IT Tech Packaging (NYSEAMERICAN:ITP) is seeing major gains to its stock on Thursday despite no new news coming from the company.
Instead, it looks like IT Tech Packaging is on the rise alongside heavy trading of its stock today. The company has seen more than 25 million shares of ITP stock change hands as of this writing. For comparison, it typically only moves an average of about 1.18 million shares a day.
Here’s what potential investors need to know about IT Tech Packaging.
- IT Tech Packaging is based out of North China and its focus is on the creation of paper manufacturing.
- This has the company creating several household items, such as cultural paper, toilet paper, digital photo paper, and corrugating medium paper.
- IT Tech Packaging operates through its wholly-owned subsidiary, Shengde Holdings.
- Shengde Holdings controls and operates Baoding Shengde Paper Co. and Hebei Baoding Dongfang Paper Milling Co.
- Baoding Shengde Paper Co. was created in 2009 and creates the company’s digital photo paper.
- ITP notes that its digital photo paper production has been on hold since 2016 due to low demand and it doesn’t plan to resume production anytime soon.
- Instead, the company has been looking to renovate the line for the production of new paper products.
- Hebei Baoding Dongfang Paper Milling Co. was set up in 1996 and handles most of ITP’s paper production.
- That includes the company’s corrugating medium paper, high-grade offset printing paper, and medium-grade offset printing paper.
- It currently serves more than 100 packaging and printing companies, as well as paper products distributors.
ITP stock was up 6.3% as of Thursday morning.
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article.