{
 "as_of": "2026-11-04",
 "cmr": "hk-cm-kg/HKEX/02689",
 "fence": "The page is the record's research on the issuer — no analyst, no rating, no view.",
 "markdown": "The page is the record's research on the issuer — no analyst, no rating, no view.\n\n# ND PAPER (Main Board: 02689) — research page\n\nAs of 2026-11-04 · hk-cm-kg · record version 1\n\n## Identity and listing\n\nThe issuer is ND PAPER, listed on the Main Board of the HKEX under ticker 02689, ISIN BMG653181005, LEI 529900TBMYEYJ2LEV906. Its security type is Corporate and its jurisdiction is Bermuda (BM). Segment and sector are not on the record. Its status is listed, not halted.\n\n## The disclosure read\n\nThe record holds 51 filings in the window 2025-11-04 to 2026-11-04, across 30 filing days. The median gap between filing days is 10 days. The latest filing is an announcement dated 2026-11-02, 2 days before the record date of 2026-11-04. The Main Board median cadence gap is 9.0 days, the Main Board median filings count is 46.0, and the Main Board median latency is 2.0 days. Sector peer figures are not on the record.\n\n## Auditor\n\nThe auditor of record is PricewaterhouseCoopers. Its location is not on the record. Auditor changes are not on the record, as this register has no lifecycle type map.\n\n## Events and halts\n\nListing, delisting, name change, domicile change and segment move are not on the record, as this register has no lifecycle type map. The halt flag shows listed, not halted.\n\n## Orderability\n\nThe outcome is not determinable. The chapter's orderability section carries no client categories, so the outcome cannot name its client category. The rule version is acm-68000/hk/suitability-sfc-code-of-conduct-paragraph-5-2/r1, with chapter as of 2026-11-04.\n\n## Coverage\n\nThe issuer's investor-relations page names 18 research houses: China Industrial Securities Co., Ltd; China International Capital Corporation Limited; Cinda Securities Co., Ltd.; CITIC Securities Company Limited; Citigroup Global Markets Asia Ltd; Daiwa Capital Markets Hong Kong Limited; DBS Vickers Securities; GF Securities; Guoyuan Securities; Goldman Sachs (Asia) LLC; Haitong Securities; JP Morgan Securities (Asia Pacific) Limited; Morgan Stanley; Orient Securities Company Limited; Shenwan Hongyuan Securities Co., Ltd; UBS Securities Asia Limited; Yuanta Securities (Hong Kong) Company Ltd.; and Zheshang Securities Co., Ltd.\n\n## Open research\n\nNo openly published research notes were found on the record.\n\n## Licensed\n\nLicensed research: none loaded. A licensed row is served only to an agent whose firm holds that licence (licensor, entitlement). No licensed row is loaded.\n\n## As-of depth\n\nNo years are sealed for this issuer, and the market's vintage is not sealed. The market's earliest sealed date is not on the record. The live record began on 2026-09-12. Years 2021 through 2026 are sealed in the store but not served as of a date; the as-of door answers not_sealed.\n\n## Sources\n\n9 source pages are named on this page; every value above carries its own source page and read date in the numbers.\n\n- https://www.hkex.com.hk/eng/services/trading/securities/securitieslists/ListOfSecurities.xlsx (identity.exchange)\n- https://api.gleif.org/api/v1/lei-records/529900TBMYEYJ2LEV906 (identity.jurisdiction)\n- https://mapping.gleif.org/api/v2/isin-lei/latest/download (identity.lei)\n- https://mcp.hk-cm-kg.ai/events/HKEX/02689 (the disclosure lines)\n- https://www.hkex.com.hk/eng/stat/smstat/dayquot/d261104e.htm (the halt flag)\n- https://www1.hkexnews.hk/listedco/listconews/sehk/2025/1023/2025102300660.pdf (the auditor)\n- https://mcp.hk-cm-kg.ai/book/aio.json (the orderability chapter)\n- https://www.ndpaper.com/en/ir/analyst.php (coverage)\n- https://mcp.hk-cm-kg.ai/record/HKEX/02689 (the record)\n",
 "market": "HK",
 "node": "hk-cm-kg",
 "numbers": {
  "as_of_depth": {
   "issuer_years_sealed": [],
   "live_record_began": "2026-09-12",
   "node_history_from": null,
   "node_years_sealed": [],
