HK Stock Market Move | CHENMING PAPER (01812) rises more than 4%, planning to divest its financing leasing business of 3.3 billion yuan.

CHENMING PAPER (01812) rose over 4%, up 4.11% as of the time of the report, trading at 0.76 Hong Kong dollars, with a transaction value of 815,000 Hong Kong dollars. On the news front, CHENMING PAPER announced the divestment of its financing leasing business, selling all the equity of Shandong Chenming Financing Leasing, Qingdao Chenming Paper Products Sales, and Shanghai Chenming Financing Leasing to the state-owned wholly-owned enterprise Shouguang Shengjia Investment for a total consideration of 3.336 billion yuan. The estimated sales proceeds are about 38.9395 million yuan. The net proceeds are intended to be used to repay the group's debt. The announcement stated that after the completion of the divestment, the group's daily business operations will remain basically unchanged before and after. The group will continue to focus on its main business of producing and selling paper products. Currently, four out of the group's five production bases have resumed production. The directors expect that after the completion of the divestment, there will be no significant changes in the scale of the group's business and operations, and the divestment will not have a significant impact on the group's business and operations.