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Cabot Expands Battery Materials Platform With $50M DOE Grant
Cabot Corporation is expanding domestic production of advanced conductive additives at its Franklin, Louisiana, and Pampa facilities through a modified $50 million grant from the U.S. Department of Energy's Office of Critical Minerals and Energy Innovation. The funding, combined with approximately $75 million of Cabot investment, is intended to meet rising demand for energy storage systems, AI infrastructure, data centers, grid modernization and broader electrification. Under the revised agreement, Cabot will redirect funding from its originally planned Michigan project toward a two-site brownfield expansion, a move expected to accelerate development, improve production efficiency and strengthen supply capabilities. The investment will support Franklin's production of LITX advanced battery-grade conductive carbons, while the Pampa facility will establish Cabot's first commercial-scale production of carbon nanostructures and part of its ENERMAX product family, with both projects expected to become operational by the end of 2028. Cabot's shares have gained 17% year to date compared with the industry's 13.7% rise in the same period.
Cabot Wins $50 Million DOE Grant for Battery Materials Expansion
Cabot received a US$50 million grant from the U.S. Department of Energy on 17 September 2026 to expand battery materials capacity. The specialty chemicals producer, valued at US$4.1b, plans to redirect its advanced battery materials expansion from an initially planned Michigan facility to brownfield sites in Louisiana and Texas. Cabot intends to pair the federal funding with its own capital to expand domestic production of materials used in energy storage applications, focusing on conductive additives tied to battery energy storage systems for data centers and grid support. The DOE-backed expansion into Louisiana and Texas is only one part of what this funding shift means for Cabot's future plans, and the company is now running a complex two-site program while relying on cost reduction and network optimisation to support profitability. The pivot aligns with multi-year trends also targeted by Albemarle and Umicore, though Cabot focuses on specialty additives rather than raw battery metals.
Cabot Appoints Steve Delahunt Interim CFO as Erica McLaughlin Becomes CEO
Cabot Corporation has named long-time finance leader Steve Delahunt as interim Chief Financial Officer after Erica McLaughlin moved from CFO to President and Chief Executive Officer on October 1, 2026, succeeding Sean Keohane. The reshuffle puts two seasoned insiders in charge of Cabot's finance and corporate strategy functions, a continuity move that the company's investment narrative says does not materially alter the near-term catalyst around cost savings or the key risk of weaker profitability in a competitive chemicals market. The transition follows Cabot's US$350 million senior notes issuance in August 2026 and a new US$1.3 billion revolving credit facility, which together underpin liquidity and financial flexibility. Cabot's narrative projects $4.0 billion in revenue and $479.7 million in earnings by 2029, requiring 3.5% yearly revenue growth and roughly a $198.7 million earnings increase from $281.0 million today, and yields a $88.50 fair value, a 13% upside to its current price. Some of the most cautious analysts already assumed earnings could reach about US$884.2 million by 2029 yet still assigned a lower price target, reflecting the risk that competitive pressure in Asia and rising costs could offset the benefits of leadership continuity and cost actions.
PSP secures corporate carbon footprint certification for third consecutive year
P.S.P. Specialties Public Company Limited, or PSP, and Recycling Engineering Company within the PSP group have received Corporate Carbon Footprint, or CFO, certification for the third consecutive year, covering the operations of both offices and factories. Mr. Siam Suwanart, Manager of the Safety, Occupational Health and Working Environment Department at PSP, said the company had passed verification of its greenhouse gas emissions data by an accredited verification body and registered the certification with the Thailand Greenhouse Gas Management Organization, continuing from the previous year. The company received the CFO carbon label certification and passed the international organizational standard ISO 14064-1. PSP has prepared corporate carbon footprint reports continuously since 2023 and received its certificate from Dr. Wijarn Simachaya, Chairman of the Thailand Greenhouse Gas Management Organization, at the carbon label certification ceremony held at the Thailand Institute of Justice. This certification is considered a competitive edge in an era when global trade rules place greater weight on the low-carbon economy, including the European Union's Carbon Border Adjustment Mechanism, or CBAM, and the sustainable supply chain requirements of global trading partners. The company's export markets cover more than 50 countries across 5 continents worldwide. In 2025, PSP was able to reduce greenhouse gas emissions by 10,143 tonnes of carbon dioxide equivalent, or 4.59%, compared with 2024. In 2027, the company plans to bring in artificial intelligence, or AI, to help analyze and process greenhouse gas emissions data, and is preparing for assessment under the FTSE Russell ESG Scores within this year. For its long-term plans, PSP aims for Zero Landfill by 2029, a 5% reduction in energy use by 2030, and net zero greenhouse gas emissions, or Net Zero, by 2050.
Jingwei Co. Resumes Trading with 20% Limit-Up After Control Change; Shanghai Yahong Swings Wildly to Close Lower
Jingwei Co., which had been planning a change of control, resumed trading today and immediately hit the 20% daily limit-up. According to Jingwei Co.'s announcement last night, China Software Xi'an plans to acquire a 29.68% stake in Jingwei Co. through a negotiated transfer, with a transfer price of 944 million yuan, or 53 yuan per share, a premium of about 41% over the pre-suspension closing price of 37.50 yuan per share. After the transfer is completed, China Software Xi'an will become the company's controlling shareholder. Shanghai Yahong, which was also suspended pending a planned change of control, resumed trading today, with the stock price swinging wildly during the day, first hitting the limit-up, then the limit-down, then surging straight up to approach the limit-up, before falling back in the afternoon to close lower. Shanghai Yahong announced yesterday that its controlling shareholder will change from Hainan Ningsheng Tourism Group Co., Ltd. to Feike Investment, and the actual controller will change from Sun Lin to Li Gaiteng. Li Gaiteng is the actual controller of the A-share listed company Feike Electric. Wind data shows that since September, 14 stocks have resumed trading. Among them, Yinglite and Huachang Chemical both hit the limit-up after resuming trading. Youcai Resources, which is set to change ownership to Jiangyin state-owned assets, opened higher and closed lower on the day of resumption, falling more than 8%. ST Fuhuang, which was given another risk warning, hit the limit-down after resuming trading. Longban Media, a big bull stock with six consecutive limit-ups, posted two limit-downs after resuming trading.
Runyang Technology recently unveiled a new physical intelligent sensing material that is flexible and deformable, can be kneaded and rubbed, and captures pressure changes in real time. It can be applied to consumer health monitoring and human-machine interaction, while also enabling tactile perception in robots and precise sensing of gripping force. Runyang Technology mainly produces IXPE, XPE, IXPP, GFOAM, MPP, and EVA series prototype environmentally friendly foam materials, with products sold to 20 countries and regions and already integrated into the supply chain system of global home improvement giant Home Depot. In the first half of 2026, the company's R&D investment reached 8.62 million yuan, up 55 percent year on year. In the embodied intelligence sector, Runyang Technology has entered the special-purpose robotics field through its controlling subsidiary Shanghai Runke Juneng. At the 2026 World Artificial Intelligence Conference, Runke Juneng launched a centaur special-purpose robot focused on scenarios such as the nuclear industry, oil fields, mines, and fire and emergency response. It adopts a wheel-leg hybrid configuration, can carry an average load of up to 120 kilograms, and has a core component localization rate exceeding 95 percent. In 2025, the company made a strategic investment in humanoid robot company Fourier Intelligence, opening up embodied intelligence industry chain resources. It is reported that Runyang Technology's centaur robot has signed a hundred-unit-level intent order with Shanghai Huayan Fire Protection and has deployed a mining application scenario in Yulin, Shaanxi. Small-scale mass production will begin in the fourth quarter of 2026.
