094</td><td style="width: 16px; text-align: left;"> </td><td style="width: 15px;"> </td><td style="width: 15px; text-align: left;">$</td><td style="width: 141px; text-align: right;">21,429</td><td style="width: 15px; text-align: left;"> </td><td style="width: 15px;"> </td><td style="width: 15px; text-align: left;">$</td><td style="width: 141px; text-align: right;">36,768</td><td style="width: 15px; text-align: left;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-align: left;">Ningbo Lide</td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">-</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">29,789</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">28,618</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">29,807</td><td style="text-align: left;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td>Huaning</td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">-</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">3</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">-</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">2,852</td><td style="text-align: left;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="padding-bottom: 1.5pt;">Mercuria</td><td style="padding-bottom: 1.5pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">-</td><td style="text-align: left; padding-bottom: 1.5pt;"> </td><td style="padding-bottom: 1.5pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">8,529</td><td style="text-align: left; padding-bottom: 1.5pt;"> </td><td style="padding-bottom: 1.5pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">5,442</td><td style="text-align: left; padding-bottom: 1.5pt;"> </td><td style="padding-bottom: 1.5pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">25,146</td><td style="text-align: left; padding-bottom: 1.5pt;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="padding-bottom: 4pt;">Total</td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">-</td><td style="text-align: left; padding-bottom: 4pt;"> </td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">65,415</td><td style="text-align: left; padding-bottom: 4pt;"> </td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">55,489</td><td style="text-align: left; padding-bottom: 4pt;"> </td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">94,573</td><td style="text-align: left; padding-bottom: 4pt;"> </td></tr></table><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;"> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;">(g) Guarantees for Bank Loans<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;"> <table style="font: 10pt/normal 'times new roman', times, serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0"><tr style="vertical-align: bottom;"><td> </td><td style="padding-bottom: 1.5pt; font-weight: bold;"> </td><td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="6">Guarantee provided as of</td><td style="padding-bottom: 1.5pt; font-weight: bold;"> </td></tr><tr style="vertical-align: bottom;"><td> </td><td style="padding-bottom: 1.5pt; font-weight: bold;"> </td><td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">June 30, 2016</td><td style="padding-bottom: 1.5pt; font-weight: bold;"> </td><td style="padding-bottom: 1.5pt; font-weight: bold;"> </td><td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">December 31, 2015</td><td style="padding-bottom: 1.5pt; font-weight: bold;"> </td></tr><tr style="vertical-align: bottom;"><td> </td><td style="font-weight: bold;"> </td><td style="text-align: center; font-weight: bold;" colspan="2">($’000)</td><td style="font-weight: bold;"> </td><td style="font-weight: bold;"> </td><td style="text-align: center; font-weight: bold;" colspan="2">($’000)</td><td style="font-weight: bold;"> </td></tr><tr style="vertical-align: bottom;"><td> </td><td style="font-weight: bold;"> </td><td style="font-weight: bold;" colspan="2">(Unaudited)</td><td style="font-weight: bold;"> </td><td> </td><td colspan="2"> </td><td> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="width: 1191px; text-align: left;">Ningbo Litong</td><td style="width: 16px;"> </td><td style="width: 16px; text-align: left;">$</td><td style="width: 142px; text-align: right;">40,717</td><td style="width: 16px; text-align: left;"> </td><td style="width: 15px;"> </td><td style="width: 15px; text-align: left;">$</td><td style="width: 141px; text-align: right;">102,379</td><td style="width: 15px; text-align: left;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-align: left; padding-bottom: 1.5pt;">Ningbo Lide</td><td style="padding-bottom: 1.5pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">173,422</td><td style="text-align: left; padding-bottom: 1.5pt;"> </td><td style="padding-bottom: 1.5pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">207,897</td><td style="text-align: left; padding-bottom: 1.5pt;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="padding-bottom: 4pt;">Total</td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">214,139</td><td style="text-align: left; padding-bottom: 4pt;"> </td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">310,276</td><td style="text-align: left; padding-bottom: 4pt;"> </td></tr></table><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;"> <table style="font: 10pt/normal 'times new roman', times, serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0"><tr style="vertical-align: bottom;"><td> </td><td style="padding-bottom: 1.5pt; font-weight: bold;"> </td><td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="6">Bank loans Guaranteed as of</td><td style="padding-bottom: 1.5pt; font-weight: bold;"> </td></tr><tr style="vertical-align: bottom;"><td> </td><td style="padding-bottom: 1.5pt; font-weight: bold;"> </td><td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">June 30, 2016</td><td style="padding-bottom: 1.5pt; font-weight: bold;"> </td><td style="padding-bottom: 1.5pt; font-weight: bold;"> </td><td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">December 31, 2015</td><td style="padding-bottom: 1.5pt; font-weight: bold;"> </td></tr><tr style="vertical-align: bottom;"><td> </td><td style="font-weight: bold;"> </td><td style="text-align: center; font-weight: bold;" colspan="2">($’000)</td><td style="font-weight: bold;"> </td><td style="font-weight: bold;"> </td><td style="text-align: center; font-weight: bold;" colspan="2">($’000)</td><td style="font-weight: bold;"> </td></tr><tr style="vertical-align: bottom;"><td> </td><td style="font-weight: bold;"> </td><td style="text-align: center; font-weight: bold;" colspan="2">(Unaudited)</td><td style="font-weight: bold;"> </td><td> </td><td style="text-align: center;" colspan="2"> </td><td> </td></tr><tr style="vertical-align: bottom;"><td style="text-align: justify;"> </td><td> </td><td style="text-align: justify;" colspan="2"> </td><td> </td><td> </td><td style="text-align: justify;" colspan="2"> </td><td> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="width: 1191px; text-align: justify;">Ningbo Litong</td><td style="width: 16px;"> </td><td style="width: 16px; text-align: left;">$</td><td style="width: 142px; text-align: right;">19,265</td><td style="width: 16px; text-align: left;"> </td><td style="width: 15px;"> </td><td style="width: 15px; text-align: left;">$</td><td style="width: 141px; text-align: right;">18,634</td><td style="width: 15px; text-align: left;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-align: justify; padding-bottom: 1.5pt;">Ningbo Lide</td><td style="padding-bottom: 1.5pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">98,813</td><td style="text-align: left; padding-bottom: 1.5pt;"> </td><td style="padding-bottom: 1.5pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">101,783</td><td style="text-align: left; padding-bottom: 1.5pt;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="text-align: justify; padding-bottom: 4pt;">Total</td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">118,078</td><td style="text-align: left; padding-bottom: 4pt;"> </td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">120,417</td><td style="text-align: left; padding-bottom: 4pt;"> </td></tr></table><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;"> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;">(h) At June 30, 2016 and December 31, 2015, the amounts due from these parties consist of amounts due from Huaning of $1.2 million and $3.9 million, respectively, and amounts due from Mercuria of $1.0 million and nil, respectively.<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;"> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;">(i) At June 30, 2016 and December 31, 2015, advances payments to these parties consist of payments to Ningbo Litong of $53.2 million and nil, respectively, and Ningbo Lide of $21.6 million and $4.6 million, respectively. <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;"> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;">(j) At June 30, 2016 and December 31, 2015, advances received from these parties consist of amounts received from Ningbo Litong of $33.1 million and nil, respectively, and amounts received from Huaning of $4,000 and $4,000, respectively. <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;"> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;">(k) At June 30, 2016 and December 31, 2015 accounts payables to these parties consist of payables to Ningbo Litong of nil and $1.4 million, respectively, and payables to Mecuria of $38.1 million and $39.9 million, respectively.<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;"> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;">(l) At June 30, 2016 and December 31, 2015 notes payable to these parties consist of notes payable to Ningbo Litong of $75.5 million and $68.6 million, respectively, and notes payables to Ningbo Lide of $56.3 million and $72.2 million, respectively.<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;"> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;">(n) At June 30, 2016 and December 31, 2015 notes receivables from these parties consist of notes receivable from Ningbo Litong of nil and $0.5 million, respectively, and notes receivables from Ningbo Lide of nil and $0.02 million, respectively. <div><table style="font: 10pt/normal 'times new roman', times, serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0"><tr style="vertical-align: bottom;"><td> </td><td style="padding-bottom: 1.5pt; font-weight: bold;"> </td><td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="6">Three months ended  June 30,</td><td style="padding-bottom: 1.5pt; font-weight: bold;"> </td><td style="padding-bottom: 1.5pt; font-weight: bold;"> </td><td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="6">Six months ended June 30,</td><td style="padding-bottom: 1.5pt; font-weight: bold;"> </td></tr><tr style="vertical-align: bottom;"><td> </td><td style="padding-bottom: 1.5pt; font-weight: bold;"> </td><td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">2016</td><td style="padding-bottom: 1.5pt; font-weight: bold;"> </td><td style="padding-bottom: 1.5pt; font-weight: bold;"> </td><td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">2015</td><td style="padding-bottom: 1.5pt; font-weight: bold;"> </td><td style="padding-bottom: 1.5pt; font-weight: bold;"> </td><td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">2016</td><td style="padding-bottom: 1.5pt; font-weight: bold;"> </td><td style="padding-bottom: 1.5pt; font-weight: bold;"> </td><td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">2015</td><td style="padding-bottom: 1.5pt; font-weight: bold;"> </td></tr><tr style="vertical-align: bottom;"><td> </td><td style="font-weight: bold;"> </td><td style="text-align: center; font-weight: bold;" colspan="2">($’000)</td><td style="font-weight: bold;"> </td><td style="font-weight: bold;"> </td><td style="text-align: center; font-weight: bold;" colspan="2">($’000)</td><td style="font-weight: bold;"> </td><td style="font-weight: bold;"> </td><td style="text-align: center; font-weight: bold;" colspan="2">($’000)</td><td style="font-weight: bold;"> </td><td style="font-weight: bold;"> </td><td style="text-align: center; font-weight: bold;" colspan="2">($’000)</td><td style="font-weight: bold;"> </td></tr><tr style="vertical-align: bottom;"><td> </td><td style="font-weight: bold;"> </td><td style="text-align: center; font-weight: bold;" colspan="2">(Unaudited)</td><td style="font-weight: bold;"> </td><td style="font-weight: bold;"> </td><td style="text-align: center; font-weight: bold;" colspan="2">(Unaudited)</td><td style="font-weight: bold;"> </td><td style="font-weight: bold;"> </td><td style="text-align: center; font-weight: bold;" colspan="2">(Unaudited)</td><td style="font-weight: bold;"> </td><td style="font-weight: bold;"> </td><td style="text-align: center; font-weight: bold;" colspan="2">(Unaudited)</td><td style="font-weight: bold;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="width: 801.67px; text-align: left; padding-left: 10pt;">Purchase of transportation services (a)</td><td style="width: 16px;"> </td><td style="width: 16px; text-align: left;">$</td><td style="width: 142px; text-align: right;">-</td><td style="width: 16px; text-align: left;"> </td><td style="width: 16px;"> </td><td style="width: 16px; text-align: left;">$</td><td style="width: 142px; text-align: right;">297</td><td style="width: 16px; text-align: left;"> </td><td style="width: 15px;"> </td><td style="width: 15px; text-align: left;">$</td><td style="width: 141px; text-align: right;">862</td><td style="width: 15px; text-align: left;"> </td><td style="width: 15px;"> </td><td style="width: 15px; text-align: left;">$</td><td style="width: 141px; text-align: right;">455</td><td style="width: 15px; text-align: left;"> </td></tr></table><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"> <table style="font: 10pt/normal 'times new roman', times, serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0"><tr style="vertical-align: bottom;"><td> </td><td style="padding-bottom: 1.5pt; font-weight: bold;"> </td><td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">June 30, 2016</td><td style="padding-bottom: 1.5pt; font-weight: bold;"> </td><td style="padding-bottom: 1.5pt; font-weight: bold;"> </td><td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">December 31,  2015</td><td style="padding-bottom: 1.5pt; font-weight: bold;"> </td></tr><tr style="vertical-align: bottom;"><td> </td><td style="font-weight: bold;"> </td><td style="text-align: center; font-weight: bold;" colspan="2">($’000)</td><td style="font-weight: bold;"> </td><td style="font-weight: bold;"> </td><td style="text-align: center; font-weight: bold;" colspan="2">($’000)</td><td style="font-weight: bold;"> </td></tr><tr style="vertical-align: bottom;"><td> </td><td style="font-weight: bold;"> </td><td style="text-align: center; font-weight: bold;" colspan="2">(Unaudited)</td><td style="font-weight: bold;"> </td><td> </td><td style="text-align: center;" colspan="2"> </td><td> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="width: 1177.67px; text-align: left; text-indent: -10pt; padding-left: 10pt;">Amounts due from related parties (d)</td><td style="width: 16px;"> </td><td style="width: 16px; text-align: left;">$</td><td style="width: 142px; text-align: right;">40</td><td style="width: 16px; text-align: left;"> </td><td style="width: 15px;"> </td><td style="width: 15px; text-align: left;">$</td><td style="width: 141px; text-align: right;">92</td><td style="width: 15px; text-align: left;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-align: left; text-indent: -10pt; padding-left: 10pt;">Amounts due to related parties (c)</td><td> </td><td style="text-align: left;">$</td><td style="text-align: right;">4,930</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;">$</td><td style="text-align: right;">4,592</td><td style="text-align: left;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="text-align: left; text-indent: -10pt; padding-left: 10pt;">Account payable to related parties (c)</td><td> </td><td style="text-align: left;">$</td><td style="text-align: right;">7</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;">$</td><td style="text-align: right;">739</td><td style="text-align: left;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-align: left; text-indent: -10pt; padding-left: 10pt;">Account receivable from related parties (d)</td><td> </td><td style="text-align: left;">$</td><td style="text-align: right;">20</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;">$</td><td style="text-align: right;">-</td><td style="text-align: left;"> </td></tr></table><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">(a) The Group purchased transportation services of approximately nil and $0.3 million from Ningbo Xinhe during the three months ended June 30, 2016 and 2015, respectively. The Group purchased transportation services of $0.9 million and $0.5 million from Ningbo Xinhe during the six months ended June 30, 2016 and 2015, respectively.<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">(b) Guarantees for Bank Loans<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">Guarantee provided by Mr. Tao amounted $135.7 million and $138.6 million as of June 30, 2016 and December 31, 2015.<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">Bank loans guarantee provided by Mr. Tao amounted $96.8 million and $95.9 million as of June 30, 2016 and December 31, 2015.<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">(c) Amounts due to related parties consist of the following.<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"> <table style="font: 10pt/normal 'times new roman', times, serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0"><tr style="vertical-align: bottom;"><td> </td><td style="padding-bottom: 1.5pt; font-weight: bold;"> </td><td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">June 30, 2016</td><td style="padding-bottom: 1.5pt; font-weight: bold;"> </td><td style="padding-bottom: 1.5pt; font-weight: bold;"> </td><td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">December 31,  2015</td><td style="padding-bottom: 1.5pt; font-weight: bold;"> </td></tr><tr style="vertical-align: bottom;"><td> </td><td style="font-weight: bold;"> </td><td style="text-align: center; font-weight: bold;" colspan="2">($’000)</td><td style="font-weight: bold;"> </td><td style="font-weight: bold;"> </td><td style="text-align: center; font-weight: bold;" colspan="2">($’000)</td><td style="font-weight: bold;"> </td></tr><tr style="vertical-align: bottom;"><td> </td><td style="font-weight: bold;"> </td><td style="text-align: center; font-weight: bold;" colspan="2">(Unaudited)</td><td style="font-weight: bold;"> </td><td> </td><td style="text-align: center;" colspan="2"> </td><td> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="width: 1191px; text-align: left;">Mr. Tao</td><td style="width: 16px;"> </td><td style="width: 16px; text-align: left;"> </td><td style="width: 142px; text-align: right;">4,592</td><td style="width: 16px; text-align: left;"> </td><td style="width: 15px;"> </td><td style="width: 15px; text-align: left;"> </td><td style="width: 141px; text-align: right;">4,592</td><td style="width: 15px; text-align: left;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-align: left;">Ningbo Xinhe</td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">338</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">-</td><td style="text-align: left;"> </td></tr></table><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">Amounts payable to related party consist of the following:<table style="font: 10pt/normal 'times new roman', times, serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0"><tr style="vertical-align: bottom;"><td> </td><td style="padding-bottom: 1.5pt; font-weight: bold;"> </td><td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">June 30,  2016</td><td style="padding-bottom: 1.5pt; font-weight: bold;"> </td><td style="padding-bottom: 1.5pt; font-weight: bold;"> </td><td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">December 31,  2015</td><td style="padding-bottom: 1.5pt; font-weight: bold;"> </td></tr><tr style="vertical-align: bottom;"><td> </td><td style="font-weight: bold;"> </td><td style="text-align: center; font-weight: bold;" colspan="2">($’000)</td><td style="font-weight: bold;"> </td><td style="font-weight: bold;"> </td><td style="text-align: center; font-weight: bold;" colspan="2">($’000)</td><td style="font-weight: bold;"> </td></tr><tr style="vertical-align: bottom;"><td> </td><td style="font-weight: bold;"> </td><td style="text-align: center; font-weight: bold;" colspan="2">(Unaudited)</td><td style="font-weight: bold;"> </td><td> </td><td style="text-align: center;" colspan="2"> </td><td> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="width: 1191px; text-align: left;">Ningbo Xinhe</td><td style="width: 16px;"> </td><td style="width: 16px; text-align: left;"> </td><td style="width: 142px; text-align: right;">7</td><td style="width: 16px; text-align: left;"> </td><td style="width: 15px;"> </td><td style="width: 15px; text-align: left;"> </td><td style="width: 141px; text-align: right;">739</td><td style="width: 15px; text-align: left;"> </td></tr></table><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">(d) Amount due from related parties consist of the following.