UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 8-K

 

CURRENT REPORT

 

Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934

 

Date of Report (Date of earliest event reported): December 27, 2018

 

PINGTAN MARINE ENTERPRISE LTD.

(Exact name of registrant as specified in its charter)

 

Cayman Islands   001-35192   n/a
(State or other jurisdiction
of incorporation) 		  (Commission
File Number) 		  (IRS Employer
ID Number)

 

18/F, Zhongshan Building A

No. 154 Hudong Road

Fuzhou, PRC

   350001
(Address of principal executive offices)   (Zip Code)

 

Registrant’s telephone number, including area code: 86-10-6569-3988

 

Not Applicable

(Former name or former address, if changed since last report.)

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2). Emerging growth company ☐

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

 

 

 

 

 

 

Item 7.01   Regulation FD Disclosure.

 

On December 27, 2018, Pingtan Marine Enterprise Ltd. (the “Company”) issued a press release, which is attached to this Current Report on Form 8-K as Exhibit 99.1 and the information therein is incorporated herein by reference.

 

The information furnished under this Item 7.01 and in Exhibit 99.1 attached hereto, is being furnished pursuant to Item 7.01 of Form 8-K and shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing made by the Company under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.

 

Item 9.01   Financial Statements and Exhibits.

 

(d) Exhibits

 

Exhibit Number   Description
99.1   Press Release dated December 27, 2018

 

1

 

 

SIGNATURE

 

Pursuant to the requirements of the Securities and Exchange Act of 1934, the registrant has duly caused this Report to be signed on its behalf by the undersigned hereto duly authorized.

 

Dated:  December 27, 2018

 

  Pingtan Marine Enterprise Ltd.
     
  By: /s/ Roy Yu
    Name: Roy Yu
    Title: Chief Financial Officer

 

2

 

Exhibit 99.1

 

 

Pingtan Marine Enterprise Announces Additional 12 new Fishing Vessels Sailing to Sea

 

FUZHOU, China, Dec. 27, 2018 /PRNewswire/ -- Pingtan Marine Enterprise Ltd. (Nasdaq: PME), (“Pingtan” or the “Company”), a global fishing company based in the People’s Republic of China (PRC), today announced that an additional 12 of the Company’s new fishing vessels have left the port of Fuzhou in succession and are heading towards their designated fishing areas for operation in the international waters of the Indian Ocean.

 

These 12 new large-scale squid jigging vessels are a portion of the Company’s modification and rebuilding project of 27 new fishing vessels. Squid jigging is a technique which uses a lead sinker with a hook molded into it to attract squid. The Company previously announced that 7 large scaled light luring seine fishing vessels have departed for sea in batches in November. As of this date, a total of 19 of the 27 new fishing vessels have been deployed to sea, and the remaining 8 new fishing vessels will be gradually placed into the international waters of the Indian Ocean.

 

Management Commentary

 

Mr. Xinrong Zhuo, Chairman and CEO of the Company, commented: “We are very pleased to sail off an additional 12 new fishing vessels, and expect these large-scale squid jigging vessels to further enhance our capacity to supply squid products. As the upcoming first quarter is typically our peak sales season, which includes the traditional Chinese New Year Spring Festival, we will endeavor to complete the modification and rebuilding of the remaining new vessels so that they are ready to set sail for operation during early 2019.”

 

About Pingtan

 

Pingtan is a global fishing company engaging in ocean fishing through its subsidiary, Fujian Provincial Pingtan County Ocean Fishing Group Co., Ltd., or Pingtan Fishing.

 

Business Risks and Forward-Looking Statements

 

This press release contains forward-looking statements that are subject to the safe harbors created under the Securities Act of 1933 and the Securities Exchange Act of 1934. Such forward looking statements include, but are not limited to, Pingtan’s expectation of completing the modification and rebuilding of the remaining new fishing vessels and placing them in operation thereafter, and an increase in the production capacity of squid products. Readers are cautioned that actual results could differ materially from those expressed in any forward-looking statements. Although forward-looking statements reflect the good faith judgment of our management, such statements can only be based on facts and factors currently known by us. Consequently, forward-looking statements are inherently subject to risks and uncertainties and actual results and outcomes may differ materially from the results and outcomes discussed in or anticipated by the forward-looking statements. Risks include the ability to complete modification and rebuilding of the remaining vessels in a timely manner; ability to reach the international waters of the Indian Ocean; adverse weather or oceanic conditions or mechanical or other operational failure of the vessels; an unexpected dramatic decrease in production; operational, mechanical, climatic or other unanticipated issues that adversely affect the production capacity of the Company’s fishing vessels and their ability to generate expected annual revenue and net income, actions taken by government regulators that adversely affect the Company’s operations of its vessels and other risk factors contained in Pingtan’s SEC filings available at www.sec.gov, including Pingtan’s most recent Annual Report on Form 10-K. Readers are cautioned not to place undue reliance on any forward-looking statements, which speak only as of the date on which they are made. Pingtan undertakes no obligation to update or revise any forward-looking statements for any reason.

 

CONTACT:

 

Roy Yu
Chief Financial Officer
Pingtan Marine Enterprise Ltd.
Tel: +86 591 87271753
ryu@ptmarine.net

 

Maggie Li
Investor Relations Manager
Pingtan Marine Enterprise Ltd.
Tel: +86 591 8727 1753
mli@ptmarine.net

 

INVESTOR RELATIONS COUNSEL:

 

The Equity Group Inc. 
Katherine Yao
Senior Associate 
Tel: +86-10 5661 7012
kyao@equityny.com