This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration. Need a new registration confirmation email? Click here
May 14, 2014 /PRNewswire/ -- Fuwei Films (Holdings) Co., Ltd. (Nasdaq: FFHL, "Fuwei" or the "Company"), a manufacturer and distributor of high-quality BOPET plastic films in
China, today announced the Company received a notification from its new shareholder, Shandong Fuhua Investment Company Limited, ("Shandong Fuhua") with respect to an ownership transfer from Weifang City State-Owned Assets Operation Administration Company (the "Administration Company") to Shandong Fuhua of the Company's 12.55% outstanding ordinary shares (the "Shares").
The Administration Company originally held the Shares indirectly through an intermediate holding company, Easebright Investments Limited ("Easebright"). As a result of this transfer, Shandong Fuhua indirectly owns the Shares through Easebright. Mr.
Jingang Yang has been appointed as the director of Easebright.
Shandong Fuhua, formerly known as Shandong Baorui Investment Company Limited, was established in
September 2003, with registered capital of
RMB20 million. Shandong Fuhua mainly specializes in Project Investment and Management, Mergers and Acquisitions, Assets Restructuring, Assets Custody, Real Estate Leasing, Entrusted Corporate Management, Investment Consulting, Business and Management Training.
The Labor Union of Fuwei Films (
Shandong) Co., Ltd ("Fuwei Shandong") owns 3.9% shares of Shandong Fuhua. Mr.
Yong Jiang, the Board Secretary of the Company, Mr.
Xiaoming Wang, the Vice President of Fuwei Shandong and 29 other employees in Fuwei Shandong own 0.05%, 1.0% and 2.85% shares of Shandong Fuhua through the Labor Union, respectively.
About Fuwei Films
Fuwei Films conducts its business through its wholly owned subsidiary, Fuwei Films (
Shandong) Co., Ltd. ("Fuwei Shandong"). Fuwei Shandong develops, manufactures and distributes high-quality plastic films using the biaxial oriented stretch technique, otherwise known as BOPET film (biaxially oriented polyethylene terephthalate). Fuwei Films' BOPET film is widely used to package food, medicine, cosmetics, tobacco, and alcohol, as well as in the imaging, electronics, and magnetic products industries.
This press release contains information that constitutes forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and are subject to risks. Risk factors that could contribute to such differences include those matters more fully disclosed in the Company's reports filed with the U.S. Securities and Exchange Commission which, among other things, include both the short and long-term effects of the global financial crisis on the Company and the BOPET film industry; competition in the BOPET film industry; growth of, and risks inherent in, the BOPET film industry in
China; uncertainty as to future profitability and our ability to obtain adequate financing for our planned capital expenditure requirements; uncertainty as to our ability to continuously develop new BOPET film products and keep up with changes in BOPET film technology; risks associated with possible defects and errors in our products; uncertainty as to our ability to protect and enforce our intellectual property rights; uncertainty as to our ability to attract and retain qualified executives and personnel; and uncertainty in acquiring raw materials on time and on acceptable terms, particularly in view of the volatility in the prices of petroleum products in recent years. The forward-looking information provided herein represents the Company's estimates as of the date of the press release, and subsequent events and developments may cause the Company's estimates to change. The Company specifically disclaims any obligation to update the forward-looking information in the future. Therefore, this forward-looking information should not be relied upon as representing the Company's estimates of its future financial performance as of any date subsequent to the date of this press release. Actual results of our operations may differ materially from information contained in the forward-looking statements as a result of the risk factors.
For more information, please contact: