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Chenming Paper (01812.HK) decided to dismiss HKK2's appeal against the Court of First Instance decision
Chenming Paper (01812.HK) issued an announcement. In October 2022, the company commissioned a Hong Kong legal adviser to apply to the Court of First Instance to seek revocation or adjournment of the winding-up petition filed by HKK2 against the company. On July 25, 2023, the Court of First Instance heard the application and handed down a ruling on August 10, 2023, to set aside the winding-up petition. HKK2 appealed against the Court of First Instance decision on October 31, 2023. The appeal was heard by the Court of Appeal on March 21, 2024.
Chenming Paper (000488): Waiting for operational improvements
The company released the 2023 annual report and the 2024 quarterly report, 24Q1 revenue of 6.76 billion yuan, an increase of 9.8%; net profit to mother was 58 million yuan, an increase of 121.1%, turning a loss into a profit; withholding non-return of 226 million yuan
Tianfeng Securities released a research report on April 22 stating that it gave Chenming Paper (000488.SZ) a holding rating. The main reasons for the rating include: 1) The company released the 2023 report and the 2024 quarterly report; 2) In 2023, due to
Tianfeng Securities released a research report on April 22 stating that it gave Chenming Paper (000488.SZ) a holding rating. The main reasons for the rating include: 1) The company released the 2023 report and the 2024 quarterly report; 2) In 2023, due to weak downstream demand in the paper industry, the company's mechanical paper sales decreased year on year; at the same time, due to the concentrated investment of new production capacity, the price of machine paper, especially white card paper, was drastically reduced year on year, while the prices of raw materials such as wood chips, raw coal, chemicals are still operating at a high level, squeezing the company's profit space; 3) Strengthen sales management to seize the market and enhance the company's benefits; 4) Refine financial management and take more measures
Changes in Hong Kong stocks | Sunshine Paper (02002) is now rising more than 7%, leading paper stocks, and many paper companies have issued shutdown letters, agencies say the price of cultural paper is expected to achieve cost transmission
Paper stocks picked up in early trading. As of press release, Sunshine Paper (02002) rose 7.06% to HK$1.82; Chenming Paper (01812) rose 3.43% to HK$1.81; Nine Dragons Paper (02689) rose 1.61% to HK$3.15; and Liwen Paper (02314) rose 1.3% to HK$2.34.
Frequent news of production cuts and shutdowns has surged costs, and the outlook for paper companies in Q2 is bleak
“Due to the sharp rise in pulp board prices, our costs have increased dramatically. At the same time, it was difficult to raise prices in the finished product market, and the company suffered unprecedented losses and decided to stop production and maintenance of the No. 1 and No. 2 paper machines.” Recently, several household paper companies in Hebei issued shutdown notices.
Chenming Paper (01812) was released from the largest shareholder Chenming Holdings for a total of 1.36 million shares
Zhitong Finance App News, Chenming Paper (01812) issued an announcement. The company recently received a letter from Chenming Holdings Co., Ltd. (Chenming Holdings), the largest shareholder, to learn that some of the company's shares held by it were released from the pledge. The total number of shares released from pledge this time was 1.36 million shares, accounting for 0.44% of the company's total share capital.
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