<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"> <table style="font: 10pt/normal 'times new roman', times, serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0"><tr style="vertical-align: bottom;"><td> </td><td style="padding-bottom: 1.5pt; font-weight: bold;"> </td><td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">June 30, 2016</td><td style="padding-bottom: 1.5pt; font-weight: bold;"> </td><td style="padding-bottom: 1.5pt; font-weight: bold;"> </td><td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">December 31, 2015</td><td style="padding-bottom: 1.5pt; font-weight: bold;"> </td></tr><tr style="vertical-align: bottom;"><td style="text-align: center;"> </td><td style="font-weight: bold;"> </td><td style="text-align: center; font-weight: bold;" colspan="2">($’000)</td><td style="font-weight: bold;"> </td><td style="font-weight: bold;"> </td><td style="text-align: center; font-weight: bold;" colspan="2">($’000)</td><td style="font-weight: bold;"> </td></tr><tr style="vertical-align: bottom;"><td style="text-align: center;"> </td><td style="font-weight: bold;"> </td><td style="text-align: center; font-weight: bold;" colspan="2">(Unaudited)</td><td style="font-weight: bold;"> </td><td> </td><td colspan="2"> </td><td> </td></tr><tr style="vertical-align: bottom;"><td> </td><td> </td><td colspan="2"> </td><td> </td><td> </td><td colspan="2"> </td><td> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="width: 1191px; text-align: left;">Mr. Dingan Zhang</td><td style="width: 16px;"> </td><td style="width: 16px; text-align: left;">$</td><td style="width: 142px; text-align: right;">-</td><td style="width: 16px; text-align: left;"> </td><td style="width: 15px;"> </td><td style="width: 15px; text-align: left;">$</td><td style="width: 141px; text-align: right;">38</td><td style="width: 15px; text-align: left;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-align: left;">Ms. Yushui Huang</td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">-</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">8</td><td style="text-align: left;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="text-align: left; padding-bottom: 1.5pt;">Mr. Tao</td><td style="padding-bottom: 1.5pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">40</td><td style="text-align: left; padding-bottom: 1.5pt;"> </td><td style="padding-bottom: 1.5pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">46</td><td style="text-align: left; padding-bottom: 1.5pt;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="padding-bottom: 4pt;">Total</td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">40</td><td style="text-align: left; padding-bottom: 4pt;"> </td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">92</td><td style="text-align: left; padding-bottom: 4pt;"> </td></tr></table><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">Amounts receivable from related party consist of the following:<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"> <table style="font: 10pt/normal 'times new roman', times, serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0"><tr style="vertical-align: bottom;"><td> </td><td style="padding-bottom: 1.5pt; font-weight: bold;"> </td><td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">June 30, 2016</td><td style="padding-bottom: 1.5pt; font-weight: bold;"> </td><td style="padding-bottom: 1.5pt; font-weight: bold;"> </td><td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">December 31, 2015</td><td style="padding-bottom: 1.5pt; font-weight: bold;"> </td></tr><tr style="vertical-align: bottom;"><td> </td><td style="font-weight: bold;"> </td><td style="text-align: center; font-weight: bold;" colspan="2">($’000)</td><td style="font-weight: bold;"> </td><td style="font-weight: bold;"> </td><td style="text-align: center; font-weight: bold;" colspan="2">($’000)</td><td style="font-weight: bold;"> </td></tr><tr style="vertical-align: bottom;"><td> </td><td style="font-weight: bold;"> </td><td style="text-align: center; font-weight: bold;" colspan="2">(Unaudited)</td><td style="font-weight: bold;"> </td><td> </td><td style="text-align: center;" colspan="2"> </td><td> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="width: 1191px; text-align: left;">Ningbo Xinhe</td><td style="width: 16px;"> </td><td style="width: 16px; text-align: left;"> </td><td style="width: 142px; text-align: right;">20</td><td style="width: 16px; text-align: left;"> </td><td style="width: 15px;"> </td><td style="width: 15px; text-align: left;"> </td><td style="width: 141px; text-align: right;">-</td><td style="width: 15px; text-align: left;"> </td></tr></table></div> <div><table style="font: 10pt/normal 'times new roman', times, serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0"><tr style="vertical-align: bottom;"><td> </td><td style="padding-bottom: 1.5pt; font-weight: bold;"> </td><td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="6">Three months ended June 30</td><td style="padding-bottom: 1.5pt; font-weight: bold;"> </td><td style="padding-bottom: 1.5pt; font-weight: bold;"> </td><td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="6">Six months ended June 30</td><td style="padding-bottom: 1.5pt; font-weight: bold;"> </td></tr><tr style="vertical-align: bottom;"><td style="text-align: center;"> </td><td style="padding-bottom: 1.5pt; font-weight: bold;"> </td><td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">2016</td><td style="padding-bottom: 1.5pt; font-weight: bold;"> </td><td style="padding-bottom: 1.5pt; font-weight: bold;"> </td><td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">2015</td><td style="padding-bottom: 1.5pt; font-weight: bold;"> </td><td style="padding-bottom: 1.5pt; font-weight: bold;"> </td><td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">2016</td><td style="padding-bottom: 1.5pt; font-weight: bold;"> </td><td style="padding-bottom: 1.5pt; font-weight: bold;"> </td><td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">2015</td><td style="padding-bottom: 1.5pt; font-weight: bold;"> </td></tr><tr style="vertical-align: bottom;"><td style="text-align: center;"> </td><td style="font-weight: bold;"> </td><td style="text-align: center; font-weight: bold;" colspan="2">($’000)</td><td style="font-weight: bold;"> </td><td style="font-weight: bold;"> </td><td style="text-align: center; font-weight: bold;" colspan="2">($’000)</td><td style="font-weight: bold;"> </td><td style="font-weight: bold;"> </td><td style="text-align: center; font-weight: bold;" colspan="2">($’000)</td><td style="font-weight: bold;"> </td><td style="font-weight: bold;"> </td><td style="text-align: center; font-weight: bold;" colspan="2">($’000)</td><td style="font-weight: bold;"> </td></tr><tr style="vertical-align: bottom;"><td style="text-align: center;"> </td><td style="font-weight: bold;"> </td><td style="text-align: center; font-weight: bold;" colspan="2">(Unaudited)</td><td style="font-weight: bold;"> </td><td style="font-weight: bold;"> </td><td style="text-align: center; font-weight: bold;" colspan="2">(Unaudited)</td><td style="font-weight: bold;"> </td><td style="font-weight: bold;"> </td><td style="text-align: center; font-weight: bold;" colspan="2">(Unaudited)</td><td style="font-weight: bold;"> </td><td style="font-weight: bold;"> </td><td style="text-align: center; font-weight: bold;" colspan="2">(Unaudited)</td><td style="font-weight: bold;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="width: 815px;">Sales of products</td><td style="width: 16px;"> </td><td style="width: 16px; text-align: left;">$</td><td style="width: 142px; text-align: right;">-</td><td style="width: 16px; text-align: left;"> </td><td style="width: 16px;"> </td><td style="width: 16px; text-align: left;">$</td><td style="width: 142px; text-align: right;">1,111</td><td style="width: 16px; text-align: left;"> </td><td style="width: 15px;"> </td><td style="width: 15px; text-align: left;">$</td><td style="width: 141px; text-align: right;">268</td><td style="width: 15px; text-align: left;"> </td><td style="width: 15px;"> </td><td style="width: 15px; text-align: left;">$</td><td style="width: 141px; text-align: right;">1,668</td><td style="width: 15px; text-align: left;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-align: left;">Purchase of raw materials</td><td> </td><td style="text-align: left;">$</td><td style="text-align: right;">-</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;">$</td><td style="text-align: right;">34,901</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;">$</td><td style="text-align: right;">42,115</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;">$</td><td style="text-align: right;">57,690</td><td style="text-align: left;"> </td></tr></table><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"> <table style="font: 10pt/normal 'times new roman', times, serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0"><tr style="vertical-align: bottom;"><td> </td><td style="padding-bottom: 1.5pt; font-weight: bold;"> </td><td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">As at June 30,  2016</td><td style="padding-bottom: 1.5pt; font-weight: bold;"> </td><td style="padding-bottom: 1.5pt; font-weight: bold;"> </td><td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">As at December 31,  2015</td><td style="padding-bottom: 1.5pt; font-weight: bold;"> </td></tr><tr style="vertical-align: bottom;"><td> </td><td style="font-weight: bold;"> </td><td style="text-align: center; font-weight: bold;" colspan="2">($’000)</td><td style="font-weight: bold;"> </td><td style="font-weight: bold;"> </td><td style="text-align: center; font-weight: bold;" colspan="2">($’000)</td><td style="font-weight: bold;"> </td></tr><tr style="vertical-align: bottom;"><td> </td><td style="font-weight: bold;"> </td><td style="font-weight: bold;" colspan="2">(Unaudited)</td><td style="font-weight: bold;"> </td><td> </td><td colspan="2"> </td><td> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="width: 1191px; text-align: left;">Advance received from non-controlling interest shareholder</td><td style="width: 16px;"> </td><td style="width: 16px; text-align: left;">$</td><td style="width: 142px; text-align: right;">17,953</td><td style="width: 16px; text-align: left;"> </td><td style="width: 15px;"> </td><td style="width: 15px; text-align: left;">$</td><td style="width: 141px; text-align: right;">-</td><td style="width: 15px; text-align: left;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-align: left;">Advance payments to non-controlling interest shareholder</td><td> </td><td style="text-align: left;">$</td><td style="text-align: right;">32,069</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;">$</td><td style="text-align: right;">2,222</td><td style="text-align: left;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="text-align: left;">Accounts receivables</td><td> </td><td style="text-align: left;">$</td><td style="text-align: right;">314</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;">$</td><td style="text-align: right;">17,153</td><td style="text-align: left;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-align: left;">Notes receivables</td><td> </td><td style="text-align: left;">$</td><td style="text-align: right;">87,092</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;">$</td><td style="text-align: right;">90,601</td><td style="text-align: left;"> </td></tr></table></div> <div><table style="font: 10pt/normal 'times new roman', times, serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0"><tr style="vertical-align: bottom;"><td> </td><td style="padding-bottom: 1.5pt; font-weight: bold;"> </td><td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="22">Three Months Ended June 30</td><td style="padding-bottom: 1.5pt; font-weight: bold;"> </td></tr><tr style="vertical-align: bottom;"><td style="text-align: center;"> </td><td style="padding-bottom: 1.5pt; font-weight: bold;"> </td><td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="10">2016</td><td style="padding-bottom: 1.5pt; font-weight: bold;"> </td><td style="padding-bottom: 1.5pt; font-weight: bold;"> </td><td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="10">2015</td><td style="padding-bottom: 1.5pt; font-weight: bold;"> </td></tr><tr style="vertical-align: bottom;"><td style="text-align: center;"> </td><td style="padding-bottom: 1.5pt; font-weight: bold;"> </td><td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">Petrochemical</td><td style="padding-bottom: 1.5pt; font-weight: bold;"> </td><td style="padding-bottom: 1.5pt; font-weight: bold;"> </td><td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">Rubber</td><td style="padding-bottom: 1.5pt; font-weight: bold;"> </td><td style="padding-bottom: 1.5pt; font-weight: bold;"> </td><td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">Total</td><td style="padding-bottom: 1.5pt; font-weight: bold;"> </td><td style="padding-bottom: 1.5pt; font-weight: bold;"> </td><td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">Petrochemical</td><td style="padding-bottom: 1.5pt; font-weight: bold;"> </td><td style="padding-bottom: 1.5pt; font-weight: bold;"> </td><td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">Rubber</td><td style="padding-bottom: 1.5pt; font-weight: bold;"> </td><td style="padding-bottom: 1.5pt; font-weight: bold;"> </td><td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">Total</td><td style="padding-bottom: 1.5pt; font-weight: bold;"> </td></tr><tr style="vertical-align: bottom;"><td style="text-align: center;"> </td><td style="font-weight: bold;"> </td><td style="text-align: center; font-weight: bold;" colspan="2">($'000)</td><td style="font-weight: bold;"> </td><td style="font-weight: bold;"> </td><td style="text-align: center; font-weight: bold;" colspan="2">($'000)</td><td style="font-weight: bold;"> </td><td style="font-weight: bold;"> </td><td style="text-align: center; font-weight: bold;" colspan="2">($'000)</td><td style="font-weight: bold;"> </td><td style="font-weight: bold;"> </td><td style="text-align: center; font-weight: bold;" colspan="2">($'000)</td><td style="font-weight: bold;"> </td><td style="font-weight: bold;"> </td><td style="text-align: center; font-weight: bold;" colspan="2">($'000)</td><td style="font-weight: bold;"> </td><td style="font-weight: bold;"> </td><td style="text-align: center; font-weight: bold;" colspan="2">($'000)</td><td style="font-weight: bold;"> </td></tr><tr style="vertical-align: bottom;"><td style="text-align: center;"> </td><td style="font-weight: bold;"> </td><td style="text-align: center; font-weight: bold;" colspan="2">(Unaudited)</td><td style="font-weight: bold;"> </td><td style="font-weight: bold;"> </td><td style="text-align: center; font-weight: bold;" colspan="2">(Unaudited)</td><td style="font-weight: bold;"> </td><td style="font-weight: bold;"> </td><td style="text-align: center; font-weight: bold;" colspan="2">(Unaudited)</td><td style="font-weight: bold;"> </td><td style="font-weight: bold;"> </td><td style="text-align: center; font-weight: bold;" colspan="2">(Unaudited)</td><td style="font-weight: bold;"> </td><td style="font-weight: bold;"> </td><td style="text-align: center; font-weight: bold;" colspan="2">(Unaudited)</td><td style="font-weight: bold;"> </td><td style="font-weight: bold;"> </td><td style="text-align: center; font-weight: bold;" colspan="2">(Unaudited)</td><td style="font-weight: bold;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="width: 425.67px; text-indent: -10pt; padding-bottom: 4pt; padding-left: 10pt;">Sales</td><td style="width: 16px; padding-bottom: 4pt;"> </td><td style="width: 16px; text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="width: 142px; text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">75,654</td><td style="width: 16px; text-align: left; padding-bottom: 4pt;"> </td><td style="width: 16px; padding-bottom: 4pt;"> </td><td style="width: 16px; text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="width: 142px; text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">23,349</td><td style="width: 16px; text-align: left; padding-bottom: 4pt;"> </td><td style="width: 16px; padding-bottom: 4pt;"> </td><td style="width: 16px; text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="width: 142px; text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">99,003</td><td style="width: 16px; text-align: left; padding-bottom: 4pt;"> </td><td style="width: 15px; padding-bottom: 4pt;"> </td><td style="width: 15px; text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="width: 141px; text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">90,922</td><td style="width: 15px; text-align: left; padding-bottom: 4pt;"> </td><td style="width: 15px; padding-bottom: 4pt;"> </td><td style="width: 15px; text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="width: 141px; text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">15,200</td><td style="width: 15px; text-align: left; padding-bottom: 4pt;"> </td><td style="width: 15px; padding-bottom: 4pt;"> </td><td style="width: 15px; text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="width: 141px; text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">106,122</td><td style="width: 15px; text-align: left; padding-bottom: 4pt;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-align: left; text-indent: -10pt; padding-bottom: 4pt; padding-left: 10pt;">Income (loss) from operations</td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">22,109</td><td style="text-align: left; padding-bottom: 4pt;"> </td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">(4,604</td><td style="text-align: left; padding-bottom: 4pt;">)</td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">17,505</td><td style="text-align: left; padding-bottom: 4pt;"> </td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">14,530</td><td style="text-align: left; padding-bottom: 4pt;"> </td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">(453</td><td style="text-align: left; padding-bottom: 4pt;">)</td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">14,077</td><td style="text-align: left; padding-bottom: 4pt;"> </td></tr></table><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">  <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><table style="font: 10pt/normal calibri, helvetica, sans-serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0"><tr style="vertical-align: bottom;"><td> </td><td style="padding-bottom: 1.5pt; font-family: 'times new roman', serif; font-weight: bold;"> </td><td style="text-align: center; font-family: 'times new roman', serif; font-weight: bold; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="22">Six months Ended June 30</td><td style="padding-bottom: 1.5pt; font-family: 'times new roman', serif; font-weight: bold;"> </td></tr><tr style="vertical-align: bottom;"><td style="text-align: center;"> </td><td style="padding-bottom: 1.5pt; font-family: 'times new roman', serif; font-weight: bold;"> </td><td style="text-align: center; font-family: 'times new roman', serif; font-weight: bold; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="10">2016</td><td style="padding-bottom: 1.5pt; font-family: 'times new roman', serif; font-weight: bold;"> </td><td style="padding-bottom: 1.5pt; font-family: 'times new roman', serif; font-weight: bold;"> </td><td style="text-align: center; font-family: 'times new roman', serif; font-weight: