Specialty Chemicals

Ruanyun Edai Technology Inc., trading as RYET, has signed a definitive agreement to grant BioNexus Gene Lab Corp., or BGLC, an exclusive license to its Cogni AI document-intelligence platform for healthcare in Malaysia, alongside a reciprocal share exchange. The license runs ten years from closing and is renewable at BGLC's option for two further five-year terms, up to 20 years in total, and is exclusive in Malaysian healthcare for the full term. RYET would receive a 10% royalty on qualifying technology receipts collected by BGLC and its affiliates, with no minimum royalty or guaranteed revenue, and the same 10% royalty applies to any other industry BGLC adds in Malaysia by notice. At closing BGLC would issue 410,000 common shares to RYET for the license, a consideration of US$3.5 million, and a further 150,000 shares in exchange for 500,000 new RYET ordinary shares, with no cash payment or true-up. Based on Nasdaq closing prices on October 2, 2026, of US$1.27 for BGLC and US$0.8599 for RYET, the 410,000 license shares had a quoted value of US$520,700, the 150,000 BGLC exchange shares US$190,500, and the 500,000 RYET shares US$429,950. The deal comes as Malaysia accelerates public healthcare digitalization, after Prime Minister Anwar Ibrahim announced a RM1 billion allocation on August 30, 2026, involving 150 hospitals and 2,000 health clinics, though neither company is a party to or has been awarded any contract under these government programs, and Cogni AI is not an electronic medical records system. Closing remains subject to conditions including BGLC's written acceptance of the technology after testing, due diligence, corporate and regulatory approvals, and any PRC approval, registration or license RYET needs to license and deliver the technology, with either party not in default able to terminate if closing has not occurred by March 31, 2027.

J.P. Morgan on Monday added Givaudan to its Positive Catalyst Watch ahead of the company's Oct. 13 third-quarter results, expecting organic sales growth of 6.7%, above consensus of about 5%. The broker, which rates Givaudan overweight, said the results could prompt upward revisions to its 2026 and 2027 sales and margin forecasts, and it expects like-for-like sales growth of 5.0% in 2026 and 5.6% in 2027, versus consensus of 4.2% and 4.7%. For the third quarter, the bank forecasts organic sales growth of 6.7%, up from 4.3% in the second quarter, driven mainly by 6.2% volume growth, with pricing growth of 0.5% and a 2026 EBIT margin of 24.1%, slightly above consensus of 23.8%. J.P. Morgan expects 2026 earnings per share of CHF 135.1 and 2027 EPS of CHF 141.8, up from CHF 133 and CHF 139 in its forecasts a month ago, and it sees Givaudan as the fastest-growing company among its ingredients peers in the second half of 2026. Across the ingredients sector, the bank expects third-quarter like-for-like growth of 5.2%, forecasting 3.7% for Kerry and 4.8% for Symrise against 6.7% for Givaudan, while more broadly it expects European consumer staples companies to deliver upside surprises in third-quarter sales and profit forecasts.

Air Liquide unveiled a new strategic plan through 2030 on Monday, targeting annual growth in recurring net earnings per share of about 10% and launching its first-ever share buyback program, worth €4 billion over 2027-2028. The plan, named BEYOND, aims for compound annual growth of 10%, plus or minus 2 percentage points, in recurring net EPS from the end of 2025 to the end of 2030, along with recurring return on capital employed above 11% in 2030. The French industrial gases group expects sales to grow at a compound annual rate of 5%, plus or minus 1 point, outpacing industrial production by a factor of two to three, and targets a cumulative operating margin improvement of 400 to 600 basis points over 2026-2030. Capital allocation of more than €40 billion over the period will cover investments, acquisitions, dividends and buybacks, with more than half going toward industrial investments and acquisitions and about €24 billion in industrial investment decisions planned. Air Liquide named four priority markets — electronics and artificial intelligence, energy transition, healthcare and space — and said it expects electronics sales to grow at a weighted average annual rate above 10% over 2026-2030. CEO François Jackow said the group's profitability now allows it to go beyond reinvestment, including through the buyback and annual employee share purchase plans, and the company reaffirmed a 33% cut in Scope 1 and 2 carbon dioxide emissions by 2035 from 2020 levels and carbon neutrality by 2050.

