Nd Paper (02689) fell more than 4% again, with a cumulative decline of more than 16% this week. As of press time, it fell 4.76% to HKD 3.4, with a turnover of HKD 17.9221 million.
According to the Futu News app, Nd Paper (02689) fell more than 4% again, with a cumulative decline of more than 16% this week. As of press time, it fell 4.76% to HKD 3.4, with a turnover of HKD 17.9221 million.
On the news front, Nd Paper announced that it has formally signed a securities issuance agreement with a third-party issuing institution to issue a perpetual preferred capital security with a total value of US$400 million and an annual interest rate of 14%. It is worth noting that Zhang Yin, chairman of Nd Paper, subscribed to the vast majority of the securities, while Zhang Chengfei (Zhang Yin's younger brother) and Liu Jinsong (Zhang Yin's son and executive director) also subscribed to the securities.
According to the Daily Economic News, some investors questioned the possibility of benefiting from the issuance. On the morning of June 5th, a Nd Paper employee explained to reporters over the phone that the pricing was based on the public prices in the market, "referring to preferred perpetual capital securities of similar type issued in US dollars by general private enterprises without ratings, which are actually in this range." Regarding the doubts of some shareholders, the person in charge stated that there is no response to individual opinions.