   "note": "6 years are sealed in the HK store; their Replay split is not built, so the as-of door answers not_sealed and the record is the live record as of 2026-11-04",
   "record_version": 1,
   "sealed": false,
   "store_years_sealed_not_served": [
    "2021",
    "2022",
    "2023",
    "2024",
    "2025",
    "2026"
   ]
  },
  "auditor": {
   "auditor": {
    "read_by": "annual report 2025-10-23 (HKEXnews), Corporate Information, read by Tavily page extraction",
    "read_date": "2026-11-04",
    "read_date_basis": "the record version as_of",
    "source": "https://www1.hkexnews.hk/listedco/listconews/sehk/2025/1023/2025102300660.pdf",
    "state": "confirmed",
    "value": "PricewaterhouseCoopers"
   },
   "auditor_firm_id": {
    "market": "HK",
    "state": "not_on_record"
   },
   "auditor_location": {
    "market": "HK",
    "state": "not_on_record"
   },
   "changes": {
    "market": "HK",
    "reason": "no lifecycle type map for this register yet (SHELF-01: us and ca first)",
    "state": "not_on_record"
   }
  },
  "cmr": "hk-cm-kg/HKEX/02689",
  "coverage": {
   "count": 18,
   "houses": [
    {
     "analyst": "Yijia Han",
     "house": "China Industrial Securities Co., Ltd",
     "read_by": "issuer IR page, fetched by this rail; each house name read on the page",
     "read_date": "2026-11-12",
     "source": "https://www.ndpaper.com/en/ir/analyst.php",
     "state": "sourced"
    },
    {
     "analyst": "Qing Gong",
     "house": "China International Capital Corporation Limited",
     "read_by": "issuer IR page, fetched by this rail; each house name read on the page",
     "read_date": "2026-11-12",
     "source": "https://www.ndpaper.com/en/ir/analyst.php",
     "state": "sourced"
    },
    {
     "analyst": "Wenqiang Jiang",
     "house": "Cinda Securities Co., Ltd.",
     "read_by": "issuer IR page, fetched by this rail; each house name read on the page",
     "read_date": "2026-11-12",
     "source": "https://www.ndpaper.com/en/ir/analyst.php",
     "state": "sourced"
    },
    {
     "analyst": "Xin Li",
     "house": "CITIC Securities Company Limited",
     "read_by": "issuer IR page, fetched by this rail; each house name read on the page",
     "read_date": "2026-11-12",
     "source": "https://www.ndpaper.com/en/ir/analyst.php",
     "state": "sourced"
    },
    {
     "analyst": "Eric Lau",
     "house": "Citigroup Global Markets Asia Ltd",
     "read_by": "issuer IR page, fetched by this rail; each house name read on the page",
     "read_date": "2026-11-12",
     "source": "https://www.ndpaper.com/en/ir/analyst.php",
     "state": "sourced"
    },
    {
     "analyst": "Carlton Lai",
     "house": "Daiwa Capital Markets Hong Kong Limited",
     "read_by": "issuer IR page, fetched by this rail; each house name read on the page",
     "read_date": "2026-11-12",
     "source": "https://www.ndpaper.com/en/ir/analyst.php",
     "state": "sourced"
    },
    {
     "analyst": "Tam Tsz Wang",
     "house": "DBS Vickers Securities",
     "read_by": "issuer IR page, fetched by this rail; each house name read on the page",
     "read_date": "2026-11-12",
     "source": "https://www.ndpaper.com/en/ir/analyst.php",
     "state": "sourced"
    },
    {
     "analyst": "Qianwen Cao",
     "house": "GF Securities",
     "read_by": "issuer IR page, fetched by this rail; each house name read on the page",
     "read_date": "2026-11-12",
     "source": "https://www.ndpaper.com/en/ir/analyst.php",
     "state": "sourced"
    },
    {
     "analyst": "Jessie Duan",
     "house": "Guoyuan Securities",
     "read_by": "issuer IR page, fetched by this rail; each house name read on the page",
     "read_date": "2026-11-12",
     "source": "https://www.ndpaper.com/en/ir/analyst.php",
     "state": "sourced"
    },
    {
     "analyst": "Joy Zhang",
     "house": "Goldman Sachs (Asia) LLC",
     "read_by": "issuer IR page, fetched by this rail; each house name read on the page",
     "read_date": "2026-11-12",
