Shandong Chenming Paper Holdings Co., Ltd. Class H (HK:1812) has released an update.
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Shandong Chenming Paper Holdings faces significant financial challenges as it grapples with overdue debts totaling RMB1,820 million and the freezing of 65 bank accounts amid declining paper product prices and reduced lending from financial institutions. The company’s operations are severely impacted, with production cutbacks affecting a large portion of its capacity, as it scrambles to raise working capital and mitigate further losses. These financial strains pose risks of further legal actions and operational disruptions for the paper manufacturer.
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