2021 Annual Report Summary of Shandong Chenming Paper Holdings Limited
Stock code: 000488, 200488 Stock abbreviation: Chenming Paper Chenming B Announcement No.:2022-014
2021 Annual Report Summary of
Shandong Chenming Paper Holdings Limited
I. IMPORTANT NOTICE
This annual report summary is extracted from the text of the annual report. For the full understanding of the operating results,
financial position and plan for further development, investors should carefully read the text of the annual report published on the
media as designated by the CSRC.
All directors have attended the board meeting to review this annual report in person.
Notice of non-standard auditor’s opinion
□ Applicable √ Not applicable
A proposed profit distribution plan on ordinary shares or a proposed plan on conversion of capital reserves into share capital for the
reporting period was considered and passed by the Board
□ Applicable √ Not applicable
The Company proposes not to distribute cash dividend, issue bonus share, or capitalise from capital reserves
A proposed profit distribution plan on preference shares for the reporting period was considered and approved by the Board
□ Applicable √ Not applicable
II. BASIC INFORMATION ABOUT THE COMPANY
1. Company profile
晨鸣纸业 000488
Stock abbreviation Stock code
晨鸣 B 200488
Stock exchange on which
Shenzhen Stock Exchange
the shares are listed
Stock abbreviation CHENMING PAPER Stock code 01812
Stock exchange on which
The Stock Exchange of Hong Kong Limited
the shares are listed
Contact persons and
Secretary to the Board Hong Kong Company Secretary
contact methods
Name Yuan Xikun Chu Hon Leung
No. 2199 East Nongsheng Road, Shouguang City, 22nd Floor, World Wide House, Central, Hong
Correspondence address
Shandong Province Kong
Facsimile 0536-2158977 00852-25010028
Telephone 0536-2158008 00852-21629600
Email address chenmmingpaper@163.com liamchu@li-partners.com
2. Overview of principle activities or products during the reporting period
The Company is a large modern conglomerate principally engaged in pulp production and paper making. Its key indicators in
respect of business and economic efficiency have been in a leading position in the industry in China for over 20 consecutive years.
The Company has been on the Fortune 500 China list for 12 years. During the reporting period, the machine-made paper business is
the major source of revenue and profit of the Company, and there was no significant change in the principal activities of the
Company.
1. Business overview
Taking “revitalising the Chinese papermaking industry” as its mission, the Company has been adhering to the general keynote
of green, low-carbon, recycling and sustainable development, and committing itself to implementing a pulp and paper integration
strategy. At present, the Company has 6 production bases in Shandong, Guangdong, Hubei, Jiangxi, Jilin and other places, with
annual pulp and paper production capacity of more than 11 million tonnes. It is one of the domestic paper making enterprises that
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2021 Annual Report Summary of Shandong Chenming Paper Holdings Limited
achieves a balance between paper making and pulp production capacity.
During the reporting period, in the face of the complex domestic and international market economic environment and various
challenges against the backdrop of normalisation of epidemic prevention and control, all cadres and employees of the Company
pulled together to address the difficulties, improve efficiency, reduce costs, ensure the steady progress of the Company‘s production
and operation, and continuously improve the operating quality and profitability of the Company. In 2021, the Company completed
the production of machine-made paper of 5.50 million tonnes and achieved sales of 5.45 million tonnes, representing a year-on-year
decrease of 4.74% and 2.73%, respectively. The Company realised revenue of RMB33,020 million, representing a year-on-year
increase of 7.43%. Total profit and net profit attributable to equity holders of the Company were RMB2,306 million and RMB2,066
million respectively, up by 6.16% and 20.65% year on year.
2. Products
As a leading player in the papermaking industry of China, the Company adopts the market-oriented approach, attaches great
importance to technology research and development and brand benefits, and boasts the largest and most advanced pulping and
papermaking production lines in the world, with machine-made paper products covering more than 200 types in seven series,
including cultural paper, coated paper, white cardboard, copy paper, industrial paper, special paper, and household paper. The
Company owns “BIYUNTIAN”, “GOLDEN MINGYANG”, “CHENMING CLOUDY MIRROR”, “CHENMING CLOUDLY
LION”, “CHENMING SNOW SHARK”, “CHENMING EAGLE”, “CHENMING GONGHAO”, “XINGZHILIAN” and other
famous brands, with each major product ranking among the highest in terms of market share in China.
Major production
Category Major brands and types Range of application
companies
1. “BIYUNTIAN”, “CLOUDY MIRROR”,
“CLOUDY LEOPARD” and “YUNJIN”
all-wood pulp offset paper and electrostatic
base paper
2. “CLOUDY LION” and “CLOUDY
Shouguang Headquarters Printing publications, textbooks,
Cultural CRANE” original white offset paper
Zhanjiang Chenming magazines, covers, illustrations,
paper 3. “CLOUDY PINE” and “GREEN PINE” light
Wuhan Chenming notebooks, test papers, teaching
series weight paper
Jilin Chenming materials, reference books, etc.
4. Blueprint paper, colour offset paper, pure
texture paper, non-fluorescent offset paper, PE
offset paper
5. Beige and high white book paper
6. Light weight coated paper
Double-sided coated paper is
suitable for high quality printing,
such as high-grade picture albums,
picture, magazines and so on,
promotional materials such as
interior pages of high-end books,
1. “SNOW SHARK” and “EAGLE” one-sided
wall calendars, posters and so on,
coated paper
Coated and suitable for suitable for
2. “SNOW SHARK”, “EAGLE” and Shouguang Headquarters
paper high-speed sheet printing and
“RABBIT” double-sided coated paper Shouguang Meilun
series high-speed rotary printing;
3. “EAGLE” and “RABBIT” matte coated
One-sided coated paper is suitable
paper
for upscale tobacco package paper,
adhesive sticker, shopping bags,
slipcases, envelopes, gift wrapping
and so on, and suitable for large
format printing and commercial
printing.