     "source": "https://www.ndpaper.com/en/ir/analyst.php",
     "state": "sourced"
    },
    {
     "analyst": "Qinglong Guo",
     "house": "Haitong Securities",
     "read_by": "issuer IR page, fetched by this rail; each house name read on the page",
     "read_date": "2026-11-12",
     "source": "https://www.ndpaper.com/en/ir/analyst.php",
     "state": "sourced"
    },
    {
     "analyst": "Po Wei",
     "house": "JP Morgan Securities (Asia Pacific) Limited",
     "read_by": "issuer IR page, fetched by this rail; each house name read on the page",
     "read_date": "2026-11-12",
     "source": "https://www.ndpaper.com/en/ir/analyst.php",
     "state": "sourced"
    },
    {
     "analyst": "Rachel Zhang",
     "house": "Morgan Stanley",
     "read_by": "issuer IR page, fetched by this rail; each house name read on the page",
     "read_date": "2026-11-12",
     "source": "https://www.ndpaper.com/en/ir/analyst.php",
     "state": "sourced"
    },
    {
     "analyst": "Xuejun Li",
     "house": "Orient Securities Company Limited",
     "read_by": "issuer IR page, fetched by this rail; each house name read on the page",
     "read_date": "2026-11-12",
     "source": "https://www.ndpaper.com/en/ir/analyst.php",
     "state": "sourced"
    },
    {
     "analyst": "Yiting Tu",
     "house": "Shenwan Hongyuan Securities Co., Ltd",
     "read_by": "issuer IR page, fetched by this rail; each house name read on the page",
     "read_date": "2026-11-12",
     "source": "https://www.ndpaper.com/en/ir/analyst.php",
     "state": "sourced"
    },
    {
     "analyst": "Sharon Ding",
     "house": "UBS Securities Asia Limited",
     "read_by": "issuer IR page, fetched by this rail; each house name read on the page",
     "read_date": "2026-11-12",
     "source": "https://www.ndpaper.com/en/ir/analyst.php",
     "state": "sourced"
    },
    {
     "analyst": "Peter Chu",
     "house": "Yuanta Securities (Hong Kong) Company Ltd.",
     "read_by": "issuer IR page, fetched by this rail; each house name read on the page",
     "read_date": "2026-11-12",
     "source": "https://www.ndpaper.com/en/ir/analyst.php",
     "state": "sourced"
    },
    {
     "analyst": "Fanke Shi",
     "house": "Zheshang Securities Co., Ltd.",
     "read_by": "issuer IR page, fetched by this rail; each house name read on the page",
     "read_date": "2026-11-12",
     "source": "https://www.ndpaper.com/en/ir/analyst.php",
     "state": "sourced"
    }
   ],
   "pages_checked": [
    {
     "page": "https://www.ndpaper.com/en/ir/analyst.php",
     "result": "read: 18 of 42 named houses found on the page"
    }
   ],
   "read_by": "Perplexity sonar (search) · page read by this rail",
   "read_date": "2026-11-12",
   "since": "not stated on the page read",
   "state": "found"
  },
  "disclosure": {
   "against": {
    "exchange": {
     "issuers": 2472,
     "median_cadence_gap_days": 9,
     "median_filings": 46,
     "median_latency_days": 2,
     "name": "Main Board"
    },
    "sector": {
     "market": "HK",
     "state": "not_on_record"
    }
   },
   "by_type": {
    "agm_egm": 7,
    "announcement": 15,
    "annual_report": 1,
    "circular": 8,
    "director_change": 2,
    "dividend": 2,
    "documents_on_display": 1,
    "interim_report": 1,
    "monthly_return": 12,
    "results": 2
   },
   "cadence_median_gap_days": 10,
   "filing_days": 30,
   "filings": 51,
   "latency_days": 2,
   "latest": [
    {
     "category": null,
     "date": "2026-11-02",
     "source": "https://www1.hkexnews.hk/listedco/listconews/sehk/2026/1102/2026110202819.pdf",
     "title": "List of Directors and their Role and Function",
     "type": "announcement"
    },
    {
     "category": null,
     "date": "2026-11-02",
     "source": "https://www1.hkexnews.hk/listedco/listconews/sehk/2026/1102/2026110202750.pdf",
     "title": "Resignation of Executive Director",
     "type": "director_change"
    },
    {
     "category": null,
     "date": "2026-11-02",