AkzoNobel said on Monday it has agreed to sell its Southeast Asian decorative paints business to Nippon Paint for $1.35 billion, concluding its strategic review of its Asian decorative paints portfolio. The sale covers decorative paints operations in Vietnam, Indonesia, Malaysia, Thailand, Singapore, Papua New Guinea, and Australia, the Dutch paints maker said, adding that it expects net cash proceeds of about $1 billion after tax and payments to minority partners. The Dulux paintmaker earlier divested its decorative paints operations in India and Pakistan for $1.6 billion and 50 million euros, respectively. The Indonesia deal is expected to close separately in late 2026, while the remaining transactions are expected to close around mid-2027. AkzoNobel said it will now focus on the successful closing of its merger with US coatings maker Axalta, which was announced last November.

Nippon Paint Holdings agreed to buy AkzoNobel's decorative paints businesses across Southeast Asia, Australia and Papua New Guinea for $1.35 billion, sending its shares up 1% to 1,169 yen on Monday. The transaction covers AkzoNobel's decorative paints operations in Vietnam, Indonesia, Malaysia, Thailand, Singapore, Papua New Guinea and Australia and represents an enterprise value of about $1.35 billion. AkzoNobel said the deal values the business at 21 times 2025 EBITDA, while Nippon Paint puts the purchase price at about 16 times projected 2026 EBITDA. The businesses generated $291 million of revenue and $65 million of EBITDA in 2025, according to Nippon Paint, with an EBITDA margin of about 22%. Nippon said the acquisition is expected to be profit accretive after completion and will be funded through cash and bank borrowings rather than issuing new shares, limiting immediate dilution for existing shareholders. The Indonesia transaction is expected to close separately in late 2026, while the remaining transactions are expected to be completed around mid-2027, subject to regulatory approvals. The deal marks a partial success for Nippon Paint after it previously sought to acquire AkzoNobel's entire decorative paints business, which Akzo rejected at proposals valuing it at about €7.5 billion, and after Nippon Paint and Sherwin-Williams abandoned a joint attempt to acquire the entire company earlier this year.

Nippon Paint Holdings announced on the 5th that it has agreed to acquire the Southeast Asian architectural coatings business of Dutch paint maker AkzoNobel for 1.35 billion dollars, or about 216 billion yen. The acquisition covers operations in Vietnam, Indonesia, Malaysia and Singapore, and also includes architectural coatings businesses in Thailand, Australia and Papua New Guinea. The company aims to strengthen its competitiveness in Southeast Asia's architectural coatings sector by leveraging Akzo's sales, manufacturing and supply systems as well as its brand strength. The share acquisition and business transfer are expected to be completed in mid-2027, and the impact of the acquisition on its results for the fiscal year ending December 2026 is expected to be minor. In July, Nippon Paint revealed that it had proposed acquiring Akzo's architectural coatings business for a total of 7.5 billion euros, but Akzo, which had already signed a merger agreement with US-based Axalta Coating Systems, indicated it would not accept alternative proposals. Nippon Paint had also previously proposed an acquisition of Akzo jointly with US-based Sherwin-Williams, which Akzo rejected in May, and this time it succeeded in reaching a deal by narrowing its target to Southeast Asia.

Dutch paint maker AkzoNobel is nearing an agreement to sell its Southeast Asian architectural coatings business to Nippon Paint Holdings for well over $1 billion, the Financial Times reported, citing people familiar with the matter. A deal could be reached as early as the 5th. The sale would include architectural coatings operations in Vietnam, Indonesia, Malaysia, Thailand and Singapore, as well as Papua New Guinea and Australia. The two companies announced in July that Nippon Paint had submitted multiple proposals to acquire AkzoNobel's architectural coatings business for a total of 7.5 billion euros, but AkzoNobel, which has already signed a merger agreement with US-based Axalta Coating Systems, said it would not accept alternative proposals. According to the Financial Times, Nippon Paint remains interested in a larger deal for the architectural coatings business, but integrating the Southeast Asian operations is expected to take some time, and AkzoNobel has no plans to sell further assets from that business.

