Baijiayun Group Ltd - Class (NASDAQ:RTC)

Fuwei Films (holdings) Co., Ltd (NASDAQ:FFHL) ($10.04, market cap $32.7 million), a manufacturer and distributor of high-quality BOPET plastic films in China announced Q2 2021 results:

• Sales of $15.6 million vs $12.8 million in the prior year
• Non-GAAP EPS of $0.94 vs $0.66 in the prior year

“We continued to achieve positive trends in our mix of sales, especially sales of specialty films which accounted for 68.6% of our total revenues for the second quarter ended June 30, 2021. We believe these results benefit from our commitment to innovation and differentiated marketing strategy, which have expanded the end-user applications of our films products. We will carry on with these efforts and expect that they will enable the Company to capitalize on new opportunities despite challenging industry and economic conditions."

Please take a look at why we took a speculative position in FFHL on January 27, 2021, as explained in our RFT (Reasons For Tracking)..

Fuwei Films (holdings) Co., Ltd ( NASDAQ:FFHL ) ($10.43, market cap $34.0 million) - A 13G/A filing shows an increased stake by Renaissance Technologies in FFHL to 8.9% from 6.4%. Fuwie develops, manufactures, and distributes biaxially oriented polyethylene-terephthalate films in the People's Republic of China. 

Please take a look at why we took a speculative position in FFHL on January 27, 2021, as explained in our RFT (Reasons For Tracking) on that day. See the RFT here.

First Quarter 2019 Financial Results

• Net sales during the first quarter ended March 31, 2019 were RMB81.1 million (US$12.1 million), compared to RMB76.9 million, during the same period in 2018, representing an increase of RMB4.2 million or 5.5%, mainly due to the increased sales price.
• Basic and diluted net loss per share was RMB1.03 (US$0.15) and RMB2.51 for the three-month period ended March 31, 2019 and 2018, respectively.

Mr. Zengyong Wang, Chairman and CEO of Fuwei Films, commented, "While we continue to face headwinds due to oversupply in the marketplace, we are encouraged by continued positive trends in overall sales, sales of specialty films and improvement in gross margin. We believe our commitment to innovation and R&D has expanded the end-user applications of our films that will enable the Company to capitalize on new opportunities despite challenging industry and economic conditions."

Fourth Quarter 2018 Financial Results

• Net revenues were RMB90.1 million or US$13.1 million, up 14.3% year-over-year.
• Basic and diluted loss per share was RMB1.1 or US$0.15, compared to loss per share of RMB3.1 a year ago.

"Oversupply in the BOPET plastic films market persisted in 2018. While this impacted the Company's results, we are pleased that our revenues and gross margins continued to grow. Sales of specialty films increased 37.7% year-over-year and accounted for 44.6% of our total revenues in 2018. We believe that our focus on innovation will enable the Company to expand end-user product applications and attract new clients and expand relationships with existing customers. We are encouraged by positive trends in revenues and gross margins which we expect to enable us to better navigate the industrial and economic landscape ahead," commented by Mr. Zengyong Wang, the CEO and Chairman of the Company.

BEIJING, Jan. 28, 2019 /PRNewswire/ -- Fuwei Films (Holdings) Co., Ltd. (Nasdaq: FFHL) ("Fuwei Films"), currently a manufacturer and distributor of high-quality BOPET plastic films in China, today announced that the Company has entered into a Securities Purchase Agreement with Gold Glory Blockchain Inc. ("Gold Glory"), a California-headquartered company focused on blockchain technology applications and digital asset services. The Agreement will result in the issuance by the Company of 9,500,000 new ordinary shares in exchange for all outstanding shares of Gold Glory.

Fuwei Films concurrently entered into a Share Transfer Agreement with Hong Kong Ruishang International Trade Co. Ltd. ("Ruishang"), the current majority owner of FFHL's equity shares. Pursuant to this Agreement, FFHL agrees to sell, assign and deliver all shares of Fuwei Films (BVI) Co. Ltd. ("Fuwei BVI"), a subsidiary directly owned by Fuwei Films plus cash consideration of USD3 million to Ruishang, in exchange for all 1,728,126 ordinary shares of Fuwei Films owned by Ruishang, representing 52.9% of the total Fuwei Films outstanding shares. This transaction will effectively transfer the existing business of Fuwei Films to Ruishang, after which Fuwei Films will only own the shares of Gold Glory.

Mr. Zengyong Wang, Chairman and CEO of Fuwei Films, said, "We are excited to have reached agreements with Gold Glory and Ruishang, because we believe the transactions, once closed, are in the best interests of our shareholders. Our company will enter into a brand new industry with much more growth potential."

The closing of Securities Purchase transaction is subject to the following conditions, (i) concurrent divesture of Fuwei Films current business, which is to be effected through sale of Fuwei BVI to Ruishang, pursuant to the Share Transfer Agreement (ii) approval of the transactions contemplated by the Securities Purchase Agreement and the Share Transfer Agreement by the Board and shareholders of Fuwei Films; (iii) Receipt of necessary regulatory approvals, including NASDAQ approval, and (iv) a private placement of ordinary shares by Gold Glory raising at least USD10 million.

Third Quarter 2018 Financial Results 

• Net sales during the third quarter ended September 30, 2018 increased to RMB86.9 million or US$12.6 million from RMB73.9 million last year.
• Basic and diluted net loss per share was RMB0.57 or US$0.08.

Mr. Zengyong Wang, Chairman and CEO of Fuwei Films, commented, "While we continued to be adversely affected by intense competition and increased supply over demand in China's BOPET market, our net sales and the sales of specialty films increased. We are glad to announce that the sales of specialty films accounted for 52.2% of the total revenues for the third quarter of 2018. We believe the improvement of our financial metrics benefits from continued implementation of differentiation strategy. Looking ahead, encouraged by this positive trend, we believe our commitment to innovation and R&D will enable us to capitalize on market opportunities and as a result expect to realize profits despite challenging industry and economic conditions."

BEIJING, Oct. 16, 2018 /PRNewswire/ -- Fuwei Films (Holdings) Co., Ltd. (FFHL) ("Fuwei Films" or the "Company"), a manufacturer and distributor of high-quality BOPET plastic films in China, today announced that the Company has received higher orders for the fourth quarter of 2018 from its major customer, Eternal Electronic Material (Guangzhou) Co., Ltd. ("Eternal Electronic"). Based on the expanded demand, Fuwei Films expects that fourth quarter sales to Eternal Electronic will be approximately 30% higher as compared to the same period of 2017. As a result, the Company expects 2018 annual sales to Eternal Electronic to be approximately 27% higher than 2017.

Eternal Electronic is a global manufacturer of dry films and one of the Company's top customers for polyester film, which serves as base film for producing dry film used in Printed Circuit Boards ("PCB"). Polyester film for PCBs is one of the Company's high value-added and differentiated products. Fuwei Films has been supplying Eternal Electronic with high-quality specialty film products and sound services for a number of years.

"The order increase from Eternal Electronic demonstrates that the product quality of our PCB-purpose polyester film is recognized by our major customers. Meanwhile, we believe that the order growth also helps improve the Company's financial performance," commented Mr. Zengyong Wang, Chairman of Fuwei Films, "Going forward, we plan to continue developing our portfolio of new and high-quality film products and maintain excellent customer service for competitive positioning."

Second Quarter 2018 Financial Results

• Net sales during the second quarter ended June 30, 2018 increased to RMB79.6 million or US$12.0 million from RMB70.1 million last year.
• Net loss attributable to the Company during the second quarter was RMB8.7 million (US$1.3 million) compared to net loss attributable to the Company of RMB11.6 million during the same period in 2017, representing a decrease of RMB2.9 million for the same period in 2017.

Mr. Zengyong Wang, Chairman and CEO of Fuwei Films, commented, "Our second quarter results reflect the intense competition as a result of excess capacity in the BOPET industry. In spite of this, I am pleased to share that our differentiated product strategy is showing results and sales of specialty films continued to grow. Riding on this positive momentum, we will work toward expanding our customer base through introducing innovative products and exploring overseas markets. We believe that capturing opportunities in new and emerging markets will help strengthen our competitive position."

Third Quarter 2017 Financial Results

• Net sales during the third quarter ended September 30, 2017 were RMB73.9 million or US$11.1 million, compared to RMB61.6 million during the same period in 2016, representing an increase of RMB12.3 million or 20.0%.
• Basic and diluted net loss per share was RMB3.70 (US$0.56) and RMB4.11 for the three-month period ended September 30, 2017 and 2016, respectively.