Dow Targets Over $500M Working-Capital Release, Trims Q3 EBITDA Outlook
Dow Inc. expects to release more than $500 million of net working capital during the second half of 2026, a forecast laid out in slides prepared for Chief Financial Officer Jeff Tate's presentation at the Morgan Stanley Laguna Conference. The company also said it expects third-quarter operating earnings before interest, taxes, depreciation and amortization of $1.5 billion to $1.6 billion, modestly below its prior expectations, citing weaker polyethylene pricing in the Americas and continued softness in construction and automotive markets. Dow said it is prioritizing deleveraging with excess cash and has repurchased about $300 million of debt so far this quarter, with no substantive debt maturities until 2029, and it received the remaining approximately $300 million in compensation from litigation involving NOVA Chemicals. Combined with the projected working-capital release, those items could provide Dow with more than $800 million of incremental cash during the second half. Dow also raised the expected in-year contribution from its Transform to Outperform program, which is intended to generate about $2 billion of benefits by the end of 2027, and now expects approximately $700 million of benefits in 2026, including about $500 million during the second half, with roughly 70% of 4,500 planned job reductions already implemented.
Westlake Swings to $260 Million Profit After Two Straight Losses
Westlake Corporation reported second-quarter net income of $260 million, or $2.01 per share, on August 4, reversing a $169 million loss in the prior quarter and a $142 million loss a year earlier. The turnaround centered on the Performance and Essential Materials segment, which swung from a $318 million operating loss in the second quarter of 2025 to $185 million in income, as EBITDA excluding identified items jumped from a 3% margin to 21% on a 14% year-over-year rise in average sales prices. Companywide EBITDA reached $679 million from $210 million a year earlier, helped by a 7% increase in sales volume excluding plant shutdowns and an acquisition. Westlake also reduced debt by $500 million and returned $99 million to shareholders through dividends and share repurchases, while management said its three-pillar profitability improvement plan remains on track to deliver a $600 million operating income benefit. The Housing and Infrastructure Products segment did not share in the improvement, with its EBITDA margin slipping to 22% from 24% as average sales prices fell 3% year over year even though volume rose 6% excluding the ACI acquisition.
Refinery stocks tumble as state cuts diesel price at refinery gate by 4 baht; broker says TOP still stands out
Refinery stocks fell across the board after the Royal Gazette published a resolution by the Fuel Fund Management Committee to cut the diesel price at the refinery gate by 4.00 baht per litre for the period from 16 September to 31 October 2026. As of 11:29 a.m., Thai Oil, or TOP, stood at 61.75 baht, down 4.25 baht, or 6.44%; Bangchak Corporation, or BCP, stood at 53.50 baht, down 3.25 baht, or 5.73%; PTT Global Chemical, or PTTGC, stood at 47.75 baht, down 2.50 baht, or 4.98%; IRPC stood at 2.72 baht, down 0.24 baht, or 8.11%; and Star Petroleum Refining, or SPRC, stood at 13.10 baht, down 0.80 baht, or 5.76%. Krungsri Securities said the government's increased diesel price discount of 4.00 baht per litre is higher than the research house's previous assumption, which factored in an impact of 2.40 baht per litre through the end of 2026, putting earnings forecasts for refinery stocks TOP, SPRC and BCP at risk of a downside of about 3-4%, while 2027 target prices face downside risk of roughly 0.6-1.2%. If the government seeks a discount of 4 baht per litre continuing through the end of 2026, earnings forecasts would face a downside of about 6% for TOP, about 8% for SPRC and about 7% for BCP, while target prices could be affected by about 1.4%, 2.2% and 2.8% respectively. However, Krungsri Securities remains bullish on the refinery group, picking TOP as its top pick on stronger long-term growth prospects and competitiveness than peers, especially after the Clean Fuel Project begins commercial operations in the third quarter of 2028. Meanwhile, Dao Securities Thailand said it holds a negative view on the refinery group, assessing the impact in descending order as BCP, TOP, PTTGC, IRPC and SPRC, and recommended avoiding investment in refinery stocks at this time. It recommends Hold on TOP with a target price of 70.00 baht, Hold on SPRC with a target price of 12.00 baht, and Buy on BCP with a target price of 50.00 baht. At the same time, it continues to pick PTTEP as its top pick in the energy group, with a Buy recommendation and a target price of 180.00 baht.
Snow Sky Salt Industry 600929 revises lithium battery restructuring plan two days later; counterparty Liu Gejun placed under investigation
Hunan provincial state-owned enterprise Snow Sky Salt Industry, stock code 600929, disclosed a restructuring plan on September 12, proposing to acquire 100 percent equity in Hebei Kuntian New Energy Company Limited through the issuance of shares and payment of cash, formally entering the lithium battery anode materials sector. On September 15, the company's share price hit the daily limit down. Just two days later, on September 14, the company issued a correction announcement stating that counterparty Liu Gejun had been placed under investigation by the China Securities Regulatory Commission on March 20, 2026, for suspected personal insider trading. The investigation does not involve trading in Snow Sky Salt Industry shares and is unrelated to this transaction. The pricing for the share issuance to purchase assets is 4.70 yuan per share, with subscribers including no more than 35 designated investors, including the controlling shareholder Hunan Salt Industry Group. There are 54 counterparties in total, and Liu Gejun is the second largest natural person shareholder of Hebei Kuntian, holding 35,185,800 shares, accounting for 9.7738 percent, and bearing the obligation to make up losses during the transition period. Unaudited financial data disclosed in the plan shows that Hebei Kuntian's net profit in 2024 and 2025 was negative 66.1727 million yuan and negative 32.5868 million yuan respectively, and it turned profitable in the first half of 2026, achieving net profit of 120 million yuan. Lawyer Xu Feng, director of Shanghai Jiucheng Law Firm, said that the initial restructuring plan did not disclose the investigation matter, and it was only supplemented through a correction announcement on September 14, which constitutes a major omission of prior information and a violation of information disclosure rules. Snow Sky Salt Industry achieved net profit of 77.0172 million yuan in 2025, down 74.59 percent year on year. In the first half of 2026, it achieved revenue of 2.658 billion yuan, down 2.89 percent year on year, and net profit of 79.18 million yuan, down 9.23 percent year on year. As of now, the audit and evaluation work related to this transaction has not been completed, and the appraised value of the target assets and the transaction price have not yet been determined.
