Fuwei Films Announces Results of 2020 Annual General Meeting of Shareholders

Rhea-AI Summary

Fuwei Films (Nasdaq: FFHL) held its Annual General Meeting on Nov 6, 2020, with 73.39% of outstanding shares represented. Shareholders re-elected Lei Yan, Jingjing Cheng, and Lihang Geng as directors, and ratified the appointment of Shandong Haoxin as the independent public accounting firm for the fiscal year ending Dec 31, 2020. Chairman Lei Yan expressed gratitude for shareholder support in advancing the company’s strategies.

Positive

• Re-election of directors ensures continuity in company leadership.
• Appointment of Shandong Haoxin as independent auditors may enhance credibility.

Negative

• Potential risks from oversupply in the Chinese BOPET industry could affect pricing.
• Uncertainty surrounding COVID-19 and U.S.-China trade relations may hinder operations.

BEIJING, Nov. 6, 2020 /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 the results of its Annual General Meeting of Shareholders (the "Meeting"), which was held on November 6, 2020 at 10:00 a.m. (Beijing Time), at Fuwei Films (Shandong) Co., Ltd., No. 387 Dongming Road, Weifang, Shandong, China.

Holders of 73.39% of the Company's outstanding ordinary shares, as of the record date, September 21, 2020, were present in person or represented by proxy at the Meeting and approved the re-election of three directors, Lei Yan, Jingjing Cheng, and Lihang Geng, and ratified the appointment of Shandong Haoxin Certified Public Accountants Co, Ltd. as the Company's independent registered public accounting firm for the fiscal year ended December 31, 2020.

Commenting on the results of the Meeting, Mr. Lei Yan, Chairman of Fuwei Films, stated, "We express our thanks to them in supporting further efforts by Fuwei Films' Board of Directors and its management to continue implementing our strategies to move the Company forward for the benefit of all shareholders."

About Fuwei Films

Fuwei Films conducts its business through its wholly owned subsidiary, Fuwei Films (Shandong) Co., Ltd. ("Shandong Fuwei"). Shandong Fuwei develops, manufactures and distributes high-quality plastic films using the biaxial oriented stretch technique, otherwise known as BOPET film (biaxially oriented polyethylene terephthalate). Fuwei's BOPET film is widely used 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 the significant oversupply of BOPET films resulting from the rapid growth of the Chinese BOPET industry capacity, changes in the international market and trade barriers, especially the uncertainty of the antidumping investigation and imposition of an anti-dumping duty on imports of the BOPET films originating from the People's Republic of China ("China") conducted by certain countries; uncertainty around coronavirus (COVID-19) outbreak and the effects of government and other measures seeking to contain its spread, uncertainty around U.S.-China trade war and its effect on the Company's operation, fluctuations of the RMB exchange rate, and our ability to obtain adequate financing for our planned capital expenditure requirements; uncertainty as to our ability to continuously develop new BOPET film products and keep up with changes in BOPET film technology; risks associated with possible defects and errors in our products; uncertainty as to our ability to protect and enforce our intellectual property rights; uncertainty as to our ability to attract and retain qualified executives and personnel; and uncertainty in acquiring raw materials on time and on acceptable terms, particularly in view of the volatility in the prices of petroleum products in recent years. The forward-looking information provided herein represents the Company's estimates as of the date of the press release, and subsequent events and developments may cause the Company's estimates to change. The Company specifically disclaims any obligation to update the forward-looking information in the future. Therefore, this forward-looking information should not be relied upon as representing the Company's estimates of its future financial performance as of any date subsequent to the date of this press release. Actual results of our operations may differ materially from 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: +1-646-824-2857
Email: shiwei.yin@grayling.com

View original content:http://www.prnewswire.com/news-releases/fuwei-films-announces-results-of-2020-annual-general-meeting-of-shareholders-301167925.html

SOURCE Fuwei Films (Holdings) Co., Ltd.

FAQ

What were the results of the Fuwei Films Annual General Meeting on November 6, 2020?

At the meeting, shareholders re-elected three directors and ratified the appointment of Shandong Haoxin as the independent auditor.

What is the significance of the 73.39% shareholder attendance at the AGM?

The 73.39% attendance indicates strong shareholder engagement and support for company governance.

What challenges does Fuwei Films face in the BOPET industry?

Fuwei Films faces challenges such as oversupply in the market, potential trade barriers, and uncertainties related to COVID-19.

Who were re-elected as directors during the Fuwei Films AGM?

The directors re-elected were Lei Yan, Jingjing Cheng, and Lihang Geng.

What is the fiscal year-end date for Fuwei Films?

Fuwei Films' fiscal year ends on December 31.