Mr. Zengyong Wang, Chairman and CEO of Fuwei Films, commented, "While we continue to face strong competition from emerging and incumbent players in the marketplace, which has led to oversupply relative to demand in the marketplace, we are encouraged by positive trends in the increased net sales, especially the sales of specialty films. We believe our commitment to innovation and R&D has expanded our end-user applications that will enable the Company to capitalize on these opportunities despite challenging industry and economic conditions."

Second Quarter 2017 Financial Results

• Net sales during the second quarter ended June 30, 2017 were RMB70.1 million or US$10.3 million, compared to RMB59.3 million during the same period in 2016, representing an increase of RMB10.8 million or 18.2%. The increase of average sales price caused an increase of RMB7.0 million and the sales volume increase caused an increase of RMB3.8 million.
• Basic and diluted net loss per share was RMB3.57 or US$0.53 and RMB3.12 for the three months period ended June 30, 2017 and 2016, respectively.

Mr. Zengyong Wang, Chairman and CEO of Fuwei Films, commented, "While we continue to face strong competition from emerging and incumbent players in the marketplace, which has led to oversupply relative to demand in the marketplace, we are encouraged by positive trends in the sales of specialty films. We believe our commitment to innovation and R&D has expanded our end-user applications that will enable the Company to capitalize on these opportunities despite challenging industry and economic conditions."

First Quarter 2017 Financial Results

• Net sales during the first quarter ended March 31, 2017 were RMB67.9 million or US$9.9 million, compared to RMB62.1 million, during the same period in 2016, representing an increase of RMB5.8 million or 9.3%, mainly due to the increased sales price.
• Basic and diluted net loss per share was RMB3.72 or US$0.54 and RMB3.69 for the three-month period ended March 31, 2017 and 2016, respectively.

Mr. Zengyong Wang, Chairman and CEO of Fuwei Films, commented, "While we continue to face strong competition from emerging and incumbent players in the marketplace, which has led to oversupply relative to demand in the marketplace, we are encouraged by positive trends in the sales of specialty films. We believe our commitment to innovation and R&D has expanded our end-user applications that will enable the Company to capitalize on these opportunities despite challenging industry and economic conditions."

Fourth Quarter 2016 Financial Results

• Revenues for the fourth quarter of 2016 were RMB70.9 million or US$10.2 million, compared with RMB63.7 million in the fourth quarter of 2015, an increase of RMB7.2 million, or 11.3%. Sales volume accounted for an increase of RMB4.8 million while the increase of average sales price caused an increase of RMB2.4 million.
• Basic and diluted loss per share was RMB16.68 or US$2.4.

"We continue to face strong competition from emerging and incumbent players which has created oversupply relative to demand in the marketplace in 2016. While this has impacted the Company's financial results, we are pleased to announce that our sales volume for specialty films has increased. We believe that our focus on continued innovation and R&D will enable the Company to expand end-user applications and our high-end specialty films while increasing the product portfolio, which we believe, will help us to attract new clients and expand relationships with existing customers. We are encouraged by positive trends in sales volume and gross margins that we expect to enable us to weather different industry and economic conditions in the periods ahead," commented by Mr. Zengyong Wang, the CEO and Chairman of the Company.

BEIJING, Jan. 26, 2017 /PRNewswire/ -- Fuwei Films (Holdings) Co., Ltd. (FFHL) ("Fuwei Films" or the "Company"), a manufacturer and distributor of high-quality BOPET plastic films in China, today announced that the Company has signed an annual sales contract for 2017 with Eternal Electronic Material (Guangzhou) Co., Ltd. ("Eternal Electronic"), one of the Company's top five customers during the year ended December 31, 2015 that purchases polyester film for PCB from Fuwei Films. Polyester film for PCB is a base film for dry film. Eternal Electronic is a well-known manufacturer of dry films globally, which is mainly used in Printed Circuit Boards ("PCB"). Based on the new contract, Fuwei expects that the total polyester film for PCB sales in the first quarter of 2017 will approximately increase by 34.5% compared to the same period of 2016. Fuwei Films continues to improve its product quality and has been supplying Eternal Electronic with advantageous prices and sound services for the past few years.

"We believe that the increase of orders from Eternal Electronic demonstrates that our product quality of polyester film for PCB is recognized by our customers," commented Mr. Zengyong Wang, Chairman of Fuwei Films, "Our Company will continue to execute a portfolio of products that optimizes a higher margin strategy. We intend to continue to leverage our R&D capabilities and develop new, high-quality products with strong profit margins and maintain our excellent customer service in order to maintain a competitive advantage over our competitors."

Third Quarter 2016 Finanicial Results

• Net sales during the third quarter ended September 30, 2016 were RMB61.6 million or US$9.2 million.
• Basic and diluted net loss per share was RMB1.03 or US$0.15 and RMB0.94 for the three-month period ended September 30, 2016 and 2015, respectively.

Second Quarter 2016 Financial Results

• Net sales during the second quarter ended June 30, 2016 were RMB59.3 million or US$8.9 million.
• Basic and diluted net loss per share was RMB0.78 or US$0.12 and RMB1.12 for the three-month period ended June 30, 2016 and 2015, respectively.

Mr. Zengyong Wang, Chairman and CEO of Fuwei Films, commented, "While we continue to face strong competition from emerging and incumbent players in the marketplace, which has led to oversupply relative to demand in the marketplace, we are encouraged by positive trends in the sales of specialty films. We believe our commitment to innovation and R&D has expanded our end-user applications that will enable the Company to capitalize on these opportunities despite challenging industry and economic conditions."

BEIJING, May 26, 2016 /PRNewswire/ -- Fuwei Films (Holdings) Co., Ltd. (FFHL) ("Fuwei Films" or the "Company"), a manufacturer and distributor of high-quality BOPET plastic films in China, today announced that the Company received a letter from the Nasdaq Stock Market ("NASDAQ") on May 24, 2016 stating that while the Company had not regained compliance with the NASDAQ Listing Rule 5550(a)(1) (the "Bid Price Rule") as of May 23, 2016, the Company is eligible for an additional 180-day grace period to regain compliance with the Bid Price Rule, which expires November 21, 2016 (the "Expiration Date").

On November 25, 2015, the Company received a letter from NASDAQ notifying it of its failure to maintain a minimum closing bid price of $1.00 over the then preceding 30 consecutive trading days for its ordinary shares as required by the Bid Price Rule. The letter stated that the Company had until May 23, 2016 to demonstrate compliance by maintaining a minimum closing bid price of at least $1.00 for a minimum of 10 consecutive trading days.

NASDAQ's determination was based on the Company having met the continued listing requirement for Market Value of Publicly Held Shares and all other applicable requirements for initial listing on the NASDAQ Capital Market, with the exception of the Bid Price Rule, and on the Company's written notice to NASDAQ of its intention to cure the deficiency during the second compliance period by effecting a reverse stock split, if necessary. If at any time during this additional time period the closing bid price of the Company's security is at least $1.00 per share for a minimum of 10 consecutive business days, NASDAQ will provide written confirmation of compliance and this matter will be closed. If compliance cannot be demonstrated by November 21, 2016, Staff will provide written notification that the Company's ordinary shares will be delisted. At that time, the Company may appeal NASDAQ's determination to delist its ordinary shares to a NASDAQ Hearings Panel. The Company will monitor the closing bid price of its ordinary shares and will consider various possible options, including if necessary, it intentions to effect a reverse stock split, to regain compliance by the Expiration Date.

First Quarter 2016 Financial Results

• Net loss attributable to the Company during the first quarter ended March 31, 2016 was RMB12.1 million or US$1.9 million compared to a net loss attributable to the Company of RMB15.0 million during the same period in 2015, representing a decrease of RMB2.9 million.
• Basic and diluted net loss per share was RMB0.92 or US$0.14 and RMB1.15 for the three-month period ended March 31, 2016 and 2015, respectively.