bold; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="10">2015</td><td style="padding-bottom: 1.5pt; font-family: 'times new roman', serif; font-weight: bold;"> </td></tr><tr style="vertical-align: bottom;"><td style="text-align: center;"> </td><td style="padding-bottom: 1.5pt; font-family: 'times new roman', serif; font-weight: bold;"> </td><td style="text-align: center; font-family: 'times new roman', serif; font-weight: bold; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">Petrochemical</td><td style="padding-bottom: 1.5pt; font-family: 'times new roman', serif; font-weight: bold;"> </td><td style="padding-bottom: 1.5pt; font-family: 'times new roman', serif; font-weight: bold;"> </td><td style="text-align: center; font-family: 'times new roman', serif; font-weight: bold; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">Rubber</td><td style="padding-bottom: 1.5pt; font-family: 'times new roman', serif; font-weight: bold;"> </td><td style="padding-bottom: 1.5pt; font-family: 'times new roman', serif; font-weight: bold;"> </td><td style="text-align: center; font-family: 'times new roman', serif; font-weight: bold; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">Total</td><td style="padding-bottom: 1.5pt; font-family: 'times new roman', serif; font-weight: bold;"> </td><td style="padding-bottom: 1.5pt; font-family: 'times new roman', serif; font-weight: bold;"> </td><td style="text-align: center; font-family: 'times new roman', serif; font-weight: bold; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">Petrochemical</td><td style="padding-bottom: 1.5pt; font-family: 'times new roman', serif; font-weight: bold;"> </td><td style="padding-bottom: 1.5pt; font-family: 'times new roman', serif; font-weight: bold;"> </td><td style="text-align: center; font-family: 'times new roman', serif; font-weight: bold; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">Rubber</td><td style="padding-bottom: 1.5pt; font-family: 'times new roman', serif; font-weight: bold;"> </td><td style="padding-bottom: 1.5pt; font-family: 'times new roman', serif; font-weight: bold;"> </td><td style="text-align: center; font-family: 'times new roman', serif; font-weight: bold; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">Total</td><td style="padding-bottom: 1.5pt; font-family: 'times new roman', serif; font-weight: bold;"> </td></tr><tr style="vertical-align: bottom;"><td style="text-align: center;"> </td><td style="font-family: 'times new roman', serif; font-weight: bold;"> </td><td style="text-align: center; font-family: 'times new roman', serif; font-weight: bold;" colspan="2">($'000)</td><td style="font-family: 'times new roman', serif; font-weight: bold;"> </td><td style="font-family: 'times new roman', serif; font-weight: bold;"> </td><td style="text-align: center; font-family: 'times new roman', serif; font-weight: bold;" colspan="2">($'000)</td><td style="font-family: 'times new roman', serif; font-weight: bold;"> </td><td style="font-family: 'times new roman', serif; font-weight: bold;"> </td><td style="text-align: center; font-family: 'times new roman', serif; font-weight: bold;" colspan="2">($'000)</td><td style="font-family: 'times new roman', serif; font-weight: bold;"> </td><td style="font-family: 'times new roman', serif; font-weight: bold;"> </td><td style="text-align: center; font-family: 'times new roman', serif; font-weight: bold;" colspan="2">($'000)</td><td style="font-family: 'times new roman', serif; font-weight: bold;"> </td><td style="font-family: 'times new roman', serif; font-weight: bold;"> </td><td style="text-align: center; font-family: 'times new roman', serif; font-weight: bold;" colspan="2">($'000)</td><td style="font-family: 'times new roman', serif; font-weight: bold;"> </td><td style="font-family: 'times new roman', serif; font-weight: bold;"> </td><td style="text-align: center; font-family: 'times new roman', serif; font-weight: bold;" colspan="2">($'000)</td><td style="font-family: 'times new roman', serif; font-weight: bold;"> </td></tr><tr style="vertical-align: bottom;"><td style="text-align: center;"> </td><td style="font-family: 'times new roman', serif; font-weight: bold;"> </td><td style="text-align: center; font-family: 'times new roman', serif; font-weight: bold;" colspan="2">(Unaudited)</td><td style="font-family: 'times new roman', serif; font-weight: bold;"> </td><td style="font-family: 'times new roman', serif; font-weight: bold;"> </td><td style="text-align: center; font-family: 'times new roman', serif; font-weight: bold;" colspan="2">(Unaudited)</td><td style="font-family: 'times new roman', serif; font-weight: bold;"> </td><td style="font-family: 'times new roman', serif; font-weight: bold;"> </td><td style="text-align: center; font-family: 'times new roman', serif; font-weight: bold;" colspan="2">(Unaudited)</td><td style="font-family: 'times new roman', serif; font-weight: bold;"> </td><td style="font-family: 'times new roman', serif; font-weight: bold;"> </td><td style="text-align: center; font-family: 'times new roman', serif; font-weight: bold;" colspan="2">(Unaudited)</td><td style="font-family: 'times new roman', serif; font-weight: bold;"> </td><td style="font-family: 'times new roman', serif; font-weight: bold;"> </td><td style="text-align: center; font-family: 'times new roman', serif; font-weight: bold;" colspan="2">(Unaudited)</td><td style="font-family: 'times new roman', serif; font-weight: bold;"> </td><td style="font-family: 'times new roman', serif; font-weight: bold;"> </td><td style="text-align: center; font-family: 'times new roman', serif; font-weight: bold;" colspan="2">(Unaudited)</td><td style="font-family: 'times new roman', serif; font-weight: bold;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="width: 425.67px; text-indent: -10pt; padding-bottom: 4pt; padding-left: 10pt; font-family: 'times new roman', serif;">Sales</td><td style="width: 16px; padding-bottom: 4pt; font-family: 'times new roman', serif;"> </td><td style="width: 16px; text-align: left; font-family: 'times new roman', serif; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="width: 142px; text-align: right; font-family: 'times new roman', serif; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">140,613</td><td style="width: 16px; text-align: left; padding-bottom: 4pt; font-family: 'times new roman', serif;"> </td><td style="width: 16px; padding-bottom: 4pt; font-family: 'times new roman', serif;"> </td><td style="width: 16px; text-align: left; font-family: 'times new roman', serif; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="width: 142px; text-align: right; font-family: 'times new roman', serif; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">44,729</td><td style="width: 16px; text-align: left; padding-bottom: 4pt; font-family: 'times new roman', serif;"> </td><td style="width: 16px; padding-bottom: 4pt; font-family: 'times new roman', serif;"> </td><td style="width: 16px; text-align: left; font-family: 'times new roman', serif; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="width: 142px; text-align: right; font-family: 'times new roman', serif; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">185,342</td><td style="width: 16px; text-align: left; padding-bottom: 4pt; font-family: 'times new roman', serif;"> </td><td style="width: 15px; padding-bottom: 4pt; font-family: 'times new roman', serif;"> </td><td style="width: 15px; text-align: left; font-family: 'times new roman', serif; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="width: 141px; text-align: right; font-family: 'times new roman', serif; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">135,229</td><td style="width: 15px; text-align: left; padding-bottom: 4pt; font-family: 'times new roman', serif;"> </td><td style="width: 15px; padding-bottom: 4pt; font-family: 'times new roman', serif;"> </td><td style="width: 15px; text-align: left; font-family: 'times new roman', serif; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="width: 141px; text-align: right; font-family: 'times new roman', serif; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">29,175</td><td style="width: 15px; text-align: left; padding-bottom: 4pt; font-family: 'times new roman', serif;"> </td><td style="width: 15px; padding-bottom: 4pt; font-family: 'times new roman', serif;"> </td><td style="width: 15px; text-align: left; font-family: 'times new roman', serif; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="width: 141px; text-align: right; font-family: 'times new roman', serif; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">164,404</td><td style="width: 15px; text-align: left; padding-bottom: 4pt; font-family: 'times new roman', serif;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-align: left; text-indent: -10pt; padding-left: 10pt; font-family: 'times new roman', serif;">Income (loss) from operations</td><td style="font-family: 'times new roman', serif;"> </td><td style="text-align: left; font-family: 'times new roman', serif;">$</td><td style="text-align: right; font-family: 'times new roman', serif;">32,543</td><td style="text-align: left; font-family: 'times new roman', serif;"> </td><td style="font-family: 'times new roman', serif;"> </td><td style="text-align: left; font-family: 'times new roman', serif;">$</td><td style="text-align: right; font-family: 'times new roman', serif;">(7,702</td><td style="text-align: left; font-family: 'times new roman', serif;">)</td><td style="font-family: 'times new roman', serif;"> </td><td style="text-align: left; font-family: 'times new roman', serif;">$</td><td style="text-align: right; font-family: 'times new roman', serif;">24,841</td><td style="text-align: left; font-family: 'times new roman', serif;"> </td><td style="font-family: 'times new roman', serif;"> </td><td style="text-align: left; font-family: 'times new roman', serif;">$</td><td style="text-align: right; font-family: 'times new roman', serif;">(13,420</td><td style="text-align: left; font-family: 'times new roman', serif;">)</td><td style="font-family: 'times new roman', serif;"> </td><td style="text-align: left; font-family: 'times new roman', serif;">$</td><td style="text-align: right; font-family: 'times new roman', serif;">2,060</td><td style="text-align: left; font-family: 'times new roman', serif;"> </td><td style="font-family: 'times new roman', serif;"> </td><td style="text-align: left; font-family: 'times new roman', serif;">$</td><td style="text-align: right; font-family: 'times new roman', serif;">(11,360</td><td style="text-align: left; font-family: 'times new roman', serif;">)</td></tr></table><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">  <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><table style="font: 10pt/normal calibri, helvetica, sans-serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0"><tr style="vertical-align: bottom;"><td style="text-align: center;"> </td><td style="padding-bottom: 1.5pt; font-family: 'times new roman', serif; font-weight: bold;"> </td><td style="text-align: center; font-family: 'times new roman', serif; font-weight: bold; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="10">As of June 30, 2016</td><td style="padding-bottom: 1.5pt; font-family: 'times new roman', serif; font-weight: bold;"> </td><td style="padding-bottom: 1.5pt; font-family: 'times new roman', serif; font-weight: bold;"> </td><td style="text-align: center; font-family: 'times new roman', serif; font-weight: bold; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="10">As of December 31, 2015</td><td style="padding-bottom: 1.5pt; font-family: 'times new roman', serif; font-weight: bold;"> </td></tr><tr style="vertical-align: bottom;"><td style="text-align: center;"> </td><td style="padding-bottom: 1.5pt; font-family: 'times new roman', serif; font-weight: bold;"> </td><td style="text-align: center; font-family: 'times new roman', serif; font-weight: bold; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">Petrochemical</td><td style="padding-bottom: 1.5pt; font-family: 'times new roman', serif; font-weight: bold;"> </td><td style="padding-bottom: 1.5pt; font-family: 'times new roman', serif; font-weight: bold;"> </td><td style="text-align: center; font-family: 'times new roman', serif; font-weight: bold; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">Rubber</td><td style="padding-bottom: 1.5pt; font-family: 'times new roman', serif; font-weight: bold;"> </td><td style="padding-bottom: 1.5pt; font-family: 'times new roman', serif; font-weight: bold;"> </td><td style="text-align: center; font-family: 'times new roman', serif; font-weight: bold; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">Total</td><td style="padding-bottom: 1.5pt; font-family: 'times new roman', serif; font-weight: bold;"> </td><td style="padding-bottom: 1.5pt; font-family: 'times new roman', serif; font-weight: bold;"> </td><td style="text-align: center; font-family: 'times new roman', serif; font-weight: bold; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">Petrochemical</td><td style="padding-bottom: 1.5pt; font-family: 'times new roman', serif; font-weight: bold;"> </td><td style="padding-bottom: 1.5pt; font-family: 'times new roman', serif; font-weight: bold;"> </td><td style="text-align: center; font-family: 'times new roman', serif; font-weight: bold; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">Rubber</td><td style="padding-bottom: 1.5pt; font-family: 'times new roman', serif; font-weight: bold;"> </td><td style="padding-bottom: 1.5pt; font-family: 'times new roman', serif; font-weight: bold;"> </td><td style="text-align: center; font-family: 'times new roman', serif; font-weight: bold; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">Total</td><td style="padding-bottom: 1.5pt; font-family: 'times new roman', serif; font-weight: bold;"> </td></tr><tr style="vertical-align: bottom;"><td style="text-align: center;"> </td><td style="font-family: 'times new roman', serif; font-weight: bold;"> </td><td style="text-align: center; font-family: 'times new roman', serif; font-weight: bold;" colspan="2">($'000)</td><td style="font-family: 'times new roman', serif; font-weight: bold;"> </td><td style="font-family: 'times new roman', serif; font-weight: bold;"> </td><td style="text-align: center; font-family: 'times new roman', serif; font-weight: bold;" colspan="2">($'000)</td><td style="font-family: 'times new roman', serif; font-weight: bold;"> </td><td style="font-family: 'times new roman', serif; font-weight: bold;"> </td><td style="text-align: center; font-family: 'times new roman', serif; font-weight: bold;" colspan="2">($'000)</td><td style="font-family: 'times new roman', serif; font-weight: bold;"> </td><td style="font-family: 'times new roman', serif; font-weight: bold;"> </td><td style="text-align: center; font-family: 'times new roman', serif; font-weight: bold;" colspan="2">($'000)</td><td style="font-family: 'times new roman', serif; font-weight: bold;"> </td><td style="font-family: 'times new roman', serif; font-weight: bold;"> </td><td style="text-align: center; font-family: 'times new roman', serif; font-weight: bold;" colspan="2">($'000)</td><td style="font-family: 'times new roman', serif; font-weight: bold;"> </td><td style="font-family: 'times new roman', serif; font-weight: bold;"> </td><td style="text-align: center; font-family: 'times new roman', serif; font-weight: bold;" colspan="2">($'000)</td><td style="font-family: 'times new roman', serif; font-weight: bold;"> </td></tr><tr style="vertical-align: bottom;"><td style="text-align: center;"> </td><td style="font-family: 'times new roman', serif; font-weight: bold;"> </td><td style="text-align: center; font-family: 'times new roman', serif; font-weight: bold;" colspan="2">(Unaudited)</td><td style="font-family: 'times new roman', serif; font-weight: bold;"> </td><td style="font-family: 'times new roman', serif; font-weight: bold;"> </td><td style="text-align: center; font-family: 'times new roman', serif; font-weight: bold;" colspan="2">(Unaudited)</td><td style="font-family: 'times new roman', serif; font-weight: bold;"> </td><td style="font-family: 'times new roman', serif; font-weight: bold;"> </td><td style="text-align: center; font-family: 'times new roman', serif; font-weight: bold;" colspan="2">(Unaudited)</td><td style="font-family: 'times new roman', serif; font-weight: bold;"> </td><td> </td><td style="text-align: center;" colspan="2"> </td><td> </td><td> </td><td style="text-align: center;" colspan="2"> </td><td> </td><td> </td><td style="text-align: center;" colspan="2"> </td><td> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="width: 425.67px; text-align: left; text-indent: -10pt; padding-bottom: 4pt; padding-left: 10pt; font-family: 'times new roman', serif;">Total assets</td><td style="width: 16px; padding-bottom: 4pt; font-family: 'times new roman', serif;"> </td><td style="width: 16px; text-align: left; font-family: 'times new roman', serif; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="width: 142px; text-align: right; font-family: 'times new roman', serif; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">772,252</td><td style="width: 16px; text-align: left; padding-bottom: 4pt; font-family: 'times new roman', serif;"> </td><td style="width: 16px; padding-bottom: 4pt; font-family: 'times new roman', serif;"> </td><td style="width: 16px; text-align: left; font-family: 'times new roman', serif; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="width: 142px; text-align: right; font-family: 'times new roman', serif; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">110,904</td><td style="width: 16px; text-align: left; padding-bottom: 4pt; font-family: 'times new roman', serif;"> </td><td style="width: 16px; padding-bottom: 4pt; font-family: 'times new roman', serif;"> </td><td style="width: 16px; text-align: left; font-family: 'times new roman', serif; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="width: 142px; text-align: right; font-family: 'times new roman', serif; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">883,156</td><td style="width: 16px; text-align: left; padding-bottom: 4pt; font-family: 'times new roman', serif;"> </td><td style="width: 15px; padding-bottom: 4pt; font-family: 'times new roman', serif;"> </td><td style="width: 15px; text-align: left; font-family: 'times new roman', serif; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="width: 141px; text-align: right; font-family: 'times new roman', serif; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">724,008</td><td style="width: 15px; text-align: left; padding-bottom: 4pt; font-family: 'times new roman', serif;"> </td><td style="width: 15px; padding-bottom: 4pt; font-family: 'times new roman', serif;"> </td><td style="width: 15px; text-align: left; font-family: 'times new roman', serif; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="width: 141px; text-align: right; font-family: 'times new roman', serif; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">105,687</td><td style="width: 15px; text-align: left; padding-bottom: 4pt; font-family: 'times new roman', serif;"> </td><td style="width: 15px; padding-bottom: 4pt; font-family: 'times new roman', serif;"> </td><td style="width: 15px; text-align: left; font-family: 'times new roman', serif; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="width: 141px; text-align: right; font-family: 'times new roman', serif; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">829,695</td><td style="width: 15px; text-align: left; padding-bottom: 4pt; font-family: 'times new roman', serif;"> </td></tr></table></div> 284600000 292800000 695000000 659000000 59600000 34116000 10090000 18003000 26884000 3611000 3870000 10397000 11118000 3907000 2195000 4745000 6705000 360720000 181799000 122168000 5929000 23100000 7700000 3000000 10934000 3290000 2800000 317503000 178366000 95609000 2036000 6786000 7540000 3000000 11725000 12441000 130190000 104500000 19450000 283000 3090000 2867000 107640000 104550000 3090000 0.069 0.019 0.053 0.024 0.057 0.018 0.046 0.025 100000000 15400000 The debt matures on the second anniversary of being made and carries an interest of 7.0%, which is approximately 40% higher than average interest rate of long-term bank loans made at that time of similar tenor. 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Document and Entity Information - shares
6 Months Ended

