Dim Sum Express

名仕亚洲手机版本,Starting from July 1, papermaking companies are required by the MEP to
obtain a permit before theycan emit polluting substances. This should
accelerate the phasing-out of obsolete productioncapacity. Despite the
industry low season during 2Q17, white cardboard paper, coated paper
andwood-free printed paper prices remained strong as manufacturers
(which have a relatively high levelof capacity concentration) limited
their output to support product prices and maintain a high grossmargin.
We believe strengthened environmental requirements and the upcoming peak
season in3Q17 are likely to drive a share price rally in the papermaking
sector.

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