Mr. Zengyong Wang, Chairman and CEO of Fuwei Films, commented, "The first quarter financial results reflected encouraging results in revenues due to sales in specialty films which contributed to an increase in volumes that also led to improved margins despite weakened market conditions due to significant competition which caused oversupply and excess capacity in the marketplace. We believe that our focus on continued innovation and R&D will enable the Company to expand end-user applications and our high-end specialty films while increasing the product portfolio, which we believe will help us to attract new clients and expand relationships with existing customers. We are encouraged by positive trends in sales volume and gross margins that we expect to enable us to weather different industry and economic conditions in the periods ahead."

Fourth Quarter 2015 Financial Results

• Revenues for the fourth quarter of 2015 were RMB63.7 million or US$9.8 million, compared with RMB74.6 million in the fourth quarter of 2014, a decrease of RMB10.9 million, or 14.6%. Sales volume accounted for a decrease of RMB2.5 million while the reduction of average sales price caused a decrease of RMB8.4 million due to the price reduction of main raw materials.
• Basic and diluted loss per share was RMB2.08 or US$0.32, compared with basic and diluted loss per share of RMB1.33 or US$0.21 in the fourth quarter of 2014.

Mr. Zengyong Wang, Chairman and CEO of Fuwei Films commented, "2015 was still a challenging year for Fuwei Films with significant competition which created oversupply of BOPET films compared to demand in the market place. As we look to 2016, we intend to capitalize upon opportunities in emerging markets and film technologies by focusing our efforts on continued innovation and R&D and are encouraged by our overseas sales volumes."

"We also previously announced the resignation of Mr. Xiuyong Zhang as Chief Financial Officer who will be replaced by the appointment of Mr. Benjie Dong as the new Chief Financial Officer effective April 1, 2016. Mr. Dong has been a Director of Shandong SNTON Group Co., Ltd. ("SNTON Group") since December 2012, and the Vice President of SNTON Group since October 2005. We would like to thank Mr. Xiuyong Zhang for his tenured service and support his decision to pursue other interests," commented Mr. Zengyong Wang.

BEIJING, April 5, 2016 /PRNewswire/ -- Fuwei Films (Holdings) Co., Ltd. (FFHL) ("Fuwei Films" or the "Company"), a manufacturer and distributor of high-quality BOPET plastic films in China, today announces that Mr. Xiuyong Zhang resigned as the Company's Chief Financial Officer and Director, effective March 31, 2016. The Board of Directors of the Company has appointed Mr. Benjie Dong to serve as the Company's new Chief Financial Officer effective April 1, 2016. The resignation of Mr. Zhang was not due to any disagreements between Mr. Zhang and the Company on any matter relating to the Company's operations, policies or practices.

Mr. Dong has been the director of Shandong SNTON Group Co., Ltd. ("SNTON Group") since December 2012, and the vice president of SNTON Group since October 2005. From October 2005 to December 2012, Mr. Dong was the vice general manager and head of the finance department of SNTON Group and he was the finance minister of SNTON Group from May 2003 to October 2005. Prior to this, he was the vice finance minister of SNTON Group from June 2000 to May 2003. Mr. Dong joined SNTON Group in March 1996 as an accountant until June 2000. Prior to joining Shandong SNTON Group, he worked in Shandong Kenli County Oil Chemical Factory as an accountant from October 1995 to March 1996. Mr. Dong studied Business Management and received his postgraduate degree from the City University of Macau in 2009. From 2002 to 2005, he studied Economics and Management and received his bachelor degree from Shandong University of Technology. From 1997 to 1999, Mr. Dong studied Economics and Management and received his college degree from the Shandong Provincial Committee Party School. From 1993 to 1995, Mr. Dong studied at Dongying Television University where he obtained his degree in accounting.

The Board of Directors would like to thank Mr. Zhang for his dedication, leadership and contribution to the Company during his tenure as the CFO and Director of the Company.  Mr. Zhang has been a Director of our Company since November 2007. He began serving as our Chief Financial Officer on April 11, 2008. He had accumulated more than 10 years of experience in investment, accounting and financial fields. He was responsible for the Company's day-to-day investment management, financing, accounting and auditing matters and in charge of the financing, financial and taxation matters of our subsidiary.

• Net sales during the third quarter ended September 30, 2015 were RMB65.7 million or US$10.3 million, compared to RMB69.2 million during the same period in 2014.

• Basic and diluted net loss per share was RMB0.94 or US$0.15 and RMB1.36 for the three-month period ended September 30, 2015 and 2014, respectively.

"We continue to face strong competition from emerging and incumbent players which has created oversupply relative to demand in the marketplace. While this has impacted the Company's financial results, we intend to capitalize upon opportunities in international markets. We believe that our focus on continued innovation and R&D will enable the Company to expand end-user applications and our high-end specialty films while increasing the product portfolio, which we believe, will help us to attract new clients and expand relationships with existing customers. We are encouraged by positive trends in sales volume and gross margins that we expect to enable us to weather different industry and economic conditions in the periods ahead," commented by Mr. Zengyong Wang, the CEO and Chairman of the Company.

BEIJING, November 2, 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 China, today announced that its wholly-owned subsidiary, Fuwei Films (Shandong) Co., Ltd. ("Fuwei Shandong") has passed the Audit Assessment of Amcor again and continues to be one of the stable long-term good suppliers of Amcor.

The two-day site visit conducted by a team from Amcor lasted from October 12 to October 13. The Audit assessment includes nine aspects which are Quality System Process, Control Procedures, Quality Assurance Procedures, Change Control, Raw Materials, Storage and Transit, Hygiene, Product Safety, H&S and Sustainability. The final audit assessment result shows that Fuwei Shandong remains part of Amcor's good supplier list provided with good-quality products and instant delivery performance.

Amcor is the world's largest supplier of flexible packaging, with manufacturing sites around the world. Products include packaging for fresh foods such as meat, fish, bread and dairy; processed foods such as confectionery, snack foods, coffee and ready meals; as well as high value-added resin and aluminum based medical applications, hospital supplies, pharmaceuticals, personal & home care products and specialty packaging.

"The final audit assessment result indicates that our product quality is recognized by our customers and we believe it is a testament to our high quality film products and position in the industry. We intend to continue to manufacture and supply high-quality products and maintain our excellent customer service in order to stay ahead of our competitors," said Mr. Zengyong Wang, Chairman and CEO.

BEIJING, September 2, 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 China, today announced that its operations has not been affected by the Tianjin chemical explosions, which were reported on August 12, 2015.

Mr. Zengyong Wang, Chairman and CEO of Fuwei Films commented, "While we are deeply saddened by this tragic occurrence, we would like to reassure our customers, suppliers, associates and shareholders that our operations were not affected by the chemical explosions in Tianjin. We have reviewed the situation and we will continue to comply with any and all necessary regulatory and environmental standards that will ensure the safety of our employees."

Second Quarter 2015 Financial Results

• Net sales during the second quarter ended June 30, 2015 were RMB66.7 million or US$10.8 million, compared to RMB70.0 million during the same period in 2014, representing a decrease of RMB3.3 million or 4.7%
• Basic and diluted net loss per share was RMB1.12 or US$0.18 and RMB1.76 for the three months period ended June 30, 2015 and 2014, respectively.

Mr. Zengyong Wang, Chairman and CEO of Fuwei Films, commented, "We continue to face strong competition from emerging and incumbent players which has created oversupply relative to demand in the marketplace. While this has impacted the Company's quarterly financial results, we intend to capitalize upon opportunities in international markets. We believe that our focus on continued innovation and R&D will enable the Company to expand end-user applications and we are encouraged by this positive trend as we expect this to enable us to weather different industry and economic conditions in the periods ahead."

BEIJING, July 28, 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 China, today announced that the Company received a letter from the Nasdaq Stock Market ("Nasdaq") on July 23, 2015 notifying the Company that it has regained compliance with the $1.00 per share minimum closing bid price requirement for continued listing on the NASDAQ Capital Market, pursuant to the NASDAQ Listing Rule 5550(a)(2) (the "Bid Price Rule").

As previously reported, on December 8, 2014, NASDAQ notified the Company that its ordinary shares failed to maintain a minimum bid price of $1.00 over the previous thirty consecutive business days as required by the Listing Rules of The Nasdaq Stock Market. Additionally, on June 9, 2015, Nasdaq notified the Company that while the Company had not regained compliance with the Bid Price Rule, it was eligible for an additional 180-day grace period, until December 7, 2015, to regain compliance with the Bid Price Rule.

