Why the Papyrus (ASX:PPY) share price is rocketing 21% today

The Papyrus Australia Ltd (ASX: PPY) share price is rocketing today as the company released an update on a new opportunity in China. Shares in the paper producer are currently trading 19% higher at 5.6 cents after reaching an early afternoon high of 6 cents.

Papyrus develops technology that converts the waste trunk of banana palm into alternatives from forest wood products. It can be used to make paper, packaging, furniture, building and also in construction.

Why is the Papyrus share price flying today?

Shares in Papyrus are performing well today as the company was granted ‘first right’ to exploit technology in China.

Papyrus aims to sell turn-key factories that produce banana fibre products to operators in banana-growing…