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Nine Dragons Paper (Holdings) Limited

Nine Dragons Paper is a Hong Kong-listed paper manufacturer focused on containerboard, paperboard, pulp, and related products.

Last updated August 26, 2026

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Overview

Nine Dragons Paper (Holdings) Limited is a major paper manufacturing group headquartered in Hong Kong and operating principally across Mainland China, Hong Kong, Vietnam, and the United States. The company is best known for producing containerboard products used in corrugated packaging, including kraftliner and other linerboard grades, as well as duplex board and pulp. Its United States operations use the ND Paper name. The business was established in 1995 and began production in 1998 with a 200,000-tonne kraftliner machine. It subsequently expanded its manufacturing footprint and production capacity across Asia and North America. The company was listed on the Main Board of the Hong Kong Stock Exchange on 3 March 2006, giving it access to public capital markets while it continued to build an integrated paper-manufacturing network. Nine Dragons has emphasized recovered paper and recycled fiber as major raw materials. The company is described as recycling more than 10 million tonnes of fiber annually, reducing its reliance on virgin forest-based inputs compared with paper producers that depend primarily on forest products. Its operating model combines large-scale paper machines with supporting infrastructure at selected sites, including power generation, ports, and trucking capabilities. The company’s manufacturing network includes nine factories or manufacturing hubs in China and Vietnam, together with four paper and pulp mills and a corrugated-box plant in the United States. The Dongguan facility in Guangdong is described as the world’s largest concentrated paper mill, with 15 paper machines and stated production capacity of 5.25 million tonnes. Across its global operations, the group is described as having more than 13 million tonnes of paper-product production capacity and more than 15,000 employees, although the applicable reporting period for those figures is not specified in the supplied reference material. Nine Dragons’ United States subsidiary, ND Paper, has operated mills including Biron and Rumford. It also operated the Old Town paper mill from 2018 until 2023. The U.S. operations have been associated with both paper and pulp manufacturing, while the group’s broader portfolio remains centered on packaging-paper grades and related fiber products. The company’s scale, use of recycled fiber, and integration of manufacturing with logistics and energy infrastructure position it as a large industrial supplier rather than a consumer-facing paper brand. Its customers and end markets are primarily connected with packaging, shipping, corrugated-board conversion, and other industrial paper applications. The supplied reference material identifies Zhang Yin as chief executive officer and the company’s largest shareholder.

History

Nine Dragons Paper was established in 1995 and developed as a large-scale paper manufacturing group serving industrial packaging and paper-product markets. The company began production in 1998 with a 200,000-tonne kraftliner machine. Kraftliner and related containerboard grades became central to its manufacturing profile because they are used in corrugated packaging for shipping, logistics, and consumer and industrial goods. From its initial production base, the group expanded its capacity and geographic footprint across Mainland China and later into Vietnam and the United States. Its growth involved the development of large manufacturing complexes and a broader industrial infrastructure that, at selected locations, includes captive power plants, ports, and trucking operations. The Dongguan site became a particularly significant concentration of capacity, with 15 paper machines and stated production capacity of 5.25 million tonnes, making it a major example of the company’s scale-oriented operating model. Nine Dragons has primarily used recycled paper and recovered fiber as raw materials. The supplied reference material states that the group recycles more than 10 million tonnes of fiber annually. This materials strategy supports the production of containerboard, linerboard, duplex board, and pulp while linking the company to the collection and processing of recovered paper. The group is described as having expanded to more than 13 million tonnes of paper-product production capacity globally and more than 15,000 employees, although no reporting date is provided for those figures. The company became publicly traded when it joined the Main Board of the Hong Kong Stock Exchange on 3 March 2006. Its public-company structure supported the continuing expansion of a manufacturing network that ultimately included nine factories or manufacturing hubs in China and Vietnam. The group also established a North American presence through its U.S. subsidiary, ND Paper. That subsidiary operates or has operated paper and pulp mills and a corrugated-box plant, with the U.S. corporate office located in Oak Brook, Illinois. The U.S. portfolio has included the Biron Mill and Rumford Mill. ND Paper also operated the Old Town paper mill from 2018 until 2023. These operations extended the group beyond its principal Asian production base and gave it exposure to North American paper and pulp markets. Today, Nine Dragons Paper is characterized by its manufacturing scale, containerboard and paperboard specialization, use of recycled fiber, and geographically distributed production network. The supplied reference identifies Zhang Yin as chief executive officer and largest shareholder. The company remains an industrial business-to-business paper producer rather than a consumer brand, supplying materials and related products used in packaging and other paper-converting applications.

  • 2023

    Old Town mill operation ends

    [1]

    ND Paper’s operation of the Old Town paper mill concluded in 2023.

  • 2018

    ND Paper begins operating Old Town mill

    [1]

    The group’s U.S. subsidiary, ND Paper, began operating the Old Town paper mill.

  • 2006

    Hong Kong stock-market listing

    [1]

    Nine Dragons Paper was listed on the Main Board of the Hong Kong Stock Exchange on 3 March 2006.

  • 1998

    Production begins

    [1]

    The company commenced production with a 200,000-tonne kraftliner machine.

  • 1995

    Company established

    [1]

    Nine Dragons Paper was established as a paper manufacturing business.

Products and positioning

A large-scale, vertically integrated industrial paper producer focused on recycled-fiber-based packaging materials, containerboard, paperboard, and pulp.

  • Packaging paper

    Containerboard

    Containerboard is the group’s core product family and is used to manufacture corrugated packaging. It includes paper grades supplied to converters that produce shipping cartons, transport cases, and other forms of protective packaging. Nine Dragons’ containerboard activities are supported by large-scale mills and a recycled-fiber-oriented raw-material model.

  • Packaging paper · 1998

    Kraftliner and linerboard

    Kraftliner and other linerboard grades form the outer facing material of corrugated board. The company began production with a kraftliner machine in 1998 and subsequently expanded its production of containerboard-related grades. These products serve industrial packaging and logistics applications rather than direct consumer use.

  • Paperboard

    Duplex board

    Duplex board is a multi-layer paperboard product used in packaging and paper-converting applications. It is part of Nine Dragons Paper’s stated product portfolio alongside containerboard, linerboard, and pulp. Specific grades, branding, and end-market allocations are not detailed in the supplied reference material.

  • Pulp

    Pulp

    Pulp is produced at facilities within the group’s paper and pulp network and is also associated with its U.S. operations. It is an industrial fiber product used in paper manufacturing. The supplied material does not specify the group’s individual pulp grades or sales mix.

  • Converted packaging

    Corrugated boxes

    The group owns a corrugated-box plant in the United States through ND Paper. This gives the business a downstream converting capability in addition to its upstream paper and pulp mills. The reference material does not identify specific box formats, customer brands, or product specifications.

Recent events

  • ND Paper starts recycled pulp production at Old Town mill[2]

    Reported:

    ND Paper said it started an unbleached recycled pulp line at its Old Town mill, with planned output of 200 metric tons of pulp per day.

Sources2 sources

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