1. White cardboard of “LIYA” series, white
cardboard and ivory cardboard of “LIPIN” and
High-end gift boxes, cosmetics
“POPLAR” series, high bulk cardboard and
boxes, tags, shopping bags,
ivory cardboard of “LIZZY” and “BAIYU”
publicity pamphlets, high-end
White series, and super high bulk cardboard of Shouguang Headquarters
postcards; cigarette package
cardboard “LIYING” and “BAIYU” series Jiangxi Chenming
printing of medium and high
series 2. Food package board of “LIYA” and Zhanjiang Chenming
quality; milk package, beverage
“LIZZY” series
package, disposable paper cups,
3. Coated cattle card and LIYA book card
milk tea cups, and noodle bowls.
4. Playcard paper board
5. Chenming cigarette cardboard
“GOLDEN MINGYANG” and “GOLDEN
CHENMING” copy paper, “BOYA” and
Copy Printing and copying business
“BIYUNTIAN” copy paper, “MINGYANG”, Shouguang Meilun
paper documents, training materials, and
“LUCKY CLOUDS”, “BOYANG” and Zhanjiang Chenming
series writing.
“SHANYIN” copy paper, and “GONGHAO”
and “TIANJIAN” copy paper
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2021 Annual Report Summary of Shandong Chenming Paper Holdings Limited
Anti-stick base paper is mainly used
for producing the paper base of
Shouguang Headquarters stripping paper or anti-sticking base
Industrial High-grade yellow anti-sticking base paper,
Wuhan Chenming paper;
paper ordinary yellow/white anti-sticking base paper
Jiangxi Chenming Cast coated base paper is suitable
series and PE paper
Zhanjiang Chenming for producing adhesive paper or
playcard compound paper after
coating.
High-grade adhesive backing paper
Special
Shouguang Art Paper for electronics, medicine, food,
paper Thermal paper and glassine paper
Wuhan Chenming washing supplies, supermarket
series
labels, double-sided tapes, etc.
Daily toilet supplies; used in
restaurants and other catering
Househol
Toilet paper, facial tissue, pocket tissue, napkin, Shouguang Meilun industries, and used in public toilets
d paper
paper towels and “XINGZHILIAN” Wuhan Chenming in hotels, guesthouses, and office
series
buildings, and also suitable for
home and other environment.
3. Operation model
(1) Purchase model
The Company has established a supply chain management centre which adopts a supply chain management model of
“centralised procurement by the Group, source as the first priority, hierarchical separation and one-vote veto”. Through continuous
improvement of the procurement information system, the Company has fully realised machine control management, and optimised
the authorisation approval process, effectively standardising the procurement management system. Based on the needs of production
bases, the Group integrates the resources of related parties and implements centralised procurement. The Company seeks sources and
high-quality suppliers through industry exhibitions, on-site inspections and competitive factory research to strengthen procurement at
source and reduce procurement costs; and introduces a supplier competition mechanism by establishing a three-level joint review
mechanism for suppliers and implementing a system of eliminating substandard suppliers, so as to improve supply quality.
Meanwhile, the Company actively cooperates with financial institutions and third parties in the supply chain financial business, and
fully utilises the funds from contributing parties to lower procurement costs, deepen strategic cooperation and enhance supply chain
competitiveness.
(2) Production model
The Company has committed itself to implementing a pulp and paper integration strategy. Adhering to the concept of “placing
green development and environmental protection as its priority”, the Company has actively promoted clean production and
vigorously carried out energy conservation and emission reduction, aiming to be a resource-saving and environmentally friendly
model enterprise. It is innovating an integrated use of resources and a circular industrial development mode, and an “ecological chain”
featuring resources, products and recycled resources has been established. As for production process, the Company takes planned
management as the focus and implements a hierarchical planned management model for the Group, the Company, factories and
workshops. Its production volume is determined based on the sales, its production is arranged scientifically, and its inventories are
under strict control. The Group has set up a production scheduling centre to monitor the operation of the production lines of each
subsidiary around the clock on a real-time basis, so as to ensure normal production. It has actively built and promoted the MES
management system, and realised the timely information transfer between the management and the production control unit through
bridging the gap between the ERP and DCS systems.
(3) Marketing model
The Company has always adhered to the marketing concept of “Good faith, Win-Win and Sharing” while wholeheartedly
serving its customers. The Company has a relatively mature sales network, and has set up specialised sales companies responsible for
the development of domestic and overseas markets, product sales, and formulation of sales policies. The sales companies’
management systems are divided into product lines, product companies, management areas, and branches to achieve matrix
management. The sales companies are divided into product companies of cultural paper series, coated paper series, white cardboard
series, electrostatic paper series, special paper series and household paper series according to product line. Each product company has
its administrative district. A regional general manager is responsible for his/her administrative district, under which branch
companies are set up. The chief representatives of the branch companies have full authority to deal with branch business.
The Company has implemented a three-level scheduling mechanism. Branch companies, administrative districts, and sales
companies schedule task indicators daily to ensure the effective implementation of the plans. It sticks to a “four-level visit
mechanism” to gain deep market insights and meet customer needs. Meanwhile, by leveraging its comprehensive information
systems, the Company has realised It-based management. It has also established and improved the complaint handling system and
customer satisfaction system to enhance the Company’s marketing management level.