     "source": "https://www1.hkexnews.hk/listedco/listconews/sehk/2026/1102/2026110200651.pdf",
     "title": "Monthly Return of Equity Issuer on Movements in Securities for the month ended 31 October 2026",
     "type": "monthly_return"
    },
    {
     "category": null,
     "date": "2026-10-27",
     "source": "https://www1.hkexnews.hk/listedco/listconews/sehk/2026/1027/2026102700472.pdf",
     "title": "Cash Dividend Announcement for Equity Issuer",
     "type": "dividend"
    },
    {
     "category": null,
     "date": "2026-10-27",
     "source": "https://www1.hkexnews.hk/listedco/listconews/sehk/2026/1027/2026102700460.pdf",
     "title": "Closure of Register of Members",
     "type": "announcement"
    }
   ],
   "latest_filing_date": "2026-11-02",
   "read": "the node's event lines (list_events_since), as get_filings serves them",
   "source": "https://mcp.hk-cm-kg.ai/events/HKEX/02689",
   "window": {
    "from": "2025-11-04",
    "to": "2026-11-04"
   }
  },
  "identity": {
   "exchange": {
    "read_by": "HKEX List of Securities (ListOfSecurities.xlsx)",
    "read_date": "2026-11-04",
    "read_date_basis": "the record version as_of",
    "source": "https://www.hkex.com.hk/eng/services/trading/securities/securitieslists/ListOfSecurities.xlsx",
    "state": "sourced",
    "value": "Main Board"
   },
   "isin": {
    "read_by": "HKEX List of Securities (ListOfSecurities.xlsx)",
    "read_date": "2026-11-04",
    "read_date_basis": "the record version as_of",
    "source": "https://www.hkex.com.hk/eng/services/trading/securities/securitieslists/ListOfSecurities.xlsx",
    "state": "sourced",
    "value": "BMG653181005"
   },
   "jurisdiction": {
    "read_by": "GLEIF LEI record (LEI per the LEI column) (legal jurisdiction)",
    "read_date": "2026-11-04",
    "read_date_basis": "the record version as_of",
    "source": "https://api.gleif.org/api/v1/lei-records/529900TBMYEYJ2LEV906",
    "state": "sourced",
    "value": "Bermuda (BM)"
   },
   "lei": {
    "read_by": "GLEIF ISIN-to-LEI mapping file (daily), LEI by exact ISIN",
    "read_date": "2026-11-04",
    "read_date_basis": "the field",
    "source": "https://mapping.gleif.org/api/v2/isin-lei/latest/download (ISIN BMG653181005)",
    "state": "sourced",
    "value": "529900TBMYEYJ2LEV906"
   },
   "name": {
    "read_by": "HKEX List of Securities (ListOfSecurities.xlsx)",
    "read_date": "2026-11-04",
    "read_date_basis": "the record version as_of",
    "source": "https://www.hkex.com.hk/eng/services/trading/securities/securitieslists/ListOfSecurities.xlsx",
    "state": "sourced",
    "value": "ND PAPER"
   },
   "sector": {
    "market": "HK",
    "reason": "HKEX publishes the industry classification per issuer on its website pages, not in the List of Securities (no page reads by order)",
    "state": "not_on_record"
   },
   "security_type": {
    "read_by": "HKEX List of Securities (ListOfSecurities.xlsx)",
    "read_date": "2026-11-04",
    "read_date_basis": "the record version as_of",
    "source": "https://www.hkex.com.hk/eng/services/trading/securities/securitieslists/ListOfSecurities.xlsx",
    "state": "sourced",
    "value": "Corporate"
   },
   "segment": {
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    "state": "not_on_record"
   },
   "ticker": {
    "read_by": "HKEX List of Securities (ListOfSecurities.xlsx)",
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    "read_date_basis": "the record version as_of",
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    "state": "sourced",
    "value": "02689"
   },
   "website": {
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    "state": "not_on_record"
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  },
  "licensed": {
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    "entitlement",
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    "date",
    "source"
   ],
   "rows": [],
   "rule": "A licensed row is served only to an agent whose firm holds that licence (licensor, entitlement). No licensed row is loaded."
