The Zhitong Finance App learned that Nine Dragons Paper (02689) plummeted 15% in the afternoon. As of press release, it was down 13.14% to HK$6.875, with a turnover of HK$445 million.

According to the news, Nine Dragons Paper issued an announcement in the afternoon. The net profit for the year up to the end of June is estimated to be about 3.9 billion yuan to 4.1 billion yuan, an increase of 77.1% to 86.2% over the previous year. Profit growth was mainly driven by increased sales; the increase in product prices and speed were significantly higher than the increase in raw material costs, thus driving the increase in gross profit.

Notably, the company issued $400 million in preferential perpetual capital securities in June 2024. The net profit attributable to holders of perpetual capital securities was approximately $375.6 million this year. As a result, the Group expects the profit attributable to the company's equity holders to be about 3.4 billion yuan to 3.6 billion yuan this year, an increase of 92.4% to 103.7% over the previous year. The Company redeemed all of the unexpired Priority Perpetual Capital Securities on August 11, 2026. The US$400 million preferred perpetual capital securities have been redeemed, cancelled, and delisted from the Singapore Stock Exchange Limited.

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