(4) R&D Mode
The Company is market-oriented, and innovation is it driving force. It highly values technological R&D, and has formed a
variety of R&D modes such as independent R&D, technology introduction, and industry university-research cooperation. At present,
the Company has a number of domestically leading innovative R&D platforms, including the national enterprise technology centre,
the post-doctoral working station, the state certified CNAS pulp and paper testing centre, Shandong Pulp and Paper Making
Engineering Lab and the Guangdong Pulp and Paper Production Technology Research Centre, which have enhanced its independent
innovation capabilities. Meanwhile, on the basis of introducing internationally advanced pulp and paper production lines and
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2021 Annual Report Summary of Shandong Chenming Paper Holdings Limited
advanced technologies, the Company has made technological improvements and re-innovations, and established new standards for
processes and product quality, forming distinctive core technologies. The Company also works hard on the following aspects:
carrying out academic research with colleges and universities and R&D institutions such as Qilu University of Technology, Qingdao
University of Science and Technology, Tianjin University of Science and Technology, and Institute of Chemical Industry of Forest
Products of the Chinese Academy of Forestry, introducing, digesting and absorbing scientific research and innovation achievements,
accelerating the industrialisation of new and high technologies, optimising product mix, and improving the competitiveness of its
products in the market.
4. The position of the company in the industry during the reporting period
2021 was the first year for China to build a new development pattern. In the face of multiple challenges such as the complicated
and severe international environment and sporadic and repeated local pandemic outbreaks, all regions and departments strictly
implemented the decisions and arrangements made by the CPC Central Committee and the State Council, scientifically coordinated
pandemic prevention and control and economic and social development. China’s economy experienced sustained and stable
recovery, and made new achievements in high-quality development, marking a good start for the 14th Five-Year Plan. As an
important basic raw material industry closely related to the national economy and social development, the paper making industry, in
the first half of 2021, improved its returns significantly due to the boost of upstream raw material costs, the recovery of downstream
demand and the paper product price rise. Although the overall prosperity of the paper making industry was frustrated and the profit
growth rate declined since the third quarter, the paper making industry in general maintained steady growth during the reporting
period. According to the data of the National Bureau of Statistics, the paper making and paper product industrial enterprises above
designated size realised total profit of RMB88.48 billion, representing a year-on-year increase of 6.9%.
Focusing on the principal business of pulp production and paper making, the Company has made a strategic layout in the whole
industrial chain, and built three major product bases with Shouguang in the north, Huanggang in the middle and Zhanjiang in the
south. It has become the first pulp and paper integration enterprise in China with basically balanced pulp and paper production
capacity, and is ranked among the top 10 in the world in terms of paper and paperboard output, commanding a leading position in the
industry. The Company attaches great importance to technology research and development and product service quality, continuously
develops high-grade and high value-added products, leads the market direction, and becomes the enterprise with the largest and most
complete product varieties in the paper making industry, with a leading market share for its principal products in China. During the
reporting period, the Company continuously promoted high-quality development, winning over 20 awards which reflected the high
recognition of the Company from all walks of life, including Top 500 Chinese Enterprises, Top 500 Manufacturers in the PRC,
Fortune China 500, Top 10 Enterprises in the PRC Light Industry – Paper Sector, Shandong Province High-end Brand Continuous
Cultivation Enterprise, Shandong Province Governor Quality Award Nomination Award, 2021 Shandong Province Science and
Technology Leading Enterprise , “Top Ten Enterprises” of Shandong Paper Association.
In the future, the Company will remain true to its original aspiration and forge ahead, continue to focus on its principal business
and strengthen the industry, and focus on the construction of Huanggang Chenming production base. It will give full play to the core
advantages of its whole industrial chain layout, comprehensively improve the corporate management level and operation quality, and
enhance the enterprise‘s ability to resist risks, so that the Company can achieve steady progress in economic benefits, have
far-reaching development, and strive to build a world-class enterprise group with global competitiveness, making greater
contributions to the development of the paper making industry!
3. Major accounting data and financial indicators
(1) Major accounting data and financial indicators of the last three years
Retrospective adjustment to or restatement of the accounting data for prior years by the Company
□Yes √No
Unit: RMB
Increase/decrease as
As at the end of As at the end of at the end of the year As at the end of
2021 2020 compared to the end 2019
of the prior year
Total assets 82,841,454,602.24 91,575,457,828.62 -9.54% 97,958,909,935.15
Net assets attributable to shareholders
19,089,778,227.64 24,276,968,789.00 -21.37% 25,169,743,863.75
of the Company
Increase/decrease for
2021 2020 the year as compared 2019
to the prior year
Revenue 33,019,812,294.14 30,736,517,996.90 7.43% 30,395,434,073.35
Net profit attributable to shareholders
2,065,513,108.71 1,712,029,078.52 20.65% 1,656,566,584.88
of the Company
Net profit after extraordinary gains or
losses attributable to shareholders of 1,743,876,537.12 1,119,103,808.75 55.83% 702,329,086.29
the Company
Net cash flows from operating
8,581,888,192.64 11,259,802,676.28 -23.78% 12,232,707,222.94
activities
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2021 Annual Report Summary of Shandong Chenming Paper Holdings Limited
Basic earnings per share (RMB per
0.56 0.36 55.56% 0.33
share)
Diluted earnings per share (RMB per
0.56 0.36 55.56% 0.33
share)
Rate of return on weighted average net Increased by 3.76
9.60% 5.84% 5.57%
assets percentage points
Data specification: The net profit attributable to shareholders of the Company does not exclude the effect of the interest payment
deferred and accumulated to subsequent periods for Perpetual Bonds under other equity instruments and the effect of the dividends
on Preference Shares under other equity instruments that have been considered and approved for distribution. When calculating
financial indicators such as earnings per share and rate of return on weighted average net assets, the interest on Perpetual Bonds of
RMB89,700,000.00, the dividends on Preference Shares of RMB323,390,968.66 declared to be distributed and the cash dividends of
RMB14,202,450.00 attributable to the shareholders of restricted shares expected to be unlocked in the future among the dividends
distributed during the reporting period are deducted.
