BEIJING, July 17, 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 that Mr.
Zengyong Wang had given notice of his resignation dated
July 10, 2020, as the Company's Chief
Executive Officer and Chairman of the Board of Directors, effective
July 20, 2020. The Board of Directors
of the Company accepted Mr. Wang's resignation on July 10, 2020 and appointed Mr. Lei Yan to serve
as the Company's Chief Executive Officer and Chairman of the Board
of Directors effective July 21, 2020.
In addition, Mr. Benjie Dong gave
his notice of resignation dated July 10,
2020, as the Company's Chief Financial Officer and director,
effective July 20, 2020. The Board of
Directors of the Company accepted Mr. Dong's resignation on
July 10, 2020 and appointed Ms.
Jingjing Cheng to serve as the
Company's Chief Financial Officer and director effective
July 21, 2020. In both cases,
resignation was due to personal reason and not the result of any
disagreement with the Company on any matter relating to its
operations, policies or practices.
Mr. Lei Yan has been the President of Shanghai Meicheng
Enterprise Management Co., Ltd., since January 2020, where he is responsible for overall
business management. Since April
2019, Mr. Yan has been the Director and President of
Shandong Shengjia Industrial Park Management Co., Ltd., where he
oversees business management. He has been the Vice President of
Shandong Hualong Group Co., Ltd. since 2013, where he is in charge
of business administration and market expansion. He was also the
director of marketing of Shandong Hualong from 2008 to 2013. From
2003 to 2008, he served as marketing manager, marketing salesman of
the marketing department for Shandong Hualong. Mr. Yan
studied business administration for his Master course at Korea
Daebul University in South Korea.
He studied Business Management at China University of
Petroleum from 2008 to 2010 for his undergraduate course. In
2003, he graduated from Hubei
University of Economics where his major was Accounting
Computerization.
Ms. Jingjing Cheng has been the
Director and Chief Financial Officer of Shanghai Meicheng
Enterprise Management Co., Ltd. since January 2020, where she is responsible for
finance management. Since April 2019,
Ms. Cheng has been the Chief Financial Officer and Vice President
of Shandong Shengjia Industrial Park Management Co., Ltd., where
she is responsible for finance management and operation management.
Previously, she was the Chief Financial Officer and Vice President
of Beijing Baitetongchuang Marketing Plan Co., Ltd., where she
oversaw finance management. From March
2008 to March 2013, she served
as an accountant in Shandong Hualong Group Co., Ltd. Ms. Cheng was
the assistant of President at Baosheng Clothes (Qingdao) Co., Ltd. from September 2005 to March
2008. Ms. Cheng studied Human Resource Management at Tianjin
University.from 2017 to 2020 for her undergraduate course. She
studied Accounting Computerization at Shandong Women's University
from 2002 to 2005.
The Board would like to thank Mr. Wang and Mr. Dong for their
dedication, leadership and contribution to the Company over the
years and wish them all the best in future endeavors. Mr. Wang has
been the Chairman of the Board and Chief Executive Officer of the
Company since 2015 and has been responsible for the formulation and
implementation of the Company's business strategies and the
management of its business operations. Mr. Dong has been a Director
of our Company since December 30,
2016. He began serving as our Chief Financial Officer on
April 1, 2016. He has been
responsible for financing, accounting and auditing matters in the
Company and its subsidiary.
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.