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Fuwei Films says auction didn't result in successful bid

Fuwei Films announced earlier that the company has become aware that the first public auction by which the company's controlling shareholder, the Weifang State-owned Assets Operation Administration company, a wholly-owned subsidiary of Weifang State-owned Asset Management and Supervision Committee who is seeking to sell control over the company, did not result in a successful bid having been accepted. The auction was held on August 27, at 10 am in Jinan, Shandong province, the People's Republic of China and placed control over 6,912,503 (or 52.9%) of the company's outstanding ordinary shares for sale. The company believes this public auction failed due to a lack of bidders registered for the auction. Shares of Fuwei Films are down 32% or 62c in midday trading to $1.30