BEIJING, Oct. 7, 2022
/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 that BaiJiaYun Limited
("BaiJiaYun") entered into a letter with Apex Glory Holdings
Limited ("Apex") on October 6, 2022
(the "Letter"), exempting Apex from limitations on disposition with
respect to certain equity securities held by it in Fuwei Films as
set forth in the lock-up agreement (the "Lock-up Agreement") dated
July 18, 2022 entered into by and
between BaiJiaYun and Apex.
As disclosed in the Schedule 13D/A filed on July 19, 2022 and the proxy statement filed on
August 22, 2022, the Lock-up
Agreement provides that any equity securities held by Apex in Fuwei
Films as of July 18, 2022 (together
with any securities paid as dividends or distributions with respect
to such securities or into which such securities are exchanged or
converted) shall be subject to limitations on disposition as set
forth in the Lock-Up Agreement (the "Limitations"). By entry into
of the Letter, a total number of 605,147 ordinary shares of Fuwei
Films held by Apex (the "Exempted Securities") shall be exempted
from the Limitations.
About Fuwei Films
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'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.
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SOURCE Fuwei Films