North East Rubber Public Company Limited, or NER, is confident that revenue in 2026 will reach 30 billion baht, in line with its target, driven by higher natural rubber prices and tight global natural rubber supply caused by weather impacts. Chuwit Jungtanasomboon, Chief Executive Officer of NER, said demand for rubber from major tire makers in the Chinese and Indian markets and other key automobile-producing countries continues to have momentum. Growth in the automotive and electric vehicle, or EV, industries, along with the European Union's EUDR environmental regulations, are factors supporting natural rubber demand over the long term. The company estimates that in the third quarter of 2026, higher average selling prices will help support revenue, even though sales volume will be affected by raw material tightness. It will manage production across its plants in line with available raw material volumes, and will continue to monitor rubber price trends in the final stretch of 2026. If supply remains tight and demand from the tire industry keeps its momentum, there is an opportunity to further support NER's selling prices and business.

Trinity Securities estimates that Thai Eastern Group Holdings, or TEGH, still has continued supporting factors in the second half of 2026, maintaining its net profit forecast for 2026 at 560 million baht, up 5% from the previous year. In the rubber business, which is the most prominent factor, Trinity expects rubber sales volume in the third quarter of 2026 at approximately 60,000-70,000 tonnes, flat from the second quarter of 2026 but growing strongly compared with the same period last year. Meanwhile, block rubber selling prices are expected to rise to approximately 75-80 baht per kilogram, from an average selling price of about 70 baht per kilogram in the second quarter of 2026, supported by demand for block rubber in the Indian market after the Indian government announced an exemption on rubber import taxes, lower rubber output due to El Nino conditions, and higher crude oil prices, which pushed synthetic rubber prices up. For the crude palm oil business, Trinity estimates that sales volume in the third quarter of 2026 may slow seasonally, but prices still have supporting factors from demand for palm oil to increase the biodiesel blending ratio, and it expects sales volume to recover in the fourth quarter of 2026. The company itself is pressing ahead with increasing the share of EUDR-standard rubber products after the direction of the European Union's regulatory enforcement became clearer, as well as improving the efficiency of its palm business by repairing machinery and installing additional boilers and sterilizers, which is expected to help increase crude palm oil production capacity by about 50% within this year. As for the phase 2 biogas production capacity expansion project, it is under review of technology and budget, with the completion date adjusted to the second quarter of 2027.

MWCC, which provides solutions built on its microwave chemical technology platform, announced that its research and development theme has been selected as a prospective implementation site under the New Energy Small and Medium Enterprises and Startup Support Program of the New Energy and Industrial Technology Development Organization (NEDO), and that it has received notice from NEDO of a decision to grant a subsidy of 47 million yen. The company changed its name from Microwave Chemical on October 1, 2026.

Erste Group Bank AG has proposed a voluntary tender offer to acquire an additional 26% stake in Erste Bank Polska for PLN 19.0b at approximately PLN 713 per share. If completed, the tender offer would increase Erste Group Bank AG's holding in Erste Bank Polska from 49% to as much as 75%, raising its exposure to the Polish market once all offer conditions are met. The proposed acquisition is planned to be funded entirely from Erste Group Bank AG's internal resources, with a targeted post offer CET1 ratio of more than 14.25%. The offer is subject to minimum acceptance, free float conditions and regulatory approval from the Polish Financial Supervision Authority, with launch expected at the start of November 2026 and completion targeted for December 2026. Analyst price targets on the stock include Citi's Buy rating with a PLN 845 target and Goldman Sachs' Neutral stance with a target lifted to PLN 750, while Simply Wall St's fair value estimate for Erste Bank Polska now stands at PLN 720.34, compared with PLN 687.74 previously.

Clariant has acknowledged the closing of the Stahl transaction between Wendel SE and Henkel, a deal that triggers its contractual obligation to sell its minority stake. Clariant held a minority stake of 14.6 % in Stahl Group, and its participation in the closing results in a preliminary cash proceed of CHF ~ 220 m pre-tax. The company said the existing shareholder agreement included a contractual obligation for Clariant as minority shareholder to participate in the transaction following notification from Wendel SE. The announcement was made in Muttenz on 01 October 2026.

