事件：最近宣布，该公司称，该公司288000000供资（或45.17％），及美利成立合资公司中国冶金集团美利浆纸有限公司，新公司注册资本为9.10亿元。

评论：纸浆和纸张公司的成立，不仅可以减少债务，偿债基金，以减轻压力，但也可以使项目公司的使用设立了自己的资金，以解决资金短缺问题。然而，在合资企业，该公司的纸浆和造纸公司的设立不进行控制，只受股权比例分享纸浆和造纸项目，该项目预林业收益纸的预期性能集成公司估计，有一些增厚的差距。我们给予“中性推荐”评级。

美利纸业: 288 million to build a joint venture

Events: the recent announcement the company said the company 288 million to be funded (or 45.17%), and Murray set up a joint venture China Metallurgical Group Murray Pulp & Paper Co., Ltd., the new company has registered capital of 910 million yuan.

Comments: the establishment of pulp and paper companies will not only be able to reduce debt, debt service funds to alleviate the pressure, but also can make use of the project company set up its own financing to address the funding shortfall. However, in the establishment of joint venture, the company’s pulp and paper companies do not control, only by the proportion of share options to share the proceeds of Pulp and Paper project, which is pre-forestry-paper integration of the expected performance of the company is estimated that there are some thickening gap. We give “neutral recommend” rating. (07-11-20)