Fuwei Films has new controlling shareholder

FUWEI FILMS (Holdings) Co., Ltd. announced that Shandong SNTON Optical Materials Technology Co., Ltd. was the successful bidder in the fifth public auction of 6,912,503 shares (or 52.9%) of its outstanding ordinary shares held on March 25, 2014. The winning bid was RMB101,800,000 (approximately US$16,572,787) or approximately US$2.40 per ordinary share. The company previously announced that it had 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 sought to sell control over, resulted in the acceptance of a successful bid.  

According to publicly available information in the People's Republic of China, the  winning bidder is an optical BOPET film manufacturer established in August 2011 with registered capital of RMB260 million.  Its parent company is Shandong SNTON Group Co., Ltd. (the Group), which mainly specialises in metal products, fine chemicals, new materials and real estate development.  

Fuwei Films conducts its business through its wholly owned subsidiary, Fuwei Films (Shandong) Co., Ltd. ("Fuwei Shandong"). Fuwei Shandong develops, manufactures and distributes high-quality plastic films using the biaxial oriented stretch technique, otherwise known as BOPET film (biaxially oriented polyethylene terephthalate). Fuwei Films' BOPET film is widely used to package food, medicine, cosmetics, tobacco, and alcohol, as well as in the imaging, electronics, and magnetic products industries.