(2) Key Major Accounting Data by Quarter
Unit: RMB
Q1 Q2 Q3 Q4
Revenue 10,205,724,007.89 6,967,092,346.64 8,588,800,889.56 7,258,195,050.05
Net profit attributable to shareholders of the Company 1,179,076,577.84 842,018,839.70 161,233,847.41 -116,816,156.24
Net profit after extraordinary gains or losses attributable
1,165,076,739.34 799,641,441.36 -9,419,328.18 -211,422,315.40
to shareholders of the Company
Net cash flows from operating activities 3,386,890,222.27 1,360,295,299.67 2,479,120,720.53 1,355,581,950.17
Whether the above indicators or their aggregated amounts have any material difference with the respective amounts as disclosed in
the quarterly report or interim report
□ Yes √ No
4. Shareholders and shareholdings
(1) Table of the number of shareholders of ordinary shares and shareholders of preference shares with
voting rights restored and shareholding of top ten shareholders
Unit: Shares
Total number of
175,747, of holders of
183,981, of which Total number of Total number of
which 153,135 Preference Shares
Total number of 161,495 were ordinary holders of
were holders of with restored voting
ordinary holders of A shares, shareholders as at Preference Shares
A shares, 22,279 right as at the end
shareholders as 22,152 were holders the end of the with restored voting 0 0
were holders of of the month prior
at the end of the of B shares and 334 month prior to the right as at the end of
B shares and 333 to the disclosure
reporting period were holders of H publication date of the reporting period
were holders of date of the annual
shares this annual report (if any) (Note VIII)
H shares report (if any) (Note
VIII)
Shareholdings of shareholders interested in more than 5% of the shares of the Company or Top 10 shareholders
Number of shares Number of Share pledged or locked-up
Nature of Percentage of
Name of shareholders held at the end of the restricted
shareholders shareholding Status of shares Number
reporting period shares held
CHENMING HOLDINGS State-owned legal
15.32% 457,322,919 0 Pledged 255,150,000
COMPANY LIMITED person
Overseas legal
HKSCC NOMINEES LIMITED 12.52% 373,506,375 0
person
CHENMING HOLDINGS (HONG Overseas legal
12.20% 364,131,563 0
KONG) LIMITED person
Domestic natural
Chen Hongguo 1.04% 31,080,044 23,310,033
person
Domestic
SHANDONG SUN HOLDINGS
non-state-owned 0.55% 16,387,817 0
GROUP CO., LTD.
legal person
VANGUARD TOTAL
Overseas legal
INTERNATIONAL STOCK INDEX 0.50% 14,771,945 0
person
FUND
HONG KONG SECURITIES Overseas legal
0.47% 14,060,971 0
CLEARING COMPANY LIMITED person
VANGUARD EMERGING Overseas legal
0.47% 14,013,646 0
MARKETS STOCK INDEX FUND person
GOLDMAN SACHS INTL Overseas legal 0.39% 11,687,819 0
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2021 Annual Report Summary of Shandong Chenming Paper Holdings Limited
person
MORGAN STANLEY & CO. Overseas legal
0.37% 11,041,883 0
INTERNATIONAL PLC person
A shareholder, Chenming Holdings (Hong Kong) Limited, which is an overseas legal person, is a
wholly-owned subsidiary of a shareholder, Chenming Holdings Company Limited, which is a state-owned
Related party relationship or acting in legal person; A shareholder, Chen Hongguo, is the legal representative, chairman and general manager of
concert among the above shareholders Chenming Holdings Company Limited. Save for the above, it is not aware that any other shareholders of
tradable shares are persons acting in concert. It is also not aware that any other shareholders of tradable
shares are related to each other.
Chenming Holdings Company Limited held 457,322,919 RMB ordinary shares, of which
368,522,919 shares were held through ordinary account and 88,800,000 shares were held through
Securities margin trading of top
credit guarantee security account.
ten ordinary Shareholders (if any)
SHANDONG SUN HOLDINGS GROUP CO., LTD. held 16,387,817RMB ordinary shares, of which no
(Note IV)
share was held through ordinary account and 16,387,817shares were held through credit guarantee
security account.
(2) Table of the total number of shareholders of preference shares of the Company and shareholding of top
ten shareholders of preference shares
□ Applicable √ Not applicable
The Company had no preference shareholder holdings during the reporting period.
(3) Chart illustrating the relationship between the Company and the beneficial controller
5. Situation of bonds in existence on the date of approval of the annual report
√Applicable □Not applicable
（1）Basic information on the Bond
Outstanding amount Interest
Name of bond Bond abbreviation Bond code Issue date Maturity date
of the bonds(0’000) rate
The public issuance of the Corporate 18 Chenming
112641 29 March 2018 2 April 2023 35,000 7.60%
Bonds of Shandong Chenming Paper Bond 01
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2021 Annual Report Summary of Shandong Chenming Paper Holdings Limited
Holdings Limited to qualified
investors in 2018 (phase I)
During the reporting period, the Company implemented the resale of the corporate bonds “17
Chenming Bond 01” in accordance with the Prospectus and completed the payment of principal
and interest and delisting of “17 Chenming Bond 01” on 23 August 2021. For details, please refer
to the Announcement on Payment of 2021 Interest with respect to the First Tranche of Corporate
Payment of interest on corporate Bonds Publicly Issued to Qualified Investors in 2017 and Announcement on “17 Chenming Bond
bonds during the reporting 01” Resale Result and Delisting disclosed on 19 August 2021.
period
The Company completed the interest payment of “18 Chenming Bond 01” on 2 April 2021. For
details, please refer to the Announcement on Payment of 2021 Interest with Respect to the First
Tranche of Corporate Bonds Publicly Issued to Qualified Investors in 2018 disclosed on 31 March
2021.
(2) Latest track rating of and rating movements in bond
On 25 May 2021, China Chengxin International Credit Rating Co., Ltd. (China Chengxin International) issued the “Follow-up
Rating Report” (2021) with Respect to the First Tranche of Corporate Bonds Publicly Issued to Qualified Investors in 2017”. The
credit rating of the company’s “17 Chenming Bond 01” is AA+, and the main credit rating of the company is AA+, and the rating
outlook is negative. For details, please refer to the company’s announcement dated 26 May 2021 on Juchao Information Network.