Shanghai Yahong announced that Feike Investment will become the company's controlling shareholder, and trading in its shares will resume from tomorrow. Several companies released important announcements that evening: Jingwei Holdings said China Software Xi'an plans to acquire 29.68% of the company's total share capital at 53 yuan per share, with trading to resume tomorrow; Kanghui's subsidiary signed a 1.72 billion yuan computing power service contract and a 1.141 billion yuan computing power server purchase and sale contract; Henggong Precision plans to issue convertible bonds of no more than 810 million yuan for projects including embodied intelligent robots; Ruifeng Polymer Materials plans to acquire a 68.065% stake in Mitop New Materials for 499 million yuan; Sany Heavy Industry repurchased 16.6206 million shares today, paying 299 million yuan. In addition, Shanghai RAAS's SR604 injection has entered Phase III clinical trials, and no product targeting the same receptor as this drug has been launched globally; Hwatsing Technology has completed its share repurchase, with a cumulative repurchase amount of 60.2245 million yuan.
Shanghai Yahong to transfer 29.99% stake to Feike Investment; actual controller to become Li Gaiteng
Shanghai Yahong disclosed that its controlling shareholder, Hainan Ningsheng Tourism Group, shareholder Xie Yaming holding more than 5%, and his concert party Xie Yue signed a share transfer agreement with Shanghai Feike Investment Co., Ltd., under which they plan to transfer a combined 29.99% stake in the company at 21.43 yuan per share for a total consideration of 900 million yuan. The company's shares will resume trading on September 17. Ningsheng Group plans to transfer 18.186 million shares, representing 12.99% of total share capital; Xie Yaming plans to transfer 21.84 million shares, representing 15.60%; and Xie Yue plans to transfer 1.96 million shares, representing 1.40%. Subject to completion of the above agreement transfer, Feike Investment intends to make a partial tender offer to all shareholders of the listed company other than itself, acquiring 14.294 million shares at 21.43 yuan per share, representing 10.21% of the total issued shares. On the same day, Ningsheng Group and Xie Yaming signed pre-acceptance agreements with Feike Investment, under which Ningsheng Group irrevocably undertakes to validly tender 7.9792 million shares and Xie Yaming irrevocably undertakes to validly tender 6.3148 million shares. After completion of this equity change, the controlling shareholder will change from Ningsheng Group to Feike Investment, and the actual controller will change from Sun Lin to Li Gaiteng. Feike Investment and its controlling shareholder and actual controller Li Gaiteng undertake not to transfer the listed company shares acquired in this transaction within 60 months from completion of registration, and not to pledge such shares within 36 months. Feike Investment is the controlling shareholder of Feike Electric, and Li Gaiteng is also the founder and actual controller of Feike Electric.
Shanghai Yahong's controlling shareholder to change to Feike Investment, trading resumes September 17
Shanghai Yahong announced on the evening of September 16 that its controlling shareholder will change to Shanghai Feike Investment Co., Ltd., and its actual controller will change to Li Gaiteng. Trading in the company's shares will resume from market open on September 17. On September 16, Ningsheng Group, Xie Yaming, and his concert party Xie Yue signed a Share Transfer Agreement with Feike Investment, under which they intend to transfer a combined 29.99% stake in Shanghai Yahong to Feike Investment at 21.43 yuan per share, for a total consideration of approximately 900 million yuan. Ningsheng Group will transfer 12.99%, Xie Yaming 15.60%, and Xie Yue 1.40%. Subject to completion of the above agreement transfer, Feike Investment intends to make a partial tender offer to all Shanghai Yahong shareholders other than itself at 21.43 yuan per share, for 10.21% of the shares. Ningsheng Group and Xie Yaming have committed to tender 5.70% and 4.51% respectively of their tradable shares without selling restrictions. If the transaction is completed, Feike Investment's shareholding will reach 40.20%. Feike Investment's current shareholders are Li Gaiteng and Chen Yufeng, with shareholdings of 98% and 2% respectively. Shanghai Yahong stated that after this equity change is completed, Feike Investment will promote optimization of the company's management and resource allocation, improve its industrial layout, and achieve diversified business development. Shanghai Yahong's operating revenue in the first half of 2026 fell 14.26% year-on-year to 174 million yuan, and net profit attributable to the parent company fell 110.07% year-on-year to a loss of 3.7937 million yuan.
Feike Investment to acquire 29.99% stake in Shanghai Yahong for 900 million yuan; Li Gaiteng to become actual controller
Shanghai Yahong's controlling shareholder Ningsheng Group, along with shareholders Xie Yaming and Xie Yue holding more than 5% of shares, signed a share transfer agreement with Feike Investment, agreeing to transfer a combined 29.99% stake in the company at 21.43 yuan per share for a total price of 900 million yuan. Feike Investment will become the company's controlling shareholder, and Li Gaiteng, founder of Feike Electric, will become the company's actual controller. Subject to completion of the above agreement transfer, Feike Investment plans to launch a partial tender offer for 10.21% of the company's shares at 21.43 yuan per share. Trading in the company's shares will resume on September 17, 2026. This is the second time this year that Shanghai Yahong has planned a change of control. In June this year, the company disclosed a planned change of control and suspended trading, but the deal collapsed a week later after the counterparty failed to reach agreement internally on certain specific details. Shanghai Yahong is mainly engaged in precision mold research and development, injection molding production, SMT product assembly, and manufacturing of smart toilets and other products. In 2025, the company posted its first net loss since listing. In the first half of 2026, revenue was 174 million yuan, down 14.3% year on year, while net profit attributable to the parent company swung from a loss of 1.81 million yuan in the same period last year to a loss of 3.79 million yuan. Feike Investment is the controlling shareholder of Feike Electric, known as the domestic king of electric shavers. Li Gaiteng, from Wenzhou, Zhejiang, founded Feike Electric in 1999. In January 2020, Hurun Research Institute's 2019 Hurun China 500 Most Valuable Private Companies ranked Feike Electric 443rd with a market value of 16 billion yuan.
BASF's Durasorb LNG MAX Technology Adopted Across Cheniere's Corpus Christi LNG Facility
BASF SE's Durasorb LNG MAX technology has been commissioned by Cheniere Energy at its Corpus Christi LNG facility in Texas, with deployment set to span all liquefaction trains at the site by the end of 2027. Installation began in 2025, and the technology is already in place on multiple mid-scale and large-scale liquefaction trains. BASF is providing technology licensing, specialty adsorbent materials and technical support throughout implementation and startup. The single-unit absorption solution removes trace heavy hydrocarbons, benzene, toluene, ethylbenzene, xylene and water to cryogenic specifications, preventing freeze-out of these components to help reduce downtime and improve operational reliability and flexibility. The technology can be used both to retrofit existing dehydration units and in greenfield projects, and BASF also supports customers with proprietary modeling tools and ongoing technical assistance. BASFY shares have gained 16.6% in the past year against the industry's 3.6% decline over the same period.
Broyhill Q2 2026 Letter Flags Valvoline as Top Contributor on 18% Gain
Broyhill Asset Management named Valvoline Inc. as a leading performance contributor in its second-quarter 2026 investor letter, reporting the stock gained 18% after also leading the first quarter. The Charlotte-based firm said Valvoline's comparable sales grew 8.2% against consensus near 5.4%, adjusted EBITDA grew 28%, and guidance was raised across comparable sales, EBITDA, and earnings. The company added 31 stores and now operates 2,409 stores, with ticket sales driving roughly two-thirds of the gain. Broyhill's Equity Composite gained 8.8% in the second quarter, trailing the MSCI All Country World Index's 15.1% and the MSCI ACWI Value Index's 10.8%, while for the first half the Composite returned 2.3% versus 11.5% for the Index. Valvoline closed at $30.37 per share on September 14, 2026, down 9.69% over the past month and 25.33% over the past 52 weeks, with a market capitalization of $3.87 billion.
