hong kong
cnn business
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rare protest that spread across china Weekends often in protestor hands blank white paperAn incident that has spelled trouble for the country’s top stationery chain.
In a symbolic protest against censorship, young protesters carried sheets of white paper – a metaphor for critical social media posts, news articles and outspoken online accounts that have been erased from the internet as thousands took to the streets.
In the unprecedented uprising, which was largely ignored by Chinese state media, protesters called for an end to strict COVID lockdown measures and political freedoms.
On Monday, shares of M&G Stationery, a household name with more than 80,000 retail outlets across China, fell as much as 3.1% after a document widely circulated on Chinese social media said the company was selling A4 white paper sheets. will ban the nationwide sale of Online and offline, starting Tuesday.
A4 refers to the standard paper size commonly used in countries outside the US and Canada.
The fall in M&G Stationery stock was much sharper than the 0.7% drop seen in Chinese markets on Monday. M&G Stationery is based in Shanghai and sells its products to more than 50 countries and regions around the world, according to the company’s website. It is currently listed on the Shanghai Stock Exchange, and has a market capitalization of $6 billion.
Document shared on social media said the ban was to “maintain national security and stability” and “prevent outsiders from accumulating large amounts of A4 white paper and using it for illegal subversive activities.” It also said that the company “strongly condemns the recent ‘White Paper Movement'” in various cities in China.
Shortly after its shares fell, M&G Stationery said a document circulating online was fake and the company had notified police, according to a filing published on the website of the Shanghai Stock Exchange.
“The company’s current production and operation are all normal,” the stationery supplier said.
After M&G released its filing, some social media users said that they were not able to order A4 white paper sheets from the company’s online store.
“If the rumor is false, why doesn’t its Taobao store support delivery of A4 paper in many parts of China?” Told A Weibo user with an IP location in Liaoning Province. Taobao is one of the largest e-commerce platform in China owned by Alibaba Group
(Dad),
Another user with an IP address in Shandong Province Told Delivery may fail if one’s address is in major cities like Beijing and Shanghai.
The company did not immediately respond to a request for comment.
After the stock exchange filing, the shares in M&G Stationery clawed back some losses but was still down 1% at Monday’s close. The stock declined 2% in early afternoon trading on Tuesday, in line with broader market gains.
The protests were triggered by a deadly fire last Thursday in Urumqi, the capital of the far western region of Xinjiang. A blaze at an apartment building that killed at least 10 people and injured nine has sparked outrage after videos of the incident emerged purporting to show lockdown measures preventing firefighters from reaching victims. was delayed.
The city was placed on lockdown for more than 100 days, with residents unable to leave the area and many forced to stay home.
Video shows Urumqi residents marching towards a government building and chanting slogans calling for an end to the lockdown on Friday. The next morning, the local government said it would lift the lockdown in phases, but did not provide a clear time frame or address the protests.
This failed to quell public anger and the protests quickly spread beyond Xinjiang, with residents of cities and universities across China also taking to the streets.
In recent days, marches and demonstrations expressing solidarity with protesters in China have been held around the world, including in the US, UK, Canada and Australia.
global market Monday’s decline came as investors worried about protests in China denting the world’s second-largest economy and intensifying global supply chain disruptions. US, European and Asian markets closed broadly lower.
But Hong Kong and mainland Chinese markets rebounded on Tuesday, with gains after the State Council, China’s cabinet, announced health officials would hold a press conference about Covid measures in the afternoon.