ST Chenming receives over 1 billion yuan in debt waivers from controlling shareholder and local state-owned assets

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Summary · why it matters

ST Chenming announced after market close on September 29 that its controlling shareholder, Chenming Holdings Limited, issued a debt waiver letter, waiving its 207 million yuan claim against the company to support the company in easing operating pressure and focusing on its core pulp and paper business. On the same day, the company issued another announcement stating that Shouguang Zhichen Asset Operation Company Limited, a wholly state-owned enterprise under the Shouguang Municipal Finance Bureau, issued debt waiver letters to its controlling subsidiaries Shouguang Meilun Paper Company Limited and Shandong Chenming Paper Products Company Limited, waiving 487 million yuan of debt owed by Shouguang Meilun and 350 million yuan of debt owed by Shandong Chenming Paper Products. The controlling shareholder and local state-owned assets together waived more than 1 billion yuan in debt. The waived amounts will be recorded in capital reserves for the current year, and the company said this will effectively reduce debt pressure and optimize its asset-liability structure. In terms of performance, in the first half of 2026 the company achieved operating revenue of 6.865 billion yuan, up 225.90 percent year on year, while the net loss attributable to shareholders of the listed company was 786 million yuan, a significant narrowing of 79.61 percent from the loss of 3.858 billion yuan in the same period last year. As of June 30, 2026, the company's asset-liability ratio was 96.09 percent, and total bank borrowings stood at 28.92 billion yuan.

Impact on assets 1

Others▲ · 1 stocks
Shandong Chenming Paper Holdings Ltd
000488
▲ PositiveCapitalrelevance

Controlling shareholder and local state-owned assets waived over 1 billion yuan of debt, reducing debt pressure and optimizing the asset-liability structure.

Off-coverage companies 2

寿光市智晨资产运营有限公司Private▲ Positive
Capitalrelevance

Shouguang Zhichen Asset Operation waived 487 million yuan owed by Shouguang Meilun and 350 million yuan owed by Shandong Chenming Paper Products.

寿光美伦纸业有限责任公司Private▲ Positive
Capitalrelevance

Its parent Shouguang Zhichen Asset Operation waived 487 million yuan of debt owed by Shouguang Meilun.

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