  },
  "lifecycle": {
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    "reason": "no lifecycle type map for this register yet (SHELF-01: us and ca first)",
    "state": "not_on_record"
   },
   "domicile_change": {
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    "reason": "no lifecycle type map for this register yet (SHELF-01: us and ca first)",
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   "listing": {
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    "reason": "no lifecycle type map for this register yet (SHELF-01: us and ca first)",
    "state": "not_on_record"
   },
   "name_change": {
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    "reason": "no lifecycle type map for this register yet (SHELF-01: us and ca first)",
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    "reason": "no lifecycle type map for this register yet (SHELF-01: us and ca first)",
    "state": "not_on_record"
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  "node": "hk-cm-kg",
  "numbers_hash": "sha256:5c35293e70360d902bde8de47c64ab666f65479fc6f5ecee059a91048a875ed3",
  "open_research": {
   "read_date": "2026-11-12",
   "rows": [],
   "state": "none_found"
  },
  "orderability": {
   "chapter_as_of": "2026-11-04",
   "client_categories": [],
   "determinable": false,
   "read": {
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    "door": "https://mcp.hk-cm-kg.ai/mcp",
    "tool": "get_orderability"
   },
   "reason": "the chapter's orderability section carries no client_categories: the outcome cannot name its client category",
   "rule_version": "acm-68000/hk/suitability-sfc-code-of-conduct-paragraph-5-2/r1",
   "section": "hk.aio.v6"
  },
  "record": {
   "as_of": "2026-11-04",
   "url": "https://mcp.hk-cm-kg.ai/record/HKEX/02689",
   "version": 1
  },
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  "status": {
   "read_date": "2026-11-04",
   "source": "https://www.hkex.com.hk/eng/stat/smstat/dayquot/d261104e.htm",
   "value": "listed, not halted"
  }
 },
 "numbers_hash": "sha256:5c35293e70360d902bde8de47c64ab666f65479fc6f5ecee059a91048a875ed3",
 "path": "/hk/HKEX/02689",
 "schema": "research-page v0.1 (USR-02, 2026-11-11)",
 "sections": [
  {
   "id": "identity",
   "text": "The issuer is ND PAPER, listed on the Main Board of the HKEX under ticker 02689, ISIN BMG653181005, LEI 529900TBMYEYJ2LEV906. Its security type is Corporate and its jurisdiction is Bermuda (BM). Segment and sector are not on the record. Its status is listed, not halted.",
   "title": "Identity and listing"
  },
  {
   "id": "disclosure",
   "text": "The record holds 51 filings in the window 2025-11-04 to 2026-11-04, across 30 filing days. The median gap between filing days is 10 days. The latest filing is an announcement dated 2026-11-02, 2 days before the record date of 2026-11-04. The Main Board median cadence gap is 9.0 days, the Main Board median filings count is 46.0, and the Main Board median latency is 2.0 days. Sector peer figures are not on the record.",
   "title": "The disclosure read"
  },
  {
   "id": "auditor",
   "text": "The auditor of record is PricewaterhouseCoopers. Its location is not on the record. Auditor changes are not on the record, as this register has no lifecycle type map.",
   "title": "Auditor"
  },
  {
   "id": "events",