Jun. 30, 2016

Nov. 03, 2016

Document and Entity Information [Abstract]

Entity Registrant Name Keyuan Petrochemicals, Inc.

Entity Central Index Key 0001326396

Amendment Flag false

Current Fiscal Year End Date --12-31

Document Type 10-Q

Document Period End Date Jun. 30, 2016

Document Fiscal Period Focus Q2

Document Fiscal Year Focus 2016

Entity Filer Category Smaller Reporting Company

Entity Common Stock, Shares Outstanding 63,132,726

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Condensed Consolidated Balance Sheets - USD ($)
$ in Thousands

Jun. 30, 2016

Dec. 31, 2015

Current assets:

Cash $ 10,034 $ 4,764

Pledged bank deposits 239,010 282,968

Notes receivable 1,393 735

Accounts receivable 29,588 23,398

Inventories 40,844 55,730

Prepayments to suppliers, net 148,492 80,077

Consumption tax recoverable 62,605 44,377

Amounts due from related parties 60 92

Amounts due from non-controlling shareholder 32,383 19,376

Other current assets 20,018 19,049

Total current assets 584,427 530,566

Property, plant and equipment, net 274,070 273,146

Intangible assets, net 963 1,021

Land use rights 22,902 23,757

Value added tax recoverable 794 1,205

Total assets 883,156 829,695

Current Liabilities:

Short-term borrowings 317,503 360,720

Notes payable 341,894 334,139

Accounts payable 69,029 52,820

Amounts due to related parties 4,937 5,330

Amounts due to non-controlling interest 17,953

Advances from customers 54,840 15,563

Accrued expenses and other payables 48,196 42,654

Income tax payable 5,391 1,596

Long term debt due within one year 15,080

Dividends payable 2,382 2,382

Total current liabilities 877,205 815,204

Long term debts 15,400

Total liabilities 877,205 830,604

Stockholders' deficit:

Common stock: Par value: $0.001; Authorized: 100,000,000 shares Issued 57,646,160; outstanding: 57,221,050 as at June 30, 2016 and December 31, 2015 58 58

Consideration receivable (9,417) (9,417)

Additional paid-in capital 70,917 70,917

Statutory reserve 6,114 6,109

Accumulated other comprehensive income 1,797 7,098

Accumulated deficit (88,755) (101,594)

Treasury stock, at cost, 425,110 shares at June 30, 2016 and December 31, 2015, respectively (449) (449)

Total stockholders' deficit (19,735) (27,278)

Non-controlling interests 25,686 26,369

Total equity (deficit) 5,951 (909)

Total liabilities and equity (deficit) $ 883,156 $ 829,695

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Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares

Jun. 30, 2016

Dec. 31, 2015

Balance Sheets [Abstract]

Common stock, par value $ 0.001 $ 0.001

Common stock, shares authorized 100,000,000 100,000,000

Common stock, shares issued 57,646,160 57,646,160

Common stock, shares outstanding 57,221,050 57,221,050

Treasury stock, shares 425,110 425,110

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Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended

Jun. 30, 2016

Jun. 30, 2015

Jun. 30, 2016

Jun. 30, 2015

Income Statement [Abstract]

Sales $ 99,003 $ 106,122 $ 185,342 $ 164,404

Cost of sales 78,115 86,144 152,199 164,987

Gross profit (loss) 20,888 19,978 33,143 (583)

Selling expenses 769 176 1,658 410

General and administration expenses 2,614 5,725 6,644 10,367

Total operating expenses 3,383 5,901 8,302 10,777

Income (loss) from operations 17,505 14,077 24,841 (11,360)

Other income (expense):

Interest income 860 3,652 2,835 6,977

Interest expense (4,198) (11,843) (10,598) (20,191)

Foreign exchange gain (loss), net 2,581 4,165 1,247 (5,243)

Other expense, net (52) (544) (204) (8,601)

Total other expense, net (809) (4,570) (6,720) (27,058)

Income (loss) before income taxes 16,696 9,507 18,121 (38,418)

Income tax expense 4,468 69 5,464 1

Net income (loss) 12,228 9,438 12,657 (38,419)

Net loss attributable to non-controlling interests (80) (187)

Net income (loss) attributable to Keyuan Petrochemicals Inc. common stockholders 12,308 9,438 12,844 (38,419)

Net income (loss) attributable to Keyuan Petrochemicals Inc. stockholders 12,228 9,438 12,657 (38,419)

Other comprehensive (loss) income:

Foreign currency translation adjustment (5,056) 479 (5,301)

Comprehensive income (loss) 7,172 9,917 7,356 (38,419)

Comprehensive loss attributable to non-controlling interest (80) (187)

Comprehensive income (loss) attributable to Keyuan Petrochemicals Inc. common stockholders $ 7,252 $ 9,917 $ 7,543 $ (38,419)

Earnings (loss) per share: Attributable to common stock:

-Basic $ 0.22 $ 0.17 $ 0.22 $ (0.67)

-Diluted $ 0.22 $ 0.17 $ 0.22 $ (0.67)

Weighted average number of shares of common stock used in calculation:

-Basic 57,221,050 57,221,050 57,221,050 57,221,050

-Diluted 57,221,050 57,221,050 57,221,050 57,221,050

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Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
6 Months Ended

Jun. 30, 2016

Jun. 30, 2015

Cash flows from operating activities:

Net income (loss) $ 12,657 $ (38,419)

Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:

Depreciation 7,578 7,679

Amortization 71 74

Bad debt expense 31 6,043

Land use rights amortization 368 390

Deferred income tax expense 13,096

Changes in operating assets and liabilities:

Notes receivable (684) (1,262)

Accounts receivable (6,789) (26,031)

Inventories 13,946 7,917

Prepayments to suppliers (72,798) (45,231)

Consumption tax refund receivable (19,449) (19,862)

Other current assets 2,913 85,740

Due from related parties (2,340) (18,455)

Accounts payable 19,676 19,020

Advances from customers 40,280 990

Income taxes payable 3,888 1,145

Accrued expenses and other payables (28) (11,836)

Other liabilities - related parties 15,123 9,134

Pledged deposit for operating activities 29,847 (68,523)

Net cash provided by (used in) operating activities 44,290 (78,391)

Cash flows from investing activities:

Purchase of property, plant and equipment (14,275) (2,271)

Net cash used in investing activities (14,275) (2,271)

Cash flow from financing activities:

Pledged bank deposits used for borrowings 27,385 36,047

Proceeds from short-term bank borrowings 203,484 397,717

Repayment of short-term bank borrowings (239,778) (476,912)

Proceeds from bank notes 285,405 344,004

Repayments of bank notes (270,485) (216,764)

Proceeds from long term debt 16,318

Net cash provided by financing activities 6,011 100,410

Effect of foreign currency exchange rate changes on cash (30,756) (14,526)

Net increase in cash 5,270 5,222

Cash at beginning of period 4,764 870

Cash at end of period 10,034 6,092

Supplemental disclosure of cash flow information:

Income tax paid 2,208 124

Interest paid, net of capitalized interest 10,086 14,660

Non cash investing and financing activities:

Amount not yet paid for purchase of property, plant and equipment (net of VAT) $ 1,774 $ (3,018)

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Organization and Nature of Business, Recent Events, and Going Concern and Management's Plans
6 Months Ended

Jun. 30, 2016

Organization and Nature of Business, Recent Events, and Going Concern and Management's Plans [Abstract]

ORGANIZATION AND NATURE OF BUSINESS, RECENT EVENTS, AND GOING CONCERN AND MANAGEMENT'S PLANS
1 ORGANIZATION AND NATURE OF BUSINESS, RECENT EVENTS, AND GOING CONCERN AND MANAGEMENT’S PLANS

(a) Organization and Nature of business

Keyuan Petrochemicals, Inc. (the “Company”) was incorporated in the State of Texas on May 4, 2004 in the former name of Silver Pearl Enterprises, Inc. The Company, through its wholly-owned subsidiary, Sinotech Group Limited (“Sinotech Group”) and its indirect subsidiaries, Keyuan Group Limited (“Keyuan HK”), Ningbo Keyuan Plastics Co., Ltd. (“Ningbo Keyuan”), Ningbo Keyuan Petrochemicals Co., Ltd. (“Ningbo Keyuan Petrochemicals”), Ningbo Keyuan Synthetic Rubbers Co., Ltd. (“Keyuan Synthetic Rubbers”), Zhejiang Zhongkexuneng Trading Co. (“Zhongkexuneng”) and Guangxi Keyuan New Materials Co., Ltd. (“Guangxi Keyuan”) (collectively referred herein below as “the Group”) are engaged in the manufacture and sale of petrochemical and rubber products in the People’s Republic of China (“PRC”).

(b) Financial condition, liquidity, and capital resources

Due to the Company’s continuous efforts in realignment of product profiles and the fact that the petrochemical industry in China has been stabilized since 2015, the Company reported a net income of approximately $12.7 million and a net loss of approximately $60.5 million for the six months ended June 30, 2016 and the year ended December 31, 2015, respectively. In addition, cash flows provided by operations were approximately $44.3 million for the six months ended June 30, 2016 and cash flows used in operations were approximately $112.5 million for the year ended December 31, 2015, respectively. At June 30, 2016 and December 31, 2015, the Company had a working capital deficit of approximately $292.8 million and $284.6 million, respectively.

Consequently, there is substantial doubt about the company’s ability to continue as a going concern.

The Company continues to finance and support its operations primarily through short-term bank borrowings. Short-term bank borrowings and notes payable amounted to approximately $659 and $695 million at June 30, 2016 and December 31, 2015, respectively. In addition, the Company continues to benefit from favorable PRC tax policies related to consumption tax. As of June 30, 2016, the Company had consumption tax refund receivables of approximately $62.6 million, and as of October 31, 2016, approximately $59.6 million was refunded to the Group.

The Company is exploring sources of additional financing, including short-term financing from its vendors and other parties and equity financing. In addition, the Company is closely monitoring its cash balances, cash needs and expense levels.

The ability of the Company to continue as a going concern is dependent upon management’s ability to implement its expansion plan - particularly the Guangxi project - to increase its production capacity, obtain additional capital and generate net income and positive cash flows from operations. There can be no assurance that these plans will be sufficient or that additional financing will be available in amounts or terms acceptable to the Company, if at all.

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Basis of Presentation
6 Months Ended

Jun. 30, 2016

Basis of Presentation [Abstract]

BASIS OF PRESENTATION
2 BASIS OF PRESENTATION

The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) and include the consolidated financial statements of the Company and its subsidiaries. All intercompany balances and transactions are eliminated in consolidation. The consolidated financial statements have been prepared in accordance with U.S. GAAP applicable to interim financial information and the requirements of Form 10-Q and Article 10 of Regulation S-X of the Securities and Exchange Commission. Accordingly, they do not include all of the information and disclosures required by accounting principles generally accepted in the United States of America for complete financial statements. These interim financial statements should be read in conjunction with the audited consolidated financial statements for the years ended December 31, 2015 and 2014, as not all disclosures required by generally accepted accounting principles for annual financial statements are presented. The interim financial statements follow the same accounting policies and methods of computation as the audited consolidated financial statements for the years ended December 31, 2015 and 2014. Interim results are not necessarily indicative of results for a full year. In the opinion of management, all adjustments, consisting of normal recurring adjustments, considered necessary for a fair presentation of the financial position and the results of operations and cash flows for the interim periods have been included.

X

- Definition
The entire disclosure for the business description and basis of presentation concepts. Business description describes the nature and type of organization including but not limited to organizational structure as may be applicable to holding companies, parent and subsidiary relationships, business divisions, business units, business segments, affiliates and information about significant ownership of the reporting entity. Basis of presentation describes the underlying basis used to prepare the financial statements (for example, US Generally Accepted Accounting Principles, Other Comprehensive Basis of Accounting, IFRS).
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Inventories
6 Months Ended

Jun. 30, 2016

Inventories [Abstract]

INVENTORIES
3 INVENTORIES

Inventories consist of the following:

June 30, December 31,
2016 2015
($’000) ($’000)
(Unaudited)
Raw materials $ 10,090 $ 34,116
Finished goods 26,884 18,003
Work-in-process 3,870 3,611

Total $ 40,844 $ 55,730

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The entire disclosure for inventory. Includes, but is not limited to, the basis of stating inventory, the method of determining inventory cost, the classes of inventory, and the nature of the cost elements included in inventory.
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-Subparagraph (SX 210.5-02.6)
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Consumption Tax Refund Receivable
6 Months Ended

Jun. 30, 2016

Consumption Tax Refund Receivable [Abstract]

CONSUMPTION TAX REFUND RECEIVABLE
4 CONSUMPTION TAX REFUND RECEIVABLE

The PRC government enacted a regulation pursuant to which domestically purchased heavy oil to be used for producing ethylene and aromatics products was exempted from consumption tax. In addition, the consumption tax paid for imported heavy oil is to be refunded if it is used for producing ethylene and aromatics products. Because all the Group’s purchased heavy oils are, or are to be, used for producing ethylene and aromatics products, the Group recognizes a consumption tax recoverable when a consumption tax for heavy oils has been paid and the relevant heavy oils have been used for producing ethylene and aromatics products. At June 30, 2016 and December 31, 2015, the Group recorded an estimated consumption tax refund receivables amounting to approximately $62.6 million and $44.4 million, respectively. As of October 31, 2016, approximately $59.6 million was refunded to the Group.

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Other Current Assets
6 Months Ended

Jun. 30, 2016

Other Current Assets [Abstract]

OTHER CURRENT ASSETS
5 OTHER CURRENT ASSETS

Other current assets consist of the following:

June 30, December 31,
2016 2015
($’000) ($’000)
(Unaudited)
VAT recoverable $ 11,118 $ 10,397
Deposits paid to suppliers 2,195 3,907
Other 6,705 4,745

$ 20,018 $ 19,049

Management estimates the deductible input value added tax (“VAT”) using vendor contracts, engineering and other estimates, as well as historical experience.

