By:HowardLauEquitiesContainers&PackagingNovember2019www.research.hsbc.comChinaPackagingPaperInitiatecoverage:HowthedeeppapercutscanhealChina’sbanonwastepaperimports−partofthecrackdownonpollution−hashitthedomesticpaperpackagingindustryhard,butweseeindustrythreatsasalreadypricedinValuationsareatdistressedlevels,butinanon-consensuscallweseescopeforrecoveryandconsolidation,benefittingbiggerplayersWeinitiatecoverageofthetwoindustryleaders,NineDragonsPaper(2689HK)andLee&ManPaper(2314HK),withBuyratingsDisclosures&Disclaimer:ThisreportmustbereadwiththedisclosuresandtheanalystcertificationsintheDisclosureappendix,andwiththeDisclaimer,whichformspartofit.Equities...