North East Rubber, or NER, expects the rubber industry in the final stretch of 2026 to remain supported by continuously growing demand for rubber, particularly in the Chinese and Indian markets. At the same time, global natural rubber output remains tight, with the European Union's enforcement of the EUDR regulation serving as an additional factor. Chuwit Jungtanasomboon, Chief Executive Officer of NER, said the company is pressing ahead with efficient cost and inventory management alongside raw material risk management to cope with volatility in rubber prices and customer demand. In the third quarter of 2026, the company expects higher average selling prices to help support revenue, even though sales volume will be affected by the tightness of raw materials, with a focus on managing production across its plants in line with available raw material volumes. He also affirmed confidence that revenue in 2026 will climb to 30 billion baht, in line with the plan that has been set.

AFYREN's 100% bio-based propionic acid has enabled the global launch of Esse Barrier Rescue, the world's first skincare product formulated with natural propionic acid, now available to skincare professionals and consumers worldwide. The moisturizer, developed by South Africa-based Esse Skincare, combines propionic acid and ceramides to relieve extremely dry and reactive skin while reinforcing the skin's natural ecosystem. AFYREN produces the COSMOS-certified propionic acid through natural fermentation at its AFYREN NEOXY plant in France's Grand-Est region, the first facility in the world capable of producing a portfolio of organic acids at commercial scale. The partnership, which began in December 2025, marks the first use of a natural microbial metabolite in its pure, bio-based form in the skincare industry, opening the door to new cosmetic solutions. Joachim Merziger, COO of AFYREN, said the partnership shows how biotechnology can unlock new opportunities for both performance and sustainability in cosmetics.

North East Rubber, or NER, expects the rubber industry to remain supported by continuously growing demand for rubber, particularly in the Chinese and Indian markets, while global natural rubber output remains tight and the European Union's enforcement of the EUDR regulation provides an additional supporting factor. Chief Executive Officer Chuwit Jungtanasomboon said the company is pressing ahead with efficient cost and inventory management alongside raw material risk management to cope with market volatility. In the third quarter of 2026, the company expects higher average selling prices to support revenue, even though sales volume will be affected by the tightness of raw materials, and it aims to manage production across its plants in line with available raw material volumes. It also reaffirmed its confidence that revenue in 2026 will reach 30 billion baht, in line with its plan.

Chuwit Jungtanasomboon, Chief Executive Officer of North East Rubber Public Company Limited, or NER, said the outlook for the rubber business in the final stretch of 2026 remains bright, supported by higher global rubber prices amid tight global natural rubber supply as output has been affected by weather. Demand for rubber from the Chinese and Indian markets and major automobile-producing countries, as well as the tire industry, continues to carry momentum, and the growth of electric vehicles is also supporting demand over the long term. In addition, enforcement of the European Union's EUDR regulation has led operators to place greater emphasis on sourcing and traceability of raw materials, and NER has developed partner networks and a source-verification system to meet global market demand. In the third quarter of 2026, the company estimates that higher average selling prices will help support revenue, even though sales volume will be affected by tight raw material supply. The company aims to manage production across its plants in line with available raw material volumes, and is confident that revenue in 2026 will reach 30 billion baht as planned.

North East Rubber Public Company Limited, or NER, estimates that the rubber industry in the final stretch of 2026 will continue to draw support from steadily growing rubber demand, particularly in the Chinese and Indian markets, while global natural rubber output remains tight, tire demand stays strong, and the European Union's EUDR regulation takes effect. NER Chief Executive Officer Chuwit Jungtanasomboon said the company is closely monitoring supply and demand conditions and is managing raw materials, costs, and product inventory to cope with rubber price volatility. In the third quarter of 2026, the company expects higher average selling prices to support revenue, even though sales volume will be affected by the tightness of raw materials, and it aims to coordinate production across its plants in line with available raw material volumes. The company is confident that revenue in 2026 will reach 30 billion baht, in line with its plan.