Customs deposits for imported inventories represent amounts paid to the local customs office in connection with the import of raw materials inventories. Upon approval by the customs authorities, these amounts become refundable by the local tax authority and are reclassified as consumption tax refund receivable (Note 4).

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Short-Term Borrowings and Long-Term Debt
6 Months Ended

Jun. 30, 2016

Short-Term Borrowings and Long-Term Debt [Abstract]

SHORT-TERM BORROWINGS AND LONG-TERM DEBT
6 SHORT-TERM BORROWINGS AND LONG-TERM DEBT

As of June 30, 2016 and December 31, 2015, short-term borrowings outstanding carried a weighted average interest rate of 4.6% and 5.3% for loans in RMB, respectively; and a weighted average interest rate of 2.5% and 2.4% for loans in USD, respectively, and had maturity terms ranging from July 2016 to June 2017 and interest rates ranging from 1.8% to 5.7% and 1.9% to 6.9%, respectively.

Short-term borrowings consist of the following:

June 30, December 31,
2016 2015
SHORT-TERM
BORROWINGS PLEDGED BANK DEPOSITS SHORT-TERM
BORROWINGS PLEDGED BANK DEPOSITS
($’000) ($’000) ($’000) ($’000)
(Unaudited)
China Construction Bank $ 178,366 $ 104,550 $ 181,799 $ 104,500
Shanghai Pudong Development Bank 2,036 - 5,929 -
Agricultural Bank of China 6,786 - 23,100 -
Pingan Bank - - 2,800 2,867
Bank of Communication 11,725 - 10,934 -
Bank of China 95,609 - 122,168 19,450
China Merchant Bank 7,540 - 7,700 283
Ningbo Commerce Bank 3,000 3,090 3,000 3090
China Minsheng Bank 12,441 - 3,290 -
Total $ 317,503 $ 107,640 $ 360,720 $ 130,190

The only long term debt of the Group is a loan to Ningbo Keyuan from Zhouji (Group) Co., Ltd (“Zhouji Group”) made on April 9, 2015 in the initial amount of RMB 100 million (approximately $15.4 million). The debt matures on the second anniversary of being made and carries an interest of 7.0%, which is approximately 40% higher than average interest rate of long-term bank loans made at that time of similar tenor. The long-term loan is secured by 15% of Mr. Chunfeng Tao’s ownership of Ningbo Keyuan. Upon the maturity of the loan, Zhouji Group has an option to elect a payment of the principal and the accrued interest or the transfer of 15% of Mr. Tao’s ownership of Ningbo Keyuan.

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Notes Payable
6 Months Ended

Jun. 30, 2016

Notes Payable [Abstract]

NOTES PAYABLE
7
NOTES PAYABLE

Notes payable represent bills issued by an accepting bank in favor of the Group’s suppliers. The Group’s suppliers receive payments from such accepting bank directly upon maturity of the bills, and the Group is obliged to repay the face value of the bills to such accepting bank. Bills that are not remitted directly by the Group to its suppliers may be sold by the Group to other accepting banks for cash prior to their maturity. Discounts paid are recorded as a component of interest expense. Notes payable with financing nature amounted $248 million and $312 million as of June 30, 2016 and December 31, 2015, respectively.

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Accrued Expenses and Other Payables
6 Months Ended

Jun. 30, 2016

Accrued Expenses and Other Payables [Abstract]

ACCRUED EXPENSES AND OTHER PAYABLES
8 ACCRUED EXPENSES AND OTHER PAYABLES

Accrued expenses and other payables consist of the following:

June 30, December 31,
2016 2015
($’000) ($’000)
(Unaudited)
Purchase of property, plant and equipment $ 14,041 $ 12,555
Accrued payroll and welfare 653 677
Liquidated damages 2,493 2,493
Deposit from customers 2,499 2,499
Loan from unrelated parties 1,508 1,540
Other tax payable 2,302 2,765
Accrued interest expense 7,826 7,476
Accrued expense according to ongoing lawsuit 14,788 10,200
Other accruals and payables 2,086 2,449
$ 48,196 $ 42,654

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Commitments and Contingencies
6 Months Ended

Jun. 30, 2016

Commitments and Contingencies [Abstract]

COMMITMENTS AND CONTINGENCIES
9 COMMITMENTS AND CONTINGENCIES

(a) Operating commitments

As of June 30, 2016, the Group had outstanding Letters of Credit of approximately $33 million.

(b) Capital commitments

As of June 30, 2016, the Group had contractual capital commitments of approximately $14 million for purchases of equipment. The capital commitments relate primarily to manufacturing equipment enhancements.

(c) Litigation

On October 28, 2014, Dragon State Limited (“Dragon State”), an investor in a private placement that the Company closed in September 2010, filed a complaint against, among others, Keyuan Petrochemicals, Inc. and Mr. Chunfeng Tao, seeking rescission of the securities purchase agreement in the private placement and the return of $20 million, and in the alternative, seeking monetary damages to be determined at a trial but not less than $20 million (the “Complaint”). Pursuant to the September 2010 private placement, Dragon State had purchased from the Company for an aggregate price of $20 million, 5,333,340 shares of Series B preferred stock, 800,001 series C warrants to purchase 800,001 common shares, at a price of $4.50 per share (subject to adjustments), and 800,001 series D warrants to purchase 800,001 common shares at a price of $5.25 per share (subject to adjustments).

On July 11, 2016, the Company entered into a share purchase and settlement agreement (the “Settlement Agreement”) among Dragon State, Delight Reward Limited (“Delight Reward”), Keyuan HK, Ningbo Keyuan Petrochemicals, Ningbo Keyuan, and Keyuan Synthetic Rubbers (the Company, Keyuan HK, Ningbo Keyuan Petrochemicals, Ningbo Keyuan and Keyuan Synthetic Rubbers are collectively referred as the “Keyuan Group”), Mr. Chunfeng Tao, and Prax Capital Equity Management Co., Ltd., an affiliated party to Dragon State. Pursuant to the Settlement Agreement, Dragon State agreed to transfer the securities purchased in the September 2010 Private Placement to Delight Reward for a consideration of RMB 12,000,000 or approximately $1,800,000. In addition, Delight Reward and Keyuan Group agreed to pay, and Dragon State agreed to accept, a settlement of RMB 6,000,000 or approximately $900,000 to waive all claims and liabilities that Dragon State or its affiliated companies or individuals had brought or would bring against Delight Reward, Keyuan Group, Mr. Tao and their affiliates including the Complaint. These amounts were paid on July 15, 2016. On July 19, 2016, the United States District Court Southern District of New York entered an order granting final approval of the settlement. The Complaint was dismissed.

On August 4, 2016, Delight Reward entered into a side agreement with the Company (the “Side Agreement”). Under the Side Agreement, Delight Reward agreed not to claim that the warrants transferred pursuant to the Settlement Agreement were exercisable, and agreed pay to the Company for each convertible share underlying the Series B preferred stock transferred pursuant to the Settlement Agreement, the highest sale price of the Company’s Common Stock per share as reported on the OTC Pink during a period commencing on the date of the Settlement Agreement and ending on August 4, 2016, which was $0.005 per share of Common Stock. The aggregate purchase price for the shares of Common Stock underlying the series B preferred stock was therefore $27,465.01. On August 8, 2016, these funds were paid in cash on hand by Delight Reward. On August 10, 2016, the shares of Series B preferred stock were converted into 5,493,001 shares of Common Stock pursuant to the terms of the certificate of designations of series B preferred stock and the Side Agreement.

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Income Taxes
6 Months Ended

Jun. 30, 2016

Income Taxes [Abstract]

INCOME TAXES
10 INCOME TAXES

The provision for income taxes is recorded at the end of each interim period based on the Group’s best estimate of its effective income tax rate expected to be applicable for the full fiscal year. The Group’s effective tax rate for the six months ended June 30, 2016 is approximately 30%. The increased effective rate for the six months ended June 30, 2016 compared to year 2015 is primarily due to losses in non-PRC jurisdictions, the benefit of which is not expected to be realized. The Group paid income taxes of approximately $1.5 million and $2.2 million, respectively during the three months and six months ended June 30, 2016.

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Earnings (Loss) Per Share
6 Months Ended

Jun. 30, 2016

Earnings (Loss) Per Share [Abstract]

EARNINGS (LOSS) PER SHARE
11 EARNINGS (LOSS) PER SHARE

The following table sets forth the computation of basic and diluted net earnings (loss) per share:

Three months ended
June 30 Six months ended
June 30
2016 2015 2016 2015
($’000) ($’000) ($’000) ($’000)
(Unaudited) (Unaudited) (Unaudited) (Unaudited)
Basic earnings (loss) per share:
Net income (loss) $ 12,228 $ 9,438 $ 12,657 $ (38,419 )

Net loss attributable to non-controlling interests (80 ) - (187 ) -

Net income (loss) attributable to Keyuan
Petrochemicals Inc. common stockholders $ 12,308 $ 9,438 $ 12,844 $ (38,419 )

Weighted average common share
(Denominator for basic and diluted income (loss) per share) 57,221,050 57,221,050 57,221,050 57,221,050

Basic net earnings (loss) per share: $ 0.22 $ 0.17 $ 0.22 $ (0.67 )
Diluted net earnings (loss) per share: $ 0.22 $ 0.17 $ 0.22 $ (0.67 )

Diluted earnings (loss) per share is calculated by dividing net income (loss) attributable to the Company’s stockholders as adjusted for the effect of dilutive common stock equivalents, if any, by the weighted average number of common stock and dilutive common stock equivalents outstanding during the year. Common stock equivalents consist of the common stock issuable upon the exercise of outstanding stock options and stock purchase warrants (using the treasury stock method). Potential dilutive securities are not included in the calculation of dilutive earnings (loss) per share if the effect is anti-dilutive. No warrants and options were included in diluted earnings (loss) per share for the three and six months ended June 30, 2016 and 2015, respectively, as their effect was anti-dilutive.

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Stock Repurchase Program
6 Months Ended

Jun. 30, 2016

Stock Repurchase Program [Abstract]

STOCK REPURCHASE PROGRAM
12 STOCK REPURCHASE PROGRAM

On September 22, 2014, the Board of Directors authorized the termination of a repurchase program that was commenced on December 31, 2012 to repurchase of up to $2 million of its common stock at a price of up to $1.50 per share. The Company purchased 425,110 shares of common stock through the stock repurchase program.

Shares of common stock repurchased by the Company are recorded at cost as treasury stock and result in a reduction of equity in the consolidated balance sheets. Treasury shares may be reissued as part of the Company’s stock-based compensation programs. There were no reissuances during the three and six months ended June 30, 2016 and 2015.

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Fair Value Measurements
6 Months Ended

Jun. 30, 2016

Fair Value Measurements [Abstract]

FAIR VALUE MEASUREMENTS
13 FAIR VALUE MEASUREMENTS

The Company did not have any assets or liabilities that were measured at fair value on a recurring basis as of June 30, 2016 and December 31, 2015, respectively.

The fair values of cash, pledged bank deposits, notes receivable, accounts receivable, short-term bank borrowing, notes payable, accounts payable and long term debt due within one year approximate their respective carrying amounts due to their short-term nature. The fair value of pledged bank deposits and short-term bank borrowings approximate their carrying amount because of their varying interest rates and/or their short maturities.

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The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.
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Significant Concentrations and Risks
6 Months Ended

Jun. 30, 2016

Significant Concentrations and Risks [Abstract]

SIGNIFICANT CONCENTRATIONS AND RISKS
14 SIGNIFICANT CONCENTRATIONS AND RISKS

As of June 30, 2016 and December 31, 2015, the Group held cash and pledged bank deposits in financial institutions of approximately $249 million and $288 million, respectively. These were primarily held in major financial institutions located in mainland China and the Hong Kong Special Administrative Region, which management believes have high credit quality.

During the three and six months ended June 30, 2016 and the three and six months ended June 30, 2015, no sales to individual customer exceeded 10% of the Group’s total net revenue. As of June 30, 2016, three customers accounted for 37%, 21% and 18% of accounts receivables.

The Group currently buys a majority of its heavy oil and styrene, important components of its products, from three suppliers. Management believes that other suppliers could be found to provide similar products on comparable terms if it were to become necessary. A change in suppliers, however, could cause a delay in manufacturing and a possible loss of sales, which would affect operating results adversely.

During the three and six months ended June 30, 2016, three suppliers to the Group each accounted for more than 10% of total group purchase. These three suppliers accounted for approximately 27%, 27% and 20% of the total purchase for three months ended June 30, 2016 and 19%, 13% and 12% of total purchase for the six months ended June 30, 2016, respectively. During the three months ended June 30, 2015, the three individual suppliers from whom the Group purchased more than 10% of its total purchases, accounted for approximately 17%, 14% and 11% of the total purchase. During the six months ended June 30, 2015, the Group has three individual suppliers exceeded 10% of the Group’s total purchases, accounted for approximately 23%, 20% and 10% of the total purchase. As at June 30, 2016, two customers accounted for 76%, 16% of total accounts payable.

The Group commenced trading of heavy oil in April 2013 as an agent on behalf of a Hong-Kong based customer. For the three months ended June 30, 2016 and 2015, and for the six months ended June 30, 2016, there were no trading of heavy oil. For the six months ended June 30, 2015, the trading of heavy oil consists of purchases of approximately $3.0 million and sales of approximately $3.0 million, resulting in no profit or loss.

The Group’s operations are carried out in the PRC. Accordingly, the Group’s business, financial condition and results of operations may be influenced by the political, economic and legal environments in the PRC, as well as by the general state of the PRC’s economy. The business may be influenced by changes in governmental policies with respect to laws and regulations, anti-inflationary measures, currency conversion and remittances abroad, and rates and methods of taxation, among other things.

X

- Definition
The entire disclosure for any concentrations existing at the date of the financial statements that make an entity vulnerable to a reasonably possible, near-term, severe impact. This disclosure informs financial statement users about the general nature of the risk associated with the concentration, and may indicate the percentage of concentration risk as of the balance sheet date.
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Related Party Transactions and Relationships and Transactions With Certain Other Parties
6 Months Ended

Jun. 30, 2016

Related Party Transactions and Relationships and Transactions With Certain Other Parties [Abstract]

RELATED PARTY TRANSACTIONS AND RELATIONSHIPS AND TRANSACTIONS WITH CERTAIN OTHER PARTIES
15 RELATED PARTY TRANSACTIONS AND RELATIONSHIPS AND TRANSACTIONS WITH CERTAIN OTHER PARTIES

(A) Related Party Transactions

The Company considers all transactions with the following parties to be related party transactions.

Name of parties Relationship
Mr. Chunfeng Tao (“Mr. Tao”) Majority stockholder

Mr. Jicun Wang (“Mr. Wang”) Principal stockholder

Mr. Peijun Chen (“Mr. Chen”) Principal stockholder

Ms. Sumei Chen Member of the Company’s Board of
Supervisors and spouse of Mr. Wang

Ms. Yushui Huang (“Ms. Huang”) Vice President of Administration,
Ningbo Keyuan

Ms. Feng Chen Acting Chief Executive Officer, Chief Financial Officer and Vice President of Administration of Keyuan Petrochemicals Inc. since April 8, 2016

Ningbo Pacific Ocean Shipping Co., Ltd
(“Ningbo Pacific”) 100% ownership by Mr. Wang

Ningbo Hengfa Metal Product Co., Ltd (“Ningbo Hengfa”, former name “Ningbo Tenglong”) 100% ownership by Mr. Chen

Ningbo Xinhe Logistic Co., Ltd
(“Ningbo Xinhe”) 10% ownership by Ms. Huang

Related party transactions and amounts outstanding with the related parties as of June 30, 2016 and December 31, 2015 and for the three and six months ended June 30, 2016 and 2015, are summarized as follows:

Three months ended
June 30, Six months ended
June 30,
2016 2015 2016 2015
($’000) ($’000) ($’000) ($’000)
(Unaudited) (Unaudited) (Unaudited) (Unaudited)
Purchase of transportation services (a) $ - $ 297 $ 862 $ 455

June 30,
2016 December 31,
2015
($’000) ($’000)
(Unaudited)
Amounts due from related parties (d) $ 40 $ 92
Amounts due to related parties (c) $ 4,930 $ 4,592
Account payable to related parties (c) $ 7 $ 739
Account receivable from related parties (d) $ 20 $ -

(a) The Group purchased transportation services of approximately nil and $0.3 million from Ningbo Xinhe during the three months ended June 30, 2016 and 2015, respectively. The Group purchased transportation services of $0.9 million and $0.5 million from Ningbo Xinhe during the six months ended June 30, 2016 and 2015, respectively.