Dow Weighs Sale of 35% Sadara Stake in $20 Billion Saudi Chemicals Venture
Dow Inc. is reportedly considering selling its 35% stake in Sadara Chemical, its $20 billion chemicals joint venture with Saudi Aramco, as the company continues to reshape its portfolio amid a prolonged downturn in the global chemicals industry. No final decision has been made, and Aramco or another strategic or financial investor could potentially acquire Dow's stake. As of June 30, Dow had a negative investment balance of $793 million in Sadara and had suspended recognition of its share of the venture's equity losses in the first quarter, and the company has also been exposed to Sadara's financing obligations. Sadara remains a major industrial asset, operating a complex in Jubail with more than 3 million metric tons of annual chemicals and plastics capacity, though its operations were disrupted earlier this year by the Middle East conflict. In March, CEO Jim Fitterling said Dow's goal was to avoid putting additional cash into Sadara during 2026, describing the venture as having low operating cash costs but more challenging fixed costs and financing obligations. The $20 billion figure represents the original scale of the joint venture, not the current market value of Dow's 35% stake, so an exit could deliver less financial relief than the headline number suggests while forfeiting upside if chemical margins eventually recover.
Energy Policy Committee extends refinery price freeze to 31 October 2027, cutting refinery profits by 10 billion baht
The Energy Policy Administration Committee, or EPAC, has issued a notice reducing the ex-refinery price for high-speed diesel, including B0, B7 and B20, by the same rate of 2.40 baht per litre, effective from 16 September to 31 October 2027, according to Asia Plus Securities. This announcement exercises powers under the Emergency Decree on the Prevention and Resolution of Fuel Shortages, B.E. 2516, to draw excess benefits from refining margins to lower costs at the refinery gate. It marks the seventh time the government has pulled profit margins from refinery operators to help ease the cost of living, and it extends the price intervention until the end of October 2027, from the previous round that was due to expire on 15 September 2027. The new round covers 46 days, split into 15 days affecting the third quarter of 2027 and 31 days in the fourth quarter of 2027. It is expected to affect the profits of refinery operators in proportion to their diesel production. PTTGC is estimated to be hit hardest at about 2.9 billion baht, BCP at about 2.19 billion baht, TOP at about 2.15 billion baht, IRPC at about 1.87 billion baht, and SPRC at about 994 million baht. Looking at the impact in the third quarter of 2027 alone, the pressure on refinery profits is heavier than in the second quarter of 2027. PTTGC is expected to take a total hit of about 5.0 billion baht, of which about 960 million baht comes from the latest measure. Next are BCP and TOP at about 3.7 billion baht and 3.6 billion baht respectively, with about 714 million and 608 million baht respectively from the latest round. IRPC is expected to take a total hit of about 3.2 billion baht, with 714 million baht from the latest round, while SPRC is expected to take a total hit of about 1.7 billion baht, with 324 million baht from the latest round. In the fourth quarter of 2027, between 1 and 31 October, PTTGC is expected to be affected by about 2.0 billion baht, BCP by about 1.48 billion baht, TOP by about 1.45 billion baht, IRPC by about 1.26 billion baht, and SPRC by about 670 million baht. This issue is seen as negative sentiment weighing on the refinery sector due to government intervention, along with high uncertainty over both the timeframe and the size of the refining margin cut, which could change in the period ahead. Meanwhile, the Singapore refining margin, which is referenced to TOP, has fallen to 16.9 US dollars per barrel in the third quarter of 2027 to date, from 21.3 US dollars per barrel in the second quarter of 2027. The research team recommends only seeking short-term trading opportunities based on fund flows into the energy sector, and to do so with caution.
PureCycle Reports Q2 Revenue of $4.5 Million as Downy Detergent Caps Reach Shelves
PureCycle Technologies reported second-quarter results for the period ended June 30, with revenue of $4.5 million, up roughly 173% from a year earlier and the sixth straight quarter of sequential growth. Select Downy detergent caps made with PureCycle's PureFive resin entered commercial production for Procter & Gamble during the quarter, the first branded product to reach store shelves, while select Tide caps are scheduled for retail production in the third quarter and Vicks ZzzQuil PURE Zzzs child-resistant lids are targeted for the fourth quarter of 2026. The company recorded seven customer conversions and six new commercial partnerships spanning closures, automotive, film, and food packaging, including Amcor, Motherson, and Innovia Films, and New Jersey's Department of Environmental Protection approved PureFive as post-consumer recycled content. PureCycle posted a net loss of $142.2 million for the quarter, adjusted EBITDA widened to a loss of $31.7 million from a loss of $27.8 million a year earlier, and PureFive production fell to 4.5 million pounds due to a planned turnaround, though output was still up about 32% from a year ago. The company closed the quarter with $236.9 million in total liquidity after issuing 19,854,000 new shares alongside $287.5 million of 4.75% convertible notes due 2032, and raised full-year 2026 project spending guidance to a range of $45 million to $50 million from the prior $39 million to $45 million.
Huaxi Nonferrous Metals plans control change and trading halt; Xuetian Salt and GRINM Semiconductor resume trading after restructuring
Huaxi Nonferrous Metals received a notice on September 11, 2026 from the State-owned Assets Supervision and Administration Commission of the Guangxi Zhuang Autonomous Region, forwarded by its indirect controlling shareholder Guangxi Key Metals Industry Development Group, stating that it is planning a major cooperation with China Minmetals Corporation. The matter may lead to a change in control of the company. Trading in the company's shares will be suspended from the market open on September 14, 2026, with the suspension expected to last no more than two trading days. On the same day, Xuetian Salt announced plans to acquire 100% of the shares of Hebei Kuntian held by 54 counterparties including Song Zhitao and Liu Gejun through a combination of share issuance and cash payment, and to raise supporting funds. Trading in the company's A-shares will resume from the market open on September 14, 2026. GRINM Semiconductor plans to acquire a combined 71.89% stake in Shandong GRINM Aisi from two counterparties, China GRINM Group and Dezhou Huida Fund, through share issuance and cash payment, and plans to acquire a 14.98% stake in Shandong GRINM Semiconductor from Dezhou Jingtai through share issuance. After the transaction, Shandong GRINM Aisi will become a wholly-owned subsidiary of the listed company, and Shandong GRINM Semiconductor will change from a majority-owned subsidiary to a wholly-owned subsidiary. The transaction is expected to constitute a major asset restructuring. Trading in the company's shares will resume from the market open on September 14, 2026. ST Zhuoran received an advance notice of administrative penalty from the Shanghai Securities Regulatory Bureau on September 11, 2026. Based on the findings, the company may have committed a major violation under the listing rules of the STAR Market of the Shanghai Stock Exchange and may be subject to mandatory delisting for major violations. The Shanghai Stock Exchange will impose an additional delisting risk warning on the company's shares. In addition, Yuanlin Co. is planning to acquire a controlling stake in Hangzhou Hualan Microelectronics Co., Ltd. through share issuance and cash payment. Trading in its shares will be suspended from September 14, 2026, with the suspension expected to last no more than ten trading days. Inspur Electronic Information plans to raise no more than 9 billion yuan through a private placement of shares to specific investors.