Since then, NASDAQ has determined that for the last ten consecutive business days, from July 9, to July 22, 2015, the closing bid price of the Company's ordinary shares has been at $1.00 per share or greater. Accordingly, the Company has regained compliance with the Bid Price Rule and this matter is now closed.

BEIJING, June 12, 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 China, today announced that the Company received a letter from the Nasdaq Stock Market ("NASDAQ") on June 9, 2015 stating that while the Company had not regained compliance with the NASDAQ Listing Rule 5550(a)(1) (the "Bid Price Rule") until June 8, 2015, it was eligible for an additional 180-day grace period, until December 7, 2015 (the "Expiration Date"), to regain compliance with the Bid Price Rule.

On December 8, 2014, the Company received a letter from NASDAQ notifying it of its failure to maintain a minimum closing bid price of $1.00 over the then preceding 30 consecutive trading days for its ordinary shares as required by the Bid Price Rule. The letter stated that the Company had until June 8, 2015 to demonstrate compliance by maintaining a minimum closing bid price of at least $1.00 for a minimum of 10 consecutive trading days.

NASDAQ's determination was based on the Company having met the continued listing requirement for Market Value of Publicly Held Shares ("MVPHS") and all other applicable requirements for initial listing on the NASDAQ Capital Market, with the exception of the Bid Price Rule, and on the Company's written notice to NASDAQ of its intention to cure the deficiency during the second compliance period by effecting a reverse stock split, if necessary. If at any time during this additional time period the closing bid price of the Company's security is at least $1 per share for a minimum of 10 consecutive business days, NASDAQ will provide written confirmation of compliance and this matter will be closed. If compliance cannot be demonstrated by December 7, 2015, Staff will provide written notification that the Company's ordinary shares will be delisted. At that time, the Company may appeal NASDAQ's determination to delist its ordinary shares to a NASDAQ Hearings Panel. The Company will monitor the closing bid price of its ordinary shares and will consider various possible options, and, if necessary, it intends to effect a reverse stock split, to regain compliance by the Expiration Date.

BEIJING, June 12, 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 China, today announced that the Company received a letter from the Nasdaq Stock Market ("NASDAQ") on June 9, 2015 stating that while the Company had not regained compliance with the NASDAQ Listing Rule 5550(a)(1) (the "Bid Price Rule") until June 8, 2015, it was eligible for an additional 180-day grace period, until December 7, 2015 (the "Expiration Date"), to regain compliance with the Bid Price Rule.

On December 8, 2014, the Company received a letter from NASDAQ notifying it of its failure to maintain a minimum closing bid price of $1.00 over the then preceding 30 consecutive trading days for its ordinary shares as required by the Bid Price Rule. The letter stated that the Company had until June 8, 2015 to demonstrate compliance by maintaining a minimum closing bid price of at least $1.00 for a minimum of 10 consecutive trading days.

First Quarter 2015 Financial Results

BEIJING, May 1, 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"), announced today that the Company received an approval letter from the Listing Qualification department of the NASDAQ Stock Market ("NASDAQ") indicating that the staff has approved the Company's application to list its ordinary shares on the Nasdaq Capital Market. The Company's ordinary shares were transferred to the NASDAQ Capital Market at the opening of business on April 28, 2015.

While on the Nasdaq Global Market (the "Global Market"), the Company was notified on December 8, 2014 that the bid price of its ordinary shares had closed at less than $1.00 per share over the previous 30 consecutive business days, and, as a result, it did not comply with Listing Rule 5450(a)(1). The Company was provided 180 calendar days, or until June 8, 2015 to regain compliance. Upon transfer, the Company will be afforded the remainder of this compliance period. If compliance with the $1.00 bid price requirement cannot be demonstrated by June 8, 2015, the Company may be eligible for an additional compliance period if it meets the continued listing requirement for the Market Value of Publicly Held Shares ("MVPHS") and all other initial listing standards for the Nasdaq Capital Market, with the exception of the bid price requirement.

BEIJING, February 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."

BEIJING, December 11, 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 announced that on December 8, 2014, it received a Nasdaq Staff Deficiency Letter indicating that it is not in compliance with the minimum bid price requirement for continued listing set forth in Listing Rule 5550(a)(2) which requires listed securities to maintain a minimum bid price of $1.00 per share.

Fuwei's management is looking into various options available to the Company in order to regain compliance and ensure its continued listing on the Nasdaq. The Company intends to actively monitor the bid price for its common stock between now and the end of the grace period.

According to the letter from the Nasdaq, Fuwei has been given a grace period of 180 calendar days, starting December 8, 2014, to regain compliance with the minimum bid price requirement. Fuwei can regain compliance if, at any time before the grace period ends, the bid price of its common stock closes at or above $1.00 per share for a minimum of ten consecutive business days. If Fuwei cannot demonstrate compliance by the end of the grace period, the Nasdaq's staff will notify the Company that its common stock is subject to delisting. Fuwei may then be eligible for an additional 180 day grace period if it meets the Nasdaq Capital Market's initial listing standards with the exception of the minimum bid price requirement.

During the grace period (as may be extended) Fuwei's common stock will continue to trade on the Nasdaq Capital Market under the symbol "FFHL".

BEIJING, December 4, 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."

Third Quarter 2014 Financial Results

• Net sales during the third quarter ended September 30, 2014 were RMB69.2 million or US$11.3 million, compared to RMB75.9 million during the same period in 2013, representing a decrease of RMB6.7 million or 8.8%.
• Basic and diluted net loss per share was RMB1.36 or US$0.22 and RMB1.78 or US$0.29 for the three-month period ended September 30, 2014 and 2013, respectively.

"While our financial results remain challenged, I am pleased to announce that we continue to gain progress in new product as a sample diffusion film (a type of TFT-LCD optical film) was preliminarily accepted by a new customer after being delivered for testing," commented Mr. Xiaoan He, Chairman and Chief Executive Officer of Fuwei Films. "We are supplying small batches of products according to this customer's purchase order. In addition, a sample base film for solar backsheets has been delivered to a customer for initial testing. This production line is also expected to be utilized to produce other thick films, including high performance electrical insulation film, base film for solar back sheets and other films where we may see an opportunity to gain a significant presence in high-technology industries. "We will continue to focus our efforts on R&D, mainly in the area of development of higher quality and more value-added TFT-LCD optical film, factors that will enable the Company to distinguish our competitive advantages and eventually improve earnings performance in the market," concluded Mr. He.

BEIJING, November 4, 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 announced that on October 29, 2014, it received a NASDAQ Staff Deficiency Letter indicating that the Company is not currently in compliance with Nasdaq Listing Rule 5450(b)(1)(c), which requires a listed company's securities to maintain a Minimum Market Value of Publicly Held Shares ("MVPHS") of $5,000,000 or more. However, the Nasdaq Listing Rules (the "Nasdaq Rules") also provide the Company a grace period of 180 calendar days in which to regain compliance.

In addition, following the initial 180 day period, Fuwei Films may be eligible for an additional 180 day period to regain compliance, subject to the Company, at that time, transferring its securities to The Nasdaq Capital Market and satisfying certain other requirements.

At present, Fuwei Films will work to regain compliance during the initial 180 day compliance period and will actively monitor its performance with respect to the listing standards. If at anytime during this grace period the Company's MVPHS exceeds $5,000,000 or more for a minimum of ten consecutive trading days, Nasdaq will provide the Company with a written confirmation of compliance. The notification letter has no effect at this time on the listing of the Company's ordinary shares and will continue to trade on the Nasdaq Global Select Market under the ticker symbol "FFHL."

In the event that the Company is unable to regain compliance with the Nasdaq Rules prior to the expiration of the grace period, the Company will receive a written notification that its ordinary shares are subject to delisting

Second Quarter 2014 Financial Results

• Net sales during the second quarter ended June 30, 2014 were RMB70.0 million or US$11.3 million, compared to RMB77.4 million during the same period in 2013 representing a 9.6% decrease in sales.
• Basic and diluted net loss per share was RMB1.76 or US$0.28 and RMB1.39 for the three months ended June 30, 2014 and 2013, respectively.

