Pingtan Marine Enterprise Ltd. (NASDAQ:PME)

Fourth Quarter 2019 Financial Results

• Revenue was $34.6 million, compared to $25.1 million.
  
• Net loss attributable to owners of the Company was $1.0 million, or $(0.01) per basic and diluted share, compared to net loss attributable to owners of the Company of $3.0 million, or $(0.04) per basic and diluted share.

Mr. Xinrong Zhuo, Chairman and CEO of the Company, commented, "We are pleased with our operational performance in 2019 and are looking forward to building on that performance in 2020. Following the completion of the modification and rebuilding of 27 large-scale fishing vessels in 2018, in 2019, we completed the modification and rebuilding of another 32 large-scale fishery vessels, including 2 refrigerated transport vessels and 30 fishing vessels. As part of our efforts to expand our fishing fleet and catching capacity, at the end of 2019, we submitted an application to the Chinese government authorities to obtain permits to modify and rebuild 10 vessels. The rebuilt fishing vessels have increased our catch volume and sales volume, and our catch mix shows diversity.

The first quarter of 2020 is a difficult time for many companies, including Pingtan, that conduct their businesses in China due to the coronavirus outbreak. The Company has taken active precautionary measures and gradually resumed work in mid-February to reduce the impact of the pandemic on our production and operations. Although the pandemic has not yet disappeared completely, we remain optimistic about the production and operation activities for the upcoming quarters. Pingtan has been devoted to being a leading supplier of natural seafood and high-quality protein in the Chinese market."

In December 2019, a novel strain of coronavirus that causes respiratory illness, or COVID-19, surfaced in Wuhan, China, and began spreading at a high rate in January and February of 2020 and confirmed cases were reported in other parts of the world. In reaction to this outbreak, an increasing number of countries have imposed travel suspensions to and from China following the World Health Organization's "public health emergency of international concern" (PHEIC) announcement on January 30, 2020. Since this outbreak, domestic business activities in China have been disrupted by a series of emergency quarantine measures taken by the government. As a result, the Company's business operations have slowed down and such slow down is expected to continue for at least the first quarter of 2020. The magnitude of this negative effect on the continuity of the Company's business operations in China remains uncertain. These uncertainties impede our ability to conduct our daily operations and could materially and adversely affect our business, financial condition and results of operations.

Indonesia's Moratorium on Fishing License Renewals

In early December 2014, the Indonesian government introduced a six-month moratorium on issuing new fishing licenses and renewals so that the country's Ministry of Maritime Affairs and Fisheries ("MMAF") could combat illegal fishing and rectify ocean fishing order. In February 2015, the Company ceased all fishing operations in Indonesia. In November 2015, the Indonesian government announced that the moratorium had concluded, but the MMAF has neither implemented new fishing policies nor resumed the license renewal process. The Company has been paying close attention to any new trends in the MMAF's fishing policy and has been actively exploring new locations to deploy our vessels.

As of December 31, 2019, among the Company's 141 vessels, 12 were located in the Bay of Bengal in India, 69 were located in international waters, 13 were located in the PRC, 37 were located in the Arafura Sea in Indonesia, and the remaining 10 vessels were in the modification and rebuilding projects.

Second Quarter 2019 Financial Results

• Revenue increased by 87.1% to $25.5 million from $13.6 million
• Net income attributable to owners of the Company was $4.6 million, or $0.06 per basic and diluted share, compared to net income attributable to owners of the Company of $2.9 million, or $0.04 per basic and diluted share

Management Comments

Mr. Xinrong Zhuo, Chairman and CEO of the Company, commented, "In the second quarter of 2019, we continued to achieve overall favorable operational and financial performance. While we target at organized implementation of fishing fleet maintenance and vessel modification and rebuilding projects, the Company is also actively exploring for other available fishing areas in international waters. The Company's management is currently focusing on accelerating the modification and rebuilding projects of 31 vessels, in particular: 15 light luring seine fishing vessels, 15 squid jigging vessels and 1 transport vessel. Among these rebuilt new vessels, 8 fishing vessels and 1 transport vessel are expected to be put into operation in the near future; 16 fishing vessels are in the process of modification and rebuilding; and the remaining 6 fishing vessels were approved in June by the Ministry of Agriculture and Rural Affairs and will soon start the modification and rebuilding projects. Upon completion, the 6 fishing vessels are allowed to operate in the international waters of the Indian Ocean. With these rebuilt kiloton new vessels being gradually put into operation, we believe the Company will see the operational and financial results of these vessels in subsequent quarters."

First Quarter 2019 Financial Results 

• Revenue increased by 69.3% to $18.4 million from $10.9 million.
• Net loss attributable to owners of the Company was $1.9 million, or $0.02 per basic and diluted share, compared to net income attributable to owners of the Company of $0.9 million, or $0.01 per basic and diluted share. 

Mr. Xinrong Zhuo, Chairman and CEO of the Company, commented, "In the first quarter of 2019, we continued focusing on recovery of production capacity by deploying more fishing vessels to international waters for operation, which increased our harvest volume. In early March, the last batch of our first group of 27 modified and rebuilt fishing vessels have left the port of Fuzhou and sailed to the designated international waters for production; thus, all these fishing vessels are in operation. Also, during the first quarter of 2019, the Ministry of Agriculture and Rural Affairs approved the modification and rebuilding of another 24 of our fishing vessels, which indicates our second group of vessels to be modified and rebuilt. After the completion of the modification and rebuilding projects, these vessels will be allowed to operate in the international waters of the Indian Ocean, North Pacific Ocean, Southeast Pacific and Southwest Atlantic Oceans, including Argentina, which will further increase our production capacity and enrich our product mix."

FUZHOU, China, March 5, 2019 /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 following the approval of modification and rebuilding for 27 fishing vessels from the Ministry of Agriculture and Rural Affairs of the People's Republic of China ("MOA"), an additional 24 fishing vessels of the Company have recently received approval for modification and rebuilding from the MOA. These vessels are approved to operate in the international waters of the Indian Ocean, North Pacific Ocean, Southeast Pacific and Southwest Atlantic (including Argentina) after completion of modification and rebuilding.

The modification and rebuilding of these vessels mainly include upgrading the fishing method to satisfy international waters fishing requirements and to expand gross tonnage of the vessels. The new vessels will be put into operation in the designated fishing area after completing the modification and rebuilding process along with all related procedures.

Among the 24 fishing vessels, 9 will be modified as light luring seine fishing vessels with gross tonnage of 1,100 tons and are approved to operate in the international waters of the Indian Ocean; and 15 will be modified as squid jigging vessels, 9 with gross tonnage of 1,210 tons and the remaining 6 with gross tonnage of 1,478 tons, and are approved to operate in the international waters of the Indian Ocean, North Pacific Ocean, Southeast Pacific and Southwest Atlantic (including Argentina).

Management Commentary

Mr. Xinrong Zhuo, Chairman and CEO of the Company, commented: "We recently received the approval document for modification and rebuilding of a group of vessels from the Ministry of Agriculture and Rural Affairs. These vessels will greatly increase the aggregate tonnage of our vessels, improve our fishing equipment and technology, expand our fishing territories and enrich the variety of species of catch and significantly enhance our production capacity. We will soon start preparation for the rebuilding of the 24 fishing vessels so that they will be completed and put into operation at an early date."

FUZHOU, China, Nov. 20, 2018 /PRNewswire/ -- Pingtan Marine Enterprise Ltd. (PME), ("Pingtan" or the "Company"), a global fishing company based in the People's Republic of China (PRC), today announced that 3 of the Company's new fishing vessels have set sail to sea.

In October 2018, the Company previously announced it would soon complete the modification and rebuilding project for its 27 new fishing vessels and place them in operation in batches to designated fishing areas in the international waters of the Indian Ocean. On November 7, 2018, the first batch of 4 large scaled light luring seine fishing vessels departed the port from Fuzhou. Light luring seine is a fishing method that employs lights to lure fish into a fishing net called "seine" that hangs vertically in the water with its bottom edge held down by weights and its top edge buoyed by floats. This second batch of 3 large scaled light luring seine fishing vessels departed on November 16, 2018, also from the port of Fuzhou. The remaining 20 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 excited to sail off our modified and rebuilt new fishing vessels to their designated operation waters. We expect these seven large-scale light luring seine fishing vessels to further enrich our product mix as they primarily focus on harvesting tuna, sardine, blackbody trevally, anchovy and mackerel fish products. We look forward to deploying the remaining 20 large-scale squid jigging vessels in the upcoming month."