   "text": "Listing, delisting, name change, domicile change and segment move are not on the record, as this register has no lifecycle type map. The halt flag shows listed, not halted.",
   "title": "Events and halts"
  },
  {
   "id": "orderability",
   "text": "The outcome is not determinable. The chapter's orderability section carries no client categories, so the outcome cannot name its client category. The rule version is acm-68000/hk/suitability-sfc-code-of-conduct-paragraph-5-2/r1, with chapter as of 2026-11-04.",
   "title": "Orderability"
  },
  {
   "id": "coverage",
   "text": "The issuer's investor-relations page names 18 research houses: China Industrial Securities Co., Ltd; China International Capital Corporation Limited; Cinda Securities Co., Ltd.; CITIC Securities Company Limited; Citigroup Global Markets Asia Ltd; Daiwa Capital Markets Hong Kong Limited; DBS Vickers Securities; GF Securities; Guoyuan Securities; Goldman Sachs (Asia) LLC; Haitong Securities; JP Morgan Securities (Asia Pacific) Limited; Morgan Stanley; Orient Securities Company Limited; Shenwan Hongyuan Securities Co., Ltd; UBS Securities Asia Limited; Yuanta Securities (Hong Kong) Company Ltd.; and Zheshang Securities Co., Ltd.",
   "title": "Coverage"
  },
  {
   "id": "open_research",
   "text": "No openly published research notes were found on the record.",
   "title": "Open research"
  },
  {
   "id": "licensed",
   "text": "Licensed research: none loaded. A licensed row is served only to an agent whose firm holds that licence (licensor, entitlement). No licensed row is loaded.",
   "title": "Licensed"
  },
  {
   "id": "depth",
   "text": "No years are sealed for this issuer, and the market's vintage is not sealed. The market's earliest sealed date is not on the record. The live record began on 2026-09-12. Years 2021 through 2026 are sealed in the store but not served as of a date; the as-of door answers not_sealed.",
   "title": "As-of depth"
  },
  {
   "id": "sources",
   "text": "9 source pages are named on this page; every value above carries its own source page and read date in the numbers.",
   "title": "Sources"
  }
 ],
 "sources": [
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   "source": "https://www.hkex.com.hk/eng/services/trading/securities/securitieslists/ListOfSecurities.xlsx"
  },
  {
   "for": "identity.jurisdiction",
   "source": "https://api.gleif.org/api/v1/lei-records/529900TBMYEYJ2LEV906"
  },
  {
   "for": "identity.lei",
   "source": "https://mapping.gleif.org/api/v2/isin-lei/latest/download"
  },
  {
   "for": "the disclosure lines",
   "source": "https://mcp.hk-cm-kg.ai/events/HKEX/02689"
  },
  {
   "for": "the halt flag",
   "source": "https://www.hkex.com.hk/eng/stat/smstat/dayquot/d261104e.htm"
  },
  {
   "for": "the auditor",
   "source": "https://www1.hkexnews.hk/listedco/listconews/sehk/2025/1023/2025102300660.pdf"
  },
  {
   "for": "the orderability chapter",
   "source": "https://mcp.hk-cm-kg.ai/book/aio.json"
  },
  {
   "for": "coverage",
   "source": "https://www.ndpaper.com/en/ir/analyst.php"
  },
  {
   "for": "the record",
   "source": "https://mcp.hk-cm-kg.ai/record/HKEX/02689"
  }
 ],
 "title": "ND PAPER (02689) — research page",
 "writer": {
  "by": "Claude through the platform account, Haiku class; one pass; checked against the numbers",
  "engine": "claude-haiku-5-5"
 }
}