Chen Ming paper Three in the Environmental protection door self-examination 11 years did not fruit?

"Our problem is that formalities have not been done, not to say exceeding the standard, emission standards and so on." "June 1, chenming paper 000488.　　SH,01812.HK,200488 Securities Representative Fan Yingjie told The Times weekly reporter, is completing formalities of chenming paper development momentum will not be "green door" impact. By the Ministry of Environmental Protection, the deadline for rectification, may have a certain impact on its financing.　　"Guotai paper industry analyst Wang Feng said. Lack of formalities 11 "Hailaer paper mill was acquired for several years, did not get environmental impact assessment of the relevant procedures, may be in coordination with local government departments have different opinions.　　Wang Feng said. Hailaer Chenming Paper Related Liability company (hereinafter referred to as "Hailaer chenming") EIA procedures are incomplete, is leading to the Chen Ming paper on the Ministry of Environmental protection, "blacklist" direct reason.　　However, the industry is puzzled that the holding of the 11-year subsidiary of Hailaer Morning Ring assessment procedures are not complete, time is obviously too long. "Hailaer morning Ming can not get environmental assessment, there may be government difficulties or other reasons."　　"Wang Feng on chenming paper 11 years did not pass the EIA also have doubts." "The announcement has been made on the relevant issues." Fan Yingjie says other questions are inconvenient to answer.　　However, the vague causes and the fact that no EIA procedures have been done for 11 years clearly cannot calm the public opinion. Chen Ming repeatedly trapped in the "notoriety" for the Ministry of Environmental Protection proposed by the June 25 deadline rectification, chenming paper will be according to the provisions of rectification.　　However, chenming paper in recent years has been plagued by environmental protection, in the public welfare responsibility has been criticized. Chenming paper issued a notice in late February 2008 that was approved for listing in Hong Kong, which has been in the pipeline for 10 months. and chenming paper landed in H-shares, become the only one a+b+h stock listed companies in the preparatory stage, it is the first time the national Environmental Protection Department named. As a named "Double High" enterprise, chenming paper in the year to prepare for the listing of Hong Kong stocks, and the eventual IPO financing success, has sparked controversy in the industry.　　Three years later, Chenming paper was once again criticized by the Ministry of Environmental Protection, as the domestic paper industry leader, its social public welfare responsibility has been a lot of questions. As a highly polluting industry, paper-making enterprises have always been the "long-standing" in environmental protection. But a a-share paper enterprises, such as Mountain Eagle Paper and other paper-listed companies, except Chenming paper 2 degrees on the list. According to the report, the 2009 Social Responsibility report issued by Chenming paper, the key data for environmental protection projects is missing, without any bright spots. "We didn't see the report and we didn't respond well.　　June 1, Fan Yingjie told The Times weekly reporter.　　Wang Feng said, chenming paper repeatedly fall into the environmental protection of the reasons for bad definition. "Due to rapid expansion, internal integration is relatively slow, do not rule out this possibility (leading to the subsidiary environmental issues)." "A Citic Securities analyst, who declined to be named, said.　　At the same time, the upcoming dispute of the joint venture will make the chenming paper in the environmental protection door spiral worse. "Dawa" dispute internal friction "special Paper Company, Chenming paper also has 30% of the shares, the investment of 600 million, the company discontinued, as shareholders this is also a loss for chenming paper.　　June 1, Alnovigench Special Paper Co., Ltd. (hereinafter referred to as "special Paper Company") Manager Xu Jianwei told The Times weekly reporter. Special Paper Company's road to development is not smooth, the beginning of the establishment of the loss.　　May 2008, the special Paper company General Manager, also by the French side appointed personnel change for chenming paper posted senior executives. According to the Shandong Business Report, Chen Ming paper stationed in the general manager took office, the main production of small da Lu Huo products, resulting in special Paper company inventory from more than 3,000 tons to nearly 10,000 tons.　　Large amounts of cash have become inventories, while the price of raw materials has been high, causing serious losses by the sharp depreciation of the products at the end of the year. Subsequently, the special Paper Company legal shareholders and chenming paper gap between the growing. As of September 2009, the company's cumulative losses have reached nearly 140 million yuan.　　February 11, 2010, special Paper Company to the Shandong High Court appealed, chenming paper and the French side of the shareholders on the special Paper Company for escalating competition. May 21, Chenming paper and other 11 enterprises by the Ministry of Environmental Protection exposure news released 5 days ago, the case in Jinan, Shandong Court. "The company's legal department is responsible for the issue, not to comment."　　Fan Yingjie told The Times weekly reporter, into the environmental door of chenming paper, the case appears very cautious. "In addition to fixed investment, the enterprise every month about 5 million of the fixed expenditure, including employee benefits, wages, etc., now discontinued, resulting in a kind of only out of the status quo."　　"Xu Jianwei said.　　Special paper companies to suspend the status quo, and by the Environmental protection Department named criticism, let the outside world from a side to re-examine the rapid expansion of chenming paper and its capital chain.　　Expansion chain worry-free? "Those are securities analysts, I do not comment."　　Fan Yingjie told The Times weekly reporter, environmental rectification will affect the company's financing and even chenming paper development, "at present it is not good to say." "As the largest paper companies in China, but also state-owned enterprises, the National and Development Commission is very supportive." Wang Feng said, this is chenming paper is the only one a+b+h shares listed companies, but also the reason for its rapid expansion in recent years. Through rapid expansion in recent years, Chenming paper has more than 10 Wuhan Chenming subsidiaries.　　Total assets of nearly 30 billion yuan, annual paper production capacity of 4 million tons, into the Chinese enterprises 500 strong and world paper 50. "In the short term, chenming paper should not refinance, Zhanjiang's forestry and paper Integration Base project is under construction, has been financed from Hong Kong 3 billion, these should be sufficient for Zhanjiang project needs." "Wang Feng Analysis, with the early years of chenming paper rapid expansion compared to recent years, chenming paper has been relatively stable."　　Paper industry is one of the "double high" industry, Wang Feng also believes that if chenming paper due to environmental protection by the State Environmental Protection Department of strict investigation, it may affect its financing, and thus its capital turnover caused a certain impact. Although Chenming paper has entered the end of the rapid expansion, butThe group's internal resource consolidation and investment in projects still require substantial funding. According to chenming paper in the first quarter of 2010 earnings, net cash flow this period and the previous period are large negative (5.19 billion yuan, 1.74 billion yuan), indicating that the chenming paper is still a large-scale project preparation. reported that the company's subsidiary in the reporting period Shouguang U.S. paper limited Liability company annual output of 800,000 tons of coated paper and 98,000 tons of life papers, Zhanjiang wood pulp project and high-grade cultural paper project investment.　　In March this year, a 3 billion of chenming paper was financed from Hong Kong, and another short-term financing of 1.5 billion yuan. "This is a short-term financing, is against the bank, this environmental naming event will not affect the investment." "Citic Securities analyst Zhu Jia said. Wang Feng thought, "in the short term will not have the influence, but if the EIA problem handling is not good, in the long run will have certain influence to its fund chain." ”