Third Quarter 2018 Financial Results

• Revenue increased by 168.8% to $14.7 million from $5.5 million as a result of increase in sales activities from recovery of production capacity.
• Net income attributable to owners of the Company was $12.6 million, or $0.16 per basic and diluted share, an increase of 111.7% from net income attributable to owners of the Company of $6.0 million, or $0.08 per basic and diluted share.

Management Comments

Mr. Xinrong Zhuo, Chairman and CEO of the Company, commented, "We were pleased to deliver strong operating and financial results during the third quarter of 2018. In early January this year, we announced that Pingtan has deployed two large scaled new squid jigging vessels into the international waters of the Atlantic Ocean; after months of operation, the two squid jigging vessels further enriched our product mix by providing Argentina squid and Peru squid products and increased harvest volume. Despite the average unit sale price decrease due to different sales product mix and sufficient market supplies this season, Pingtan was able to achieve an increase in sales volume by 279% and an increase in revenue by 168.8% for this quarter as compared to the same period in the previous year, which is an improvement in our operation performance. In late October, we were pleased to announce that we will soon complete the modification and rebuilding project for our 27 new fishing vessels and that these vessels are expected to be placed to designated water for operation in batches. The first batch of 4 fishing vessels that completed the modification and rebuilding project, all large scaled light luring seine fishing vessels, just departed the port from Fuzhou last night New York time for voyage and will sail to the international waters of the Indian Ocean for operation. The remaining 23 vessels shall be in service successively. As we entered the fourth quarter, management continues to observe market changes so that we may quickly adjust our sales strategy in preparation for the coming peak season during the Spring Festival in 2019. We expect to demonstrate improved performance in all aspects of operation in the future."

FUZHOU, China, Oct. 24, 2018 /PRNewswire/ -- Pingtan Marine Enterprise Ltd. (PME), (hereafter referred to as "Pingtan" or the "Company"), a global fishing company based in the People's Republic of China (PRC), today announced that the Company will soon complete the modification and rebuilding project for its 27 new fishing vessels.

In April 2018, the Company announced its 27 fishing vessels have received approval from the Ministry of Agriculture and Rural Affairs of the People's Republic of China and were expected to operate in the international waters of the Indian Ocean after completion of modification and rebuilding. As to date, the first batch of 4 from these 27 new fishing vessels have completed all inspections and are expected to be put out to sea for operation in November, and the remaining 23 new fishing vessels will be placed to designated waters and put in operation in batches.

The service of these 27 new fishing vessels are expected to significantly increase Pingtan's total annual harvest capacity.

Management Commentary

Mr. Xinrong Zhuo, Chairman and CEO of the Company, commented: "We are glad that the first batch of four modified and rebuilt fishing vessels will sail to the international waters of the Indian Ocean for operation in November and the remaining vessels will also be deployed in batches to the designated waters for operation. These modified 27 fishing vessels are provided with advanced technical equipment and tools, 7 of which are light luring seine vessels and 20 are large-scale squid jigging vessels. We expect that the service of these fishing vessels can enrich Pingtan's product mix while significantly improving our performance and enhancing our capacity of supply during the traditional sales peak season in the first quarter 2019."

FUZHOU, China, May 31, 2018 /PRNewswire/ -- Pingtan Marine Enterprise Ltd. (PME) ("Pingtan" or the "Company"), a global fishing company based in the People's Republic of China (PRC), today announced that Chairman and Chief Executive Officer, Mr. Xinrong Zhuo has advised the Company that he intends to continue to purchase ordinary shares of Pingtan from time to time, subject to market conditions.

In May 2017, Mr. Zhuo advised the Company that he intended to purchase at least one million ordinary shares within the next year. Since that time, as of the close of business on May 30, 2018, Mr. Zhuo has purchased an aggregate of 473,487 ordinary shares. Shares may be purchased in the open market or in privately negotiated transactions.

Mr. Zhuo commented, "As I stated last year, I continue to believe that based on the fundamental strengths, long-term prospects of the Company and market trends, Pingtan's stock is undervalued. At current market price, Pingtan's stock is still undervalued, and I will continue to purchase the ordinary shares of Pingtan, until the number reaches at least one million. This is indeed an attractive investment and also represents my confidence in the future of Pingtan."

Mr. Zhuo currently owns 44,872,355 ordinary shares of Pingtan. As of May 31, 2018, there were a total of 79,055,053 ordinary shares of Pingtan outstanding.

The timing and actual number of shares purchased will depend on a variety of factors including regulatory restrictions on price, manner, timing, and volume, corporate and other regulatory requirements and other market conditions in an effort to minimize the impact of the purchases on the market for the stock. Share purchases will be reported on Form 4 and filed with the Securities and Exchange Commission.

FUZHOU, China, April 9, 2018 /PRNewswire/ -- Pingtan Marine Enterprise Ltd. (PME), (hereafter referred to as "Pingtan" or the "Company"), a global fishing company based in the People's Republic of China (PRC), today announced that 27 fishing vessels of the Company have received approval dated April 2, 2018 from the Ministry of Agriculture and Rural Affairs of the People's Republic of China and are expected to operate in the international waters of the Indian Ocean after completion of modification and rebuilding.

These vessels will first undergo the modification and rebuilding process to upgrade their fishing method in order to meet the fishing requirements of the international waters of the Indian Ocean and to expand gross tonnage. The new vessels will be put into operation in the designated fishing area after completing the modification and rebuilding process along with all related procedures.

Among the 27 fishing vessels, 7 will be modified as light luring seine fishing vessels with annual harvest capacity of 6,000 to 8,000 tons per vessel, primarily focusing on harvesting tuna, sardine, blackbody trevally, anchovy and mackerel fish products, and the other 20 vessels will be modified as squid jigging vessels with annual harvest capacity of 2,000 to 3,000 tons per vessel focusing on capturing squid products. The 27 fishing vessels are expected to significantly increase the Company's total annual harvest capacity by 80,000 to 110,000 tons. For the year 2017, the Company's annual sales volume was 17,986 tons, revenue was $63.2 million and net income was $32.5 million.

Light luring seine is a method of fishing that employs lights to lure fish into a fishing net called "seine" that hangs vertically in the water with its bottom edge held down by weights and its top edge buoyed by floats. Squid jigging is a technique which uses a lead sinker with a hook molded into it to attract squid. After modification and rebuilding, the gross tonnage of the light luring seine fishing vessels and squid jigging vessels are expected to be 1140 tons and 1100 tons respectively, a significant increase in unit gross tonnage compared with the unit gross tonnage range of 192 to 480 tons before modification and rebuilding.

Management Commentary

Mr. Xinrong Zhuo, Chairman and CEO of the Company, commented: "We are honored and excited to receive approvals to operate in the international waters of the Indian Ocean. We know very well that this decision made by the Ministry of Agriculture and Rural Affairs is a way of encouraging us to progress and it reaffirmed Pingtan's position in China's distant water fisheries. We look forward to significant improvement in both revenue and production capacity, as these rebuilt large-scaled squid jigging and light luring seine vessels will give full play to their advanced technical performance in the new bountiful and vast fishing territory, greatly expand our catch volume, enhance our product mix, and meet the increasing demand from our online and offline sales channels. "

ChinaHybrids

Pingtan Marine Enterprise Ltd. (NASDAQ:PME) announced that 27 fishing vessels of the company have received approval from the Ministry of Agriculture and Rural Affairs, dated April 2, 2018, and they are expected to operate in the international waters of the Indian Ocean after completion of modification and rebuilding.

For the year 2017, the company's annual sales volume was 17,986 tons. The 27 fishing vessels are expected to significantly increase the company's total annual harvest capacity by 80,000 to 110,000 tons.

"We are honored and excited to receive approvals to operate in the international waters of the Indian Ocean. We know very well that this decision made by the Ministry of Agriculture and Rural Affairs is a way of encouraging us to progress and it reaffirmed Pingtan's position in China's distant water fisheries. We look forward to significant improvement in both revenue and production capacity, as these rebuilt large-scaled squid jigging and light luring seine vessels will give full play to their advanced technical performance in the new bountiful and vast fishing territory, greatly expand our catch volume, enhance our product mix, and meet the increasing demand from our online and offline sales channels."

