Company Assessed Lowest Anti-dumping Duty Rate Among all Chinese BOPET Film Exporters
BEIJING, Sept. 2 /Xinhua-PRNewswire-FirstCall/ -- Fuwei Films (Holdings) Co. Limited (Nasdaq: FFHL) ("Fuwei" or "the Company"), a manufacturer and distributor of high-quality BOPET plastic films located in China, today announced that the Korean Trade Commission ("KTC") made the final determination of the
anti-dumping investigation of BOPET films originated in China and India on August 27, 2008 and decided to recommend the Ministry of Strategy and Finance ("MOSF") to levy the anti-dumping duty ("ADD") on such imports for five years.
The final determination of the ADD rate for Fuwei is 5.67%, versus 6.13% in the preliminary determination. The ADD rate for other Chinese companies is 23.6% except two which enjoy the ADD rate of 8.93% and 15.95% respectively. The ADD rate for one Indian company is 10.4% and for other Indian companies is 25.32%.
KTC began its anti-dumping investigation of BOPET film exporters in China and India in November 2007.
"Today's ADD rate result from South Korea means Fuwei now enjoys a competitive advantage in exports," said Mr. Xiaoan He, Chairman and CEO of Fuwei. "We first entered the South Korean market in 2005 and since then we have been focusing on delivering higher-valued specialty film products, which we believe is the main reason why our products are assessed a lower ADD rate in this case. We expect to use this competitive advantage to further penetrate the South Korean market."
The ADD rates are expected to become effective sometime in October 2008 when MOSF makes a formal announcement.
About Fuwei Films
Fuwei Films conducts its business through its wholly owned subsidiary Shandong Fuwei Films Co., Ltd. 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.
For more information about the Company, please visit the Company's website at http://www.fuweiholdings.com .
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. Any such forward-looking statements involve risk and uncertainties that could cause actual results to differ materially from any future results described by the forward-looking statements. Risk factors that could contribute to such differences include those matters disclosed in the Company's reports filed with the United States Securities and Exchange Commission. 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.
The forward-looking statements included in this press release are subject to risks, uncertainties and assumptions about our businesses and business environments. These statements reflect our current views with respect to future events and are not a guarantee of future performance. Actual results of our operations may differ materially from information contained in the forward-looking statements as a result of risk factors some of which are include, among other things, competition in the BOPET film industry; growth of, and risks inherent in, the BOPET film industry in China; uncertainty as to future profitability 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.
For more information, please contact:
In China:
Christina He
Investor Relations Manager
Tel: +86-10-8518-5620
Email: fuweiIR@fuweifilms.com
In the U.S.:
Leslie Wolf-Creutzfeldt
Investor Relations
Grayling Global
Tel: +1-646-284-9472
Email: lwolf-creutzfeldt@hfgcg.com