On 25 May 2021, China Chengxin International issued the “Follow-up Rating Report” (2021) with Respect to the First Tranche
of Corporate Bonds Publicly Issued to Qualified Investors in 2018”, which assessed the Company’s “18 Chenming Bond 01” credit
rating as AA+. The main credit rating of the Company is AA+, and the rating outlook is negative. For details, please refer to the
announcement of the Company 26 May 2021 on Juchao Information Network.
There were no adjustments to the Company's credit rating results during the reporting period.
(3) Major accounting data and financial indicators of the Company over the past two years as at the end of
the reporting period
Unit: RMB0’000
As at the end of the As at the end of Increase/decrease as at the end of the reporting
Item
reporting period the prior year period as compared to the end of the prior year
Current ratio 65.05% 70.29% -5.24%
Gearing ratio 72.78% 71.83% 0.95%
Quick ratio 54.59% 60.23% -5.64%
Net profit after extraordinary gains or losses 174,387.65 111,910.38 55.83%
Proportion of EBITDA to total debts 13.43% 12.22% 1.21%
Interest coverage ratio 2.12 1.96 8.16%
Cash interest coverage ratio 4.45 4.71 -5.52%
EBITDA interest coverage ratio 3.32 3.02 9.93%
Loans payment ratio 100.00% 100.00% 0.00%
Interest payment ratio 100.00% 100.00% 0.00%
Note: EBITDA=Total profit+interest expenses-interest income+depreciation of fixed assets+amortisation of investment
property+amortisation of intangible assets+amortisation of long-term prepaid expenses
III. Other matters of significance
1. Change of listing venue of the domestic listed foreign shares and their listing and trading on the Main Board of the
Stock Exchange of Hong Kong Limited by conversion (B-to-H Conversion)
On 29 January 2021 and 9 March 2021, the Company held the seventeenth extraordinary meeting of the ninth session of the
Board and the 2021 first extraordinary general meeting, the 2021 first class meeting for holders of domestic-listed shares, and the
2021 first class meeting for holders of overseas-listed shares. Proposal on the Domestic Listed Foreign Shares of the Company
Changing Listing Venue to be Listed and Traded on the Main Board of the Stock Exchange of Hong Kong Limited by Way of
Conversion and related matters were considered and approved.
On 29 June 2021, the Company received the CSRC Acceptance Notice of the Application for Administrative Permission issued
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2021 Annual Report Summary of Shandong Chenming Paper Holdings Limited
by the China Securities Regulatory Commission, stating that it had decided to accept the administrative license application.
On 6 August 2021, the Company disclosed the Announcement of 2020 Dividend Distribution Implementation for A Shares and
B Shares. The dividend on B Shares would be paid in Hong Kong dollar at the medium exchange rate of Renminbi to Hong Kong
dollar (HK$: RMB = 1: 0.8315) as announced by the People’s Bank of China on 21 June 2021, and a dividend of approximately
HK$0.222 per share would be distributed to the holders of B Shares. According to the relevant mandates from the 2021 first
extraordinary general meeting, the 2021 first class meeting for holders of domestic-listed shares and the 2021 first class meeting for
holders of overseas-listed shares of the Company, the cash option cash consideration was adjusted from HK$3.33/share to
HK$3.11/share upon ex-dividend.
On 12 November 2021, China Securities Regulatory Commission approved the conversion of 706,385,266 domestic-listed
foreign shares into overseas-listed shares by the Company and their listing on the Main Board of the Hong Kong Stock Exchange.
For details, please refer to the relevant announcements (announcement no.: 2021-003, 2021-018, 2021-053, 2021-074 and
2021-094) of the Company published on CNINFO on 30 January, 10 March, 1 July, 19 August and 23 November in 2021.
2. Full redemption of 45 million Preference Shares
On 18 February 2021, the Company held the eighteenth extraordinary meeting of the ninth session of the Board to consider and
approve the Resolution on Redemption of the First-tranche Preference Shares, and agreed to the Company redeeming in full 22.5
million first-tranche Preference Shares, with the redeeming price being the par value of the Preference Shares (RMB100 per share)
plus current resolved payment of but unpaid fixed dividends. The accounting date of the redemption amount was the date of
distribution of fixed dividends of the Preference Shares. The independent Directors provided independent opinions.
On 17 March 2021, the Company entrusted the Shenzhen Branch of China Securities Depository and Clearing Corporation
Limited to pay shareholders of the first-tranche Preference Shares a total of RMB2,348,100,000 in full to redeem all the 22.5 million
first-tranche Preference Shares in issue of the Company, and such Preference Shares were delisted from the Shenzhen Stock
Exchange on 18 March 2021.
On 15 July 2021, the Company held the twentieth extraordinary meeting of the ninth session of the Board to consider and
approve the Resolution on Redemption of the Second-tranche and Third-tranche Preferred Shares, and agreed to the Company
redeeming in full 10 million second-tranche Preference Shares and 12.5 million third-tranche Preference Shares, with the redeeming
price being the par value of the Preference Shares (RMB100 per share) plus current resolved payment of but unpaid fixed dividends.
The accounting date of the redemption amount was the date of distribution of fixed dividends of the Preference Shares. The
independent Directors provided independent opinions.
On 16 August 2021, the Company entrusted the Shenzhen Branch of China Securities Depository and Clearing Corporation
Limited to pay shareholders of the second-tranche Preference Shares a total of RMB1,051,700,000 in full to redeem all the 10 million
second-tranche Preference Shares in issue of the Company, and such Preference Shares were delisted from the Shenzhen Stock
Exchange on 19 August 2021.
