The world talks about TSMC, NVIDIA, and multi-billion-dollar EUV machines. But no chip can exist without another pile of "snacks" almost nobody sees — photoresist, polishing slurry, specialty gases, and metal sheets purified to nine-nines — fed onto the wafer drop by drop across hundreds of steps. Together they're a market of just ~$67 billion — a fraction of the chip value they create — yet some have only 2–3 makers on Earth, and almost all of them are in Japan. This is the truest chokepoint of the chip era.
Dongcai Technology Chairman Tang Anbin Completes Share Reduction, Cashing Out 144 Million Yuan in Three Months
The share reduction plan of Dongcai Technology Chairman Tang Anbin has expired, with a total of 144 million yuan cashed out over three months. According to Dongcai Technology's disclosure, from June 30 to September 29, Tang Anbin reduced his holdings by a cumulative 2.89 million shares through centralized bidding, accounting for 0.29% of the company's total share capital, at prices ranging from 48.56 yuan to 54.31 yuan per share, for a total reduction amount of 144 million yuan. This reduction stemmed from a plan announced in June this year, when Tang Anbin, due to personal funding needs, intended to reduce his holdings by no more than 2.9012 million shares within three months starting June 30, representing 0.29% of total share capital, and ultimately reduced 2.89 million shares. Before the reduction, Tang Anbin held 11.6051 million shares, or 1.15%; after completion, his holdings fell to 8.7151 million shares, with his stake dropping to 0.86%. Born in 1968, Tang Anbin has served as chairman since December 2019, and his pre-tax compensation from the company in 2025 was 2.4613 million yuan. This is not his first reduction; including this one, Tang Anbin's cumulative reduction totals approximately 21.04 million shares, cashing out about 356 million yuan. In addition, several directors and senior executives, including director and general manager Li Gang, have also completed reductions this year. Dongcai Technology focuses on new chemical materials such as optical film materials and electronic materials. In the first half of this year, it achieved operating revenue of 3.095 billion yuan, up 27.29% year-on-year, and net profit attributable to the parent of 312 million yuan, up 63.78% year-on-year.
Nissan Chemical Sets Up Zhangjiagang Semiconductor Materials Unit in China
Nissan Chemical Corporation has approved the establishment of Nissan Chemical Semiconductor materials Zhangjiagang Co., Ltd. in Zhangjiagang City, Jiangsu Province, China, to manufacture and sell anti-reflective coatings and multilayer materials for semiconductors. The new subsidiary carries registered capital of RMB 210 million, or approximately ¥5.00 billion, with initial funding set for October 15, 2026. The move deepens Nissan Chemical's presence in China's semiconductor supply chain by placing production closer to key local customers and demand centers. The roughly ¥5.00 billion capacity build is a focused addition that supports existing guidance rather than reshaping it in the near term, though it tilts the risk mix toward China-specific factors such as local competition and policy or supply chain disruptions. The company's investment case continues to rest on turning specialty chemicals expertise into steady earnings and disciplined shareholder returns, supported by high returns on equity and an active dividend and buyback program.
4021.JP · Capital · Positive Nissan Chemical approves a ~¥5.00 billion investment to build a semiconductor materials subsidiary in Zhangjiagang, China, expanding capacity.
Huate Gas's import-substitution products rise to 57, employee shareholding platform denies cashing out at highs
Huate Gas said at its 2026 semi-annual results briefing on October 8 that the number of products for which it has achieved import substitution has increased from 22 at the time of its IPO to 57, and that it will focus on commercializing high-end electronic specialty gases such as disilane, hydrogen bromide, and boron trichloride. In response to investor questions about continued share reductions by employee shareholding platforms and senior executives, the company said that the three entities, including Xiamen Huahong Duofu, are all pre-IPO employee shareholding platforms established in 2012, and that the reductions were driven by partners' capital planning needs. There was no cashing out at highs or lack of confidence in the company's development, and block trades with certain discounts were chosen to improve reduction efficiency and reduce the impact on the secondary market. The company said its sales pricing comprehensively considers factors such as product costs, market competition, and customers' gas consumption scale, stability, and credit periods, with pricing characterized by case-by-case negotiation. On the performance front, the 2026 semi-annual report published on August 25 showed operating revenue of 872 million yuan, up 28.95 percent year on year; net profit attributable to the parent company of 92.83 million yuan, up 19.16 percent; non-GAAP net profit attributable to the parent company of 89.94 million yuan, up 19.29 percent; and net operating cash flow of 133 million yuan, up 46.93 percent year on year. In the first half, specialty gas business revenue reached 586.04 million yuan, up 38.56 percent year on year, semiconductor segment revenue reached 342.89 million yuan, up 28.22 percent year on year, and helium and related products accounted for about 20 percent of total operating revenue, with revenue up 133 percent year on year.
