Movement Alert｜Nine Dragons Paper Rises 14.29% in Regular Trading, Launches USD 400 Million Perpetual Securities Buyback to Optimize Capital Structure

Market Focus

Jun 15

On June 15, Nine Dragons Paper (02689.HK) surged 14.29% in regular trading, trading at HKD 7.22/share, with turnover of HKD 156 million. The sharp rally was triggered by the company's announcement of a major capital structure optimization initiative.

Nine Dragons Paper disclosed that it has launched a cash tender offer to repurchase any and all outstanding USD 400 million 14.00% senior perpetual capital securities. The company stated the offer aims to further enhance its profitability and optimize its capital structure. Any securities accepted for repurchase will be immediately cancelled upon delivery. The company has engaged Citigroup Global Markets Limited as dealer manager and D.F. King as information and tender agent.

Additionally, the company announced it has secured a RMB 2 billion loan facility from a consortium of banks, further strengthening its financial flexibility. The elimination of the 14% coupon on the perpetual securities, if fully tendered, would materially reduce annual financing costs and directly boost bottom-line earnings, which appears to be the primary catalyst behind today's significant price movement.

(The above content is based on publicly available market information, generated by a program or algorithm, and is intended solely as a stock movement alert. It does not constitute investment advice or a basis for trading decisions.)

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

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