Mr. Xiaoan He, Chairman and CEO of Fuwei Films, commented, "The second quarter financial results continue to reflect weakened market conditions due to intense competition which caused oversupply and excess capacity in the marketplace. However, I am pleased to announce that a sample diffusion film (a type of TFT-LCD optical film) was preliminarily accepted by a new customer after being delivered for testing. We expect to supply small batches of product according to this customer's purchase order. In addition, a sample base film for solar backsheets has been delivered to a customer for initial testing. This demonstrates our ability to better serve our customers by expanding our product offering to the market and we will seek to capitalize upon opportunities in emerging markets with expanded end user applications by focusing our efforts on continued innovation and R&D. We believe that with the support of the new controlling shareholder, the Company will be in a better position to adjust to various challenges and to obtain better support in the fierce marketplace."

First Quarter 2014 Financial Results

• Net sales during the first quarter ended March 31, 2014 were RMB70.7 million or US$11.4 million, compared to RMB76.6 million, during the same period in 2013, representing a decrease of RMB5.9 million or 7.7%
• Basic and diluted net loss per share was RMB1.02 or US$0.16, compared with basic and diluted net loss per share of RMB1.38 in the first quarter of 2013.

Mr. Xiaoan He, Chairman and CEO of Fuwei Films, commented, "The first quarter financial results continue to reflect weakened market conditions due to intensified competition which caused oversupply and excess capacity in the marketplace. However, we continue to believe that our focus on innovation will enable the Company to weather the current down cycle while increasing the ratio of high-valued films. I am pleased to announce that the preliminary test of a sample diffusion film (a type of TFT-LCD optical film) was delivered demonstrating our ability to better serve our customers through expanded product offerings. I am also pleased to announce that our controlling shareholder, a government entity, has transferred its ownership to a private company which we believe will enable our management to realign its strategic goals and will allow the Company to obtain more effective support in the fierce marketplace."

Fourth Quarter 2013 Financial Results

• Revenues for the fourth quarter of 2013 were RMB75.1 million or US$12.4 million, compared with RMB100.7 million in the fourth quarter of 2012, a decrease of RMB25.6 million, or 25.4%
•  Basic and diluted loss per share was RMB0.04or US$0.01, compared with basic and diluted loss per share of RMB0.96 in the fourth quarter of 2012.

Mr. Xiaoan He, Chairman and CEO of Fuwei Films commented, "2013 was a challenging year for Fuwei Films with increased competition and excessive capacity resulting in significant reduction of selling prices. Despite the challenges in the marketplace, Fuwei Films focused on innovation and completed the trial operation of its third production line. We believe the addition of the third production line is a sound strategy that will help us deliver long-term value for our shareholders. We are confident that our high-end specialty films and enhanced product portfolio will help us attract new clients and expand relationships with existing customers. This strategy is designed to keep Fuwei Films strong despite global economic fluctuations. As we look to 2014, we will seek to capitalize upon opportunities in emerging markets and technologies by focusing efforts on continued innovation and R&D."

BEIJING, March 25, 2014 /PRNewswire/ -- Fuwei Films (Holdings) Co., Ltd. (NASDAQ: FFHL, "Fuwei Films" or the "Company") announced today that the Company has become aware that the fifth public auction by which the Company's controlling shareholder, the Weifang State-owned Assets Operation Administration Company, a wholly-owned subsidiary of Weifang State-owned Asset Management and Supervision Committee (collectively, the "Administration Company") sought to sell control over 6,912,503 (or 52.9%) of its outstanding ordinary shares, resulted in the acceptance of a successful bid. It is learned that the bidder is expected to receive control over 6,912,503 (or 52.9%) of the Company's outstanding ordinary shares at a price ofRMB101, 800,000 (approximately US$16,572,787) or approximately US$2.40 per ordinary share. Additional information regarding the bidder will be disclosed in a separate press release as soon as the information is available.

As a result of the transaction, the bidder is obligated to file a Schedule 13-D with the US Securities and Exchange Commission within ten days of the public auction.

BEIJING, March 25, 2014 /PRNewswire/ -- Fuwei Films (Holdings) Co., Ltd. (NASDAQ: FFHL, "Fuwei Films" or the "Company") announced today that the Company has become aware that the fifth public auction by which the Company's controlling shareholder, the Weifang State-owned Assets Operation Administration Company, a wholly-owned subsidiary of Weifang State-owned Asset Management and Supervision Committee (collectively, the "Administration Company") sought to sell control over 6,912,503 (or 52.9%) of its outstanding ordinary shares, resulted in the acceptance of a successful bid. It is learned that the bidder is expected to receive control over 6,912,503 (or 52.9%) of the Company's outstanding ordinary shares at a price of RMB101, 800,000 (approximately US$16,572,787) or approximately US$2.40 per ordinary share. Additional information regarding the bidder will be disclosed in a separate press release as soon as the information is available.

BEIJING, Jan. 7, 2014 /PRNewswire/ -- Fuwei Films (Holdings) Co., Ltd. (NASDAQ: FFHL, "Fuwei Films" or the "Company") announced today that the Company has become aware that the fourth public auction by which the Company's controlling shareholder, the Weifang State-owned Assets Operation Administration Company, a wholly-owned subsidiary of Weifang State-owned Asset Management and Supervision Committee (collectively, the "Administration Company") who is seeking to sell control over the Company, did not result in a successful bid having been accepted.

The auction was held on January 7, 2014 at 10 am in Jinan, Shandong province, the People's Republic of China ("PRC") and placed control over 6,912,503 (or 52.9%) of the Company's outstanding ordinary shares for sale. The Company learned this public auction failed due to a lack of bidders registered for the auction.

BEIJING, Dec. 24, 2013 /PRNewswire/ -- Fuwei Films (Holdings) Co., Ltd. (NASDAQ: FFHL, "Fuwei Films" or the "Company"), announced today that it has received a fourth notice from its controlling shareholder, the Weifang State-owned Assets Operation Administration Company, a wholly-owned subsidiary of Weifang State-owned Asset Management and Supervision Committee (collectively, the "Administration Company") indicating that the Administration Company has determined to place control over 6,912,503 (or 52.9%) of its outstanding ordinary shares up for sale at a fourth public auction to be held in the People's Republic of China ("PRC") after the third public auction, held on October 16, 2013, failed due to a lack of bidders registered for the auction. 

These shares are currently held indirectly through an intermediate holding company, Apex Glory Holdings Limited ("Apex Glory"), all of whose shares are the subject of the public auction. The indicative target price for the fourth auction is RMB112,000,000, which is 80% of the indicative target price for the third auction, (approximately US$18.448 million) or approximately US$2.67 per ordinary share of Fuwei Films held by Apex Glory. The fourth auction regarding Apex Glory is to be held on January 7, 2014 and will be run by Shandong Jialian Auction Co., Ltd. and Shandong Outstanding Auction Co., Ltd.

Third Quarter 2013 Financial Results

• Revenues for the third quarter ended September 30, 2013 were RMB75.9 million (US$12.4 million), representing a decrease of 14.5% from RMB88.8 million in the third quarter of 2012.
• Basic and diluted net loss per share was RMB1.78 (US$0.29), compared with basic and diluted net loss per share of RMB1.14 (US$0.19) in the third quarter of 2012.

Mr. Xiaoan He, Chairman and CEO of Fuwei Films, said, "We are still facing strong competition arising from increased supply over demand in China's BOPET market as well as the overseas market which is impacting the Company's quarterly results. However, I am pleased to report that we have made progress in the construction of our third production line for thick films, which we believe, remains a key driver of the Company's long-term growth strategy and profitability. As of September 2013, our third production line has been approved and as a result, we believe we can sustain stable production for common thick films ranging from thickness of 38μm to 250μm. In addition, a sample diffusion film (a type of TFT-LCD optical films) has been delivered to a client for testing. This type of diffusion film will be produced in small batches if the test is well received. We believe the addition of the third line is a sound strategy that will help us deliver long-term value for our shareholders."

BEIJING, Oct. 16, 2013 /PRNewswire/ -- Fuwei Films (Holdings) Co., Ltd. (NASDAQ: FFHL, "Fuwei Films" or the "Company") announced today that the Company has become aware that the third public auction by which the Company's controlling shareholder, the Weifang State-owned Assets Operation Administration Company, a wholly-owned subsidiary of Weifang State-owned Asset Management and Supervision Committee (collectively, the "Administration Company") who is seeking to sell control over the Company, did not result in a successful bid having been accepted. 

The auction was held on October 16, 2013 at 10am in Jinan, Shandong province, the People's Republic of China ("PRC") and placed control over 6,912,503 (or 52.9%) of the Company's outstanding ordinary shares for sale. The Company learned this public auction failed due to a lack of bidders registered for the auction.

