HK Stock Market Move | ND PAPER (02689) fell more than 7% in the afternoon. The company will release its performance after trading hours. The founder's family previously subscribed to the company's bonds at an annual interest rate of 14%.

ND PAPER (02689) fell more than 7% in the afternoon, dropping to 3.1 Hong Kong dollars with a turnover of 44.7654 million Hong Kong dollars. On the news front, ND PAPER plans to hold a board meeting on September 25 to approve the annual year-end performance. The company had previously announced that it expects a net profit of 700-800 million yuan for the year ending June 30, compared to a loss of 2.383 billion yuan for equity holders last year, turning losses into profits mainly due to the increase in sales volume and gross profit margin this year. It is worth noting that in early June, ND PAPER announced the issuance of $400 million worth of preferred perpetual capital securities with an annual interest rate of 14%. ND PAPER Chairman Zhang Yin subscribed to the majority of this security, with Zhang Yin's younger brother Zhang Chengfei and Zhang Yin's son Liu Jinsong also subscribing. According to Daily Economic News, some investors questioned the possibility of a conflict of interest. On the morning of June 5, a ND PAPER staff member explained to reporters over the phone that the pricing was based on the market's public prices, "which are generally in this range for similar preferred perpetual capital securities issued in US dollars by private enterprises without ratings."