According to the latest financial reports released by Lee & Man Paper Manufacturing Ltd., the company had 8 core production facilities in China, Vietnam, Malaysia and Indonesia with a combined annual capacity of 8.70 million/mt by end-2021. Products include linerboard, medium, coated duplex board, tissue paper and paper-grade pulp. This fully demonstrates the successful transformation of a family owned suitcase business to pulp and paper production and sales, especially an international operation across borders.
So far, the company maintains linerboard, medium and coated duplex board for box packaging as its core products. Combined capacity of such production has grown to 6.88 million/mtpy, up about +65% in a decade. This enables the company to stay firm as one of the top three packaging paperboard manufacturers with Nine Dragons and Shanying Paper. At the same time, the company’s pulp production capacity – namely wood pulp, bamboo pulp and recycled pulp – expands dramatically. By end-2021, it reached 820,000/mtpy, rising more than +170% from 10 years ago! In addition, the company owns roughly 1 million/mtpy capacity in tissue paper production, making it a mainstream producer in the industry. It is expected that upon the commissioning of the in-construction pulp and paper projects in Guangxi and Jiangxi, the total pulp and paper production capacity of Lee & Man will exceed 13 million/mtpy!

Company financial reports also showed that revenue in 2021 totaled HK$32.5 billion, increasing +25.7% from that of 2020. Under the impacts of COVID-19 and rising costs as many other companies in the industry, however, Lee & Man's earnings in 2021 shrank to HK$3.25 billion, or down -11% year-on-year.