BEIJING, Aug. 30,
2022 /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 announced that the reporting of
its financial results for the Second Quarter of 2022 is delayed to
September 29, 2022.
About Fuwei Films
Fuwei Films conducts its business through its wholly-owned
subsidiary, Fuwei Films (Shandong)
Co., Ltd. ("Shandong Fuwei"). Shandong Fuwei 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 for packaging 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 is 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 negative impacts of
the determination of the U.S. Securities and Exchange Commission
that the Public Company Accounting Oversight Board ("PCAOB") is
currently unable to inspect our auditor in relation to their audit
work and the potential that our ordinary shares will be prohibited
from trading in the United States
under the Holding Foreign Companies Accountable Act ("HFCAA") in
2024 if the PCAOB is unable to inspect or fully investigate
auditors located in China, or 2023
if proposed changes to the law are enacted, 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 uncertainty 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 countries;
uncertainty around coronavirus (COVID-19) outbreak and the effects
of government and other measures seeking to contain its spread,
potential delisting of our ordinary shares under the Holding
Foreign Company Affordable Act if the US Public Company Accounting
Oversight Board is unable to inspect our auditors located in
China, uncertainty around
U.S.-China trade war and its
effect on the Company's operation, fluctuations of the RMB exchange
rate, 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 the information contained in the forward-looking
statements as a result of the risk factors.
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SOURCE Fuwei Films