On 22 September 2021, the Company entrusted the Shenzhen Branch of China Securities Depository and Clearing Corporation
Limited to pay shareholders of the third-tranche Preference Shares a total of RMB1,314,625,000 in full to redeem all the 12.50
million third-tranche Preference Shares in issue of the Company, and such Preference Shares were delisted from the Shenzhen Stock
Exchange on 24 September 2021.
For further details, please refer to the relevant announcements (announcement No.: 2021-013, 2021-014, 2021-023, 2021-060,
2021-061, 2021-073 and 2021-081) disclosed by the Company on CNINFO on 19 February, 19 March, 16 July, 19 August and 24
September in 2021.
3. Completion of resale and delisting for “17 Chenming Bond 01”
The Company implemented the resale of the corporate bonds “17 Chenming Bond 01” as agreed in the Prospectus on the Public
Issuance of the Corporate Bonds of Shandong Chenming Paper Holdings Limited to Qualified Investors in 2017 (phase I) at the
resale price of RMB107.28 per bond (including accrued interest of RMB7.28 per bond for the current period and the accrued interest
including tax). During the resale declaration period (from 12 July 2021 to 16 July 2021), 900,000 bonds were registered for resale.
After the resale, the number of outstanding bonds to be resold was 0. On 23 August 2021, the Company entrusted the Shenzhen
Branch of China Securities Depository and Clearing Corporation Limited with the completion of the payment of principle and
interest of the partial resale of “17 Chenming Bond 01”, and such bonds were delisted from the Shenzhen Stock Exchange on the
same date.
For further details, please refer to the relevant announcements No. 2021-075 and No.2021- 076 disclosed by the Company on
CNINFO on 19 August 2021.
4. Information disclosure index for 2021
Announce Publication website and
Subject matter Date of publication
ment no. index
8
2021 Annual Report Summary of Shandong Chenming Paper Holdings Limited
Announcement on the Release of Pledge of Shares held by
2021-001 5 January 2021 http://www.cninfo.com.cn
Shareholders
Announcement on the Release of Pledge and Continued
2021-002 19 January 2021 http://www.cninfo.com.cn
Pledge of Shares held by Shareholders
Announcement on Resolutions of the Seventeenth
2021-003 30 January 2021 http://www.cninfo.com.cn
Extraordinary Meeting of the Ninth Session of the Board
Notice of the 2021 First Extraordinary General Meeting,
the 2021 First Class Meeting for Holders of
2021-004 30 January 2021 http://www.cninfo.com.cn
Domestic-listed Shares and the 2021 First Class Meeting
for Holders of Overseas-listed Shares
Announcement on the Solicitation of Voting Rights by the
2021-005 30 January 2021 http://www.cninfo.com.cn
Independent Director
Announcement on Receipt of Government Subsidies by
2021-006 30 January 2021 http://www.cninfo.com.cn
Wholly-owned Subsidiaries
Supplemental Notice on Convening the 2021 First
Extraordinary General Meeting, the 2021 First Class
2021-007 Meeting for Holders of Domestic Listed Shares and the 3 February 202 http://www.cninfo.com.cn
2021 First Class Meeting for Holders of Overseas-listed
Shares
2021-008 Announcement on Unusual Movement in Share Trading 4 February 202 http://www.cninfo.com.cn
Announcement in respect of Provision of Guarantee in
2021-009 10 February 202 http://www.cninfo.com.cn
Favour of a Subsidiary for Financing
Announcement on Receipt of High and New Technology
2021-010 10 February 202 http://www.cninfo.com.cn
Enterprise Certificate by a Subsidiary
Amendment Announcement on The Proposal on the
Domestic Listed Foreign Shares of the Company Changing
2021-011 Listing Venue to be Listed and Traded on the Main Board 18 February 202 http://www.cninfo.com.cn
of The Stock Exchange of Hong Kong Limited by way of
Conversion
2021-012 Announcement on Unusual Movement in Share Trading 18 February 202 http://www.cninfo.com.cn
Announcement in respect of Resolutions of the Eighteenth
2021-013 Extraordinary Meeting of the Ninth Session of the Board of 19 February 2021 http://www.cninfo.com.cn
Directors
The First Indicative Announcement on the Redemption of
2021-014 19 February 2021 http://www.cninfo.com.cn
the First-tranche Preference Shares
2021-015 Announcement on Unusual Movement in Share Trading 19 February 2021 http://www.cninfo.com.cn
The Second Indicative Announcement on the Redemption
2021-016 26 February 2021 http://www.cninfo.com.cn
of the First-tranche Preference Shares
The Third Indicative Announcement on the Redemption of
2021-017 5 March 2021 http://www.cninfo.com.cn
the First-tranche Preference Shares
Announcement on Resolution of the 2021 First
Extraordinary General Meeting, the 2021 First Class
2021-018 Meeting for Holders of Domestic-listed Shares, and the 10 March 2021 http://www.cninfo.com.cn
2021 First Class Meeting for Holders of Overseas-listed
Shares
Announcement on the Full Redemption and Delisting of the
2021-019 12 March 2021 http://www.cninfo.com.cn
First-tranche Preference Shares
The First Indicative Announcement on the Delisting of the
2021-020 12 March 2021 http://www.cninfo.com.cn
First-tranche Preference Shares
Supplemental Announcement on the Poll Results of 2021
2021-021 13 March 2021 http://www.cninfo.com.cn
First Class Meeting for Holders of Overseas-listed Shares
Announcement on the Delisting of the First-tranche
2021-022 16 March 2021 http://www.cninfo.com.cn
Preference Shares
Announcement on the Redemption Result of the
2021-023 19 March 2021 http://www.cninfo.com.cn