BEIJING, Sept. 30, 2013 /PRNewswire/ -- Fuwei Films (Holdings) Co., Ltd. (NASDAQ: FFHL, "Fuwei Films" or the "Company"), announced today that it has received a third notice from its controlling shareholder, the Weifang State-owned Assets Operation Administration Company, a wholly-owned subsidiary of Weifang State-owned Asset Management and Supervision Committee (collectively, the "Administration Company") indicating that the Administration Company has determined to place control over 6,912,503 (or 52.9%) of its outstanding ordinary shares up for sale at a third public auction to be held in the People's Republic of China("PRC") after the second public auction, held on September 17, 2013, failed due to a lack of bidders registered for the auction. 

These shares are currently held indirectly through an intermediate holding company, Apex Glory Holdings Limited ("Apex Glory"), all of whose shares are the subject of the public auction. The indicative target price for the third auction is RMB140,000,000, which is 80% of the indicative target price for the second auction, (approximately US$22.872 million) or approximately US$3.31 per ordinary share of Fuwei Films held by Apex Glory. The third auction regarding Apex Glory is to be held on October 16, 2013 and will be run by Shandong Jialian Auction Co., Ltd. and Shandong Outstanding Auction Co., Ltd.

Fuwei Films expects to follow the change in control resulting from the public auction process closely and will provide relevant updates to the market as soon as the results are known in the PRC.

BEIJING, September 17, 2013 /PRNewswire/ -- Fuwei Films (Holdings) Co., Ltd. (NASDAQ: FFHL, "Fuwei Films" or the "Company") announced today that the Company has become aware that the second public auction by which the Company's controlling shareholder, the Weifang State-owned Assets Operation Administration Company, a wholly-owned subsidiary of Weifang State-owned Asset Management and Supervision Committee (collectively, the "Administration Company") who is seeking to sell control over the Company, did not result in a successful bid having been accepted.

The auction was held on September 17, 2013 at 10 am in Jinan, Shandong province, the People's Republic of China ("PRC") and placed control over 6,912,503 (or 52.9%) of the Company's outstanding ordinary shares for sale. The Company learned this public auction failed due to a lack of bidders registered for the auction.

BEIJING, Sept. 4, 2013 /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, announced today that it has received a second notice from its controlling shareholder, the Weifang State-owned Assets Operation Administration Company, a wholly-owned subsidiary of Weifang State-owned Asset Management and Supervision Committee (collectively, the "Administration Company") indicating that the Administration Company has determined to place control over 6,912,503 (or 52.9%) of its outstanding ordinary shares up for sale at a second public auction to be held in the People's Republic of China ("PRC") after the first public auction, held on August 27, 2013, failed due to a lack of bidders registered for the auction.

These shares are currently held indirectly through an intermediate holding company, Apex Glory Holdings Limited ("Apex Glory"), all of whose shares are the subject of the public auction. The indicative target price for the second auction is RMB174,997,280, which is 80% of the indicative target price for the first auction, (approximately US$28.594 million) or approximately US$4.14 per ordinary share of Fuwei Films held by Apex Glory. The second auction regarding Apex Glory is to be held on September 17, 2013 and will be run by Shandong Jialian Auction Co., Ltd. and Shandong Outstanding Auction Co., Ltd.

Fuwei Films expects to follow the change in control resulting from the public auction process closely and will provide relevant updates to the market as soon as the results are known in the PRC.

BEIJING, September 3, 2013 /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 Company received a letter from the Nasdaq Stock Market ("Nasdaq") on August 30, 2013 stating that the Company has regained compliance with the Nasdaq requirements for continued listing set forth in Nasdaq Marketplace Rule 5450(b)(1)(c) (the "Rule").

On July 25, 2013, the Company received a letter from the Nasdaq indicating that as a result of the Company's failure to have a minimum Market Value of Publicly Held Shares ("MVPHS") of $5,000,000, the Company was not in compliance with the Nasdaq requirements for continued listing set forth in the Rule.

According to the letter dated August 30, 2013 received from Nasdaq, the Company's Market Value of Publicly Held Shares for the last 10 consecutive business days, from August 16, 2013 to August 29, 2013 has been $5,000,000 or greater. Accordingly, the Company has regained compliance with the Rule and this matter is now closed.

BEIJING, Aug. 27, 2013 /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, announced today that the Company has become aware that the first public auction by which the Company's controlling shareholder, the Weifang State-owned Assets Operation Administration Company, a wholly-owned subsidiary of Weifang State-owned Asset Management and Supervision Committee (collectively, the "Administration Company") who is seeking to sell control over the Company, did not result in a successful bid having been accepted. 

The auction was held on August 27, 2013 at 10 am in Jinan, Shandong province, the People's Republic of China ("PRC") and placed control over 6,912,503 (or 52.9%) of the Company's outstanding ordinary shares for sale. The Company believes this public auction failed due to a lack of bidders registered for the auction.

Yesterday, on our Ask Bob - Geo’s PRC Attorney Message Board we provided our research note on FFHL.  We mentioned that the scheduled auction regarding its controlling shareholder trying to sell his shares for $5.16 never happened.  We also mentioned that we went short this name.

Today, we also have made available to our premium members our full report, Fuwei Films (FFHL) “Auction Games” Reveal Red Flags, Buyers Beware, on our blog.

To be among the first to receive alerts like this, subscribe to our premium service! 

Second Quarter 2013 Financial Results

• Net sales for the second quarter were RMB77.4 million (US$12.6 million), compared with RMB92.4 million in the same period of 2012.
• Net loss attributable to the Company for the second quarter was RMB18.2 million (US$3.0 million), compared with net loss attributable to the Company of RMB11.9 million in the same period of 2012.
• Net cash used in operating activities during the first six months was RMB11.2 million (US$1.8 million), compared with net cash provided by operating activities RMB49.0 million in the same period of 2012.

• Net loss attributable to the Company for the second quarter of 2013 was RMB18.2 million (US$3.0 million), compared with net loss attributable to the Company of RMB11.9 million in the second quarter of 2012.  Basic and diluted net loss per share was RMB1.39 (US$0.23), compared with basic and diluted net loss per share of RMB0.91 in the second quarter of 2012.

Mr. Xiaoan He, Chairman and CEO of Fuwei Films, said, "We are still facing strong competition arising from increased supply over demand in the market which is impacting the Company's quarterly results. However, I am pleased to report that the progress with the third production line is on track. This production line has produced some commodity thick films ranging in thickness from 38μm to 250μm, and the Company is producing sample diffusion films (a type of TFT-LCD optical film) at 188μm at the request of our clients. We will continue to conduct commissioning and testing while developing new products during the trial operation. We believe the addition of the third line is a sound strategy that will help us deliver long-term value for our shareholders.

BEIJING, Aug. 14, 2013 /PRNewswire/ -- Fuwei Films (Holdings) Co., Ltd. (NASDAQ: FFHL,  "Fuwei Films" or the "Company") announced today that it has received a notice from its controlling shareholder, the Weifang State-owned Assets Operation Administration Company, a wholly-owned subsidiary of Weifang State-owned Asset Management and Supervision Committee (collectively, the "Administration Company") indicating that the Administration Company has determined to place control over 6,912,503 (or 52.9%) of its outstanding ordinary shares up for sale at a public auction to be held in The People's Republic of China("PRC"). 

These shares are currently held indirectly through an intermediate holding company, Apex Glory Holdings Limited ("Apex Glory"), all of whose shares are the subject of the public auction, and the indicative target price for the first auction is RMB218,746,600(approximately US$35.7 million) or approximately US$5.16 per ordinary share of Fuwei Films held by Apex Glory. The auction regarding Apex Glory is to be held on August 27, 2013 and will be run by Shandong Jialian Auction Co., Ltd. and Shandong Outstanding Auction Co., Ltd.

Fuwei Films expects to follow the change in control resulting from the public auction process closely and will provide relevant updates to the market as soon as the results are known in the PRC.

BEIJING, Aug. 14, 2013 /PRNewswire/ -- Fuwei Films (Holdings) Co., Ltd. (NASDAQ: FFHL,  "Fuwei Films" or the "Company") announced today that it has received a notice from its controlling shareholder, the Weifang State-owned Assets Operation Administration Company, a wholly-owned subsidiary of Weifang State-owned Asset Management and Supervision Committee (collectively, the "Administration Company") indicating that the Administration Company has determined to place control over 6,912,503 (or 52.9%) of its outstanding ordinary shares up for sale at a public auction to be held in The People's Republic of China("PRC"). 