(b) Guarantees for Bank Loans

Guarantee provided by Mr. Tao amounted $135.7 million and $138.6 million as of June 30, 2016 and December 31, 2015.

Bank loans guarantee provided by Mr. Tao amounted $96.8 million and $95.9 million as of June 30, 2016 and December 31, 2015.

(c) Amounts due to related parties consist of the following.

June 30,
2016 December 31,
2015
($’000) ($’000)
(Unaudited)
Mr. Tao 4,592 4,592
Ningbo Xinhe 338 -

Amounts payable to related party consist of the following:
June 30,
2016 December 31,
2015
($’000) ($’000)
(Unaudited)
Ningbo Xinhe 7 739

(d) Amount due from related parties consist of the following.

June 30,
2016 December 31,
2015
($’000) ($’000)
(Unaudited)

Mr. Dingan Zhang $ - $ 38
Ms. Yushui Huang - 8
Mr. Tao 40 46
Total $ 40 $ 92

Amounts receivable from related party consist of the following:

June 30,
2016 December 31,
2015
($’000) ($’000)
(Unaudited)
Ningbo Xinhe 20 -

(B) Relationships and transactions with certain other parties

The Group has the following relationships and transactions with certain other parties:

Name of parties Relationship
Ningbo Litong Petrochemical Co., Ltd
(“Ningbo Litong”) Former 12.75% nominee shareholder of Ningbo
Keyuan

Huaning International Trading Co., Ltd (“Huaning”) The director of Huaning is the shareholder and director of Ningbo Xinghe, one of the Group’s related parties

Mercuria energy trading Pte Ltd (“Mercuria”) Major supplier

Ningbo Anqi Petrochemical Co., Ltd

A related party until September 2011
when control transferred

Ningbo Lide Investment Co., Ltd.
(“Ningbo Lide”, f/k/a Ningbo Kewei) A related party until September 2011
when control transferred

Ningbo Kunde Petrochemical Co, Ltd.
(“Ningbo Kunde”) A related party until September 2011
when control transferred

Transactions and amounts outstanding with these parties for the three and six months ended June 30, 2016 and 2015 and as of June 30, 2016 and December 31, 2015 are summarized as follows:

Three months ended
June 30 Six months ended
June 30
2016 2015 2016 2015
($’000) ($’000) ($’000) ($’000)
(Unaudited) (Unaudited) (Unaudited) (Unaudited)
Sales of products (e) $ - $ 6,606 $ - $ 8,542
Purchase of raw materials (f) $ - $ 65,416 $ 55,489 $ 94,573

June 30,
2016 December 31,
2015
($’000) ($’000)
(Unaudited)
Guarantee for bank borrowings (g) $ 214,139 $ 310,276
Amounts due from these parties (h) $ 2,195 $ 3,907
Advance payments to these parties(i) $ 74,796 $ 4,552
Advance received from these parties (j) $ 33,119 $ 4
Accounts payables (l) $ 38,063 $ 41,269
Notes payable (m) $ 131,750 $ 140,715
Notes receivable (n) $ - $ 514

(e)The Group sold finished products of approximately nil and $2.6 million to Ningbo Litong during the three months ended June 30, 2016 and 2015, respectively. The Group sold finished products of approximately nil and $4.0 million to Ningbo Lide during the three months ended June 30, 2016 and 2015, respectively. The Group sold finished products of approximately nil and $4.1 million to Ningbo Litong, during the six months ended June 30, 2016 and 2015, respectively. The Group sold finished products of approximately nil and $4.4 million to Ningbo Lide during the six months ended June 30, 2016 and 2015, respectively.

(f) Purchase of raw materials

Purchase of raw materials during the three months ended
June 30, Purchase of raw materials during the six months ended
June 30,
2016 2015 2016 2015
($’000) ($’000) ($’000) ($’000)
(Unaudited) (Unaudited) (Unaudited) (Unaudited)
Ningbo Litong $ - $ 27,094 $ 21,429 $ 36,768
Ningbo Lide - 29,789 28,618 29,807
Huaning - 3 - 2,852
Mercuria - 8,529 5,442 25,146
Total $ - $ 65,415 $ 55,489 $ 94,573

(g) Guarantees for Bank Loans

Guarantee provided as of
June 30,
2016 December 31,
2015
($’000) ($’000)
(Unaudited)
Ningbo Litong $ 40,717 $ 102,379
Ningbo Lide 173,422 207,897
Total $ 214,139 $ 310,276

Bank loans Guaranteed as of
June 30,
2016 December 31, 2015
($’000) ($’000)
(Unaudited)

Ningbo Litong $ 19,265 $ 18,634
Ningbo Lide 98,813 101,783
Total $ 118,078 $ 120,417

(h) At June 30, 2016 and December 31, 2015, the amounts due from these parties consist of amounts due from Huaning of $1.2 million and $3.9 million, respectively, and amounts due from Mercuria of $1.0 million and nil, respectively.

(i) At June 30, 2016 and December 31, 2015, advances payments to these parties consist of payments to Ningbo Litong of $53.2 million and nil, respectively, and Ningbo Lide of $21.6 million and $4.6 million, respectively.

(j) At June 30, 2016 and December 31, 2015, advances received from these parties consist of amounts received from Ningbo Litong of $33.1 million and nil, respectively, and amounts received from Huaning of $4,000 and $4,000, respectively.

(k) At June 30, 2016 and December 31, 2015 accounts payables to these parties consist of payables to Ningbo Litong of nil and $1.4 million, respectively, and payables to Mecuria of $38.1 million and $39.9 million, respectively.

(l) At June 30, 2016 and December 31, 2015 notes payable to these parties consist of notes payable to Ningbo Litong of $75.5 million and $68.6 million, respectively, and notes payables to Ningbo Lide of $56.3 million and $72.2 million, respectively.

(n) At June 30, 2016 and December 31, 2015 notes receivables from these parties consist of notes receivable from Ningbo Litong of nil and $0.5 million, respectively, and notes receivables from Ningbo Lide of nil and $0.02 million, respectively.

(C) Relationships and transactions with the entity that has non-controlling interests in Company’s subsidiaries:

The Group has the following relationships and transactions with non-controlling interest shareholder:

Name of party Relationship
Ningbo Hengyun Energy Technology Co, Ltd (Ningbo Hengyun)
Non-controlling interest shareholder of Guangxi Keyuan since 2015

The transactions and amounts outstanding with this party as of June 30, 2016 and December 31, 2015 and for the three and six months ended June 30, 2016 and 2015 are summarized as follows:

Three months ended
June 30 Six months ended
June 30
2016 2015 2016 2015
($’000) ($’000) ($’000) ($’000)
(Unaudited) (Unaudited) (Unaudited) (Unaudited)
Sales of products $ - $ 1,111 $ 268 $ 1,668
Purchase of raw materials $ - $ 34,901 $ 42,115 $ 57,690

As at
June 30,
2016 As at
December 31,
2015
($’000) ($’000)
(Unaudited)
Advance received from non-controlling interest shareholder $ 17,953 $ -
Advance payments to non-controlling interest shareholder $ 32,069 $ 2,222
Accounts receivables $ 314 $ 17,153
Notes receivables $ 87,092 $ 90,601

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Consolidated Segment Data
6 Months Ended

Jun. 30, 2016

Consolidated Segment Data [Abstract]

CONSOLIDATED SEGMENT DATA

16 CONSOLIDATED SEGMENT DATA

Segment information is based on how management reviews the business, makes investing and resource allocation decisions and assesses operating performance. The segment data presented reflects management’s segment structure. The Company reports financial and operating information in the following two segments:

(a) Petrochemicals Segment: Manufacturing and sales of mixed light aromatics, mixed heavy aromatics, fine propylene, propane, butane, liquefied petroleum gas (LPG), methyltert butyl ether, styrene, etc.

(b) Rubber Segment: Manufacturing and sales of various rubber products.

Segment information for the three and six months ended June 30, 2016 and 2015 is as follows:

Three Months Ended June 30

2016 2015

Petrochemical Rubber Total Petrochemical Rubber Total

($'000) ($'000) ($'000) ($'000) ($'000) ($'000)

(Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited)

Sales $ 75,654 $ 23,349 $ 99,003 $ 90,922 $ 15,200 $ 106,122

Income (loss) from operations $ 22,109 $ (4,604 ) $ 17,505 $ 14,530 $ (453 ) $ 14,077

Six months Ended June 30

2016 2015

Petrochemical Rubber Total Petrochemical Rubber Total

($'000) ($'000) ($'000) ($'000) ($'000) ($'000)

(Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited)

Sales $ 140,613 $ 44,729 $ 185,342 $ 135,229 $ 29,175 $ 164,404

Income (loss) from operations $ 32,543 $ (7,702 ) $ 24,841 $ (13,420 ) $ 2,060 $ (11,360 )



As of June 30, 2016 As of December 31, 2015

Petrochemical Rubber Total Petrochemical Rubber Total

($'000) ($'000) ($'000) ($'000) ($'000) ($'000)

(Unaudited) (Unaudited) (Unaudited)

Total assets $ 772,252 $ 110,904 $ 883,156 $ 724,008 $ 105,687 $ 829,695

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Subsequent Events
6 Months Ended

Jun. 30, 2016

Subsequent Events [Abstract]

SUBSEQUENT EVENTS
17 SUBSEQUENT EVENTS

On July 11, 2016, the Company and certain affiliates of the Company entered into the Settlement Agreement with Dragon State and others described in Note 9(c) above, pursuant to which Dragon State agreed to transfer the securities of the Company it owned to Delight Reward and waive all claims and liabilities that Dragon State or its affiliated companies or individuals had brought or would bring against the Company, Delight Reward and certain affiliates of the Company for an aggregate consideration of RMB 18 million or approximately $2.7 million.

On August 4, 2016, the Company entered into the Side Agreement with Delight Reward described in Note 9(c) above in connection with the execution of the Settlement Agreement and the payment subsequently made thereunder by the Company to Dragon State.

For more details of the Settlement Agreement and the Side Agreement, please refer to Note 9(c) above.

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Inventories (Tables)
6 Months Ended

Jun. 30, 2016

Inventories [Abstract]

Schedule of Inventories
June 30, December 31,
2016 2015
($’000) ($’000)
(Unaudited)
Raw materials $ 10,090 $ 34,116
Finished goods 26,884 18,003
Work-in-process 3,870 3,611

Total $ 40,844 $ 55,730

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-Name Accounting Standards Codification
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-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(6)(b))
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Other Current Assets (Tables)
6 Months Ended

Jun. 30, 2016

Other Current Assets [Abstract]

Schedule of other current assets
June 30, December 31,
2016 2015
($’000) ($’000)
(Unaudited)
VAT recoverable $ 11,118 $ 10,397
Deposits paid to suppliers 2,195 3,907
Other 6,705 4,745

$ 20,018 $ 19,049

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Short-Term Borrowings and Long-Term Debt (Tables)
6 Months Ended

Jun. 30, 2016

Short-Term Borrowings and Long-Term Debt [Abstract]

Summary of short-term borrowings
June 30, December 31,
2016 2015
SHORT-TERM
BORROWINGS PLEDGED BANK DEPOSITS SHORT-TERM
BORROWINGS PLEDGED BANK DEPOSITS
($’000) ($’000) ($’000) ($’000)
(Unaudited)
China Construction Bank $ 178,366 $ 104,550 $ 181,799 $ 104,500
Shanghai Pudong Development Bank 2,036 - 5,929 -
Agricultural Bank of China 6,786 - 23,100 -
Pingan Bank - - 2,800 2,867
Bank of Communication 11,725 - 10,934 -
Bank of China 95,609 - 122,168 19,450
China Merchant Bank 7,540 - 7,700 283
Ningbo Commerce Bank 3,000 3,090 3,000 3090
China Minsheng Bank 12,441 - 3,290 -
Total $ 317,503 $ 107,640 $ 360,720 $ 130,190

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Accrued Expenses and Other Payables (Tables)
6 Months Ended

Jun. 30, 2016

Accrued Expenses and Other Payables [Abstract]

Schedule of accrued expenses and other payables
June 30, December 31,
2016 2015
($’000) ($’000)
(Unaudited)
Purchase of property, plant and equipment $ 14,041 $ 12,555
Accrued payroll and welfare 653 677
Liquidated damages 2,493 2,493
Deposit from customers 2,499 2,499
Loan from unrelated parties 1,508 1,540
Other tax payable 2,302 2,765
Accrued interest expense 7,826 7,476
Accrued expense according to ongoing lawsuit 14,788 10,200
Other accruals and payables 2,086 2,449
$ 48,196 $ 42,654

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Earnings (Loss) Per Share (Tables)
6 Months Ended

Jun. 30, 2016

Earnings (Loss) Per Share [Abstract]

Schedule of computation of basic net earnings (loss) per share
Three months ended
June 30 Six months ended
June 30
2016 2015 2016 2015
($’000) ($’000) ($’000) ($’000)
(Unaudited) (Unaudited) (Unaudited) (Unaudited)
Basic earnings (loss) per share:
Net income (loss) $ 12,228 $ 9,438 $ 12,657 $ (38,419 )

Net loss attributable to non-controlling interests (80 ) - (187 ) -

Net income (loss) attributable to Keyuan
Petrochemicals Inc. common stockholders $ 12,308 $ 9,438 $ 12,844 $ (38,419 )

Weighted average common share
(Denominator for basic and diluted income (loss) per share) 57,221,050 57,221,050 57,221,050 57,221,050

Basic net earnings (loss) per share: $ 0.22 $ 0.17 $ 0.22 $ (0.67 )
Diluted net earnings (loss) per share: $ 0.22 $ 0.17 $ 0.22 $ (0.67 )

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Related Party Transactions and Relationships and Transactions With Certain Other Parties (Tables)
6 Months Ended

Jun. 30, 2016

Transactions with related party [Member]

Related Party Transaction [Line Items]

Schedule of related party transactions
Three months ended
June 30, Six months ended
June 30,
2016 2015 2016 2015
($’000) ($’000) ($’000) ($’000)
(Unaudited) (Unaudited) (Unaudited) (Unaudited)
Purchase of transportation services (a) $ - $ 297 $ 862 $ 455

June 30,
2016 December 31,
2015
($’000) ($’000)
(Unaudited)
Amounts due from related parties (d) $ 40 $ 92
Amounts due to related parties (c) $ 4,930 $ 4,592
Account payable to related parties (c) $ 7 $ 739
Account receivable from related parties (d) $ 20 $ -

(a) The Group purchased transportation services of approximately nil and $0.3 million from Ningbo Xinhe during the three months ended June 30, 2016 and 2015, respectively. The Group purchased transportation services of $0.9 million and $0.5 million from Ningbo Xinhe during the six months ended June 30, 2016 and 2015, respectively.

(b) Guarantees for Bank Loans

Guarantee provided by Mr. Tao amounted $135.7 million and $138.6 million as of June 30, 2016 and December 31, 2015.

Bank loans guarantee provided by Mr. Tao amounted $96.8 million and $95.9 million as of June 30, 2016 and December 31, 2015.

(c) Amounts due to related parties consist of the following.

June 30,
2016 December 31,
2015
($’000) ($’000)
(Unaudited)
Mr. Tao 4,592 4,592
Ningbo Xinhe 338 -

Amounts payable to related party consist of the following:
June 30,
2016 December 31,
2015
($’000) ($’000)
(Unaudited)
Ningbo Xinhe 7 739

(d) Amount due from related parties consist of the following.

June 30,
2016 December 31,
2015
($’000) ($’000)
(Unaudited)

Mr. Dingan Zhang $ - $ 38
Ms. Yushui Huang - 8
Mr. Tao 40 46
Total $ 40 $ 92

Amounts receivable from related party consist of the following:

June 30,
2016 December 31,
2015
($’000) ($’000)
(Unaudited)
Ningbo Xinhe 20 -

Transactions with certain other parties [Member]

Related Party Transaction [Line Items]

Schedule of related party transactions
Three months ended
June 30 Six months ended
June 30
2016 2015 2016 2015
($’000) ($’000) ($’000) ($’000)
(Unaudited) (Unaudited) (Unaudited) (Unaudited)
Sales of products (e) $ - $ 6,606 $ - $ 8,542
Purchase of raw materials (f) $ - $ 65,416 $ 55,489 $ 94,573

June 30,
2016 December 31,
2015
($’000) ($’000)
(Unaudited)
Guarantee for bank borrowings (g) $ 214,139 $ 310,276
Amounts due from these parties (h) $ 2,195 $ 3,907
Advance payments to these parties(i) $ 74,796 $ 4,552
Advance received from these parties (j) $ 33,119 $ 4
Accounts payables (l) $ 38,063 $ 41,269
Notes payable (m) $ 131,750 $ 140,715
Notes receivable (n) $ - $ 514

(e)The Group sold finished products of approximately nil and $2.6 million to Ningbo Litong during the three months ended June 30, 2016 and 2015, respectively. The Group sold finished products of approximately nil and $4.0 million to Ningbo Lide during the three months ended June 30, 2016 and 2015, respectively. The Group sold finished products of approximately nil and $4.1 million to Ningbo Litong, during the six months ended June 30, 2016 and 2015, respectively. The Group sold finished products of approximately nil and $4.4 million to Ningbo Lide during the six months ended June 30, 2016 and 2015, respectively.