FUZHOU, China, Jan. 10, 2018 /PRNewswire/ -- Pingtan Marine Enterprise Ltd. (PME) ("Pingtan" or the "Company"), a global fishing company based in the People's Republic of China (PRC), today announced that the Company has deployed two new squid jigging vessels in the international waters of the Atlantic Ocean.

Squid jigging is a technique that uses a lead sinker with a hook molded into it to attract squid. These two squid jigging vessels departed from port on December 2, 2017, and were put into operation after arrival at their fishing destination in the international waters of South-West Atlantic Ocean on January 10, 2018 China Standard Time.

Management Commentary

Mr. Xinrong Zhuo, Chairman and CEO of the Company, commented: "We are excited to launch additional two large-scale squid jigging vessels and anticipate serving as a quality squid provider to online consumers across China through JD.com. Our fish products have been well received since we started selling on JD.com, and we believe it was a result of the recognition and affirmation of natural non-polluting deep-ocean fish products. We anticipate deploying additional fishing vessels to further diversify our product mix with more varieties of products, and to expand our product categories on JD.com to satisfy increasing demand. We look forward to further innovations in the online seafood retail business model, enhancing consumers shopping experience and promoting growth by working closely with JD.com"

FUZHOU, China, Oct. 25, 2017 /PRNewswire/ -- Pingtan Marine Enterprise Ltd. (PME), ("Pingtan," or the "Company") a global fishing company based in the People's Republic of China (PRC), today announced preliminary financial results for the third quarter ended September 30, 2017. The Company expects to report earnings per ordinary share between $0.06 and $0.08.

Mr. Xinrong Zhuo, Chairman and CEO of the Company, commented, "We are pleased that our operating vessels delivered steady results even during the summer fishing off season, and that we were able to meet customer demand for the third quarter. We continue seeking new fishing territories to expand our fleet and enrich our product mix, and we believe that the growing demand for natural and ecologically healthy ocean food will drive multi-regional cooperation."

FUZHOU, China, July 17, 2017 /PRNewswire/ -- Pingtan Marine Enterprise Ltd. (PME), ("Pingtan," or the "Company") a global fishing company based in the People's Republic of China (PRC), today announced preliminary financial results for the second quarter ended June 30, 2017. The Company expects to report earnings per ordinary share between $0.08 and $0.10 during the period. Pingtan currently owns/controls 140 vessels with 36 currently operating, 12 of which are in the Bay of Bengal in India, 13 in Indo-Pacific Waters, and 11 in international waters.

Mr. Xinrong Zhuo, Chairman and CEO of the Company, commented, "We are very pleased with the increased number of operating vessels deployed during the past twelve months and the increase in the sales volume of various catch species. We benefitted from having a considerable portion of our revenue from the sales of these fish products, which not only led to a favorable bottom line, but also is a strong indicator of both continued demand in China and continuity of our deliveries. We are confident Pingtan will continue to deliver favorable financial performance and operating results."

FUZHOU, China, May 30, 2017 /PRNewswire/ -- Pingtan Marine Enterprise Ltd. (PME) ("Pingtan" or the "Company"), a global fishing company based in the People's Republic of China (PRC), today announced that Chairman and Chief Executive Officer, Mr. Xinrong Zhou has advised the Company that he intends to purchase at least one million ordinary shares of Pingtan from time to time within the next year, subject to market conditions.  Shares may be purchased in the open market or in privately negotiated transactions.

Mr. Zhou commented, "I continue to believe that based on the fundamental strengths of the Company, and its long-term prospects, Pingtan's stock is undervalued and represents an attractive investment at current market prices."

Mr Zhou currently owns 44,398,868 ordinary shares of Pingtan. As of May 15, 2017, there were a total of 79,055,053 ordinary shares of Pingtan outstanding.

The timing and actual number of shares purchased will depend on a variety of factors including regulatory restrictions on price, manner, timing, and volume, corporate and other regulatory requirements and other market conditions in an effort to minimize the impact of the purchases on the market for the stock.  Share purchases will be reported on Form 4 and filed with the Securities and Exchange Commission.

First Quarter 2017 Financial Results

• Revenues from the fishing business for the three months ended March 31, 2017 was $5.66 million, an increase of $1.54 million, or 37.6%, from $4.12 million for the same period in 2016
• Net incQ4 2016 total revenue of $13.8 million, up 13.4% over Q4 2015ome attributable to owners of the Company was $9.92 million, or $0.13 per basic and diluted share, compared to net loss attributable to owners of the Company of $5.10 million, or ($0.06) per basic and diluted share.

Mr. Xinrong Zhuo, Chairman and CEO of the Company, commented, "We were pleased to deliver strong operating and financial results, as our previous deployed fishing vessels have begun to harvest a steady stream of fish and we have exceeded our previously provided first quarter EPS guidance of between $0.08 and $0.10 with EPS of $0.13. In the first quarter, as a result of our team's continued unremitting efforts, Pingtan has achieved two major success towards entering the food consumer market. The first major step is that the company in which we have an equity investment has finally begun construction of a fish processing factory in Pingtan Comprehensive Experimental Area of Fujian Province and we expect that construction will be completed in 2018. The processing factory will be used for cold storage, processing and distribution of the deep ocean fish landings of Pingtan's vessels. Secondly, we recently announced that Pingtan has signed a tripartite framework agreement with 2 major companies to enter directly the e-commerce and restaurant chain. This marks the introduction for Pingtan brand products to be sold through a major e-commerce platform to consumers across China, and will allow us to expand more into the South China region and cooperate with a major catering business. We are convinced that the rapid expansion of market demand in China for quality fish products will continue to provide a tailwind on Pingtan growing into a market leading position as a fully-integrated fishery enterprise."

FUZHOU, China, May 12, 2017 /PRNewswire/ -- Pingtan Marine Enterprise Ltd. (PME) ("Pingtan" or the "Company"), a global fishing company based in the People's Republic of China (PRC), today announced that the Company has signed a tripartite Framework Agreement ("the Agreement") with Shanghai City Supermarket Co., Ltd ("City Shop") and Shenzhen Honglicun Restaurant Co., Ltd ("Honglicun") to provide its fish products.

Pursuant to the Agreement, Pingtan will provide its deep ocean fish products directly to City Shop and Honglicun as a primer supplier. City Shop, established in 1999, is one of the largest chain stores in Shanghai dealing in an extensive range of gourmet foods from around the globe. Honglicun's restaurants are located in Shenzhen, Guangzhou, Dongguan, Huizhou and Honglicun also provides catering to airlines, shipping companies, and trains and other mainstream transportation dining platforms.

The three parties will form a broad strategic cooperation in production, processing and supply management of Pingtan's fishing products. The Company expects to complete the preparations and begin recognizing sales in the fourth quarter of 2017.

Management Commentary

Mr. Xinrong Zhuo, Chairman and CEO of the Company, commented, "We are very pleased to be partnering with two major competent companies to enter directly the e-commerce and restaurant chain. It is important that we continue to rapid expand our presence in China as the domestic demand for deep ocean fish products continues to grow. We believe this partnership with City Shop and Honglincun will establish a win-win cooperation and a direct sales and procurement channel to bypass the intermediaries, and will accelerate our progress to becoming a comprehensive seafood provider."

FUZHOU, China, March 15, 2017 /PRNewswire/ -- Pingtan Marine Enterprise Ltd. (PME) ("Pingtan" or the "Company"), a global fishing company based in the People's Republic of China (PRC), today announced that Global Deep Ocean Fishing (Pingtan) Industrial Limited Company ("GDOF"), in which Pingtan has an equity investment, has begun development of a new processing factory in Pingtan Comprehensive Experimental Area, Fujian, PRC.

The processing factory will be located on a site of 40,000 square meters, and the annual storage capacity is expected to be 500,000 tons. Key facilities to be constructed will include one 50,000 tonnage cold storage, a complete set of intensive processing workshop and associated primary processing and packaging workshops as well as one warehouse, covering an overall floorage of 81,654 square meters. The finished facilities will be ultimately used for cold storage, processing and distribution of the deep ocean fish landings of Pingtan's vessels. The processing factory is expected to begin service upon completion of construction in 2018. In light of a greater emphasis on food safety in recent years, the Company believes that there is a significant demand among the Chinese population for natural ocean products harvested and processed directly by pelagic fishing company.

