BEIJING, July 2, 2020 /PRNewswire/ -- Fuwei Films
(Holdings) Co., Ltd. (Nasdaq: FFHL, "Fuwei" or the "Company"), a
manufacturer and distributor of high-quality BOPET plastic films in
China, today announced the Company
received a notification from Shanghai Meicheng Enterprise
Management Co., Ltd., ("Shanghai Meicheng") with respect to an
ownership transfer from Shandong SNTON Group Co., Ltd. (the "SNTON
Group") to Shanghai Meicheng of the Company's 52.9% controlling
outstanding ordinary shares (the "Shares").
SNTON Group held the Shares indirectly through an intermediate
holding company, Hongkong Ruishang International Trade Co., Ltd.
("Hongkong Ruishang"). It is noted that SNTON Group transferred its
equity in Hongkong Ruishang to Shanghai Meicheng on June 23, 2020, due to SNTON Group's asset
reorganization. As a result of this transfer, Shanghai Meicheng now
indirectly owns the Shares through Hongkong Ruishang. Hongkong
Ruishang in turn holds the Shares through Apex Glory Holdings
Limited, a British Virgin Islands
corporation.
Shanghai Meicheng is a diversified investment management company
located in the Yuhaitang Science and Technology Park of Chongwen
District in Shanghai, P.R. China.
Its area of investment includes new material, smart city, new
energy, culture and entertainment.
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 around coronavirus (COVID-19) outbreak and the effects
of government and other measures seeking to contain its spread,
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:
Xiaoli Yu
Investor Relations Officer
Phone: +86-133-615-59266
Email: fuweiIR@fuweifilms.com
In the U.S.:
Shiwei Yin
Investor Relations
Grayling
Phone: +1-646-284-9474
Email: shiwei.yin@grayling.com
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SOURCE Fuwei Films (Holdings) Co., Ltd.