(f) Purchase of raw materials

Purchase of raw materials during the three months ended
June 30, Purchase of raw materials during the six months ended
June 30,
2016 2015 2016 2015
($’000) ($’000) ($’000) ($’000)
(Unaudited) (Unaudited) (Unaudited) (Unaudited)
Ningbo Litong $ - $ 27,094 $ 21,429 $ 36,768
Ningbo Lide - 29,789 28,618 29,807
Huaning - 3 - 2,852
Mercuria - 8,529 5,442 25,146
Total $ - $ 65,415 $ 55,489 $ 94,573

(g) Guarantees for Bank Loans

Guarantee provided as of
June 30,
2016 December 31,
2015
($’000) ($’000)
(Unaudited)
Ningbo Litong $ 40,717 $ 102,379
Ningbo Lide 173,422 207,897
Total $ 214,139 $ 310,276

Bank loans Guaranteed as of
June 30,
2016 December 31, 2015
($’000) ($’000)
(Unaudited)

Ningbo Litong $ 19,265 $ 18,634
Ningbo Lide 98,813 101,783
Total $ 118,078 $ 120,417

(h) At June 30, 2016 and December 31, 2015, the amounts due from these parties consist of amounts due from Huaning of $1.2 million and $3.9 million, respectively, and amounts due from Mercuria of $1.0 million and nil, respectively.

(i) At June 30, 2016 and December 31, 2015, advances payments to these parties consist of payments to Ningbo Litong of $53.2 million and nil, respectively, and Ningbo Lide of $21.6 million and $4.6 million, respectively.

(j) At June 30, 2016 and December 31, 2015, advances received from these parties consist of amounts received from Ningbo Litong of $33.1 million and nil, respectively, and amounts received from Huaning of $4,000 and $4,000, respectively.

(k) At June 30, 2016 and December 31, 2015 accounts payables to these parties consist of payables to Ningbo Litong of nil and $1.4 million, respectively, and payables to Mecuria of $38.1 million and $39.9 million, respectively.

(l) At June 30, 2016 and December 31, 2015 notes payable to these parties consist of notes payable to Ningbo Litong of $75.5 million and $68.6 million, respectively, and notes payables to Ningbo Lide of $56.3 million and $72.2 million, respectively.

(n) At June 30, 2016 and December 31, 2015 notes receivables from these parties consist of notes receivable from Ningbo Litong of nil and $0.5 million, respectively, and notes receivables from Ningbo Lide of nil and $0.02 million, respectively.

Transactions with non-controlling interests Company's subsidiaries [Member]

Related Party Transaction [Line Items]

Schedule of related party transactions
Three months ended
June 30 Six months ended
June 30
2016 2015 2016 2015
($’000) ($’000) ($’000) ($’000)
(Unaudited) (Unaudited) (Unaudited) (Unaudited)
Sales of products $ - $ 1,111 $ 268 $ 1,668
Purchase of raw materials $ - $ 34,901 $ 42,115 $ 57,690

As at
June 30,
2016 As at
December 31,
2015
($’000) ($’000)
(Unaudited)
Advance received from non-controlling interest shareholder $ 17,953 $ -
Advance payments to non-controlling interest shareholder $ 32,069 $ 2,222
Accounts receivables $ 314 $ 17,153
Notes receivables $ 87,092 $ 90,601

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Consolidated Segment Data (Tables)
6 Months Ended

Jun. 30, 2016

Consolidated Segment Data [Abstract]

Summary of segment information
Three Months Ended June 30
2016 2015
Petrochemical Rubber Total Petrochemical Rubber Total
($'000) ($'000) ($'000) ($'000) ($'000) ($'000)
(Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited)
Sales $ 75,654 $ 23,349 $ 99,003 $ 90,922 $ 15,200 $ 106,122
Income (loss) from operations $ 22,109 $ (4,604 ) $ 17,505 $ 14,530 $ (453 ) $ 14,077

Six months Ended June 30
2016 2015
Petrochemical Rubber Total Petrochemical Rubber Total
($'000) ($'000) ($'000) ($'000) ($'000) ($'000)
(Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited)
Sales $ 140,613 $ 44,729 $ 185,342 $ 135,229 $ 29,175 $ 164,404
Income (loss) from operations $ 32,543 $ (7,702 ) $ 24,841 $ (13,420 ) $ 2,060 $ (11,360 )

As of June 30, 2016 As of December 31, 2015
Petrochemical Rubber Total Petrochemical Rubber Total
($'000) ($'000) ($'000) ($'000) ($'000) ($'000)
(Unaudited) (Unaudited) (Unaudited)
Total assets $ 772,252 $ 110,904 $ 883,156 $ 724,008 $ 105,687 $ 829,695

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Organization and Nature of Business, Recent Events, and Going Concern and Management's Plans (Details) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended 12 Months Ended

Jun. 30, 2016

Jun. 30, 2015

Jun. 30, 2016

Jun. 30, 2015

Dec. 31, 2015

Oct. 31, 2016

Organization and Nature of Business, Recent Events, and Going Concern and Management's Plans (Textual)

Net profit (loss) $ 12,228 $ 9,438 $ 12,657 $ (38,419) $ (60,500)

Net cash used in operating activities 44,290 $ (78,391) 112,500

Working capital deficit 292,800 292,800 284,600

Short-term bank borrowings and notes payable 659,000 659,000 695,000

Consumption tax recoverable $ 62,605 $ 62,605 $ 44,377

Subsequent Events [Member]

Organization and Nature of Business, Recent Events, and Going Concern and Management's Plans (Textual)

Consumption tax refunded $ 59,600

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Inventories (Details) - USD ($)
$ in Thousands

Jun. 30, 2016

Dec. 31, 2015

Components of inventories

Raw materials $ 10,090 $ 34,116

Finished goods 26,884 18,003

Work-in-process 3,870 3,611

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Consumption Tax Refund Receivable (Details) - USD ($)
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Oct. 31, 2016

Jun. 30, 2016

Dec. 31, 2015

Consumption Tax Refund Receivable (Textual)

Consumption tax refund receivables $ 62,605 $ 44,377

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Consumption Tax Refund Receivable (Textual)

Consumption tax refunded $ 59,600

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Other Current Assets (Details) - USD ($)
$ in Thousands

Jun. 30, 2016

Dec. 31, 2015

Components of other current assets

VAT recoverable $ 11,118 $ 10,397

Deposits paid to suppliers 2,195 3,907

Other 6,705 4,745

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Short-Term Borrowings and Long-Term Debt (Details) - USD ($)
$ in Thousands

Jun. 30, 2016

Dec. 31, 2015

Short-Term Debt [Line Items]

Short-term borrowings $ 317,503 $ 360,720

Pledged bank deposits 107,640 130,190

China Construction Bank [Member]

Short-Term Debt [Line Items]

Short-term borrowings 178,366 181,799

Pledged bank deposits 104,550 104,500

Shanghai Pudong Development Bank [Member]

Short-Term Debt [Line Items]

Short-term borrowings 2,036 5,929

Pledged bank deposits

Agricultural Bank of China [Member]

Short-Term Debt [Line Items]

Short-term borrowings 6,786 23,100

Pledged bank deposits

Pingan Bank [Member]

Short-Term Debt [Line Items]

Short-term borrowings 2,800

Pledged bank deposits 2,867

Bank of Communication [Member]

Short-Term Debt [Line Items]

Short-term borrowings 11,725 10,934

Pledged bank deposits

Bank of China [Member]

Short-Term Debt [Line Items]

Short-term borrowings 95,609 122,168

Pledged bank deposits 19,450

China Merchant Bank [Member]

Short-Term Debt [Line Items]

Short-term borrowings 7,540 7,700

Pledged bank deposits 283

Ningbo Commerce Bank [Member]

Short-Term Debt [Line Items]

Short-term borrowings 3,000 3,000

Pledged bank deposits 3,090 3,090

China Minsheng Bank [Member]

Short-Term Debt [Line Items]

Short-term borrowings 12,441 3,290

Pledged bank deposits

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¥ in Millions, $ in Millions
6 Months Ended

Jun. 30, 2016

Dec. 31, 2015

Apr. 09, 2015

USD ($)

Apr. 09, 2015

CNY (¥)

Short-Term Debt [Line Items]

Principal amount of debt $ 15.4 ¥ 100

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Short-term borrowings, interest rate 1.80% 1.90%

Maximum [Member]

Short-Term Debt [Line Items]

Short-term borrowings, interest rate 5.70% 6.90%

Loans in RMB [Member]

Short-Term Debt [Line Items]

Short-term borrowings, interest rate 4.60% 5.30%

Loans in USD [Member]

Short-Term Debt [Line Items]

Short-term borrowings, interest rate 2.50% 2.40%

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Notes Payable (Details) - USD ($)
$ in Millions

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Dec. 31, 2015

Notes Payable (Textual)

Notes payable $ 248 $ 312

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shares

Aug. 04, 2016

USD ($)

$ / shares

Oct. 28, 2014

USD ($)

$ / shares

shares

Jul. 11, 2016

USD ($)

Jul. 11, 2016

CNY (¥)

Jun. 30, 2016

USD ($)

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Contractual capital commitments $ 14,000,000

Litigation settlement, amount $ 20,000,000

Securities purchase agreement in private placement and return $ 20,000,000

Series C Warrants [Member]

Commitments and Contingencies (Textual)

Aggregate purchase of common stock shares issued | shares 800,001

Common stock price per share | $ / shares $ 4.50

Series D Warrants [Member]

Commitments and Contingencies (Textual)

Aggregate purchase of common stock shares issued | shares 800,001

Common stock price per share | $ / shares $ 5.25

Series B Preferred Stock [Member]

Commitments and Contingencies (Textual)

Aggregate purchase price of common stock shares issued $ 20,000,000

Aggregate purchase of common stock shares issued | shares 5,333,340

Subsequent Event [Member] | Settlement Agreement [Member]

Commitments and Contingencies (Textual)

Aggregate contingent consideration $ 1,800,000 ¥ 12,000,000

Subsequent Event [Member] | Settlement Agreement One [Member]

Commitments and Contingencies (Textual)

Aggregate contingent consideration $ 900,000 ¥ 6,000,000

Subsequent Event [Member] | Side Agreement [Member]

Commitments and Contingencies (Textual)

Common stock price per share | $ / shares $ 0.005

Subsequent Event [Member] | Side Agreement [Member] | Series B Preferred Stock [Member]

Commitments and Contingencies (Textual)

Aggregate purchase price of common stock shares issued $ 27,465.01

Converted shares | shares 5,493,001

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Earnings (Loss) Per Share (Details) - USD ($)
$ / shares in Units, $ in Thousands
3 Months Ended 6 Months Ended 12 Months Ended

Jun. 30, 2016

Jun. 30, 2015

Jun. 30, 2016

Jun. 30, 2015

Dec. 31, 2015

Basic earnings (loss) per share:

Net income (loss) $ 12,228 $ 9,438 $ 12,657 $ (38,419) $ (60,500)

Net loss attributable to non-controlling interests (80) (187)

Net income (loss) attributable to Keyuan Petrochemicals Inc. common stockholders $ 12,308 $ 9,438 $ 12,844 $ (38,419)

Weighted average common share (Denominator for basic income (loss) per share) 57,221,050 57,221,050 57,221,050 57,221,050

Weighted average common share (Denominator for diluted earning (loss) per share) 57,221,050 57,221,050 57,221,050 57,221,050

Basic net earnings (loss) per share: $ 0.22 $ 0.17 $ 0.22 $ (0.67)

Diluted net earnings (loss) per share: $ 0.22 $ 0.17 $ 0.22 $ (0.67)

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Jun. 30, 2015

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Accounts receivables

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Notes receivable, related parties 20,000

Ningbo Litong [Member]

Related Party Transactions and Relationships and Transactions With Certain Other Parties (Textual)

Sales of products $ 2,600,000 4,100,000

Advance payments to these parties 53,200,000

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Accounts receivables

Accounts payables 1,400,000

Notes payable 68,600,000 75,500,000 75,500,000

Notes receivable, related parties 500,000

Huaning International Trading Co., Ltd ("Huaning") [Member]

Related Party Transactions and Relationships and Transactions With Certain Other Parties (Textual)

Purchase of raw material 2,800,000

Amount due from related parties 3,900,000 1,200,000 1,200,000

Advances from related parties 4,000 4,000 4,000

Mercuria Energy Trading Pte Ltd. ("Mercuria") [Member]

Related Party Transactions and Relationships and Transactions With Certain Other Parties (Textual)

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Amount due from related parties 1,000,000 1,000,000

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Related Party Transactions and Relationships and Transactions With Certain Other Parties (Details Textual)

Jun. 30, 2016

Ningbo Litong [Member]

Related Party Transactions and Relationships and Transactions With Certain Other Parties (Textual)

Ownership % 12.75%

Ningbo Pacific [Member]

Related Party Transactions and Relationships and Transactions With Certain Other Parties (Textual)

Ownership % 100.00%

Ningbo Tenglong [Member]

Related Party Transactions and Relationships and Transactions With Certain Other Parties (Textual)

Ownership % 100.00%

Ningbo Xinhe [Member]

Related Party Transactions and Relationships and Transactions With Certain Other Parties (Textual)

Ownership % 10.00%

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Consolidated Segment Data (Details) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended

Jun. 30, 2016

Jun. 30, 2015

Jun. 30, 2016

Jun. 30, 2015

Dec. 31, 2015

Summary of segment information

Sales $ 99,003 $ 106,122 $ 185,342 $ 164,404

Income (loss) from operations 17,505 14,077 24,841 (11,360)

Total assets 883,156 883,156 $ 829,695

Petrochemical [Member]

Summary of segment information

Sales 75,654 90,922 140,613 135,229

Income (loss) from operations 22,109 14,530 32,543 (13,420)

Total assets 772,252 772,252 724,008

Rubber [Member]

Summary of segment information

Sales 23,349 15,200 44,729 29,175

Income (loss) from operations (4,604) $ (453) (7,702) $ 2,060

Total assets $ 110,904 $ 110,904 $ 105,687

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Consolidated Segment Data (Details Textual)
6 Months Ended

Jun. 30, 2016

Segments

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Number of operating segments 2

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Subsequent Events (Details) - Jul. 11, 2016 - Subsequent Events [Member] - Settlement Agreement [Member]

USD ($)

CNY (¥)

Subsequent Events (Textual)

Aggregate consideration of settlement agreement $ 1,800,000 ¥ 12,000,000

Delight Reward [Member]

Subsequent Events (Textual)

Aggregate consideration of settlement agreement $ 2,700,000 ¥ 18,000,000

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Document and Entity Information - shares	6 Months Ended
Document and Entity Information - shares	Jun. 30, 2016	Nov. 03, 2016
Document and Entity Information [Abstract]
Entity Registrant Name	Keyuan Petrochemicals, Inc.
Entity Central Index Key	0001326396
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Type	10-Q
Document Period End Date	Jun. 30, 2016
Document Fiscal Period Focus	Q2
Document Fiscal Year Focus	2016
Entity Filer Category	Smaller Reporting Company
Entity Common Stock, Shares Outstanding		63,132,726