Xuetian Salt Industry issues urgent correction two days after restructuring plan disclosure, adding disclosure that counterparty Liu Gejun is under investigation
Xuetian Salt Industry issued a correction announcement on the evening of September 13, amending the commitments of the counterparties and the target company in the restructuring plan involving share issuance and cash payment for asset purchase with supporting funds and related-party transactions disclosed on the evening of September 11, and adding risk warnings. The announcement shows that counterparty Liu Gejun was placed under investigation by the China Securities Regulatory Commission on March 20, 2026, for suspected personal insider trading. The investigation targets his personal trading in shares of other companies, does not involve trading in Xuetian Salt Industry shares, and is unrelated to this transaction. As of the date the commitment letter was issued, the investigation is still ongoing and no clear conclusion has been reached. Liu Gejun is the second-largest natural person shareholder of Hebei Kuntian, the target of this restructuring, holding 35.1858 million shares, or 9.7738 percent. He is also one of the 54 counterparties in this transaction and bears the obligation to make up losses during the transition period. The company added a risk warning stating that if the investigation ultimately results in an administrative penalty, criminal liability, or is determined to have a material adverse impact on this transaction or constitute a legal obstacle, the transaction plan may be subject to subsequent adjustments. Notably, the investigation occurred on March 20, 2026, nearly six months ago, yet was not disclosed in the restructuring plan first released on the evening of September 11. Instead, an urgent correction announcement was issued two days later to supplement the disclosure. Hebei Kuntian was established in May 2018, mainly engaged in lithium-ion battery anode materials, and was selected for the 2026 Hurun Global Unicorn List. In the UP2026 China Energy Unicorn Enterprises list, it ranked tied for 19th with a valuation of 12.922 billion yuan, exceeding Xuetian Salt Industry's own market value. In the first half of 2026, Xuetian Salt Industry achieved operating revenue of 2.658 billion yuan, down 2.89 percent year-on-year; net profit attributable to shareholders of the listed company was 79.18 million yuan, down 9.23 percent year-on-year after retrospective adjustment; and net profit excluding non-recurring items was 69.04 million yuan, up 68.34 percent year-on-year.
Xuetian Salt Industry Corrects Restructuring Plan as Target Company Kuntian New Energy Director Liu Gejun Is Investigated for Insider Trading
Xuetian Salt Industry issued a correction announcement on the evening of September 13 for its major asset restructuring transaction plan, revealing that Liu Gejun, a director of the target company Hebei Kuntian New Energy Co., Ltd., has been placed under investigation by the China Securities Regulatory Commission for suspected personal insider trading. Previously, on the evening of September 11, Xuetian Salt Industry disclosed plans to purchase 100% of Kuntian New Energy shares held by 54 counterparties including Song Zhitao and Liu Gejun through a combination of share issuance and cash payment, while also raising supporting funds, as a way to enter the lithium battery anode materials sector and strengthen its second growth curve. Liu Gejun holds 35.1858 million shares of the target company, representing a 9.77% stake and making him the second-largest shareholder. In the original plan, he had pledged that he had not been subject to administrative regulatory measures by the China Securities Regulatory Commission in the past five years, but the corrected commitment letter shows that he was placed under investigation by the commission on March 20, 2026. The investigation concerns his personal trading in shares of other companies, does not involve trading in Xuetian Salt Industry shares, and is unrelated to this transaction. The investigation is still ongoing, no clear conclusion has been reached, and he has not received any administrative penalty decision or been held criminally liable. According to unaudited financial data, Kuntian New Energy's operating revenue for 2024, 2025, and January to June 2026 was 1.29 billion yuan, 1.997 billion yuan, and 1.412 billion yuan respectively, while net profit was negative 66.1727 million yuan, negative 32.5868 million yuan, and 120 million yuan respectively. The company expects its total production capacity to expand to no less than 500,000 tons in the future, and after reaching full production it is expected to achieve an industrial output value of over 10 billion yuan. Xuetian Salt Industry will resume trading on September 14.
Snow Sky Salt Industry Issues Urgent Correction to Restructuring Plan as Target Company Director Faces Insider Trading Probe
Snow Sky Salt Industry issued an urgent correction announcement just two days after disclosing its restructuring plan, adding that Liu Gejun, a director of the target company Hebei Kuntian New Energy Co., Ltd., has been placed under investigation by the China Securities Regulatory Commission for suspected insider trading. The announcement shows that Liu Gejun was placed under investigation on March 20, 2026. The matter concerns his personal trading in shares of other companies, does not involve trading in Snow Sky Salt Industry shares, and is unrelated to this transaction. As of the date the commitment letter was issued, the investigation is still ongoing and no clear conclusion has been reached. Liu Gejun is the second-largest individual shareholder of Hebei Kuntian, holding 35.1858 million shares, or 9.7738 percent, and is one of the 54 counterparties in this transaction, with an obligation to cover losses during the transition period. Snow Sky Salt Industry said that if the investigation ultimately results in an administrative penalty or criminal liability, or is determined to have a material adverse impact on the transaction or constitute a legal obstacle, the transaction plan may be subject to subsequent adjustments. Hebei Kuntian is mainly engaged in lithium-ion battery anode materials. It posted losses of 66.1727 million yuan and 32.5868 million yuan in 2024 and 2025 respectively, and turned profitable in the first half of 2026 with net profit of 120 million yuan. It was once included on a unicorn list with a valuation of 12.922 billion yuan. Snow Sky Salt Industry reported revenue of 2.658 billion yuan in the first half of 2026, down 2.89 percent year on year, and net profit attributable to the parent of 79.1813 million yuan, down 9.23 percent year on year. This restructuring, which could be on the scale of tens of billions of yuan, has thus gained new uncertainty.
BASF Adds Low-Emission Lupragen BisDMAPU Catalyst to Amine Portfolio
BASF SE's BASFY Intermediates unit has expanded its amine catalyst portfolio with Lupragen BisDMAPU, a low-emission catalyst for flexible polyurethane foam applications, to be sold globally under the Lupragen trademark. The catalyst supports both gelling and blowing reactions for reliable foam formation and dimensional stability, and its low volatility and low odor suit low-VOC applications including slabstock and molded foams for furniture, mattresses and automotive interiors, as well as reactive hotmelt PU adhesives, two-component epoxy systems and cationic polymers. The launch complements BASF's Lupragen N 208, introduced in December 2025, and draws on the company's urea compound production in Ludwigshafen and its backward-integrated supply setup. BASFY shares have gained 20.4% in the past year against the industry's 2.7% decline, and the stock currently carries a Zacks Rank #3 (Hold).
