BEIJING, Feb. 3, 2015 /PRNewswire/ -- Fuwei Films
(Holdings) Co. Ltd. (Nasdaq: FFHL) ("Fuwei Films" or the
"Company"), a manufacturer and distributor of high-quality BOPET
plastic films in the People's Republic of
China ("China"), today
announces that its wholly-owned subsidiary, Fuwei Films
(Shandong) Co., Ltd. ("Fuwei
Shandong") will actively respond to the antidumping sunset review
of BOPET films conducted by the Ministry of Strategy and Finance,
Republic of Korea.
On January 15, 2015, the Ministry
of Strategy and Finance, Republic of Korea, initiated a sunset
review concerning the continued imposition of an anti-dumping duty
on imports of Polyethylene Terephthalate originating from
China and India. Eight Chinese exporters, including
Fuwei Films, are required to participate in this review. The
Company has engaged legal counsels to assist in responding to the
review conducted by the Ministry of Strategy and Finance, Republic
of Korea.
"Expanding our presence in the overseas market is an important
competitive strategy for Fuwei Films," said Mr. Zengyong Wang,
Chairman and CEO of the Company, "We attach great importance to the
Korean market and as a result, the Company intends to actively
respond to the sunset review and to vigorously seek a favorable
outcome for the Company."
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.