Mr. Xinrong Zhuo, Chairman and CEO of the Company, commented, "We are very pleased to announce that after two years of preparation, GDOF is moving forward with the construction of the fish processing factory, which marks our first step into the consumer food processing market. We intend to address the growing demand for deep-ocean fish products in the China domestic market  while also enhancing the deployment of new fishing fields and new vessels. Pingtan has begun to focus on participating in the supply chain by integrating both the harvesting and processing of ocean products and the expansion of not only our presence and market share in mainland China but also the business reputation of Pingtan as a brand. Through GDOF, we aim to complete construction and begin operations of the processing factory as scheduled. We believe the facilities will contribute to the further development of Pingtan's business operations."

FUZHOU, China, Feb. 21, 2017 /PRNewswire/ --

-- Pays Quarterly Cash Dividend

-- Schedules 2016 Fourth Quarter and Year-end Financial Results and Conference Call on March 9, 2017

Pingtan Marine Enterprise Ltd. (PME), ("Pingtan," or the "Company"), an integrated marine services company in the People's Republic of China (PRC), announced today that it is reiterating its previously provided 2017 first quarter EPS guidance of between $0.08 to $0.10. Pingtan expects to release its financial results for the 2016 fourth quarter and year-ended December 31, 2016, after the market closes on Wednesday, March 8, 2017 and will conduct its quarterly conference call to discuss these results at 8:30 a.m. ET on Thursday, March 9, 2017.

The Company also announced that on February 15, 2017 it paid a quarterly cash dividend of $0.01 per share of common stock outstanding to shareholders of record on January 31, 2017. This marks the 9th consecutive quarterly dividend paid by Pingtan.  The Company intends to continue paying a cash dividend on a quarterly basis, and expects to adjust its quarterly dividend rate to reflect its earnings performance going forward.

Mr. Xinrong Zhuo, Chairman and CEO of the Company, commented, "We have been pleased with the improvement in our operations over the past few months, which reflect the positive impact of our recently deployed vessels into the international waters of the Pacific Ocean and Indo-Pacific waters in the second half of 2016.  We also have seen demand remain strong for the healthy, quality fishing products for the population of China.  As a result, we are pleased to reiterate our previously announced first quarter guidance and payment of our quarterly dividend to shareholders.  We will continue to re-evaluate the amount of that dividend payment in light of this favorable turn in our operating performance."

FUZHOU, China, Jan. 17, 2017 /PRNewswire/ -- Pingtan Marine Enterprise Ltd. (PME), ("Pingtan," or the "Company") a global fishing company based in the People's Republic of China (PRC), today announced that the Company has declared a quarterly cash dividend of $0.01 per share of common stock outstanding, payable in cash on or about February 15, 2017 to shareholders of record on January 31, 2017. This marks the ninth consecutive quarterly dividend paid by Pingtan.

The Company intends to continue paying a cash dividend on a quarterly basis, and expects to adjust its quarterly dividend rate in accordance of its earnings performance.

FUZHOU, China, Jan. 9, 2017 /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 based on the current status of its deployed fleet of fishing vessels, the Company is providing 2017 first quarter EPS guidance of between $0.08 to $0.10. Pingtan is also reiterating its expectation that financial results for the fourth quarter ended December 31, 2016 will be approximately break-even to a slight profit per diluted share. The Company expects to release fourth quarter and full year 2016 results in March 2017.

Pingtan currently operates 135 fishing vessels; 12 of which are operating in the Bay of Bengal in India, 13 vessels are operating in Indo-Pacific Waters, 2 vessels have been operating the international waters of Southwest Atlantic and Southeast Pacific Oceans since late December 2016, and 4 large-scaled fishing vessels are expected to be put into operation in the first quarter of 2017. The Company expects to recover approximately 30% of its production capacity in 2017 first quarter, and to increase its sales volume of fish products harvested from these fishing territories.

Mr. Xinrong Zhuo, Chairman and CEO of the Company, commented, "We were pleased to start receiving cargos of fish products from our recently deployed vessels, and have seen trends continue to move positively over the past three months. We have begun to deliver our products to many of Pingtan's historical customers, which have not seen any decrease in demand from China's growing population. As a result of these trends and feedback from these customers, we felt it appropriate to update the market on the Company's bottom line expectations for the current calendar quarter. We are very optimistic for the first quarter 2017, as we expect the Chinese New Year will drive stronger sales. We continue to focus on leveraging our asset base to further expand our fishing territories, and to diversify our product mix with high quality fishing products."

FUZHOU, China, Dec. 30, 2016 /PRNewswire/ -- Pingtan Marine Enterprise Ltd. (PME), ("Pingtan," or the "Company") a global fishing company based in the People's Republic of China (PRC), today announced that the Company's Chief Financial Officer, Mr. Roy Yu has been interviewed by Phoenix Satellite TV North America Chinese Channel ("Phoenix TV US") and will be featured in one of its weekly finance TV programs.

This interview will be part of a weekly finance TV program of Phoenix TV US, and will be broadcast during the episodes of January 6, 2017, January 13, 2017 and January 20, 2017, and the broadcast time for the program will be at 7:30PM to 8:30PM EST and archived thereafter. The language used in this interview is Mandarin, and the Company will provide the video links and English translated transcript of the interview to the Company's website once it becomes available.

FUZHOU, China, Oct. 20, 2016 /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 the Company has declared a cash dividend of $0.01 per share of common stock outstanding, payable in cash on or about November 15, 2016 to shareholders of record on October 31, 2016.  This marks the eighth consecutive quarterly dividend paid by the Company, which it currently intends to continue paying on a quarterly basis.

FUZHOU, China, Aug. 25, 2016 /PRNewswire/ -- Pingtan Marine Enterprise Ltd. (PME) ("Company") a global fishing company based in the People's Republic of China (PRC), today announced that a Federal Court in New York ("The Court") dismissed a putative federal securities class action filed against the Company, its officers and directors in January 2015.

In January 2015, the plaintiffs filed the putative securities class action alleging that the Company falsely represented in its securities filings that it received profits from its wholly-owned subsidiary based in China. The complaint alleged that this was materially misleading, and asserted claims against the Company under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934. The Company filed a motion to dismiss the complaint on various grounds, including that its securities filings were not materially misleading and the complaint did not allege loss causation.

The Court ruled the plaintiffs failed to identify a material misrepresentation or omission and failed to plausibly allege loss causation against the Company, and dismissed all claims against the Company its directors and officers on July 19, 2016.

Mr. Xinrong Zhuo, Chairman and Chief Executive Officer of the Company, commented "We are pleased with the Court's decision which makes it clear that Pingtan was not at fault. We believe this marks a turning point for our Management as we are able to focus more on developing and expanding our operations."

Second Quarter 2016 Financial Results

• Revenue was $2.1 million compared to $15.2 million.
• Net loss was $4.5 million, or $0.05 per basic and diluted share, compared to net loss of $1.6 million, or $0.02 per basic and diluted share.

Mr. Xinrong Zhuo, Chairman and CEO of the Company, commented, "In the first half of 2016, our management team was dedicated in expansion of our fishing territories and region. Recently, we were pleased to announce that we will operate thirteen of our fishing vessels in the sea area of Democratic Republic of Timor-Lest. We have seen demand in China for natural seafood products continue to increase; we believe this is driven in part by the impact of the Indonesia moratorium. We will continue to explore new areas in which to deploy our vessels and solidify our position as a leading fishing company in China."

FUZHOU, China, July 20, 2016 /PRNewswire/ -- Pingtan Marine Enterprise Ltd. (PME), ("Pingtan," or the "Company") a global fishing company based in the People's Republic of China (PRC), today announced that the Company has declared a cash dividend of $0.01 per share of common stock outstanding, payable in cash on or about August 15, 2016 to shareholders of record on July 31, 2016.  This marks the seventh consecutive quarterly dividend paid by the Company, which it currently intends to continue paying on a quarterly basis.

About Pingtan

Pingtan is a global fishing company engaging in ocean fishing through its wholly-owned subsidiary, Fujian Provincial Pingtan County Ocean Fishing Group Co., Ltd., or Pingtan Fishing.  Pingtan Fishing, a provider of high quality seafood in the PRC, primarily engages in ocean fishing with many of its self-owned vessels operating within the Indian Exclusive Economic Zone and the Arafura Sea of Indonesia.