North East Rubber Public Company Limited, or NER, is confident that revenue in 2026 will reach 30 billion baht according to its plan, driven by the upward trend in global natural rubber prices. Chief Executive Officer Chuwit Jungtanasomboon said the company is closely monitoring supply and demand conditions in the natural rubber market, while managing raw materials, costs, and product inventory in line with market conditions. Factors supporting rubber prices come from an overall tight supply due to natural rubber output affected by weather, while demand from major tire manufacturers, especially in the Chinese and Indian markets, still has momentum, together with the electric vehicle trend and the European Union's EUDR measures that support natural rubber demand in the long term. For the third quarter of 2026, the company estimates that higher average selling prices will help support revenue, even though sales volume will be affected by the tightness of raw materials, and it aims to manage production across its factories in line with available raw material volumes.

Sika AG is hosting an investor day at its largest adhesive factory in Duedingen, Switzerland, outlining group-wide growth initiatives centered on its Adhesive Systems technology. CEO Thomas Hasler said the acquisition of Akkim has created a highly scalable platform that will allow Sika to double Akkim's sales within five years. The company said its Fast Forward digital transformation program remains on track to deliver CHF 80 million in benefits in 2026 and will drive a profit uplift of CHF 150 to CHF 200 million through to 2028. Adhesive Systems is one of Sika's five core technologies and is used across most of its eight Target Markets, serving as a major growth driver in both construction and wider industrial applications. The event also includes a tour of the Duedingen manufacturing site, showcasing production of high-performance adhesives and sealants.

Chuwit Jungtanasomboon, Chief Executive Officer of North East Rubber Public Company Limited, or NER, said that higher natural rubber prices are supporting the business for the remainder of 2026, with the company confident that revenue will surge to 30 billion baht for the year, in line with its plan. The price support comes from an overall tight supply of natural rubber after production was hit by weather, while demand from major tire makers, especially in China, India and key automobile-producing countries, remains strong, supported by growth in the automotive and electric vehicle industries and the European Union's EUDR environmental regulation, which is pushing manufacturers to place greater emphasis on sourcing and traceability of raw materials. In the third quarter of 2026, the company expects higher average selling prices to support revenue even as sales volumes are affected by tight raw material supply. The company is focused on managing production across its plants in line with available raw material volumes, and continues to monitor rubber price trends through the final stretch of 2026 while preparing its supply chain for changes in the natural rubber market going forward.

North East Rubber Public Company Limited, or NER, is confident that its revenue in 2026 will reach 30 billion baht in line with its plan, driven by higher natural rubber prices amid tight supply and strong demand. Chief Executive Officer Chuwit Jungtanasomboon said the company is closely monitoring supply and demand conditions in the natural rubber market and is managing raw materials, costs and inventory in line with market conditions to cope with rubber price volatility. Factors supporting rubber prices stem from output affected by weather, while demand from major tire manufacturers remains strong, especially in the Chinese and Indian markets and other key automobile-producing countries. In addition, growth in the automotive and electric vehicle, or EV, industries is also supporting natural rubber demand over the long term, including environmental regulations such as the European Union's EUDR, which is prompting operators to place greater emphasis on sourcing and traceability. For the third quarter of 2026, the company estimates that higher average selling prices will help support revenue even though sales volume has been affected by tight raw materials, and the company will manage production across its plants in line with raw material volumes to maintain operating efficiency.

North East Rubber Public Company Limited, or NER, expects its natural rubber business to remain supported through the final stretch of 2026 by higher global rubber prices, and is confident this year's revenue will exceed its target of 30 billion baht as planned. Chief Executive Officer Chuwit Jungtanasomboon said the company is closely monitoring supply and demand conditions in the natural rubber market, while managing raw materials, costs and inventory in line with market conditions to cope with price volatility and customer demand. Supporting factors for rubber prices come from an overall tight supply, as natural rubber output has been affected by weather, while demand from major tire makers, especially in the Chinese and Indian markets, still has momentum, along with growth in the automotive and electric vehicle, or EV, industries and the enforcement of the European Union's EUDR regulation, which is prompting operators to place greater emphasis on the sourcing and traceability of raw materials. In the third quarter of 2026, the company estimates that higher average selling prices will help support revenue, even though sales volume will be affected by tight raw material supplies, and it aims to manage production across its plants in line with available raw material volumes to maintain operating efficiency and meet customer orders.

