Fuwei Films Announces Identity of New Controlling Shareholder
BEIJING, March 28, 2014
BEIJING, March 28, 2014 /PRNewswire/ --Fuwei Films (Holdings) Co., Ltd.
(NASDAQ: FFHL, "Fuwei Films" or the "Company") announced today that it has
learned that Shandong SNTON Optical Materials Technology Co., Ltd. (the
"Bidder") was the successful bidder in the fifth public auction of 6,912,503
shares (or 52.9%) of its outstanding ordinary shares held on March 25, 2014.
The winning bid was RMB101,800,000 (approximately US$16,572,787) or
approximately US$2.40 per ordinary share. The Company previously announced
that it had become aware that the fifth public auction by which the Company's
controlling shareholder, the Weifang State-owned Assets Operation
Administration Company, a wholly-owned subsidiary of Weifang State-owned Asset
Management and Supervision Committee sought to sell control over, resulted in
the acceptance of a successful bid.
According to publicly available information in the People's Republic of China,
the Bidder is an optical BOPET film manufacturer established in August 2011
with registered capital of RMB260 million. The parent company of the Bidder is
Shandong SNTON Group Co., Ltd. (the Group), which was founded in January 1987.
The Group mainly specializes in metalproducts, fine chemicals, new materials
and real estate development.
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:
Ms Xiaoli Yu
Investor Relations Officer
In the U.S.:
Ms. Vivian Chen
SOURCE Fuwei Films (Holdings) Co., Ltd.
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