Fourth Quarter 2015 Financial Results

• Revenue from fishing business was $60.7 million, compared to $233.4 million.
• Net income was $19.6 million, or $0.23 per basic and diluted share, compared to net income of $85.8 million, or $1.08 per basic and diluted share. The decrease was primarily due to the same reasons described above.

Management Commentary

Commenting on the results, Mr. Xinrong Zhuo, Chairman and CEO of the Company, commented, "In 2015 we faced substantial challenges from the moratorium enacted by the Indonesian government, . In November, the Indonesian government concluded the moratorium but has not yet implemented its new fishing policies and authorized fishing resumption in Indonesian waters. As a fully licensed fishing company, we look forward to operating in a more secure and protected environment and to those benefits associated with a more highly regulated market in upcoming months. In 2015, we expanded our fleet with six fishing vessels into Western and Central Pacific Ocean of international waters to focus on higher margined products like tuna and squid. We seek to continue to expand into new fishing territories to help reduce our dependency on a single region, diversify our revenue stream and fulfill the needs of our customers."

Second Quarter 2015 Financial Results

• Revenue was $15.3 million compared to $56.9 million.

• Net loss from the fishing business was $1.6 million, or $0.02 per basic and diluted share, compared to net income of $14.8 million, or $0.19 per basic and diluted share.

Mr. Xinrong Zhuo, Chairman and CEO of the Company, commented, "In the first half of 2015, Pingtan faced tremendous pressure as a result of the moratorium enacted by the Indonesian government, significantly affecting our overall operating results. However, in light of this challenging environment, we are shifting our strategy to expand into new fishing territories to diversify our revenue stream. In June, we were pleased to announce the purchase of six fishing vessels which are fully licensed in the Western and Central Pacific Ocean of the International Waters, primarily focused on catching tuna and squid. We remain dedicated in building Pingtan's brand awareness; deepening our sales channels in inland provinces, actively searching new fishing areas and rationalizing all aspects of our operations to ensure our production capacity meets the changing demand."

FUZHOU, China, April 22, 2015 /PRNewswire/ -- Pingtan Marine Enterprise Ltd. (PME), ("Pingtan," or the "Company") a global fishing company based in the People's Republic of China (PRC), today announced that it was recently featured in the April 2015 edition of CFO World magazine.

The magazine outlines Pingtan's business model through a detailed interview with the Company's Chief Financial Officer, Mr. Roy Yu. The article also shares its view on how Pingtan might benefit from China's 21st Century Maritime Silk Road initiative (or also known as "One Belt, One Road"), stating that "distant water fishery is not only an economic activity, but also holds natural diplomatic and political attributes."

Mr. Xinrong Zhuo, Chairman and CEO of the Company, commented, "We are very proud to be featured in CFO World, as it reflects our leading position within the industry as the largest non-state owned fishing company, and reflects our efforts in expansion and establishing our brand.  We are excited to share this feature in such a respected publication in China like CFO World."

CFO WORLD was founded on May 10, 2005, directly under the Ministry of Industry and Information Technology of the People's Republic of China. It is positioned as "the first domestic public professional media of providing services for the CFO group." The core content is closely around the new definition of "competitiveness, finance and operation." It interprets corporate finance from CFO's perspective, focusing on CFO practice, and acting as the spokesman of the CFO group. Its core mission is to grow together with the Chinese CFOs.

FUZHOU, China, March 25, 2015 /PRNewswire/ -- Pingtan Marine Enterprise Ltd. (PME), ("Pingtan," or the "Company") a global fishing company based in the People's Republic of China (PRC), today announced that its fishing vessels operating within the Arafura Sea of Indonesia have been impacted due to a number of measures enacted by the Indonesia government to combat ongoing illegal fishing activities.

In early December 2014, Indonesia initially introduced a six-month moratorium on issuing new fishing licenses and renewals so that the country's Ministry of Maritime Affairs and Fisheries (MMAF) could monitor the operations of existing fleets. The government has also announced it will revise its fisheries policy with all neighboring countries. As a result, all licensed fishing vessels, including the Company's fishing vessels operating on the Arafura Sea of Indonesia, have been informed by the Indonesian government to only operate within strict guidelines in order to avoid potential enforcement actions by the Indonesian Navy such as boat seizures.

Pingtan has been operating in full cooperation and compliance with the Indonesia government's guidelines, and the Company's recent production has been impacted by these limitations.

Mr. Xinrong Zhuo, Chairman and CEO of the Company, commented, "We understand the Indonesian government has to take measures to protect its natural resources by severely punishing illegal fishing activities. We believe all fully licensed fishing companies like Pingtan should actively cooperate with the Indonesia Navy to accelerate the elimination of illegal fishing vessels from the Arafura Sea. The Chinese government is negotiating with the Indonesian government along with other countries in a multi-party negotiation. The Indonesian President is scheduled to visit China this month, and we intend to be proactive in explaining our position as a properly operating and licensed entity. Ultimately, we believe that the long-term effects of this decision by the Indonesia government will be beneficial to companies such as Pingtan, which has a history of strong, sustainable operations."

Fourth Quarter 2014 Financial Results

• Revenue from continuing operations (the "fishing business") increased 90.2% to $233.4 million from $122.7 million, largely as a result of an increase in sales volume and unit selling price
• Net income from the fishing business for the three months ended December 31, 2014 was $33.3 million, or $0.42 per basic and diluted share, compared to $29.8 million, or $0.38 per basic and diluted share, in the same period of 2013. The increase was primarily due to all factors described above.

Commenting on the results, Mr. Xinrong Zhuo, Chairman and CEO of the Company, commented, "We are very pleased with our robust 2014 financial and operating results, which were largely driven by our continuous efforts in further development: enhance our fleet to increase our fishing capacity, and expand our sales network to penetrate new markets. We have sold 76.4 million Kilogram of our 30 different species of fish and marine products to more than 5 provinces, covering 337 million people in mainland China (including Fujian, Guangdong, Shandong, Zhejiang, Liaoning and other areas). During Fiscal Year 2014, Pingtan continued to realize our goal of becoming a vertically integrated seafood product provider. Greater expansion took place due to our utilization of both operation and financial leverage strengths. Recently, we proudly announced the RMB400 million strategic investment made by China Agriculture Industry Development Fund, which is a strong long-term strategic partner. We expect to work with them to seek win-win ideas through additional capital, resource sharing and transparency."

Mr. Xinrong Zhuo, Chairman and CEO of the Company, commented, "We are pleased to announce the closing of this investment, and look forward to utilizing these additional resources to expand and strengthen our operations and meet the growing demand of deep ocean seafood products in China."

FUZHOU, China, Feb. 10, 2015 /PRNewswire/ -- Pingtan Marine Enterprise Ltd. (PME), ("Pingtan," or the "Company") a global fishing company based in the People's Republic of China (PRC), today announced that the Company's wholly-owned subsidiary, Fujian Provincial Pingtan County Ocean Fishing Group Co., Ltd ("Pingtan Fishing") has entered into an Investment Agreement ("Agreement") with China Agriculture Industry Development Fund Co., Ltd, ("China Agriculture") pursuant to which China Agriculture will invest RMB400 million (approximately US$64.0 million at current exchange rates) into Pingtan Fishing for an 8% equity interest in Pingtan Fishing's operating company. The investment values Pingtan Fishing at approximately 5 billion RMB, or US $800 million at current exchange rates. The closing and funding of this strategic investment is expected to occur no later than February 13, 2015.

Upon the closing and funding of this strategic investment, Pingtan will own 92% of its lone subsidiary, Pingtan Fishing. Pingtan Fishing is the only entity that has an operating business under Pingtan. China Agriculture is entitled to appoint one representative to the company's Board of Directors upon closing of this investment. The Company intends to use the proceeds from this strategic investment for the acquisition of additional vessels and to build a fish processing plant in order to execute on its strategy to expand downstream by selling fish products directly to end markets.

China Agriculture was established by China's Ministry of Finance, Agricultural Development Bank of China, Cinda Asset Management Corporation and CITIC Group in 2012. China Agriculture is the first China state-owned fund to focus on investing in all areas of the agriculture industry. This 4 billion RMB fund is managed by Cinda Asset Management Corporation.

Mr. Xinrong Zhuo, Chairman and CEO of the Company, commented, "Over the past few months, we have worked diligently to seek out financing that both provided our Company with the necessary capital to achieve our objectives, while also aligning ourselves with a strong long-term strategic partner. We are pleased to welcome China Agriculture as our shareholder, as it truly reflects Pingtan's strength and value within the industry. The fund hired Ernst & Young and conducted considerable due diligence prior to signing this Agreement. As an RMB fund, they invested directly in our operating subsidiary. We feel that this strategic investment was made at an attractive valuation for our fishing business, while also providing our Company with the funding to expand our operations and strengthen our capital structure."