These shares are currently held indirectly through an intermediate holding company, Apex Glory Holdings Limited ("Apex Glory"), all of whose shares are the subject of the public auction, and the indicative target price for the first auction is RMB218,746,600(approximately US$35.7 million) or approximately US$5.16 per ordinary share of Fuwei Films held by Apex Glory. The auction regarding Apex Glory is to be held on August 27, 2013 and will be run by Shandong Jialian Auction Co., Ltd. and Shandong Outstanding Auction Co., Ltd.

Fuwei Films expects to follow the change in control resulting from the public auction process closely and will provide relevant updates to the market as soon as the results are known in the PRC.

BEIJING, July 27, 2013 /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 Company received a letter from The Nasdaq Stock Market on July 25, 2013 indicating that as a result of the Company's failure to have a minimum Market Value of Publicly Held Shares (MVPHS) of $5,000,000, the Company is not in compliance with the Nasdaq requirements for continued listing set forth in Nasdaq Marketplace Rule 5450(b)(1)(c).

The Company is required to regain compliance with the MVPHS requirement not later than January 21, 2014, otherwise its shares will be subject to delisting from NASDAQ.

Fuwei's management is reviewing various options available to the Company, including regaining compliance and continued listing on The NASDAQ Stock Market and applying for a transfer to The Nasdaq Capital Market. If at any time during this grace period the Company's MVPHS exceeds $5,000,000 or more for a minimum of ten consecutive trading days, Nasdaq will provide the Company with a written confirmation of compliance.

BEIJING, May 31, 2013 /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 United States Court of International Trade, as a result of an administrative challenge brought by Fuwei Films, has found that Fuwei Films' shipments did not give rise to any anti-dumping duties for the period from November 6, 2008 to October 31, 2009.

On March 18, 2011, Fuwei Films filed an administrative lawsuit against the US Department of Commerce ("the Department") regarding the anti-dumping duty of 30.91% imposed as a result of the first round of anti-dumping administrative review. The Department, after recalculating the rate following administrative challenge, found that Fuwei Films' shipments resulted in a level of dumping that was "de minimis" which carries no associated anti-dumping duties. All of Fuwei Films' importers will receive a full refund of all of the monies deposited as anti-dumping duties for entries made during this period, plus interest.

Mr. Xiaoan He , Chairman and CEO of Fuwei Films, said, "This is exciting news for the growth of Fuwei Films. We have long maintained that we conduct our business relations according to the highest standards and this ruling supports our claim. We plan to continue to expand overseas markets as well as accelerate the R & D of the optical thick films to be produced on the third production line to remain competitive and increase the revenue of the Company."

First Quarter 2013 Financial Results

• Revenues were RMB76.6 million (US$12.3 million), compared with RMB91.0 million in the same period of 2012.
• Basic and diluted net loss per share was RMB1.38 (US$0.22), compared with basic and diluted net loss per share ofRMB1.16 in the same period of 2012.

Mr. Xiaoan He, Chairman and CEO of Fuwei Films, said, "We are still facing strong competition arising from increased supply over demand in the market which is impacting our quarterly results. However, I am pleased to report that our progress with the third production line is on track. We hope we can increase our revenue by accelerating R & D of low-end and high-end TFT-LCD optical films on the third production line."

2nd Quarter Highlights

• Net sales for the second quarter were RMB92.4 million (US$14.5 million), compared with RMB137.3 million in the same period of 2011.
• Net loss attributable to the Company for the second quarter was RMB11.9 million (US$1.9 million), compared with net income attributable to the Company of RMB6.1 million in the same period of 2011.
• Net cash provided by operating activities during the first six months was RMB82.1 million (US$12.9 million), compared with net cash used in operating activities RMB9.4 million in the same period of 2011.
• Basic and diluted net loss per share for the second quarter was RMB0.91 (US$0.14), compared with basic and diluted earnings per share of RMB0.47 in the same period of 2011.

Mr. Xiaoan He, Chairman and CEO of the Company, said, "Fuwei Films has made significant progress in the construction of our third production line for thick films. As of July 2012, all of the equipment of Dornier has arrived at our factory and we have begun installation. If all goes as planned and we can obtain additional funding, we believe that by the end of October 2012, we may be able to complete installation and start trial operations of the line by the end of the year. We have started the R&D for our thick films to be manufactured by this production line including high performance electric insulation film, base film for solar backsheet and TFT-LCD optical films."

Highlights

• Revenues were RMB91.0 million (US$14.5 million), compared with RMB174.2 million in the same period of 2011.
• Net loss attributable to the Company was RMB15.1 million (US$2.4 million), compared with net income attributable to the Company of RMB23.6 million in the same period of 2011.
• Net cash provided by operating activities was RMB52.5 million (US$8.3 million), increased by RMB53.0 million (US$8.4 million) compared with the same period of 2011.
• Basic and diluted net loss per share was RMB1.16 (US$0.18), compared with basic and diluted earnings per share of RMB1.81 in the same period of 2011.

Mr. Xiaoan He, Chairman and CEO, said, "Fuwei Films had a difficult first quarter 2012 but we are taking steps to improve performance. The significant reduction in product sales prices due to rising competition, which significantly exceeded the reduction in costs of raw materials, resulted in the decline in margins. We believe that Fuwei Films, by continuing to position itself in the market as a leading provider of high level BOPET specialty films, can improve margins and net results. In addition to servicing our current customers and attaching great importance to R & D, we will also cut costs and expenses. We believe that new product sales opportunities and the completion of our Third Line will put the Company in a better competitive position for the long run."

Fourth Quarter 2011 Results

• Revenues for the fourth quarter of 2011 were RMB109.2 million (US$17.4 million), compared with RMB173.5 million in the fourth quarter of 2010
• Net loss attributable to the Company for the fourth quarter of 2011 was RMB3.8 million (US$0.6 million), compared with net income attributable to the Company RMB25.4 million in the fourth quarter of 2010. Basic and diluted loss per share was RMB0.29 (US$0.05), compared with earnings per share of RMB1.95 in the fourth quarter of 2010.

"As we predicted, since the second half of 2011, the rapid capacity expansion of BOPET films around the world resulted in fiercer competition and reduced sales prices. High international crude oil prices also resulted in high prices of raw materials which reduced profit margins in 2011. We were, however, pleased that overseas sales and sales of specialty films designed for the electronics industry and environmentally friendly films increased as a percentage of total sales for the full year," said Mr. Xiaoan He, Chairman and CEO of Fuwei Films.

Mr. He concluded, "In 2012, we are confronted with more challenges. Therefore, we are focused on constructing our BOPET thick film production line, producing films mainly used in the electronics, electrical, solar energy and other industries, which we view as a key market segment for Fuwei Films' potential growth, and it is expected to be put into trial run by the end of 2012. In addition, we attach great importance to cost cutting this year so as to address the tough market with more supply than demand and significant decline in prices."

Third Quarter of 2011 Highlights

• Revenues were RMB 117.0 million or US$18.3 million, compared with RMB 129.2 million in the same period of 2010.
• Net loss was RMB 4.9 million or US$0.8 million, compared with RMB 15.0 million in the same period of 2010.
• Net sales during the nine-month period were RMB 428.4 million or US$67.0 million compared to RMB 327.9 million or US$49.0 million in the same period in 2010, representing a 30.6% increase.
• Sales of specialty films during the nine-month period were RMB 108.4 million or US$17.0 million, reflecting 25.3% of total nets sales as compared to 16.2% in the same period of 2010, an increase of 9.1%.

• Basic and diluted net loss per share was RMB 0.38 or US$0.06, compared with basic and diluted earnings per share of RMB 1.15 or US$0.17 in the same period of 2010.

Mr. Xiaoan He, Chairman and CEO, said, "As we predicted, the sales price of BOPET film products in the Chinese market continues to decrease resulting from more supply than demand, although the sales percentage of our higher margin specialty film increased. Going forward, we intend to take proactive measures in order to effectively compete and withstand serious market challenges by continuing improve our product portfolio in accordance with the differentiation strategy."