First-tranche Preference Shares
Announcement in respect of Resolutions of the Eighth
2021-024 26 March 2021 http://www.cninfo.com.cn
Meeting of the Ninth Session of the Board of Directors
Announcement on Resolutions of the Eighth Extraordinary
2021-025 Meeting of the Ninth Session of the Supervisory 26 March 2021 http://www.cninfo.com.cn
Committee
2021-026 Notice of 2020 Annual General Meeting 26 March 2021 http://www.cninfo.com.cn
2021-027 Announcement on Appointment of Auditor for 2021 26 March 2021 http://www.cninfo.com.cn
Announcement on the Adjustment to the Guarantee
2021-028 26 March 2021 http://www.cninfo.com.cn
Amount for Certain Subsidiaries
Announcement on Carrying out Factoring Business of
2021-029 26 March 2021 http://www.cninfo.com.cn
Accounts Receivable
Announcement on the Receipt of Financial Assistance and
2021-030 26 March 2021 http://www.cninfo.com.cn
Related Party Transaction
9
2021 Annual Report Summary of Shandong Chenming Paper Holdings Limited
Announcement on the Resignation of Senior Management
2021-031 26 March 2021 http://www.cninfo.com.cn
of the Company
2021-032 2020 Annual Report Summary 26 March 2021 http://www.cninfo.com.cn
Announcement on the 2020 Annual Online Performance
2021-033 26 March 2021 http://www.cninfo.com.cn
Briefing
Announcement on the Signing of the Convertible Bond
2021-034 26 March 2021 http://www.cninfo.com.cn
Strategic Cooperation Framework Agreement
Supplemental Announcement in respect of Resolutions of
2021-035 the Eighth Meeting of the Ninth Session of the Board of 27 March 2021 http://www.cninfo.com.cn
Directors
Shandong Chenming Paper Holdings Limited
Announcement on Payment of 2021 Interest with Respect
2021-036 31 March 2021 http://www.cninfo.com.cn
to the First Tranche of Corporate Bonds Publicly Issued to
Qualified Investors in 2018
Announcement on the Release of Pledge of Shares held by
2021-037 2 April 2021 http://www.cninfo.com.cn
Shareholders
2021-038 2021 First Quarterly Results Forecast 7 April 2021 http://www.cninfo.com.cn
2021-039 2021 First Quarterly Report 20 April 2021 http://www.cninfo.com.cn
Announcement on the Resignation of Employee
2021-040 Representative Supervisors and the By-election of 20 April 2021 http://www.cninfo.com.cn
Supervisors
2021-041 Announcement on Pledge of Shareholders’ Shares 22 April 2021 http://www.cninfo.com.cn
Announcement on the Development of Financing Business
2021-042 30 April 2021 http://www.cninfo.com.cn
and the Provision of Guarantees
Announcement on Receipt of Government Subsidies by
2021-043 15 June 2021 http://www.cninfo.com.cn
Subsidiaries
Announcement on Resolutions of 2020 Annual General
2021-044 19 June 2021 http://www.cninfo.com.cn
Meeting
Announcement in respect of Provision of Guarantee in
2021-045 23 June 2021 http://www.cninfo.com.cn
Favour of a Subsidiary
Announcement on Resolutions of the Nineteenth
2021-046 Extraordinary Meeting of the Ninth Session of the Board of 26 June 2021 http://www.cninfo.com.cn
Directors
Announcement on Capital Increase and Introduction of
2021-047 26 June 2021 http://www.cninfo.com.cn
Strategic Investors of a Majority-owned Subsidiary
Announcement on the Development of Equipment
2021-048 26 June 2021 http://www.cninfo.com.cn
Financing Business
2021-049 Announcement on External Investment 26 June 2021 http://www.cninfo.com.cn
Announcement in respect of Provision of Guarantee in
2021-050 26 June 2021 http://www.cninfo.com.cn
Favour of Subsidiaries by a Wholly-owned Subsidiary
Announcement on Receipt of Government Subsidies by the
2021-051 26 June 2021 http://www.cninfo.com.cn
Subsidiary Zhanjiang Chenming
2021-052 Announcement on Pledge of Shareholders’ Shares 29 June 2021 http://www.cninfo.com.cn
Announcement on Progress of Change of Listing Venue of
the Domestic Listed Foreign Shares and their Listing and
2021-053 1 July 2021 http://www.cninfo.com.cn
Trading on the Main Board of the Stock Exchange of Hong
Kong Limited by Conversion
The First Indicative Announcement on Non-adjustment of
2021-054 Coupon Rate of “17 Chenming Bond 01” and 9 July 2021 http://www.cninfo.com.cn
Implementation Measures for Resale by Investors
Announcement on the Resignation of Senior Management
2021-055 10 July 2021 http://www.cninfo.com.cn
of the Company
2021-056 2021 Interim Results Forecast 10 July 2021 http://www.cninfo.com.cn
2021-057 Announcement on Pledge of Shareholders’ Shares 14 July 2021 http://www.cninfo.com.cn
The Second Indicative Announcement on Non-adjustment
2021-058 of Coupon Rate of “17 Chenming Bond 01” and 14 July 2021 http://www.cninfo.com.cn
Implementation Measures for Resale by Investors
The Third Indicative Announcement on Non-adjustment of
2021-059 Coupon Rate of “17 Chenming Bond 01” and 15 July 2021 http://www.cninfo.com.cn
Implementation Measures for Resale by Investors
Announcement on Resolutions of the Twentieth
2021-060 Extraordinary Meeting of the Ninth Session of the Board of 16 July 2021 http://www.cninfo.com.cn
Directors
The First Indicative Announcement on the Matters Relating
2021-061 to Redeeming the Second and Third Tranches of Preference 16 July 2021 http://www.cninfo.com.cn
Shares
2021-062 The Second Indicative Announcement on the Matters 23 July 2021 http://www.cninfo.com.cn
10
2021 Annual Report Summary of Shandong Chenming Paper Holdings Limited
Relating to Redeeming the Second and Third Tranches of
Preference Shares
Announcement on the Continued Pledge of Shares held by
2021-063 24 July 2021 http://www.cninfo.com.cn
Shareholders