Olin and Huntsman Merger Clears HSR Antitrust Waiting Period
Olin Corporation and Huntsman Corporation announced that the waiting period under the U.S. Hart-Scott-Rodino Antitrust Improvements Act of 1976 has expired for their pending merger of equals, satisfying one of the key closing conditions. Shareholders of both companies overwhelmingly approved the transaction on August 25, 2026. The closing remains subject to customary closing conditions, including receipt of additional regulatory approvals that are already underway. Huntsman reported 2025 revenues of approximately $6 billion from continuing operations and operates more than 55 manufacturing, R&D and operations facilities in approximately 25 countries with roughly 6,000 associates. Olin is a vertically integrated global chemical manufacturer and a leading U.S. ammunition maker through its Winchester business.
PTTGC offers two tranches of bonds at 2.65-3.00% interest, worth up to 17 billion baht
PTT Global Chemical Public Company Limited, or PTTGC, has announced a public offering of unsubordinated, unsecured bonds with a bondholders' representative, divided into two tranches: a 7-year tranche at 2.65% per annum and a 10-year tranche at 3.00% per annum. The bonds received an AA-(tha) credit rating from Fitch Ratings (Thailand) on 20 July 2026. Subscription is divided into three periods between 14 and 21 September 2026. The first period, 14-15 September 2026, is for holders of the PTTGC296A bonds. The second period, 16-17 September 2026, is for senior citizens or those aged 60 and over in 2026. The third period, 18 and 21 September 2026, is for general retail investors, through six leading banks: Bangkok Bank, Krungthai Bank, Bank of Ayudhya, Kasikornbank, Siam Commercial Bank, and CIMB Thai Bank. Thitipong Chulapornsiridee, PTTGC's Senior Executive Vice President for Finance and Accounting, said the main goal of this bond offering is to manage the capital structure and liquidity appropriately, with a plan to issue no more than 17 billion baht in bonds to replace company cash that was advanced to repay debt. Following this bond issuance, it will help enhance financial liquidity and support the company's business in the future in a stable and sustainable manner. In the first six months of 2026, PTTGC had a net profit of more than 15.4 billion baht and cash and cash equivalents of more than 54 billion baht. However, the company remains committed to financial discipline and continues to press ahead with its debt reduction plan. This year the company has total loan repayments of 24 billion baht but will issue no more than 17 billion baht in replacement bonds. The bonds to be offered in all three periods have a minimum subscription value of 100,000 baht, in multiples of 100,000 baht, with no limit on the subscription value for each investor. Subscriptions can be made through the branches and online systems of the bond distribution managers.
GC offers two bond tranches with 7-10 year maturities, coupons of 2.65%-3.00%
PTT Global Chemical Public Company Limited, or GC, is preparing to offer two tranches of unsubordinated, unsecured bonds with a debenture holders' representative to the general public: a 7-year tranche with a coupon of 2.65% per year and a 10-year tranche with a coupon of 3.00% per year. Subscription will open in three windows between September 14 and 21, 2026. The bonds were rated AA-(tha) by Fitch Ratings (Thailand) on July 20, 2026. The first subscription window, September 14-15, 2026, is for holders of the PTTGC296A bonds. The second window, September 16-17, 2026, is for senior citizens, or those aged 60 and over in 2026. The third window, September 18 and 21, 2026, is for general retail investors, through six leading banks: Bangkok Bank, Krungthai Bank, Bank of Ayudhya, Kasikornbank, Siam Commercial Bank, and CIMB Thai Bank. Thitipong Chulapornsiridee, GC's Senior Executive Vice President for Finance and Accounting, said the main goal of this offering is to manage the capital structure and liquidity appropriately, with a plan to issue no more than 17 billion baht in bonds to replace company cash that was set aside to repay debt. In the first six months of 2026, GC posted net profit of more than 15.4 billion baht and held cash and cash equivalents of more than 54 billion baht. This year the company faces total debt repayments of 24 billion baht but will issue no more than 17 billion baht in replacement bonds. All three subscription windows set a minimum subscription value of 100,000 baht, in multiples of 100,000 baht, with no limit on the subscription amount for each investor.
PTTGC issues 17 billion baht in bonds at 2.65% and 3.00%, subscription opens September 14-21
PTT Global Chemical Public Company Limited, or PTTGC, is preparing to offer unsubordinated, unsecured bonds with a bondholders' representative to the general public, with a total value of up to 17 billion baht, divided into two tranches: a 7-year bond with a fixed interest rate of 2.65% per year and a 10-year bond with a fixed interest rate of 3.00% per year. Both tranches have been rated AA-(tha) by Fitch Ratings (Thailand) Limited as of July 20, 2026. The offering is divided into three periods. The first period, September 14-15, 2026, is for holders of the existing PTTGC296A bonds. The second period, September 16-17, 2026, is for elderly investors or those aged 60 and over in 2026. The third period, September 18 and 21, 2026, is for general retail investors. Investors can subscribe through six distributing banks: Bangkok Bank, Krungthai Bank, Bank of Ayudhya, Kasikornbank, Siam Commercial Bank, and CIMB Thai Bank. The minimum subscription is 100,000 baht, increasing in increments of 100,000 baht. Thitipong Chulapornsiri, PTTGC's Senior Executive Vice President of Finance and Accounting, said the bond issuance aims to optimize the company's capital structure and liquidity, with the proceeds used to replace cash the company set aside to repay debt. For its operating results in the first six months of 2026, GC reported a net profit of more than 15.4 billion baht and cash and cash equivalents of more than 54 billion baht. This year it faces total loan repayments of approximately 24 billion baht and plans to issue replacement bonds of no more than 17 billion baht.
GC offers 17 billion baht in public debentures at 2.65-3.00% interest
PTT Global Chemical, or GC, a leading international chemicals business and the chemicals flagship of the PTT Group, is offering unsubordinated, unsecured debentures with a debenture holders' representative, redeemable by the issuer before maturity, to the general public, totaling 17 billion baht. The offering is divided into a 7-year tranche at 2.65% per annum and a 10-year tranche at 3.00% per annum, with subscription open in three periods between 14 and 21 September 2026, rated AA-(tha), through six banks: Bangkok Bank, Krungthai Bank, Bank of Ayudhya, Kasikornbank, Siam Commercial Bank and CIMB Thai Bank. The minimum subscription is 100,000 baht, in multiples of 100,000 baht, with no limit on the subscription amount per investor. Thitipong Chulapornsiridee, GC's Senior Executive Vice President for Finance and Accounting, said the main goal of this offering is to manage the capital structure and liquidity appropriately, with a plan to issue no more than 17 billion baht in debentures to replace company cash that had been set aside to repay debt, which will strengthen financial liquidity and support future business. In the first six months of 2026, GC had net profit of more than 15.4 billion baht and cash and cash equivalents of more than 54 billion baht, while for the full year the company has total debt repayment obligations of 24 billion baht but will issue no more than 17 billion baht in replacement debentures.
