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On March 9, 2023, Baijiayun Group Ltd (Nasdaq: RTC) announced a securities purchase agreement to divest its 100% equity ownership in Fuwei Films (BVI) Co., Ltd. for US$30 million. This transaction marks Baijiayun's transition into a pure-play real-time communications provider. The closing is anticipated by the end of March 2023, subject to various conditions. Financial advisor Duff & Phelps deemed the transaction fair for the company. CEO Gangjiang Li expressed satisfaction with the timely divestiture as part of the company's strategic growth plan to strengthen its position in the video cloud market.
Baijiayun Group Ltd (Nasdaq: RTC) held its 2022 Annual General Meeting on
Baijiayun Group Ltd (Nasdaq: FFHL) has officially changed its ticker symbol to RTC as of December 30, 2022, following the completion of its merger with Fuwei Films. This merger was approved by Fuwei Films' shareholders on September 24, 2022. Baijiayun has swiftly established itself in the billion-dollar video cloud market in China, enhancing its product portfolio in Video SaaS/PaaS, Video Cloud, and AI solutions. The transition to the new ticker symbolizes a fresh direction for the company as it aims for further growth.
BaiJiaYun Limited has completed its merger with Fuwei Films, now rebranded as Baijiayun Group Ltd. This transaction, initially announced in July 2022, resulted in BaiJiaYun becoming a wholly-owned subsidiary of Fuwei Films. Following shareholder approval, the company will change its ticker from FFHL to RTC. The new management includes key members from BaiJiaYun, with Gangjiang Li as CEO. Baijiayun Group specializes in video-centric technology solutions.
Fuwei Films (Nasdaq: FFHL) announced the merger with BaiJiaYun Limited, effective December 16, 2022. Following the merger, Yong Fang will become the new CFO, succeeding Jingjing Cheng. Fang has extensive experience in finance, previously serving in various senior financial roles, including CFO of BaiJiaYun. The company specializes in high-quality BOPET films used across multiple sectors. However, they caution investors to consider forward-looking statements and associated risks including market oversupply, trade tensions, and potential operational disruptions.
Fuwei Films (Nasdaq: FFHL) announced on October 6, 2022, that BaiJiaYun Limited has exempted Apex Glory Holdings Limited from restrictions concerning the disposal of certain equity securities held in Fuwei Films, negating aspects of a Lock-up Agreement dated July 18, 2022. This waiver pertains to 605,147 ordinary shares recognized as Exempted Securities. Fuwei Films specializes in manufacturing and distributing BOPET plastic films, which are utilized across various sectors including packaging for food, medicine, and electronics.
Fuwei Films (FFHL) reported Q2 2022 net sales of RMB88.7 million (US$13.2 million), an 11.8% decline year-over-year. Specialty films drove 73.1% of total revenue, totaling RMB64.9 million (US$9.7 million), down 5.9%. Gross profit was RMB24.9 million (28.1% margin), significantly lower than the 39.6% margin in Q2 2021. For H1 2022, net sales reached RMB191.9 million (US$28.6 million), down 5.1% from 2021. Net income dropped to RMB30.8 million (US$4.6 million) from RMB51.2 million in 2021. The company attributes declines to lower sales volume and average prices but remains optimistic about specialty films.
Fuwei Films (Nasdaq: FFHL) held an Extraordinary General Meeting (EGM) on September 24, 2022, with 70.5% of outstanding shares represented. Shareholders approved all proposals except for one regarding adjournment, notably endorsing the Merger Agreement with BaiJiaYun Limited (BJY). This merger involves transactions subject to certain closing conditions. Fuwei Films specializes in high-quality BOPET films used across various industries, including food packaging and electronics.
Fuwei Films (Nasdaq: FFHL) announced a delay in reporting its financial results for the Second Quarter of 2022, now scheduled for September 29, 2022. The company, a leading manufacturer of BOPET plastic films in China, operates through its wholly-owned subsidiary, Fuwei Films (Shandong). The delay comes amid various risk factors including potential trading prohibitions under the Holding Foreign Companies Accountable Act, uncertainties in the global market, and challenges in the BOPET film industry.
Fuwei Films (Nasdaq: FFHL) will hold an extraordinary general meeting on September 19, 2022, in Weifang, Shandong, China, to consider the merger with BaiJiaYun Limited (BJY). In this transaction, BJY's shareholders will exchange shares for newly issued Fuwei shares, making BJY a wholly owned subsidiary. Shareholders will also vote on amendments to the company’s memorandum and articles of association and a proposed name change to "Baijiayun Group Ltd." The company urges shareholders to review the related documents, which are available via the SEC and on its website.
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