BEIJING, Sept. 12, 2011 /PRNewswire-Asia-FirstCall/ -- 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 its wholly-owned subsidiary, Fuwei Films (Shandong) Co., Ltd. ("Shandong Fuwei") has recently received three utility patents in August 2011 from the Ministry of State Intellectual Property Office of PRC. These utility patents relate to anti-condensation automotive window film, oligomer-proof automotive window PET base film and anti-flaming matte film for architectural heat insulation.

Fuwei Films' patented automotive window film features high transparency, good transmittance, high gloss and anti-condensation properties, which tackles the weakness of prevailing PET films which have poor visibility through the glass due to condensation when there is a big difference between temperatures inside and outside of the automobile.  

Fuwei Films' patented oligomer-proof automotive window PET base film features superior optical characteristics including clarity and is able to prevent oligomer formation in the process of production and use, and its exposure to sunlight over time will not give the exposed face of the film a cloudy appearance. This makes it a more ideal high-end automotive window film.

Fuwei Films' patented anti-flaming matte film for architectural heat insulation features outstanding strength as well as heat insulation and anti-flaming properties, which is superior to prevailing PET films with poor anti-flaming properties which can be flammable during the fire.

"We are pleased to have received our new patents, since we believe that R&D has always been one of the key competitive advantages of the Company. We expect to continue to focus on R&D and commercialization of new products to enhance the competitiveness of Fuwei Films and to continue to grow our product lines and markets," said Mr. Xiaoan He, Chairman and CEO of the Company.

BEIJING, Aug. 1, 2011 /PRNewswire-Asia-FirstCall/ -- Tri-Tech Holding Inc. (Nasdaq: TRIT), a premier Chinese company that provides turn-key solutions in China for the water resources, water and wastewater treatment, industrial safety and pollution control markets, announced today that the company has been granted a line of credit loan in the amount of RMB60 million (US$9.32 million) from China CITIC Bank. In unrelated news, the company has also filed a shelf registration statement on Form S-3 to allow the company to issue and sell securities over the next three years. At present, the company has no specific plans to issue securities under the registration statement.

Line of Credit

The line of credit with China CITIC Bank will be available for 12 months. The definitive loan agreement is expected to be signed shortly.

Tri-Tech CFO Mr. Peter Dong said, "We plan to use the credit line for working capital to finance equipment procurement and project subcontracting for several recently awarded projects."

Tri-Tech CEO Mr. Warren Zhao added, "We are pleased that large Chinese banks like China CITIC Bank continue to support small- and mid-sized companies like Tri-Tech, particularly when the Chinese government has raised bank reserve requirements to tackle severe inflation. This line of credit will provide Tri-Tech with more capital flexibility to support our growth. We will continue to pursue multiple financing solutions from domestic banks to further strengthen our capital structure in support of our strong growth.

"China's water problems remain quite severe. Tri-Tech has the potential to grow into a major company to help China deal with these problems that need serious attention over the next decade and probably well beyond that. Ultimately, our company will need capital for acquisitions as well as funds for expansion and fulfilling larger contracts."

Shelf Registration Statement

The company also filed a shelf registration statement on Form S-3. The shelf registration statement will allow Tri-Tech to issue and sell an indeterminate amount of ordinary shares, depositary shares, share purchase contracts, share purchase units, debt securities, warrants, rights, units, or any combination of these securities, in one or more future offerings. The specific terms of any future offering will be established by the company at the time of the offering, subject to market conditions, and will be described in detail in a prospectus supplement filed at the time of any such offering. At present, Tri-Tech has no specific plans to issue securities under the shelf registration statement.

Mr. Zhao added, "We have filed a shelf registration to give our company flexibility to access capital relatively quickly when we feel it is in the best interest of the company to do so. While we have no current plans to issue securities under this registration statement, we believed it was in the best interest of our shareholders to file the registration statement when our ordinary shares were near the low end of our 52-week trading range."

Mr. Dong noted, "Our current cash position is strong and we have the ability to access lines of credit and short-term loans from local banks. To the extent we are able to finance our growth with such funds, we plan to do so; however, such short-term debt financing may not permit us to bid for larger, more long-term projects that would be in the company's best interest. Sizable build-transfer project financing and strategic acquisitions require longer-term capital investments, and this may require us to finance such growth with the sale of our securities."

BEIJING, May 19, 2011 /PRNewswire-Asia/ -- 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 the Company received a second notification dated May 17, 2011 (the "Second Notification") from the Weifang State-Owned Assets Operation Administration Company, a wholly-owned subsidiary of Weifang State-Owned Asset Management and Supervision Committee (the "Administration Company") regarding the transfer of ownership of Fuwei stock previously controlled by the Company's major shareholders.

BEIJING, April 18, 2011 /PRNewswire-Asia/ -- Fuwei Films (Holdings) Co., Ltd. today announced that the Company received a letter dated April 13, 2011 (the "Letter") from The Nasdaq Stock Market ("NASDAQ") indicating that the Company's ordinary shares are subject to delisting based on the determination by NASDAQ that continued listing is no longer warranted under NASDAQ Rule 5101 and would be inconsistent with the public interest. This decision was based principally upon the fact that the Company's three controlling shareholders were convicted of crimes in the People's Republic of China several years ago and the timing of the confiscation of their shares by the PRC government is uncertain.

The Company has appealed the Staff's determination to the Nasdaq Listing Qualifications Panel. The suspension and delisting of the Company's ordinary shares have accordingly been stayed pending the Panel's decision

Fourth Quarter Results:

• Revenues for the fourth quarter of 2010 were RMB 173.5 million or US$26.2 million, compared with RMB 84.0 million in the fourth quarter of 2009, which was an increase of RMB 89.5 million, or 106.5% compared with the fourth quarter of 2009, mainly due to the significant increase in the price of goods sold.
• Gross profit for the fourth quarter of 2010 was RMB 57.6 million or US$ 8.7 million, compared with RMB 10.4 million in the fourth quarter of 2009. Gross margin was 33.2%, compared with 12.4% in the fourth quarter of 2009. The increase in gross profit was primarily due to the significant increase in sales prices.
• Net income for the fourth quarter of 2010 was RMB 25.4 million or US$3.8 million, compared with RMB 0.5 million in the fourth quarter of 2009. Basic and diluted earnings per share was RMB 1.95 or US$0.29, compared with RMB 0.04 in the fourth quarter of 2009.

"2010 was a profitable year for Fuwei with significant increases in both revenue and net income, which was mainly due to higher demand and sales prices," said Mr. Xiaoan He, Chairman and CEO of Fuwei. "We believe that we are well positioned to leverage our market leadership and competitive advantages. In 2011, we plan to continue to focus on our R&D, expansion in global markets and the acceleration of our thick-film production line construction."

BEIJING, Feb. 18, 2011 /PRNewswire-Asia-FirstCall/ -- Fuwei Films (Holdings) Co., Ltd. today announced the final results of the first round antidumping administrative review regarding BOPET films conducted by the US Department of Commerce ("USDOC").

Highlights Third quarter 2010. (November 15, 2010 release)

• Net sales for the third quarter were RMB 129.2 million (US$19.3 million), compared with RMB 89.6 million in the same period of 2009;

• Gross profit for the third quarter was RMB 40.5 million (US$6.0 million), compared with RMB 7.9 million in the same period of 2009;

• Net sales during the first nine months were RMB 327.9 million (US$49.0 million), compared with RMB 236.7 million in the same period of 2009;

• Net income for the first nine months was RMB 15.3 million (US$2.3 million), compared with a net loss of RMB 19.5 million in the same nine-month period of 2009;

• Basic and diluted earnings per share for the first nine months were RMB 1.17 (US$0.18), compared with basic and diluted net loss per share of RMB 1.49 in the same period of 2009;

• Sales of Specialty films for the first nine months were RMB 53.3 million (US$8.0 million) compared to RMB 21.8 million in the same period of 2009;

• Overseas sales during the first nine months were RMB 67.6 million (US$10.1 million) compared to RMB 24.5 million in the same period of 2009.

Mr. Xiaoan He, Chairman and CEO of Fuwei Films, said, "We are very pleased with our third quarter and nine months financial results. The demand for BOPET films in domestic and foreign markets has continued to increase, especially in the foreign markets. In the third quarter we also saw the demand in the domestic market continued to expand which resulted in the significant increase of sales prices especially in the commodity films area. In spite of rising competition, we saw significant revenue growth this quarter and our gross profit was significantly higher than the previous year."