Sika AG's unsponsored ADR has been upgraded to a Zacks Rank #2 (Buy), placing it in the top 20% of the more than 4,000 stocks covered by the Zacks rating system in terms of earnings estimate revisions. The upgrade reflects an upward trend in earnings estimates, which Zacks says is one of the most powerful forces impacting stock prices. The company is expected to earn $0.92 per share for the fiscal year ending December 2026, representing no year-over-year change, while the Zacks Consensus Estimate has increased 2.2% over the past three months. Zacks noted that only the top 5% of covered stocks receive a Strong Buy rating and the next 15% receive a Buy rating, so the placement indicates superior estimate revision characteristics. The rating change is essentially a positive comment on the company's earnings outlook that could have a favorable impact on its stock price.

Rayonier Advanced Materials Inc. announced that construction is underway on Altamaha Green Energy, a 70 MW biomass cogeneration project adjacent to its Jesup, Georgia manufacturing facility. The project is being developed in partnership with Albioma and the Beasley Group and will generate renewable electricity under a long-term power purchase agreement with Georgia Power while providing process steam to the Jesup facility, with commercial operations expected to begin in 2029. Through its land and prior investments, RYAM expects to retain an initial 14% equity interest in AGE, with an option to purchase additional equity that would raise its total ownership to as much as 16%. Based on current projections, RYAM expects to receive approximately $8 million to $10 million in annual distributions from AGE once the facility is operational, and the project is expected to avoid approximately $30 million in future capital expenditures that would otherwise have been required to maintain and replace legacy utility assets at Jesup. Chief Executive Officer Dan Krawczyk called the start of construction an important milestone, saying the capital-light structure lets RYAM retain meaningful ownership and long-term upside while preserving capital for its core business.

IFF introduced AQUASCENT, a new vegan, water-based carrier for fine fragrance, on September 30, 2026. The technology, part of IFF's Science of Performance platform, is crafted from a proprietary formula made with biodegradable materials and supports fragrance loads from 10% to up to 25%, compared with up to 15% for most comparable systems. Formulated without intentionally added ethanol, preservatives or silicone, AQUASCENT maintains visual clarity while delivering enhanced olfactive performance, and can be supplied as a concentrate alone so brands add water during final production, reducing shipped volume and weight to help lower CO2 emissions from shipping. Sabrya Meflah, president of Fine Fragrance for IFF Scent, said the technology reflects continued investment in new scent technologies and formats supporting the industry's growing focus on sustainability. IFF web-listening data shows worldwide Google searches for "water-based perfumes" rose 18% year-to-date, while related TikTok content has generated more than 15 million views.

Huaxin New Materials announced that its wholly-owned subsidiary Huaxin High-Tech has completed the introduction and installation of production lines for two functional film material projects, which have now entered the trial run and trial production stage. The two projects are an annual output of 12 million square meters of functional film materials and an annual output of 5,000 tons of functional film materials, with planned investments of 123 million yuan and 80 million yuan respectively, funded by the company's own capital. The company stated that it will optimize equipment and process parameters based on trial production conditions, and complete project final accounting and acceptance after the trial production ends.

At the open on September 30, Shanshui Technology's share price surged rapidly in a straight line and quickly sealed a 20 percent daily limit-up, recording three consecutive limit-ups. As of the midday break, it traded at 35.93 yuan per share, up 20.01 percent, with about 47,000 lots of buy orders queued at the limit-up price. The core catalyst for this rally is the improving prosperity of the dye industry chain. Since June this year, dyes and upstream intermediates have entered a price increase cycle, and with the textile industry's traditional peak stocking season in September and October, market expectations for dye intermediate demand have been heating up. Data from BaiChuan YingFu shows that since September 2026, domestic disperse dye market quotes have remained firmly at a high of 30 yuan per kilogram. Compared with the starting point of this round of price increases at 23 yuan per kilogram on June 22, prices have risen by a cumulative 7 yuan per kilogram, a cumulative increase of more than 30 percent. Reactive dyes have shown even stronger price gains, with current market quotes reaching 45 yuan per kilogram, also starting their upward move from mid-to-late June, for a cumulative increase of 55 percent. Shanshui Technology is mainly engaged in the research, development, production and sales of dye intermediates, pesticide intermediates and pharmaceutical intermediates. Its core products, including 6-nitro and chloropyridine series, directly benefit from the price increases. In the first half of 2026, the company achieved revenue of 477 million yuan, up 56.35 percent year on year, and net profit attributable to the parent company of 85.16 million yuan, up 78.25 percent year on year. The company said that during the reporting period, production capacity for chloropyridine series products from its IPO-funded projects was released in an orderly manner, output grew steadily, and sales volume increased compared with the same period last year. At the same time, economies of scale gradually emerged, driving down unit costs and significantly improving gross margin. It is worth noting that the company had previously issued an announcement on abnormal stock trading fluctuations, saying that the price and sales volume of its 6-nitro product move inversely to a certain extent, and the impact on company performance is currently expected to be limited. It urged investors to invest rationally and pay attention to investment risks.

