February 17, 2017 / 12:44 PM / 3 years ago

BRIEF-Shandong Chenming Paper's profit doubles in 2016, plans to set up insurance firm

Feb 17 (Reuters) - Shandong Chenming Paper Holdings Ltd

* Says 2016 net profit up 102.11 percent y/y at 2.06 billion yuan ($300.07 million)

* Says it plans to set up life insurance firm with registered capital of 3.0 billion yuan with partners

* Says it plans paper production project with investment about 3.76 billion yuan

* Says it plans to issue up to 16.8 billion yuan commercial paper, 6.0 billion yuan medium-term notes

* Says it plans to issue up to 4.5 financing instruments

* Says financial leasing firm plans debt finacing worth up to 1.0 billion yuan

Source text in Chinese: bit.ly/2lq20nT; bit.ly/2kwBDgt; bit.ly/2lSwX52; bit.ly/2kwN4Vq

Further company coverage: ($1 = 6.8650 Chinese yuan renminbi) (Reporting by Hong Kong newsroom)

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