PTTGC Highlights allnex China Hub's Potential to Support Specialty Chemicals Business
PTT Global Chemical, or PTTGC, is pressing ahead with rebalancing its business portfolio from petrochemicals toward specialty chemicals through allnex, a global leader in coatings and additives, unveiling the potential of the allnex China Hub in the city of Jiaxing, the most product-diverse manufacturing base in allnex's global network. Currently allnex has six manufacturing bases in China, with sales volume growing from approximately 98,000 tonnes in 2019 to 144,000 tonnes in 2024, an average of about 8% per year, and more than 90% of that sold to customers within China, serving industries ranging from automotive, industrial metals, packaging and electronics to batteries for electric vehicles, solar panels and wind power. Narongsak Jivakanun, Chief Executive Officer of PTTGC, said China today is not merely a large market but is becoming one of the areas that shape the direction of technology and innovation, with roughly 1.8 million patent applications filed in China in 2024, or nearly half of all applications worldwide, and in the first half of 2026 allnex performed better than plan thanks to efficiency improvements and cost reductions. At the same time, allnex has also decided to invest in expanding production capacity for Sagging Control Agent, or SCA, in Map Ta Phut, Rayong Province, which will be allnex's first SCA production base outside Europe, to serve the automotive industries in China and the Asia-Pacific region. This collaboration also prepares the way for PTTGC's MTP Transformation strategy, which aims to elevate Map Ta Phut into the region's hub for high-value, low-carbon chemical businesses in Asia-Pacific.
Xuetian Salt to acquire 100% of Hebei Kuntian; target swung to a net profit of 120 million yuan in the first half
Xuetian Salt, stock code 600929 on the Shanghai Stock Exchange, disclosed a major asset restructuring plan after market close on September 11. It plans to acquire 100% of Hebei Kuntian New Energy Co., Ltd. through a share issuance and cash payment, and to raise supporting funds by issuing shares to no more than 35 specific investors, including its controlling shareholder Hunan Salt Industry Group Co., Ltd. The transaction is expected to constitute a major asset restructuring and a related-party transaction, but not a reverse merger. Trading in the company's shares will resume on September 14. The issue price for the share-issuance portion of the asset purchase has been set at 4.70 yuan per share. The funds raised are intended to pay the cash consideration, intermediary fees, transaction taxes, and the target company's project construction. After the transaction, the controlling shareholder will remain Hunan Salt Industry Group, and the actual controller will remain the Hunan Provincial State-owned Assets Supervision and Administration Commission. The target company, Hebei Kuntian, was established in May 2018 with registered capital of 360 million yuan. Its actual controller is Song Zhitao. It focuses on anode materials for lithium-ion batteries, with its core product being artificial graphite anode materials, and it has three integrated production bases in Hebei, Sichuan, and Yunnan. Unaudited financial data cited in the plan show that Hebei Kuntian's operating revenue for 2024, 2025, and the first half of 2026 was 1.29 billion yuan, 1.997 billion yuan, and 1.412 billion yuan respectively, while net profit was negative 66.17 million yuan, negative 32.59 million yuan, and 120 million yuan respectively, achieving a turnaround to profitability in the first half of 2026. The plan also notes that the audit and valuation work for the transaction has not yet been completed, that the parties have not yet signed a clear performance commitment and compensation agreement, and it flags risks including industry fluctuations, intensifying market competition, and technological upgrades.
Xuetian Salt to Acquire 100% of Kuntian New Energy; Trading Resumes September 14
Xuetian Salt announced on September 11 that its board of directors has approved a plan to purchase assets through the issuance of shares and cash payment, along with a related-party transaction plan to raise supporting funds. Trading of its shares will resume on September 14. Under the plan, Xuetian Salt intends to acquire 100% of the shares of Hebei Kuntian New Energy Co., Ltd. from 54 counterparties including Song Zhitao and Liu Gejun through a combination of share issuance and cash payment. It will also issue shares to no more than 35 specific investors, including Hunan Salt Group Co., Ltd., to raise supporting funds. The transaction is expected to constitute a major asset restructuring and a related-party transaction, but not a reverse merger. Audit and valuation work has not yet been completed, and the valuation and pricing of the target company have not been determined. Kuntian New Energy was founded in May 2018 and is a leading enterprise in lithium-ion battery anode materials. It was previously included in the 2026 Hurun Global Unicorn List, and according to data from the UP2026 China Energy Unicorn Enterprises, its valuation is approximately 12.922 billion yuan. Unaudited financial data shows that in 2024, 2025, and the first half of 2026, Kuntian New Energy's operating revenues were 1.29 billion yuan, 1.997 billion yuan, and 1.412 billion yuan respectively, while net profits were negative 66.1727 million yuan, negative 32.5868 million yuan, and 120 million yuan respectively. In the first half of this year, Xuetian Salt achieved revenue of 2.658 billion yuan, down 2.89% year-on-year, with net profit attributable to the parent company of 79.1813 million yuan, down 9.23% year-on-year. The company stated that after the transaction is completed, it will enter the lithium battery anode sector and strengthen its second growth curve. Due to the planning of the aforementioned transaction, trading of Xuetian Salt shares was suspended from the market open on August 31. Before the suspension, the stock price was 6.04 yuan per share, with a total market value of 9.906 billion yuan.
PTTGC offers two tranches of bonds at 2.65-3% interest, worth up to 17 billion baht
PTT Global Chemical Public Company Limited, or GC, is offering unsubordinated, unsecured bonds with a debenture holders' representative to the general public, divided into two tranches: a 7-year tranche at 2.65% per year and a 10-year tranche at 3.00% per year. Subscription opens in three periods between 14 and 21 September 2026. The bonds have been rated AA-(tha) by Fitch Ratings (Thailand) as of 20 July 2026. This offering plans to issue up to 17 billion baht in bonds to replace company cash that was advanced to repay debt. This year the company has total loan repayments of 24 billion baht. For its operating results in the first six months of 2026, GC had net profit of more than 15.4 billion baht and cash and cash equivalents of more than 54 billion baht. Subscription is divided into a first period between 14-15 September 2026 for holders of the PTTGC296A bonds, a second period between 16-17 September 2026 for the elderly, or those aged 60 and over in 2026, and a third period between 18 and 21 September 2026 for general retail investors, through six leading banks: Bangkok Bank, Krungthai Bank, Bank of Ayudhya, Kasikornbank, Siam Commercial Bank, and CIMB Thai Bank. The minimum subscription value is set at 100,000 baht, in multiples of 100,000 baht, with no limit on the subscription value for each investor.
Shanghai Yahong's controlling shareholder plans ownership change for second time in three months; shares remain suspended next Monday
Shanghai Yahong announced on the evening of September 11 that, because its controlling shareholder Hainan Ningsheng Tourism Group is planning a major matter that may lead to a change in company control, the company's shares will remain suspended from the market open on September 14, with the suspension expected to last no more than three trading days. This is already the second time this year that Shanghai Yahong has suspended trading due to a control change matter. In June this year, the company disclosed that its controlling shareholder was planning an ownership change, but announced termination just one week later. Less than three months after that, Ningsheng Group is seeking to exit again. Ningsheng Group took control of Shanghai Yahong through a share transfer in February 2021, and actual controller Sun Lin also serves as the company's chairman. As of now, Ningsheng Group holds 41.986 million shares of the company, accounting for 29.99% of the total share capital. The current announcement does not disclose specific details such as the counterparty, the transaction method, or the amount involved, nor does it state the suspension end date or the expected resumption time. On the performance front, Shanghai Yahong delivered its first loss-making annual report since listing in 2025, with a net loss attributable to the parent company of 5.2156 million yuan. In the first half of 2026, the loss situation remained unchanged, with the net loss attributable to the parent company continuing at 3.7937 million yuan.
