Hengfeng Paper progresses with asset acquisition plan

Mudanjiang Hengfeng Paper (SSE:600356) announced it is progressing with its plan to acquire 100% of Sichuan Jinjiang Paper through issuing shares. The transaction will make Jinjiang Paper's controlling shareholder, Zhang Hua, an affiliate of Hengfeng. Approved by Hengfeng's board on November 28, 2024, the deal requires further regulatory approvals. The company has initiated the asset appraisal process and will release further details, including the asset valuation, in due course. The company reminds investors that the deal is subject to regulatory approval and that there is a risk that it will not be completed.