Business News

Fuwei Films Receives Nasdaq Delisting Letter and Announces Appeal

Tuesday 19. April 2011 - 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 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.