Ownership Submission
FORM 4
Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940
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(Print or Type Responses)
1. Name and Address of Reporting Person *
JAYHAWK CAPITAL MANAGEMENT LLC
   2. Issuer Name and Ticker or Trading Symbol
LSB INDUSTRIES INC [LXU] 		5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
_____ Director __X__ 10% Owner
_____ Officer (give title below) _____ Other (specify below)
(Last)
(First)
(Middle)
8201 MISSION ROAD, SUITE 110		 3. Date of Earliest Transaction (Month/Day/Year)
03/14/2006
(Street)

PRAIRIE VILLAGE, KS 66208		 4. If Amendment, Date Original Filed(Month/Day/Year)
 6. Individual or Joint/Group Filing(Check Applicable Line)
_X_ Form filed by One Reporting Person
___ Form filed by More than One Reporting Person
(City)
(State)
(Zip)
Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1.Title of Security
(Instr. 3)		 2. Transaction Date (Month/Day/Year) 2A. Deemed Execution Date, if any (Month/Day/Year) 3. Transaction Code
(Instr. 8)		 4. Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5)		 5. Amount of Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 3 and 4)		 6. Ownership Form: Direct (D) or Indirect (I)
(Instr. 4)		 7. Nature of Indirect Beneficial Ownership
(Instr. 4)
Code V Amount (A) or (D) Price
Common Stock 03/14/2006   P   5,000 A $ 6.35 945,000 I By Jayhawk Institutional Partners, L.P.
Common Stock 03/15/2006   P   8,700 A $ 6.4267 953,700 I By Jayhawk Institutional Partners, L.P.

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Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security
(Instr. 3)		 2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (Month/Day/Year) 3A. Deemed Execution Date, if any (Month/Day/Year) 4. Transaction Code
(Instr. 8)		 5. Number of Derivative Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4, and 5)		 6. Date Exercisable and Expiration Date
(Month/Day/Year)		 7. Title and Amount of Underlying Securities
(Instr. 3 and 4)		 8. Price of Derivative Security
(Instr. 5)		 9. Number of Derivative Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 4)		 10. Ownership Form of Derivative Security: Direct (D) or Indirect (I)
(Instr. 4)		 11. Nature of Indirect Beneficial Ownership
(Instr. 4)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
7% Convertible Senior Subordinated Debentures $ 0 (1) 03/14/2006   P   1,000,000 (2)   03/14/2006 03/01/2011 Common Stock 125,000 (3) $ 1,000,000 $ 1,000,000 I By Jayhawk Institutional Partners, L.P.
Class C Preferred Series 2 $ 0 (4) 03/14/2006   P   200   03/14/2006   (5) Common Stock 865.8 $ 57 304,950 I By Jayhawk Investments, L.P. and Jayhawk Institutional Partners, L.P. (6)
Class C Preferred Series 2 $ 0 (4) 03/15/2006   P   100   03/15/2006   (5) Common Stock 432.9 $ 58 305,050 I By Jayhawk Investments, L.P. and Jayhawk Institutional Partners, L.P. (6)

Reporting Owners

Reporting Owner Name / Address Relationships
 Director  10% Owner  Officer  Other
JAYHAWK CAPITAL MANAGEMENT LLC
8201 MISSION ROAD
SUITE 110
PRAIRIE VILLAGE, KS 66208		     X    

Signatures

 Kent C. McCarthy   03/16/2006
**Signature of Reporting Person Date

Explanation of Responses:

* If the form is filed by more than one reporting person, see Instruction 4(b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
(1) The conversion price for the 7% Convertible Senior Subordinated Debentures shall be: (i) for the period beginning March 14, 2006 and ending August 31, 2006, $8.00 per share; (ii) for the period beginning September 1, 2006 and ending February 28, 2007, $7.08 per share; (iii) for the period beginning March 1, 2007 and ending August 31, 2007, $7.09 per share; (iv) for the period beginning September 1, 2007 and ending February 29, 2008, $7.28 per share; (v) for the period beginning March 1, 2008 and ending August 31, 2008, $7.50 per share; (vi) for the period beginning September 1, 2008 and ending February 28, 2009, $7.74 per share; and (vii) for the period beginning March 1, 2009 and ending February 28, 2011, $8.00 per share.
(2) On March 14, 2006, Jayhawk Institutional Partners, L.P. purchased 7% Convertible Senior Subordinated Debentures in the principal amount of $1,000,000.
(3) The number of shares of Common Stock is equal to the prinicpal amount stated in footnote 2 divided by the conversion price then in effect.
(4) Each share of Class C Preferred Series 2 Stock is convertible into 4.329 shares of Common Stock.
(5) Does not expire.
(6) As of March 15, 2006, the reporting person is the indirect beneficial owner of 168,550 shares of Class C Preferred Series 2 Stock directly owned by Jayhawk Institutional Partners, L.P. and 136,500 shares of Class C Preferred Series 2 Stock directly owned by Jayhawk Investments, L.P.

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