NEW YORK (TheStreet) -- Fuwei Films Holdings  (FFHL) - Get Report skyrocketed more than 63% to $1.83 at 1:58 p.m. on Tuesday after the company announced that a bidder had successfully reached an agreement to acquire 52.9% of the company's outstanding shares at approximately $2.40 a share.

The Weifang State-owned Assets Operation Administration Company, a wholly-owned subsidiary of Weifang State-owned Asset Management and Supervision Committee, is the controlling shareholder in Fuwei Films and had sought to sell the 52.9% share.

The press release stated more information on the bidder would come in a separate announcement.

More than 1 million shares had changed hands by 2 p.m., well above the average volume of 35,308.

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FFHL data by YCharts

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