688268.CG · Capital · Positive H1 2026 revenue rose 28.95% to 872 million yuan and net profit attributable to parent rose 19.16% to 92.83 million yuan.
688268.CG · Demand · Positive Import-substitution products rose from 22 at IPO to 57, with specialty gas and semiconductor segment revenue up 38.56% and 28.22% YoY, signaling growing end-customer adoption.
厦门华弘多福 · Capital · Neutral Xiamen Huahong Duofu, a pre-IPO employee shareholding platform, reduced its stake for partners' capital planning needs, which the company said was not cashing out at highs.
Roshow Technology stated on an interactive platform on October 9 that its 8-inch silicon carbide substrate wafers have begun generating sales. The company said some samples have been sent to leading domestic customers for testing and verification, and that work on capacity building, yield improvement, and market expansion is continuing to advance.
Electrification & Mobility › EV Power Semiconductors (SiC / IGBT) ▲Supply
002617.CS · Demand · Positive Roshow's 8-inch silicon carbide substrate wafers have begun generating sales, with samples sent to leading domestic customers for testing and verification.
Sinoma Science & Technology completes 4.481 billion yuan private placement; Ge Weidong invests 700 million yuan for 13.6187 million shares
Sinoma Science & Technology disclosed on the evening of October 8 the results of its 2025 share issuance to specific investors. The company issued a total of 87.1819 million shares at 51.40 yuan per share to 15 investors, raising 4.481 billion yuan, of which more than 3.1 billion yuan will be used for an electronic fabric expansion project. Institutions dominated this private placement. E Fund Management was allotted 19.8833 million shares worth 1.022 billion yuan, making it the largest subscriber. Caitong Fund and Nuode Fund were allotted 485 million yuan and 427 million yuan respectively. UBS AG, Harvest Fund, and China Life Pension also participated. China National Building Material United Investment, a wholly owned subsidiary of the actual controller China National Building Material Group, was allotted 820 million yuan for 15.9562 million shares, with an 18-month lock-up period. Well-known retail investor Ge Weidong was allotted 13.6187 million shares worth about 700 million yuan. His highest bid of 59.15 yuan per share was the highest offer of the day. Retail investors Zhong Ge and Chen Xuegeng were each allotted 1.9455 million shares worth about 100 million yuan. Of the proceeds, 1.662 billion yuan is planned for a project with annual output of 35 million meters of low-dielectric fiberglass cloth, and 1.475 billion yuan is planned for a project with annual output of 24 million meters of ultra-low-loss low-dielectric fiberglass cloth.
002080.CS · Capital · Positive Completes 4.481 billion yuan private placement, raising funds for electronic fabric expansion projects.
CNBM United Investment Co., Ltd. · Capital · Positive Allotted 820 million yuan for 15.9562 million shares in Sinoma's private placement, with an 18-month lock-up.
中国建材集团有限公司 (China National Building Material Group) · Capital · Positive Its wholly owned subsidiary CNBM United Investment subscribed 820 million yuan in the private placement.
Qiangli New Materials Elects Qian Xiaochun as Chairman, Appoints Zhang Xuelong as President
Qiangli New Materials announced on October 9 that it elected Qian Xiaochun as chairman and appointed Zhang Xuelong as president of the company. The company's sixth board of directors consists of non-independent directors Qian Xiaochun, Guan Jun, Zhang Xuelong, and Yang Jianxin, and independent directors Yang Li, Fan Lin, and Tan Wenhao, with a three-year term. The company also appointed Yang Jianxin and Pan Jingjing as vice presidents, with Pan Jingjing also serving as chief financial officer, Liang Yuqing as board secretary, and Chen Yang as securities affairs representative, all for terms consistent with the board. In the first half of 2026, Qiangli New Materials achieved revenue of 536 million yuan and a net loss attributable to the parent company of 62.31 million yuan.
