Packaging / Advertising & Office

Suddenly, the latest news came out of the white cardboard market. The Shanghai Stock Exchange criticized the former general manager of APP's global strategy and corporate development department and the person in charge of the acquisition of Bohui. Quickly take a look at the situation of Shenma:

On May 26, 2021, the Shanghai Stock Exchange criticized Bohui Paper (SH 600966, closing price: 15.86 yuan) acquirer Jinguang Paper (China) Investment Co., Ltd. and Liu Mingming, the person in charge of the acquisition.

The reasons are as follows: After investigation, it was found that Cotai Paper's information disclosure regarding whether to seek control was inaccurate, and the information disclosure was inconsistent before and after. Liu Mingming, the general manager of the Global Strategy and Corporate Development Department of Cotai Paper and a member of the Operation Management Committee at the time, was the main decision maker of the company’s investment and acquisition and the signatory of the equity transfer agreement. He was directly responsible for the disclosure of information related to the acquisition. The paper industry is responsible for the above-mentioned violations. The Exchange has made the following disciplinary decision: to circulate and criticize Jinguang Paper (China) Investment Co., Ltd., the acquirer of Shandong Bohui Paper Co., Ltd., and Liu Mingming, the person in charge of the acquisition.

Coincidentally, Haitong Securities Co., Ltd., the financial adviser of Bohui’s acquisition, also issued a copy of "

Haitong Securities Co., Ltd. on the continuous supervision opinions of Jinguang Paper (China) Investment Co., Ltd. on the tender offer to acquire Shandong Bohui Paper Co., Ltd. in the first quarter of 2021", carried out its own financial supervision work in the acquisition case State in detail. In the acquisition, Haitong Securities acted as a financial advisor.

According to public information on the Internet, as of the end of 2019, my country's white cardboard production capacity was about 10.9 million tons, and CR4 was as high as 83.49%. Among them, Cotai Paper has a market share of approximately 31.57%, and Bohui Paper has a market share of approximately 19.72%. Since Bohui Paper expanded its production line in 2018, the two companies competed fiercely, and the main market price of white cardboard fell to 5,456.25 yuan/ton. The acquisition will change the structure of the white cardboard industry and increase the aggregation effect, making the combined market share of Jinguang Paper and Bohui Paper more than 50%.

Since October 2020, China's white cardboard industry has seen a super bull market. The original white cardboard price was 6,500 yuan/ton, but now it has risen to 13,000 and 14,000 yuan/ton. On May 24, the entries "Paper prices rose sharply" and "Paper mills ceased production" appeared on Weibo hot searches, with 89.325 million views.

The two companies involved in the review of the case of APP's acquisition of Bohui came out to express their opinions. They don't know what medicine is sold in this gourd?