On June 5th, Gelunhui reported that nd paper (2689.HK), which fell by 11.44% yesterday, fell by nearly 5% again at the beginning of the trading day and fell nearly 25% in the past 10 trading days. The current price was HKD 3.5, and the total market value fell below HKD 16.5 billion. In terms of news, the company announced a capital of $400 million to issue preferred perpetual capital securities with an annual interest rate of 14% until mid-June 2027, with Citigroup (as the sole agent). The total sum of $400 million will be used for refinancing existing loans. Citigroup released a report downgrading nd paper from "buy" to "neutral" with a target price of HKD 4.2, down from HKD 5.5, citing that the issuance of perpetual bonds may affect nd paper's profits.
港股异动丨玖龙纸业继续下跌5% 发永续债或损利润遭花旗降级
HK stocks unusual movement: Nine Dragons Paper continues to fall by 5%. Issuing perpetual bonds may impact profits and Citigroup downgraded the company.
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