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Fuwei Films Designated as a Candidate for A-Category Taxpayer in Shandong Province

BEIJING, July 11 /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 Fuwei Films (Shandong) Co., Ltd. ("Fuwei Shandong"), the Company's fully owned operating subsidiary, has been designated a candidate for an A-Category taxpayer by the National Taxation Bureau and the Local Taxation Bureau of Shandong Province.

The A-Category is the top of the four ratings for corporate taxpayers in China. Candidates eligible for the category are reviewed and designated by the authorities every two years. During the past two years, A-Category companies accounted for fewer than 1% of the total taxpaying enterprises and in the past such companies have also enjoyed the exemption from some of the routine tax-related audits by the local government within two years and the priority service when applying for export tax rebates, etc.

"We are delighted to be considered for the prestigious classification of A-Category corporate taxpayer," said Mr. Xiaoan He, Chairman and CEO of Fuwei. "We believe that this is a confirmation of our excellent reputation in the local industry and our community. The taxpaying advantages that come with the classification would likely boost our confidence as well as potentially facilitate future growth."

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.

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 and are subject to risks. Risk factors that could contribute to such differences include those matters more fully disclosed in the Company's reports filed with the Securities and Exchange Commission some of which are 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. 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. Actual results of our operations may differ materially from information contained in the forward-looking statements as a result of the risk factors.

For further information, please contact:

In China:

Christina He

Investor Relations Manager

Tel: +86-10-8518-5620


In the U.S.:

Leslie Wolf-Creutzfeldt

Investor Relations

Grayling Global

Tel: +1-646-284-9472


SOURCE Fuwei Films (Holdings) Co. Limited
Copyright©2008 PR Newswire.
All rights reserved

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