PTTGC targets Allnex to drive EBITDA share to 30% within 4-5 years
PTT Global Chemical, or PTTGC, plans to expand its specialty chemicals business with Allnex as a key driver, aiming to raise the share of earnings before interest, taxes, depreciation and amortization, or EBITDA, from the Allnex business to 30% of PTTGC's total EBITDA within the next 4-5 years, up from about 15% currently. Narongsak Jivakanun, Chief Executive Officer and President of PTTGC, said the company will establish production and investment bases in a hub format in China and India, with the Indian plant due to start production by the end of this year. Allnex's industrial coatings product group will focus on electronics, data centers, high-end technology and electric vehicles, segments that offer high margins. Anish K. Taneja, Chief Executive Officer of Allnex, said growth will be driven through three pillars: internal efficiency improvements, building on the existing customer base and expanding into new customers in markets worldwide, and creating a new corporate culture. Iris Tang, Managing Director of Allnex China, said the industrial coatings market in China accounts for as much as 45% of the global market, with customers such as BYD, Xiaomi, COSCO, SANY and CRR C located in the same strategic area. Meanwhile, the company continues to move forward with establishing a joint venture with SCGC in the olefins and polyolefins business to improve profit margins.
PTTGC says allnex China sales grow to 144,000 tonnes, driving Specialty Chemicals strategy
PTT Global Chemical, or PTTGC, is pressing ahead with rebalancing its business portfolio toward specialty chemicals through allnex, a global leader in coatings and additives, highlighting the potential of the allnex China Hub in Jiaxing, the most product-diverse manufacturing base in allnex's global network. This comes as China is the world's largest industrial coatings market and a market where allnex has operated for nearly 30 years. allnex currently has six manufacturing bases in China, with sales volume growing from about 98,000 tonnes in 2019 to 144,000 tonnes in 2024, an average of roughly 8% per year, with more than 90% sold to customers within China. This serves demand ranging from automotive, industrial metals, packaging and electronics to electric vehicle batteries, solar panels and wind power. Narongsak Jivakanun, Chief Executive Officer of PTTGC, said China today is not just a large market but is becoming one of the areas shaping the direction of technology and innovation for the industries of the future. In the first half of 2026, allnex performed better than planned through efficiency improvements and cost reductions, while allnex in Thailand has decided to invest in expanding production capacity for Sagging Control Agent, or SCA, in Map Ta Phut, Rayong Province, which will be allnex's first SCA production base outside Europe, serving the automotive industries in China and the Asia-Pacific region. This collaboration also prepares for PTTGC's MTP Transformation strategy, which aims to elevate Map Ta Phut into a hub for high-value, low-carbon chemical businesses in the Asia-Pacific region.
PTTGC Pushes allnex to Lift Specialty Chemicals Share to 30% Within 4-5 Years
Narongsak Jivakanun, Chief Executive Officer of PTT Global Chemical Public Company Limited, or PTTGC, disclosed that the company is pressing ahead with rebalancing its business portfolio from a petrochemical base toward specialty chemicals, through allnex, a global leader in coating resins and additives. The goal is to raise the share of the specialty chemicals business from roughly 20% today to 30% within the next 4-5 years, from a portfolio that still consists of about 80% basic chemical products, with China, India and Southeast Asia serving as the engines of growth. This year, allnex accounts for roughly 15-20% of PTTGC group EBITDA, and its operating results have improved from a year earlier in both sales volume and cost management. allnex has operated in China for nearly 30 years, with six production bases, and its sales volume in China rose from about 98,000 tons in 2019 to 144,000 tons in 2024, an average growth rate of roughly 8% per year, with more than 90% of that sold to customers within China, covering the automotive, metals, packaging, electronics, EV battery, solar panel and wind power industries. At present, PTTGC and allnex have about 7-8 joint pilot projects, with PTTGC contributing its operational excellence expertise to help improve production efficiency and cost management, while gaining knowledge in specialty chemicals as well as green and bio-sustainability technology from allnex. This cooperation supports the MTP Transformation plan, which aims to upgrade the Map Ta Phut area in Rayong province into the region's hub for high-value, low-carbon chemical businesses in Asia-Pacific. In addition, allnex Thailand plans to invest in expanding production capacity for Sagging Control Agent, or SCA, at Map Ta Phut, which will be allnex's first SCA production base outside Europe, to serve demand for high-performance coatings in the automotive industry. Narongsak assesses that global energy trends over the next 6-12 months will remain volatile and prices may hold at high levels due to geopolitical factors. The company is therefore focusing on flexible management of both costs and the supply chain, while diversifying raw material sources to reduce risk. For the second half of 2026, the emphasis will be on running plants continuously and using production capacity at full efficiency. At the same time, the company will continue toward its Net Zero target by 2050, preparing for decarbonization and working with the PTT group to invest in carbon capture and storage and CCUS infrastructure.
IVL Q2/2026 Net Profit Surges to 5,961 Million Baht
Indorama Ventures Public Company Limited (IVL) reported its operating results for the second quarter of 2026, with a net profit of 5,961 million baht, reversing from a net loss of 521 million baht in the same period last year. The improvement was driven by all four business segments, particularly the PET business, which benefited from the 'local for local' model and higher China Integrated PET Benchmark Spreads, which rose to 279 US dollars per ton. For the first half of the year, the company reported total revenue of 245 billion baht, up 4% year-on-year, and EBITDA of 29.7 billion baht, up 61%. Net profit stood at 3,144.9 million baht, compared to a loss of 1,833 million baht in the same period last year. The financial position strengthened, with net debt decreasing from 236 billion baht to 226 billion baht, and the net debt-to-equity ratio improving from 1.83 times to 1.56 times. The company expects results to moderate from the exceptionally strong level in Q2/2026, but the underlying outlook remains positive.
Dow explores exit from $20 billion Saudi Aramco venture
Dow Inc. is considering options for its stake in a $20 billion chemicals venture with Saudi Aramco, including a potential exit, according to Bloomberg News. The review is part of Dow's efforts to restructure its portfolio amid a prolonged industry downturn. Dow holds a 35% stake in Sadara Chemical Co., with Saudi Aramco owning the rest. Saudi Aramco could acquire Dow's holding, or other investors might bid. No final decision has been made, and Dow may choose not to proceed.
Tongkun Gets Approval to Register 13 Billion Yuan in Debt Financing Instruments
Tongkun announced that its application to register debt financing instruments totaling no more than 13 billion yuan has been accepted by the National Association of Financial Market Institutional Investors. During the registration validity period, the company may issue in tranches products including super short-term commercial paper, short-term commercial paper, medium-term notes, perpetual notes, asset-backed notes, and green debt financing instruments, and may also issue related products through private placement, with Industrial Bank acting as lead underwriter. The matter was reviewed and approved at the sixteenth meeting of the company's ninth board of directors on April 24, 2026, and approved at the 2025 annual shareholders' meeting on May 20, 2026.