According to the latest data from the Hong Kong Stock Exchange, on February 3, a shareholder of Lee & Man Paper (02314) transferred shares from BNP Paribas to UBS Securities Hong Kong Limited. The transferred shares were valued at HK$2.12 billion, representing a 14.09% stake.

Citigroup recently issued a research report upgrading Lee & Man Paper's investment rating from "Sell" to "Buy." The target price was significantly raised by 75%, from the previous HK$2.4 to HK$4.2.

This adjustment is primarily based on the judgment that the profit cycle of the paper manufacturing industry has bottomed out and is gradually improving. Lee & Man Paper's current share price implies a forward price-to-earnings ratio of 8 times and offers a 4.2% dividend yield, presenting an attractive valuation.