Huaxin New Materials announced on September 30 that its annual production capacity of 12 million square meters of functional film material project and its annual production capacity of 5,000 tons of functional film material project have successfully completed the introduction and installation of production lines, entering the trial run and trial production stage. The company stated that it will subsequently adjust and optimize equipment process parameters based on the trial run and trial production conditions, and complete project final accounting and acceptance work after the trial production ends.

Activist investor Ancora Holdings raised its bid for H.B. Fuller's building adhesives unit to as much as $1.4 billion after the chemicals company rejected its earlier offer last month. Ancora is offering to pay between $1.2 billion and $1.4 billion in cash for the adhesives unit, up from a bid of as much as $1.2 billion last month, according to a letter sent to the Fuller board on Tuesday. The activist said it has obtained a "highly confident" letter from Fortress Investment Group related to being able to satisfy debt requirements, and that the offer is based entirely on publicly available information, with Ancora prepared to adjust its bid after due diligence. The revised bid represents roughly 50% of H.B. Fuller's current equity value, while the building adhesives segment accounts for only about 20% of consolidated revenue, and it values that unit at 8.5x to 9.9x LTM EBITDA and 9.0x estimated 2026 EBITDA, versus H.B. Fuller trading at about 7.0x 2026 EBITDA. Ancora CEO Fredrick DiSanto and President James Chadwick wrote that a negotiated transaction is a far better path for H.B. Fuller and its shareholders than an ongoing public disagreement, and Fuller shares have dropped 15% since the company rejected the Ancora offer on Aug. 24.

In the Tokyo stock market on the 9th, Accel, Happinet, Asahi Yukizai, NSD, and NaITO were bought after raising their earnings forecasts the previous day. Accel hit the daily limit-up with pro-rata allocation, lifting its first-half operating profit from a previous forecast of 970 million yen to 1.33 billion yen and its full-year figure from 1.2 billion yen to 2.29 billion yen, while also raising its annual dividend from 41 yen to 79 yen. Happinet raised its first-half operating profit from 7.8 billion yen to 13.5 billion yen; Asahi Yukizai lifted its first-half figure from 3.9 billion yen to 5.5 billion yen and its full-year figure from 8.5 billion yen to 12 billion yen, and increased its annual dividend from 130 yen to 180 yen. NSD raised its first-half operating profit from 8.4 billion yen to 8.9 billion yen and its full-year figure from 19.5 billion yen to 20.1 billion yen, while NaITO revised its full-year operating profit forecast upward from 400 million yen to 1.25 billion yen. Meanwhile, MediciNova hit the daily limit-down with pro-rata allocation after its Phase 2 clinical trial of MN-001 failed to show statistical superiority, and Chugai Pharmaceutical fell sharply for a second day after Roche decided to discontinue development of GYM329, a candidate treatment for obesity.

Yida Chemical announced on September 29 that it plans to issue shares to specific investors, raising total proceeds of no more than 636 million yuan. The funds will be directed to two projects: first, an annual production capacity of 200,000 tonnes of propylene oxide and ethylene oxide derivatives; second, a technical upgrade project at Zhuhai Yida Chemical for the purification, blending, and filling of 25,000 tonnes per year of PM, PMA, and thinner liquids.