BEIJING, Dec. 24, 2013 /PRNewswire/ -- Fuwei Films
(Holdings) Co., Ltd. (NASDAQ: FFHL, "Fuwei Films" or the
"Company"), announced today that it has received a fourth notice
from its controlling shareholder, the Weifang State-owned Assets
Operation Administration Company, a wholly-owned subsidiary of
Weifang State-owned Asset Management and Supervision Committee
(collectively, the "Administration Company") indicating that the
Administration Company has determined to place control over
6,912,503 (or 52.9%) of its outstanding ordinary shares up for sale
at a fourth public auction to be held in the People's Republic of China ("PRC") after
the third public auction, held on October
16, 2013, failed due to a lack of bidders registered for the
auction.
These shares are currently held indirectly through an
intermediate holding company, Apex Glory Holdings Limited ("Apex
Glory"), all of whose shares are the subject of the public auction.
The indicative target price for the fourth auction is RMB112,000,000, which is 80% of the indicative
target price for the third auction, (approximately US$18.448 million) or approximately US$2.67 per ordinary share of Fuwei Films held by
Apex Glory. The fourth auction regarding Apex Glory is to be held
on January 7, 2014 and will be run by
Shandong Jialian Auction Co., Ltd. and Shandong Outstanding Auction
Co., Ltd.
Fuwei Films expects to follow the change in control resulting
from the public auction process closely and will provide relevant
updates to the market as soon as the results are known in the
PRC.
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.
Safe Harbor
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:
In China:
Mr. Yong Jiang
Board Secretary
Phone: +86 158 632 92177
Email: yongjiang@fuweifilms.com
In the U.S.:
Ms. Vivian Chen
Investor Relations
Grayling
Phone: +1-646-284-9427
Email: vivian.chen@grayling.com
SOURCE Fuwei Films (Holdings) Co., Ltd.