The Third Indicative Announcement on the Matters
2021-064 Relating to Redeeming the Second and Third Tranches of 30 July 2021 http://www.cninfo.com.cn
Preference Shares
Announcement on the Implementation of the Participation
2021-065 of Preferred Shareholders in the Remaining Profit 6 August 2021 http://www.cninfo.com.cn
Distribution for 2020
Announcement on the Implementation of Dividend
2021-066 6 August 2021 http://www.cninfo.com.cn
Distribution to Holders of A Shares and B Shares for 2020
Announcement on Pledge of Shares and Partial Release of
2021-067 9 August 2021 http://www.cninfo.com.cn
Pledge of Shares by Shareholders
Announcement on Resolutions of the Twenty-first
2021-068 9 August 2021 http://www.cninfo.com.cn
Extraordinary Meeting of the Ninth Session of the Board
Announcement on the Change and Rotation of the General
2021-069 9 August 2021 http://www.cninfo.com.cn
Manager
Announcement on the Full Redemption of the
2021-070 11 August 2021 http://www.cninfo.com.cn
Second-tranche Preference Shares
Announcement in respect of Provision of Guarantee in
2021-071 12 August 2021 http://www.cninfo.com.cn
Favour of a Subsidiary for Financing
Announcement on Halt of Trading of the Second Tranche
2021-072 14 August 2021 http://www.cninfo.com.cn
of Preference Shares
Announcement on Redemption Result and Delisting of the
2021-073 19 August 2021 http://www.cninfo.com.cn
Second Tranche of Preference Shares
Announcement on Adjustment of Cash Option Cash
Consideration Regarding Change of Listing Venue of the
2021-074 Domestic Listed Foreign Shares and Their Listing and 19 August 2021 http://www.cninfo.com.cn
Trading on the Main Board of the Stock Exchange of Hong
Kong Limited by Conversion
Announcement on Payment of 2021 Interest with respect to
2021-075 the First Tranche of Corporate Bonds Publicly Issued to 19 August 2021 http://www.cninfo.com.cn
Qualified Investors in 2017
Announcement on “17 Chenming Bond 01” Resale Result
2021-076 19 August 2021 http://www.cninfo.com.cn
and Delisting
2021-077 2021 Interim Report Summary 27 August 2021 http://www.cninfo.com.cn
Announcement in respect of Provision of Guarantee in
2021-078 9 September 2021 http://www.cninfo.com.cn
Favour of a Subsidiary for Financing
Announcement on Full Redemption of the Third Tranche of
2021-079 10 September 2021 http://www.cninfo.com.cn
Preference Shares
Announcement on Trading Halt of the Third Tranche of
2021-080 18 September 2021 http://www.cninfo.com.cn
Preference Shares
Announcement on the Third Tranche of Preference Shares
2021-081 24 September 2021 http://www.cninfo.com.cn
Redemption Result and Delisting
Announcement on Resolutions of the Twenty-second
2021-082 24 September 2021 http://www.cninfo.com.cn
Extraordinary Meeting of the Ninth Session of the Board
Announcement on Capital Increase and Introduction of
2021-083 24 September 2021 http://www.cninfo.com.cn
Strategic Investors of a Majority-owned Subsidiary
Announcement in respect of Provision of Guarantee in
2021-084 24 September 2021 http://www.cninfo.com.cn
Favour of a Subsidiary for Financing
2021-085 Announcement on the Receipt of Government Grants 30 September 2021 http://www.cninfo.com.cn
Announcement on Estimated Results for the Nine Months
2021-086 15 October 2021 http://www.cninfo.com.cn
Ended 30 September 2021
2021-087 2021 Third Quarterly Report 30 October 2021 http://www.cninfo.com.cn
Announcement on Pledge of Shares and Partial Release of
2021-088 10 November 2021 http://www.cninfo.com.cn
Pledge of Shares by Shareholders
Announcement on Participation in the 2021 Annual Online
2021-089 Group Reception Day for Investors of Listed Companies in 13 November 2021 http://www.cninfo.com.cn
Shandong Jurisdiction
Announcement on Resolutions of the Twenty-third
2021-090 16 November 2021 http://www.cninfo.com.cn
Extraordinary Meeting of the Ninth Session of the Board
Announcement on the provision of financial support to a
2021-091 16 November 2021 http://www.cninfo.com.cn
shareholding company and connected transaction
Notice of the Second Extraordinary General Meeting of
2021-092 16 November 2021 http://www.cninfo.com.cn
2021
Announcement in respect of Provision of Guarantee in
2021-093 20 November 2021 http://www.cninfo.com.cn
Favour of a Subsidiary for Financing
11
2021 Annual Report Summary of Shandong Chenming Paper Holdings Limited
Announcement on Change of listing venue of the domestic
listed foreign shares and their listing and trading on the
2021-094 Main Board of the Stock Exchange of Hong Kong Limited 23 November 2021 http://www.cninfo.com.cn
by conversion approved by China Securities Regulatory
Commission
Supplemental Announcement in respect of Provision of
2021-095 27 November 2021 http://www.cninfo.com.cn
Guarantee in Favour of a Subsidiary for Financing
Announcement on Pledge of Shares and Partial Release of
2021-096 27 November 2021 http://www.cninfo.com.cn
Pledge of Shares by Shareholders
Announcement in respect of Provision of Guarantee in
2021-097 6 December 2021 http://www.cninfo.com.cn
Favour of a Subsidiary for Financing
Announcement in respect of Provision of Guarantee in
2021-098 11 December 2021 http://www.cninfo.com.cn
Favour of a Subsidiary for Financing
Announcement on Resolutions of the Second Extraordinary
2021-099 14 December 2021 http://www.cninfo.com.cn
General Meeting of 2021
Announcement on the Development of Equipment
2021-100 31 December 2021 http://www.cninfo.com.cn
Financing Business
The Board of Shandong Chenming Paper Holdings Limited
30 March 2022
12