FUZHOU, China, Jan. 13, 2015 /PRNewswire/ -- Pingtan Marine Enterprise Ltd. (PME), ("Pingtan," or the "Company") a global fishing company based in the People's Republic of China (PRC), today announced that the Company has declared a cash dividend of $0.01 per share of common stock outstanding, payable in cash on or about February 18, 2015 to shareholders of record on January 15, 2015.  This marks the second consecutive quarterly dividend paid by the Company, which it intends to continue paying on a quarterly basis.

Third Quarter 2014 Financial Results

• Revenue from continuing operations ("fishing business") increased 164.0% to $54.4 million from $20.6 million, primarily due to an increase in sales volume as a result of a larger fleet and an increase in the number of vessels.
• Net income from the fishing business increased 181.4% to $14.2 million, or $0.18 per ordinary share (basic and diluted), from $5.0 million, or $0.06 per ordinary share (basic and diluted).

Mr. Xinrong Zhuo, Chairman and CEO of the Company, commented, "We are pleased to continue delivering strong operating results and have achieved triple digit percentage growth for revenue and net income in the third quarter of 2014, which resulted from a 143.0% increase in the sales volumes and increased production capacity attributable to the expansion of our fleet. In September, We further expanded our fleet to 129 vessels through the addition of three new vessels with twice the catching capacity compared to our other trawlers. These vessels have been placed into sea for testing for 3-6 months to go through their initial run-in period, and are fully licensed to fish Indonesian waters. At full operation, each of these three vessels will be capable of harvesting about 2000 tons of fish annually, and we anticipate these new vessels to be in full operation at the beginning of the second quarter of 2015. We believe our long-term investment with China Co-op supports and directs Pingtan to diversify our revenue source and to achieve our goal to sell our products to the end market. Our management team and entire team at Pingtan remain dedicated to building an industry leading position, and committed to delivering significant growth to our investors."

Outlook for 2014

Based on its current fleet capacity, strong demand for fishing products in China and its continued efforts in building market share, the Company reiterated the 2014 net income guidance of between $82 and $87 million, which the Company raised from $80 and $85 million following its second quarter 2014 financial results press release.

Chairman Zhuo concluded, "As the demand for deep ocean seafood continuous to increase, Pingtan has benefitted and is working on increasing its production capacity. In addition, the competitive environment in our industry remains favorable due to high barriers to entry associated with the Ministry of Agriculture that restricted the issuance of new fishing licenses in the Arafura Sea in Indonesia during 2013. We are confident in achieving our 2014 net income guidance of between $82 and $87 million and will stay focused on delivering high quality deep ocean catches and building a leading position in China's Seafood industry."

FUZHOU, China, Oct. 22, 2014 /PRNewswire/ -- Pingtan Marine Enterprise Ltd. (PME), ("Pingtan," or the "Company") a global fishing company based in the People's Republic of China (PRC), today announced the recent delivery of 3 newly-built fishing vessels, which were initially ordered by the Company in October 2012.  Each of these vessels is capable of harvesting about 2000 tons annually, and the Company's total current fleet has increased to 129 vessels. 

The vessels were built by Huanghai Ship Building Co., LTD in Rong Cheng, Shandong Province, and were delivered to the Company in September.  These vessels have an expected run-in period of 3 - 6 months, in which each are placed into the sea for testing prior to full operation, and each vessel is capable of harvesting about 2000 tons annually of approximately 30 types of species of fish including red coat fish, saury, mackerel, sardine and pomfret from the waters of  Indonesia.

Mr. Xinrong Zhou, Pingtan's Chairman and CEO, stated, "We are excited to add these new vessels into our fishing fleet, as each of these vessels possesses twice the catching capacity compared to our other trawlers. We are benefitting from the decision to apply for fishing licenses in 2012 since the Ministry of Agriculture restricted the issuance of new fishing licenses in the Arafura Sea in Indonesia during 2013.  This allows our Company to expand capacity in a market where other competitors either cannot expand or enter into the market.  We expect these vessels to be in full operation at the beginning of the second quarter of 2015."

FUZHOU, China, Sept. 24, 2014 /PRNewswire/ -- Pingtan Marine Enterprise Ltd. (PME), ("Pingtan," or the "Company") a global fishing company based in the People's Republic of China (PRC), today announced that its Board of Directors has decided that the Company will begin paying a quarterly dividend of $0.01 per share.  The Board has therefore declared a cash dividend of $0.01 per share of common stock outstanding, payable in cash on or about November 14, 2014 to shareholders of record on October 6, 2014.

Mr. Xinrong Zhuo, Chairman and CEO of the Company, stated, "We have been very pleased with Pingtan's growth over the past year.  We want to strike a balance between providing our shareholders ongoing cash returns and using our capital to support the growth opportunities we have in the market. We think this dividend, which we intend to issue quarterly, balances those considerations.  We are supported by a strong balance sheet, and look forward to continuing profitable growth in the coming year."

Second Quarter 2014 Financial Results

• Revenue from continuing operations ("fishing business") increased 166.4% to $56.9 million from $21.4 million,
• Net income from the fishing business increased 104.3% to $14.3 million, or $0.18 per diluted share, from $7.0 million, or $0.09 per diluted share.

Mr. Xinrong Zhuo, Chairman and CEO of the Company, commented, "We are pleased to deliver strong revenue and income growth in the second quarter of 2014, which was resulted from the increased production capacity attributable to our fleet expansion. We understand that Pingtan operates an asset focused model and we feel it is important to continue reinvesting in our Company by deliberately replacing older vessels with newly-built vessels without disruption to our fishing operations. We feel this is a benefit of having the access to capital and operational leverage to renew our fleet as necessary."

Outlook for 2014

Based on 2014 first half results, its current fleet capacity, strong demand for fishing products in China and its continued efforts in building market share, the Company has raised the 2014 net income guidance to between $82 and $87 million from $80 and $85 million.

Chairman Zhuo concluded, "We have been pleased with the progression of our fleet expansion, as we operated at full capacity during the second quarter while experiencing relatively steady fuel costs. As a result of these factors, along with continued demand for our catch, we were pleased to conservatively raise our bottom line guidance for the year. Looking ahead, we continue to seek new areas for growth within our operations, both in terms of renewing our current fleet and also addressing potential downstream markets. We believe that the recently announced joint venture with China Co-op (Hainan) and Yantan Hengyu will allow Pingtan entry into direct customer sales, as we anticipate to constructing a fishing processing plant as soon as permits are obtained from the Government. We anticipate keeping investors regularly apprised of our progress."

FUZHOU, China, July 2, 2014 /PRNewswire/ -- Pingtan Marine Enterprise Ltd. (Nasdaq: PME), ("Pingtan") a global fishing company based in the People's Republic of China ("PRC"),  today announced that the Company finalized its joint venture with China Co-op (Hainan) Industry Development Co., Ltd., one of China Co-op Group's wholly-owned companies. The Company had previously announced a strategic cooperation framework agreement for the two companies to work together as part of Pingtan's intention to develop into a seller of fish products directly to end markets. 

The joint venture, known as Global Deep Ocean Fishing (Pingtan) Industrial Limited Company, will process, cold storage, and transport deep ocean fishing products.  The two companies under this joint venture will be constructing a fishing processing plant in Pingtan County as soon as all permits are obtained, and will establish selling branches to distribute its fishing products to end markets directly across China.  

Mr. Xinrong Zhuo, Pingtan's Chairman and CEO, stated, "It is important that we continue to expand our presence in mainland China as the demand for deep ocean seafood domestically continues to grow. This joint venture with China Co-op (Hainan) is a great leap forward to reaching our goal of capturing more sales directly to end-customers and to raise awareness of Pingtan's brand.  We are excited about this joint venture, and believe it is truly a win-win opportunity for both companies."

