BEIJING, Dec. 3, 2014 /PRNewswire/ -- Fuwei Films
(Holdings) Co., Ltd. (Nasdaq: FFHL) ("Fuwei Films" or the
"Company"), a manufacturer and distributor of high-quality BOPET
plastic films in China, today
announces that Mr. Xiaoan He has
tendered his resignation as Chairman of the Board of Directors (the
"Board") and Chief Executive Officer of the Company, effective
December 31, 2014, due to personal
reasons. Mr. Zengyong Wang, who was previously elected as a
new director to the Board of Directors at the Annual General
Meeting held on December 1, 2014, has
been appointed as the new Chairman of the Board of Directors and
Chief Executive Officer, effective January
1, 2015.
The Board would like to thank Mr. He for his dedication,
leadership and contribution to the Company during his tenure as the
Chief Executive Officer and Chairman of the Board. Mr. He has
been the Chairman of the Board and Chief Executive Officer of the
Company since 2005 and is responsible for the formulation and
implementation of the Company's business strategies and the
management of its business operations. From June 2004 to January
2005, Mr. He was also the General Manager of the Company
responsible for daily operations and management.
Mr. Zengyong Wang has been a director and Vice President of
Shandong SNTON Group Co., Ltd. (the "SNTON Group") since
February 2006, where he has been
responsible for SNTON Group's business management affairs,
production planning and management and the supply market of SNTON
Group's subsidiaries. Mr. Wang has more than ten years of
large-scale enterprise group management experience. From
January 2001 to February 2006, Mr. Wang served as a member of the
Board of Supervisors of SNTON Group. From October 2003 to February
2006, Mr. Wang was the director of human resources of SNTON
Group. From January 1995 to
October 2003, Mr. Wang was the
General Manager responsible for the overall management of
operations of SNTON Hualu New Materials Co., Ltd., of which the
main products were new patterns of middle and high pressed glass
fiber reinforced plastic composite pipe fittings used for oil
translation. In 2009, Mr. Wang studied in a selected EMBA class in
Tsinghua University School of Economics and Management. From 2000
to 2002, Mr. Wang studied Economics and Management in Shandong
Provincial Committee Party School. In March
2001, Mr. Zengyong Wang received his professional title of
Senior Engineer certificate awarded by Shandong Province Office of
Personnel. .
Mr. Wang commented, "In recognition of Mr. He's service, I would
like to extend my personal appreciation for his dedicated service
and due diligence to Fuwei Films, especially in the past several
years when the BOPET industry has undergone challenging dynamics
and wish him well in his future endeavors. I am honored to
play an active role with the Company and will focus on strategic
initiatives that will create additional value for our customers and
shareholders and look forward to Fuwei Films' progress and
success."
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's 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 possible
delisting of the Company's ordinary shares from the NASDAQ Global
Market; significant competition in the BOPET film industry,
especially the significant oversupply of BOPET films resulting from
the rapid growth of the Chinese BOPET industry capacity, changes in
the international market and trade barriers, especially the adverse
impact of the antidumping investigation and imposition of an
anti-dumping duty on imports of the BOPET films originating from
the People's Republic of China
("China") conducted by certain
main importing countries; fluctuations of RMB exchange rate, the
reduce in demand for the Company's products or the loss of main
customers which may result in the decrease of sales, and negatively
influencing the Company's financial performance, uncertainty as to
the future profitability, uncertainty as to the Company's ability
to successfully obtain additional funds to meet the working capital
needs of the new BOPET production line, uncertainty as to the
Company's ability to continuously develop new BOPET film products
to be produced by the third production line and keep up with
changes in BOPET film technology, risks associated with possible
defects and errors in its products including complaints and claims
from clients, uncertainty as to its ability to protect and enforce
its intellectual property rights, uncertainty as to its ability to
attract and retain qualified executives and personnel, and
uncertainty in acquiring raw materials on time and on acceptable
terms, particularly in light of the volatility in the prices of
petroleum products in recent years, instability of power and energy
supply, and the uncertainty regarding the future operation of the
Company in connection with the changes in the labor law in
China, the measures taken by the
Chinese government to save energy and reduce emissions, and the
complaints from nearby residents and local government about the
noise caused by our production as well as the uncertainty of the
impact of major shareholder transfer that have substantial
influence over the Company and the Company's business operation
including possible overlap of our BOPET products, customers and
market orientation with an BOPET film manufacturer, which is
controlled by the same individual who has control over the shares
of our major shareholder. 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:
Ms. Xiaoli Yu
Investor Relations Manager
Phone: +86-133-615-59266
Email: fuweiIR@fuweifilms.com
In the U.S.:
Vivian Chen
Investor Relations
Grayling
Phone: +1-646-284-9427
Email: vivian.chen@us.grayling.com
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SOURCE Fuwei Films (Holdings) Co., Ltd.