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Why Fuwei Films is up 170 Percent Thursday (FFHL)

If you’ve heard of Fuwei Films (NASDAQ: FFHL), you’re about about as hard core of a stock market watch as anybody. Today, the Chinese company is up 170 percent. It’s currently halted on a circuit breaker.

Why is it up? The company announced that it received a notice from its controlling shareholder that it was placing control over its 52.9 percent of the outstanding shares and will place them up for auction on the Chinese market with a target price of $5.16 per share.

Here’s what stuck out to us as well: (the tweet’s number a bit old but the point seems valid.)

 

Company Profile:

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. (from the press release)

Have any more information on this complicated story? Leave us a comment and let us know.

[stock-tools exchange="NASDAQ" symbol="FFHL" image_height="230" image_width="350"]

Disclosure: At the time of this writing, the author had no position in the company mentioned.

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