FUZHOU, China, June 27, 2014 /PRNewswire/ -- Pingtan Marine Enterprise Ltd. (Nasdaq: PME), ("Pingtan") a global fishing company based in the People's Republic of China ("PRC"),  today announced that its Board of Directors has engaged BDO China Shu Lun Pan Certified Public Accountants LLP ("BDO China")  to perform an audit of the consolidated financial statements of the company's wholly owned subsidiary, Prime Cheer Corporation Limited ("Prime Cheer") and its subsidiaries and variable interest entity (collectively, the "Company"), who is engaged in ocean fishing industry, as of December 31, 2014, and for the year then ended, and to  review the Company's  interim financial statements for the quarters ended  June 30, 2014 andSeptember 30, 2014.  The decision to engage BDO China comes after a thorough selection process conducted by the Company's Audit Committee and management.  UHY Vocation HK CPA Limited will continue to be the principal accountant for both Pingtan and for all of Pingtan's subsidiaries and will not rely on BDO China's report.

Mr. Xinrong Zhuo, Pingtan's Chairman and CEO, stated, "BDO China is a highly regarded accounting practice with experience with China-based companies and financial services. We believe this new engagement will enhance our corporation governance further, and we look forward to establishing a collaborative and productive relationship."

Fourth Quarter 2013 Financial Results

• Revenues increased by 114.7% to $61.0 million from $28.4 million for the same period in 2012.
• Net income from the fishing business increased 113.6% to $45.5 million, or $0.58 per diluted share, from $21.3 million, or$0.27 per diluted share.

Commenting on the results, Mr. Xinrong Zhuo, Chairman and CEO of the Company, commented, "We are delighted to complete fiscal year 2013 and begin a brand new chapter for Pingtan in 2014. With the completion of the sale of our dredging operations, Pingtan can now focus on pursuing growth opportunities in its fishing business. We are very pleased to report that in 2013, Pingtan achieved year-over-year increases in revenue, gross profit margin, and net income. Looking ahead, our strategic priorities will be to continue expanding our sales network by pursuing new customers and extending our business and marketing into new provinces and regions throughout China. In addition, we continue to move forward in our goal of becoming a vertically integrated provider of seafood products. We recently entered into a strategic cooperation framework agreement with China Co-op (Hainan) Industry Development Co., Ltd. for our two companies to work together, and expect to build and utilize a new fish processing plant to sell directly to end markets by the end of 2015."

Outlook for 2014

Based on its current fleet capacity, strong demand for fishing products in China and continued efforts in building market share, the Company reiterates the 2014 net income guidance of between $80 and $85 million.

FUZHOU, China, Jan. 14, 2014 /PRNewswire/ -- Pingtan Marine Enterprise Ltd. (Nasdaq: PME), ("Pingtan," or the "Company") an integrated marine services company in the People's Republic of China (PRC), today announced that the Company has entered into a strategic cooperation framework agreement (the "Agreement") with China Co-op (Hainan) Industry Development Co., Ltd. for the two companies to work together as part of Pingtan's intention to develop into a seller of fish products directly to end markets. As part of this Agreement, the two companies will jointly construct a fish processing plant and Pingtan's fishing products will then be sold to China Co-op's numerous supermarket locations across China.

The Company's Board of Directors recently approved a resolution pursuant to which Pingtan will begin negotiating with the Fujian Provincial People's Government of the People's Republic of China for Pingtan to acquire the operating rights for a parcel of land in which it intends to construct this fish processing plant.

Pingtan's Chairman and CEO, Mr. Xinrong Zhuo, stated, "We are very pleased to become a strategic partner of China Co-op (Hainan) Industry Development Co., Ltd., one of China's premier food companies. We feel that this cooperation is a positive reflection on Pingtan's credibility and leading position within the fishing industry. We believe this partnership with China Co-op (Hainan) Industry Development Co., Ltd. will accelerate our progress to becoming a vertically integrated seafood provider and also enhances our market competitiveness as our products would reach to both inland and remote areas through their massive sales network."

China Co-op (Hainan) Industry Development Co., Ltd. is one of China Co-op Group's wholly-funded companies. China Co-op Group is China's largest federal-level food industry integrated enterprise group engaged in food trading. China Co-op (Hainan) Industry Development Co., Ltd. operates more than 300,000 stores within its supermarket chain across China, with a current asset size of 190 billion RMB and annual revenue of more than 130 billion RMB.

FUZHOU, China, Jan. 7, 2014 /PRNewswire/ -- Pingtan Marine Enterprise Ltd. (Nasdaq: PME), ("Pingtan," or the "Company") an integrated marine services company in the People's Republic of China (PRC), today announced that the Company has recently signed a framework service agreement with the Company's vessel constructor to replace 20-30 of its existing fishing vessels. The Company expects the new fishing vessels to increase the efficiency of trawling and trawling accuracy, increase the speed of the fishing vessels, and comparatively reduce operating costs.

The replacement of the fishing vessels was part of the Company's 2013 Fleet Renewal Plan ("The Plan"), with the majority of the Company's vessels in its current fleet upgraded and modernized. The Company notes that it expects the plan will not affect previously announced guidance of net income of between $40 and $43 million (excluding the discontinued dredging business) for the year ended December 31, 2013 and between $80 and $85 million for the year ending December 31, 2014.

The Company's Chairman and CEO, Mr. Xinrong Zhuo, stated, "We have initiated our strategy of fleet replacement, with the replacement of these fishing vessels enhancing our future earnings potential. We continue to take full advantage of the strong demand for seafood in China and are preparing a modern fleet for long-term and sustainable growth."

FUZHOU, China, Oct. 28, 2013 /PRNewswire/ -- Pingtan Marine Enterprise Ltd. (Nasdaq: PME), ("Pingtan," or the "Company") an integrated marine services company in the People's Republic of China (PRC), today announced that the independent members of the Company's Board of Directors ("the Board") have agreed to sell Pingtan's 100% owned dredging subsidiary, China Dredging Group ("CDGC") and its PRC operating subsidiaries, Fujian Xing Gang Port Service Co., Ltd. business and operating assets to an affiliate of the Company's Chairman, CEO and majority shareholder Mr. Xinrong Zhuo.

Highlights

• In addition to the fairness opinion on the proposed transaction from Duff and Phelps, LLC, the Board received appraisal reports from BMI Appraisals Limited ("BMI") for the respective operating rights and licenses to conduct fishing services of 20 new vessels which are included as part of transaction consideration (available on the Company's website,www.ptmarine.com).
• The Board, excluding Chairman and CEO Mr. Xinrong Zhuo, and the Company's Senior Officer, Mr. Bin Lin, unanimously approved moving forward with the transaction.
• During a period of 30 days from the date of this press release, the Board, excluding Mr. Zhuo and Mr. Lin, will evaluate other alternative proposals received.
• The transaction is expected to close during the fourth quarter of 2013.

Second Quarter 2013 Financial Results

• Revenues increased by 2.8% to $71.9 million from $69.9 million for the same period in 2012.
• Gross margin was 47.9% in the quarter ended June 30, 2013, compared to 47.5% for the same period last year.
• Net income was $24.8 million, or $0.31 per basic and diluted share, compared to $21.3 million, or $0.27 per basic and diluted share, in the same period of 2012.

Second Quarter 2013 Management Comments

Mr. Xinrong Zhuo, Chairman and CEO of the Company, stated, "We remain focused on expanding our fishing enterprise in light ofChina's increasing consumer demand. During the quarter, we negotiated a transaction to add another 46 vessels to the Company's fleet, which will greatly increase our fish harvest volume and carrying volume, resulting in the Company having a total of 86 vessels. In addition, each of our fishing vessels require an approval from the Ministry of Agriculture of the People's Republic of China to carry out ocean fishing projects in foreign territories. The primary barrier to entry into the ocean fishing industry has been obtaining the necessary licenses to operate these vessels because the number of such licenses is limited by government authorities so as to prevent overfishing. The newly acquired vessels are fully licensed to fish in Indonesian waters and a fishing license can be transferred to a new vessel when an old vessel retires. We believe that there are no other companies building a leading market share in the fishing industry in China like Pingtan. This is a highly-fragmented market, and we believe this market share will help in our negotiations with distributors and exporters, and also open up the possibility of selling downstream directly to end markets directly. This will increase our margins in the long-term. However, we recognize that growing our asset base is only one element of the equation, as we also must hire and train highly qualified captains and crew to successfully operate these vessels. This will be instrumental in ensuring that we continue to deliver a consistent and quality product to our customers. We feel that the Company is operating in a sustainable and growing sector and we look forward to keeping investors apprised of our progress."