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Current assets:
Cash	$ 10,034	$ 4,764
Pledged bank deposits	239,010	282,968
Notes receivable	1,393	735
Accounts receivable	29,588	23,398
Inventories	40,844	55,730
Prepayments to suppliers, net	148,492	80,077
Consumption tax recoverable	62,605	44,377
Amounts due from related parties	60	92
Amounts due from non-controlling shareholder	32,383	19,376
Other current assets	20,018	19,049
Total current assets	584,427	530,566
Property, plant and equipment, net	274,070	273,146
Intangible assets, net	963	1,021
Land use rights	22,902	23,757
Value added tax recoverable	794	1,205
Total assets	883,156	829,695
Current Liabilities:
Short-term borrowings	317,503	360,720
Notes payable	341,894	334,139
Accounts payable	69,029	52,820
Amounts due to related parties	4,937	5,330
Amounts due to non-controlling interest	17,953
Advances from customers	54,840	15,563
Accrued expenses and other payables	48,196	42,654
Income tax payable	5,391	1,596
Long term debt due within one year	15,080
Dividends payable	2,382	2,382
Total current liabilities	877,205	815,204
Long term debts		15,400
Total liabilities	877,205	830,604
Stockholders' deficit:
Common stock: Par value: $0.001; Authorized: 100,000,000 shares Issued 57,646,160; outstanding: 57,221,050 as at June 30, 2016 and December 31, 2015	58	58
Consideration receivable	(9,417)	(9,417)
Additional paid-in capital	70,917	70,917
Statutory reserve	6,114	6,109
Accumulated other comprehensive income	1,797	7,098
Accumulated deficit	(88,755)	(101,594)
Treasury stock, at cost, 425,110 shares at June 30, 2016 and December 31, 2015, respectively	(449)	(449)
Total stockholders' deficit	(19,735)	(27,278)
Non-controlling interests	25,686	26,369
Total equity (deficit)	5,951	(909)
Total liabilities and equity (deficit)	$ 883,156	$ 829,695

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Jun. 30, 2016	Dec. 31, 2015
Balance Sheets [Abstract]
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares authorized	100,000,000	100,000,000
Common stock, shares issued	57,646,160	57,646,160
Common stock, shares outstanding	57,221,050	57,221,050
Treasury stock, shares	425,110	425,110

Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Income Statement [Abstract]
Sales	$ 99,003	$ 106,122	$ 185,342	$ 164,404
Cost of sales	78,115	86,144	152,199	164,987
Gross profit (loss)	20,888	19,978	33,143	(583)
Selling expenses	769	176	1,658	410
General and administration expenses	2,614	5,725	6,644	10,367
Total operating expenses	3,383	5,901	8,302	10,777
Income (loss) from operations	17,505	14,077	24,841	(11,360)
Other income (expense):
Interest income	860	3,652	2,835	6,977
Interest expense	(4,198)	(11,843)	(10,598)	(20,191)
Foreign exchange gain (loss), net	2,581	4,165	1,247	(5,243)
Other expense, net	(52)	(544)	(204)	(8,601)
Total other expense, net	(809)	(4,570)	(6,720)	(27,058)
Income (loss) before income taxes	16,696	9,507	18,121	(38,418)
Income tax expense	4,468	69	5,464	1
Net income (loss)	12,228	9,438	12,657	(38,419)
Net loss attributable to non-controlling interests	(80)		(187)
Net income (loss) attributable to Keyuan Petrochemicals Inc. common stockholders	12,308	9,438	12,844	(38,419)
Net income (loss) attributable to Keyuan Petrochemicals Inc. stockholders	12,228	9,438	12,657	(38,419)
Other comprehensive (loss) income:
Foreign currency translation adjustment	(5,056)	479	(5,301)
Comprehensive income (loss)	7,172	9,917	7,356	(38,419)
Comprehensive loss attributable to non-controlling interest	(80)		(187)
Comprehensive income (loss) attributable to Keyuan Petrochemicals Inc. common stockholders	$ 7,252	$ 9,917	$ 7,543	$ (38,419)
Earnings (loss) per share: Attributable to common stock:
-Basic	$ 0.22	$ 0.17	$ 0.22	$ (0.67)
-Diluted	$ 0.22	$ 0.17	$ 0.22	$ (0.67)
Weighted average number of shares of common stock used in calculation:
-Basic	57,221,050	57,221,050	57,221,050	57,221,050
-Diluted	57,221,050	57,221,050	57,221,050	57,221,050

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
Cash flows from operating activities:
Net income (loss)	$ 12,657	$ (38,419)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation	7,578	7,679
Amortization	71	74
Bad debt expense	31	6,043
Land use rights amortization	368	390
Deferred income tax expense		13,096
Changes in operating assets and liabilities:
Notes receivable	(684)	(1,262)
Accounts receivable	(6,789)	(26,031)
Inventories	13,946	7,917
Prepayments to suppliers	(72,798)	(45,231)
Consumption tax refund receivable	(19,449)	(19,862)
Other current assets	2,913	85,740
Due from related parties	(2,340)	(18,455)
Accounts payable	19,676	19,020
Advances from customers	40,280	990
Income taxes payable	3,888	1,145
Accrued expenses and other payables	(28)	(11,836)
Other liabilities - related parties	15,123	9,134
Pledged deposit for operating activities	29,847	(68,523)
Net cash provided by (used in) operating activities	44,290	(78,391)
Cash flows from investing activities:
Purchase of property, plant and equipment	(14,275)	(2,271)
Net cash used in investing activities	(14,275)	(2,271)
Cash flow from financing activities:
Pledged bank deposits used for borrowings	27,385	36,047
Proceeds from short-term bank borrowings	203,484	397,717
Repayment of short-term bank borrowings	(239,778)	(476,912)
Proceeds from bank notes	285,405	344,004
Repayments of bank notes	(270,485)	(216,764)
Proceeds from long term debt		16,318
Net cash provided by financing activities	6,011	100,410
Effect of foreign currency exchange rate changes on cash	(30,756)	(14,526)
Net increase in cash	5,270	5,222
Cash at beginning of period	4,764	870
Cash at end of period	10,034	6,092
Supplemental disclosure of cash flow information:
Income tax paid	2,208	124
Interest paid, net of capitalized interest	10,086	14,660
Non cash investing and financing activities:
Amount not yet paid for purchase of property, plant and equipment (net of VAT)	$ 1,774	$ (3,018)

Inventories (Details) - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Components of inventories
Raw materials	$ 10,090	$ 34,116
Finished goods	26,884	18,003
Work-in-process	3,870	3,611
Total	$ 40,844	$ 55,730

Consumption Tax Refund Receivable (Details) - USD ($) $ in Thousands	Oct. 31, 2016	Jun. 30, 2016	Dec. 31, 2015
Consumption Tax Refund Receivable (Textual)
Consumption tax refund receivables		$ 62,605	$ 44,377
Subsequent Event [Member]
Consumption Tax Refund Receivable (Textual)
Consumption tax refunded	$ 59,600

Other Current Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Components of other current assets
VAT recoverable	$ 11,118	$ 10,397
Deposits paid to suppliers	2,195	3,907
Other	6,705	4,745
Other current assets	$ 20,018	$ 19,049

Short-Term Borrowings and Long-Term Debt (Details) - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Short-Term Debt [Line Items]
Short-term borrowings	$ 317,503	$ 360,720
Pledged bank deposits	107,640	130,190
China Construction Bank [Member]
Short-Term Debt [Line Items]
Short-term borrowings	178,366	181,799
Pledged bank deposits	104,550	104,500
Shanghai Pudong Development Bank [Member]
Short-Term Debt [Line Items]
Short-term borrowings	2,036	5,929
Pledged bank deposits
Agricultural Bank of China [Member]
Short-Term Debt [Line Items]
Short-term borrowings	6,786	23,100
Pledged bank deposits
Pingan Bank [Member]
Short-Term Debt [Line Items]
Short-term borrowings		2,800
Pledged bank deposits		2,867
Bank of Communication [Member]
Short-Term Debt [Line Items]
Short-term borrowings	11,725	10,934
Pledged bank deposits
Bank of China [Member]
Short-Term Debt [Line Items]
Short-term borrowings	95,609	122,168
Pledged bank deposits		19,450
China Merchant Bank [Member]
Short-Term Debt [Line Items]
Short-term borrowings	7,540	7,700
Pledged bank deposits		283
Ningbo Commerce Bank [Member]
Short-Term Debt [Line Items]
Short-term borrowings	3,000	3,000
Pledged bank deposits	3,090	3,090
China Minsheng Bank [Member]
Short-Term Debt [Line Items]
Short-term borrowings	12,441	3,290
Pledged bank deposits

Short-Term Borrowings and Long-Term Debt (Details Textual) ¥ in Millions, $ in Millions	6 Months Ended
	Jun. 30, 2016	Dec. 31, 2015	Apr. 09, 2015 USD ($)	Apr. 09, 2015 CNY (¥)
Short-Term Debt [Line Items]
Principal amount of debt			$ 15.4	¥ 100
Debt instrument, description	The debt matures on the second anniversary of being made and carries an interest of 7.0%, which is approximately 40% higher than average interest rate of long-term bank loans made at that time of similar tenor. The long-term loan is secured by 15% of Mr. Chunfeng Tao's ownership of Ningbo Keyuan. Upon the maturity of the loan, Zhouji Group has an option to elect a payment of the principal and the accrued interest or the transfer of 15% of Mr. Tao's ownership of Ningbo Keyuan.
Term of short-term borrowings, description	Maturity terms ranging from July 2016 to June 2017.
Minimum [Member]
Short-Term Debt [Line Items]
Short-term borrowings, interest rate	1.80%	1.90%
Maximum [Member]
Short-Term Debt [Line Items]
Short-term borrowings, interest rate	5.70%	6.90%
Loans in RMB [Member]
Short-Term Debt [Line Items]
Short-term borrowings, interest rate	4.60%	5.30%
Loans in USD [Member]
Short-Term Debt [Line Items]
Short-term borrowings, interest rate	2.50%	2.40%

Accrued Expenses and Other Payables (Details) - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Accrued expenses and other payables
Purchase of property, plant and equipment	$ 14,041	$ 12,555
Accrued payroll and welfare	653	677
Liquidated damages	2,493	2,493
Deposit from customers	2,499	2,499
Loan from unrelated parties	1,508	1,540
Other tax payable	2,302	2,765
Accrued interest expense	7,826	7,476
Accrued expense according to ongoing lawsuit	14,788	10,200
Other accruals and payables	2,086	2,449
Accrued expenses and other payables	$ 48,196	$ 42,654

Commitments and Contingencies (Details)			1 Months Ended
Commitments and Contingencies (Details)	Aug. 10, 2016 shares	Aug. 04, 2016 USD ($) $ / shares	Oct. 28, 2014 USD ($) $ / shares shares	Jul. 11, 2016 USD ($)	Jul. 11, 2016 CNY (¥)	Jun. 30, 2016 USD ($)
Commitments and Contingencies (Textual)
Outstanding letter of credit						$ 33,000,000
Contractual capital commitments						$ 14,000,000
Litigation settlement, amount			$ 20,000,000
Securities purchase agreement in private placement and return			$ 20,000,000
Series C Warrants [Member]
Commitments and Contingencies (Textual)
Aggregate purchase of common stock shares issued \| shares			800,001
Common stock price per share \| $ / shares			$ 4.50
Series D Warrants [Member]
Commitments and Contingencies (Textual)
Aggregate purchase of common stock shares issued \| shares			800,001
Common stock price per share \| $ / shares			$ 5.25
Series B Preferred Stock [Member]
Commitments and Contingencies (Textual)
Aggregate purchase price of common stock shares issued			$ 20,000,000
Aggregate purchase of common stock shares issued \| shares			5,333,340
Subsequent Event [Member] \| Settlement Agreement [Member]
Commitments and Contingencies (Textual)
Aggregate contingent consideration				$ 1,800,000	¥ 12,000,000
Subsequent Event [Member] \| Settlement Agreement One [Member]
Commitments and Contingencies (Textual)
Aggregate contingent consideration				$ 900,000	¥ 6,000,000
Subsequent Event [Member] \| Side Agreement [Member]
Commitments and Contingencies (Textual)
Common stock price per share \| $ / shares		$ 0.005
Subsequent Event [Member] \| Side Agreement [Member] \| Series B Preferred Stock [Member]
Commitments and Contingencies (Textual)
Aggregate purchase price of common stock shares issued		$ 27,465.01
Converted shares \| shares	5,493,001

Income Taxes (Details) - USD ($) $ in Millions	6 Months Ended
Income Taxes (Details) - USD ($) $ in Millions	Jun. 30, 2016	Jun. 30, 2015
Income Taxes (Textual)
Effective income tax rate	30.00%
Income taxes paid	$ 1.5	$ 2.2

Stock Repurchase Program (Details) - Board of Directors [Member] $ / shares in Units, $ in Millions	1 Months Ended
	Sep. 22, 2014 USD ($) $ / shares shares
Stock Repurchase Program (Textual)
Authorized amount for stock repurchase program \| $	$ 2
Common stock price per share \| $ / shares	$ 1.50
Common stock repurchased, shares \| shares	425,110

Significant Concentrations and Risks (Details) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2016 USD ($)	Jun. 30, 2015	Jun. 30, 2016 USD ($) customer suppliers	Jun. 30, 2015 USD ($)	Dec. 31, 2015 USD ($)
Significant Concentrations and Risks (Textual)
Cash and pledged bank deposits in financial institutions	$ 249.0		$ 249.0		$ 288.0
Maximum percentage of sales to individual customers of the Group's total net revenues	10.00%	10.00%	10.00%	10.00%
Purchase from largest supplier, percentage			44.00%	39.00%
Number of suppliers \| suppliers			3
Purchase of heavy oil				$ 3.0
Sale of heavy oil				$ 3.0
Accounts Receivable [Member]
Significant Concentrations and Risks (Textual)
Number of customers \| customer			3
Accounts Payable [Member]
Significant Concentrations and Risks (Textual)
Number of customers \| customer			2
Customers One [Member] \| Accounts Receivable [Member]
Significant Concentrations and Risks (Textual)
Sales to major customer, Percentage			37.00%
Customers One [Member] \| Accounts Payable [Member]
Significant Concentrations and Risks (Textual)
Sales to major customer, Percentage			76.00%
Customers Two [Member] \| Accounts Receivable [Member]
Significant Concentrations and Risks (Textual)
Sales to major customer, Percentage			21.00%
Customers Two [Member] \| Accounts Payable [Member]
Significant Concentrations and Risks (Textual)
Sales to major customer, Percentage			16.00%
Customer Three [Member] \| Accounts Receivable [Member]
Significant Concentrations and Risks (Textual)
Sales to major customer, Percentage			18.00%
Supplier One [Member]
Significant Concentrations and Risks (Textual)
Purchase from largest supplier, percentage	27.00%	17.00%	19.00%	23.00%
Supplier Two [Member]
Significant Concentrations and Risks (Textual)
Purchase from largest supplier, percentage	27.00%	14.00%	13.00%	20.00%
Supplier Three [Member]
Significant Concentrations and Risks (Textual)
Purchase from largest supplier, percentage	20.00%	11.00%	12.00%	10.00%

Related Party Transactions and Relationships and Transactions With Certain Other Parties (Parenthetical) (Details) - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Related Party Transaction [Line Items]
Amounts due to related parties	$ 4,930	$ 4,592
Amounts payable to related party	7	739
Amount due from related parties	40	92
Amounts receivable from related party	20
Mr. Tao [Member]
Related Party Transaction [Line Items]
Amounts due to related parties	4,592	4,592
Amount due from related parties	40	46
Ningbo Xinhe [Member]
Related Party Transaction [Line Items]
Amounts due to related parties	338
Amounts payable to related party	7	739
Amounts receivable from related party	$ 20
Mr. Dingan Zhang [Member]
Related Party Transaction [Line Items]
Amount due from related parties		38
Ms. Yushui Huang [Member]
Related Party Transaction [Line Items]
Amount due from related parties		$ 8

Related Party Transactions and Relationships and Transactions With Certain Other Parties (Details Textual)	Jun. 30, 2016
Ningbo Litong [Member]
Related Party Transactions and Relationships and Transactions With Certain Other Parties (Textual)
Ownership %	12.75%
Ningbo Pacific [Member]
Related Party Transactions and Relationships and Transactions With Certain Other Parties (Textual)
Ownership %	100.00%
Ningbo Tenglong [Member]
Related Party Transactions and Relationships and Transactions With Certain Other Parties (Textual)
Ownership %	100.00%
Ningbo Xinhe [Member]
Related Party Transactions and Relationships and Transactions With Certain Other Parties (Textual)
Ownership %	10.00%

Consolidated Segment Data (Details Textual)	6 Months Ended
Consolidated Segment Data (Details Textual)	Jun. 30, 2016 Segments
Consolidated Segment Data (Textual)
Number of operating segments	2

Subsequent Events (Details) - Jul. 11, 2016 - Subsequent Events [Member] - Settlement Agreement [Member]	USD ($)	CNY (¥)
Subsequent Events (Textual)
Aggregate consideration of settlement agreement	$ 1,800,000	¥ 12,000,000
Delight Reward [Member]
Subsequent Events (Textual)
Aggregate consideration of settlement agreement	$ 2,700,000	¥ 18,000,000