FUZHOU, China, July 29, 2013 /PRNewswire/ -- Pingtan Marine Enterprise Ltd. (Nasdaq: PME), ("Pingtan," or the "Company") an integrated marine services company providing territorial sea fishing and dredging services in the People's Republic of China (PRC), today announced that its Board of Directors has received an offer from its Chairman and CEO, Mr.Xinrong Zhuo, to acquire the assets of China Dredging Group, or CDGC, and its PRC operating subsidiaries, Fujian Xing Gang Port Service Co., Ltd. 

The Company's Board of Directors (the "Board") recently met to review the proposed terms of the offer, and as part of the process the Board has retained an independent financial advisor and investment banking firm, Duff & Phelps LLC, to provide a fairness opinion in connection with a proposed transaction (the "Proposed Transaction," as described below).   Mr. Zhuo and the Company's Senior Officer, Mr. Bin Lin, have recused themselves from all Board discussions regarding the Proposed Transaction due to their position as interested parties in the sale.

Proposed Terms and Timing
Mr. Zhuo has offered to purchase the CDGC business and assets in exchange for (i) writing off the Company's current $155.2 million promissory note (matures on June 19, 2015 and bears an interest rate of 4%); (ii) transfer certain fishing trawlers to the Company.  As part of the Proposed Transaction, the Board has also retained, BMI Appraisals Limited ("www.bmi-appraisals.com") to provide an independent valuation report on the vessels that would constitute a portion of the consideration.   BMI Appraisals is one of the leading valuation companies in Hong Kong and China and has been engaged by more than 1,000 companies, of which more than one-half are listed companies in Hong Kong, China and overseas.

The Board expects to continue evaluating the Proposed Transaction, and expects to deliver a decision on the final terms and conditions in the coming weeks. 

Management Comments
Commenting on the announcement, Board member Mr. Xuesong Song, noted, "The Board is dedicated to carefully evaluating both our Chairman's offer and other alternatives to ensure we pursue the avenue that is favorable for shareholders, while maintaining the financial health of our company.  We have been excited over the possibilities of growing our fishing enterprise, as we feel thatChina has exhibited increasing and sustainable consumer demand.  This decision would allow our management team to place increased focus on this business and more effectively pursue growth opportunities.  However, we understand that our role as stewards of the Company and intend to conduct our evaluation in a diligent, yet timely manner.  We look forward to keeping shareholders apprised of this development."

FUZHOU, China, June 20, 2013 /PRNewswire/ -- Pingtan Marine Enterprise Ltd. (Nasdaq: PME), ("Pingtan," or the "Company")an integrated marine services company providing territorial sea fishing and dredging services in the People's Republic of China(PRC), today announced that the Company recently expanded its fleet through the signing of a "Master Agreement" to purchase 46 fishing trawlers in a transaction totaling approximately $410.1 million. After a thorough third-party appraisal process, the Master Agreement was signed between Pingtan and Fuzhou Honglong Ocean Fishery Co., Ltd., or "Hong Long," a company owned by Pingtan's Chairman and CEO, Mr. Xinrong Zhou, for a combination of cash, debt, and relief of prior debt obligations from Hong Long.

The transaction is subject to the receipt of government approvals; however Pingtan began operating the vessels upon the signing of this agreement. The Company immediately began reporting operating results from this transaction for a short period in the current second quarter, with a full quarter beginning in the third quarter of 2013.

Description of Assets Appraisal Process

The Company expects these vessels will greatly increase its fish harvest volume, revenue, and profitability. Pingtan's fleet increases from 40 to 86 and its carrying capacity (fish) increases by approximately 45,000 to 50,000 tons (effectively doubling the Company's current capacity). While the revenues generated vary depending on location, the Company expects each vessel to contribute revenues of approximately $3-$3.5 million annually, and net income of approximately $1 million.

These additions to Pingtan's fleet have an average age of approximately 10.3 years, including 20 newly-built and pre-owned fishing trawlers, which is a method of actively dragging or pulling a trawl (fishing net) along the sea. These trawler vessels are fully licensed to fish in Indonesian waters, and are currently operating in the Arafura Sea in Indonesia. The Company sells approximately 30 different species of fish, primarily from Indonesia and India, to over 300 distributors and retailers in the PRC. 

As part of this transaction process, Pingtan and Hong Long underwent a thorough appraisal process from a globally recognized appraiser, BMI Appraisals Limited ("www.bmi-appraisals.com"). BMI Appraisals is one of the leading valuation companies and has been engaged by more than 1,000 companies, of which more than one-half are listed companies in Hong Kong, China and overseas. The total transaction value was approved by Pingtan's Independent Directors and equals the appraisal value that was determined by BMI Appraisal's independent research.

Transaction Details

As previously announced, the Company and its independent directors agreed with Mr. Zhuo that previously existing debt due to the Company in accordance with the terms of the share purchase agreement pursuant to which the Company acquired its fishing business could be repaid with fishing vessels from Hong Long. The total purchase price of approximately $410.1 million includes:

• (A) $200,000,000 (RMB 1,233,020,000) in cash consideration from Pingtan to Hong Long;
• (B) The relief of $54,851,485 (RMB 338,164,890), constituting the outstanding amount of any remaining related party debt to be repaid by Hong Long to Pingtan; and
• (C) An amount of $155,166,195 (RMB 956,615,110) in accordance with the terms of a promissory note issued by Pingtan to Hong Long.

Management Comments

Mr. Zhuo stated, "When we closed our business transaction earlier this year, one of Pingtan's primary goals was to scale up its fishing operation quickly and efficiently. We felt that the short and long-term opportunity from China's growing consumer demand could provide significant benefits to companies that were well-capitalized and positioned to take advantage. The primary barrier to entry has been obtaining the necessary licenses to operate these vessels. In an effort to prevent overfishing, the exclusive economic zones off the coasts of India and Indonesia have only provided licenses to select companies. Our entire management team felt that by acquiring the assets and licenses described above which were owned by Hong Long, we could quickly build our fleet to a competitive scale while simultaneously lowering the average age of our current fleet."

Mr. Zhou concluded, "Our Independent Directors underwent a thorough process of valuing these vessels, which included engaging a well-established third-party firm to arrive at a fair price of the assets based on current market conditions. As always, we are attempting to be as transparent about the process as we can. At Pingtan, we are very excited about the possibility of taking a leading share in a highly fragmented global fishing market. We feel that our company has the distribution network in place to properly execute on our plan of becoming a leading provider of quality fishing products for China's growing consumer demand."

FUZHOU, China, June 20, 2013 /PRNewswire/ -- Pingtan Marine Enterprise Ltd. (Nasdaq: PME), ("Pingtan," or the "Company")an integrated marine services company providing territorial sea fishing and dredging services in the People's Republic of China(PRC), today announced that its previously filed registration statement on Form S-3 was declared effective by the U.S. Securities and Exchange Commission at 4:00PM on June 19, 2013.

The registration statement registers the resale from time to time by the selling securityholders set forth in the registration statement of an aggregate of 30,329,883 ordinary shares and 3,966,667 warrants.  The Company will not receive any proceeds from the resale by the selling shareholders of these ordinary shares and warrants.  The registration statement also registers the issuance and sale by the Company of up to 8.966.667 shares upon the exercise of warrants.   Each warrant entitles the holder of such warrant to purchase one of our ordinary shares upon payment of the exercise price of $12.00 per share. The Company will receive the proceeds from the exercise of the warrants.

First Quarter 2013 Results

• Total renevue of $46.4 million, compared to $75.1 million for the same quarter of 2012.
• EPS of $0.17, compared to $0.34 for the same quarter of 2012.

Mr. Xinrong Zhuo, Chairman and CEO of the Company, stated, "The last several weeks have been a monumental period in our Company's history, as we believe our team has created a diversified entity in the global marine service market. We remain very optimistic about the growth opportunity in both of our dredging and fishing segments. We are very pleased to have generated strong cash flow from operations and profitability in our first quarter during a transitional period for our Company."

Business Outlook

"We benefit from having a team of dedicated employees that has considerable experience in operating an integrated company, and believe that we have the right management team in place to continue developing both segments of our business. The Company's financial position is very strong, with approximately $206 million in cash as of March 31, 2013 and cash from operations during the period of $31.5 million. We expect to leverage this free cash flow to continue growing our fleet of fishing vessels and expanding our dredging capabilities as a general contractor. We look forward to the future with confidence and will keep shareholders apprised of our progress."