Kinwong Electronic Expects Q3 Net Profit to More Than Triple; China Jushi Forecasts 100% to 110% Rise for First Three Quarters
On the evening of October 9, multiple listed companies on the Shanghai and Shenzhen exchanges released positive announcements. Kinwong Electronic expects net profit attributable to owners of the parent in the third quarter of 2026 to be between 912 million and 1.089 billion yuan, up 205.46% to 264.74% year on year and up 147.20% to 195.18% quarter on quarter. China Jushi expects net profit attributable to shareholders of the listed company for the first three quarters of 2026 to be between 5.136 billion and 5.393 billion yuan, up 100% to 110% year on year. Hongfuhan expects net profit for the same period to be between 170 million and 200 million yuan, up 108.19% to 144.93% year on year. In mergers and acquisitions, Zerun New Energy plans to acquire no less than 51% equity in Hechuang Intelligent Manufacturing with cash, with the total consideration initially not exceeding 204 million yuan, as a way to quickly enter the thermal management sector. Aerospace Engineering's controlling subsidiary Aerospace Hydrogen Energy plans to acquire a 45% stake in Xinxiang Gas with 191 million yuan of its own funds, raising its shareholding from 55% to 100%. In addition, Li'ang Micro plans to acquire a 3.6221% stake in Jinruihong Microelectronics through public bidding, with a floor price of 269 million yuan, raising its direct shareholding from 57.4403% to 61.0624%. Yuguang Gold and Lead's semiconductor optoelectronic new materials technology industrialization base project is in the preliminary preparation stage, and Daqo Energy has initiated research and development projects around new energy storage equipment and solid-state transformers.
301086.CS · Capital · Positive Hongfuhan expects net profit for the first three quarters of 2026 to rise 108.19% to 144.93% year on year.
600176.CG · Capital · Positive China Jushi forecasts first-three-quarter 2026 net profit up 100%-110% year on year.
603228.CG · Capital · Positive Kinwong Electronic expects Q3 2026 net profit to more than triple year on year.
600531.CG · Technology · Neutral Yuguang Gold and Lead's semiconductor optoelectronic new materials industrialization base is only in preliminary preparation stage.
Dinglong Shares Expects First Three Quarters Attributable Net Profit to Rise 61.72%–65.57% Year-on-Year
Dinglong Shares announced on October 8 that it expects attributable net profit for the first three quarters of 2026 to be approximately 840 million to 860 million yuan, up 61.72% to 65.57% year-on-year. Third-quarter attributable net profit is expected to be approximately 310 million to 330 million yuan, up 49% to 59% year-on-year and up 12% to 19% quarter-on-quarter. Excluding profit from the printing consumables terminal business deconsolidated through an equity transfer, attributable net profit for the first three quarters of this year would rise about 73% year-on-year. The company achieved cumulative operating revenue of approximately 2.915 billion yuan in the first three quarters of 2026, up 8% year-on-year, including CMP polishing pad sales revenue of approximately 1.136 billion yuan, up 43% year-on-year, CMP polishing slurry and cleaning solution sales revenue of approximately 333 million yuan, up 64% year-on-year, and new energy lithium battery functional auxiliary materials sales revenue of approximately 463 million yuan, up 59% year-on-year. In addition, non-recurring gains and losses for the reporting period are expected to be approximately 60 million yuan, mainly due to government subsidies and disposal of non-current assets. In the first half of 2026, Dinglong Shares achieved revenue of 1.925 billion yuan and attributable net profit of 529 million yuan.
Xiongsu Technology Plans Cash Acquisition of Up to 80% Stake in Xinyuan New Materials
Xiongsu Technology disclosed on the evening of October 8 that it intends to acquire no more than 80% of the equity of Shenzhen Xinyuan New Materials Co., Ltd. by cash, after which Xinyuan New Materials will become its controlling subsidiary. The announcement shows that the parties have confirmed the overall valuation of 100% equity of Xinyuan New Materials is tentatively capped at 800 million yuan, with the final valuation, pricing, and specific transaction plan subject to audit and appraisal reports and the formally signed acquisition agreement. The cooperation matters involved in the signed Equity Acquisition Intention Agreement do not constitute a related-party transaction, and preliminary estimates indicate it is not expected to constitute a major asset restructuring. Xinyuan New Materials is a technology enterprise centered on high-thermal-conductivity packaging and interconnect materials, focusing on the research, development, production, sales, and technical services of semiconductor heat-dissipation packaging materials represented by nano-metal products. Xiongsu Technology stated that if the transaction is formally completed, the company's main business will undergo a strategic transformation and upgrade from the research, development, production, and sales of plastic pipes to high-thermal-conductivity semiconductor packaging and interconnect materials, forming a dual-main-business layout.
300599.CS · Capital · Positive Xiongsu Technology plans a cash acquisition of up to 80% of Xinyuan New Materials, a strategic transformation into semiconductor packaging materials.
Xinya Electronic Plans Major Asset Restructuring to Acquire Controlling Stake in Qiyuan Gas and Suspends Trading
Xinya Electronic announced on the evening of October 7 that the company is planning to acquire a controlling stake in Shanghai Qiyuan Gas Development Co., Ltd. through a combination of share issuance and cash payment, along with raising supporting funds. The transaction is expected to constitute a major asset restructuring. Trading in the company's shares will be suspended from the market open on October 8, and the transaction plan is expected to be disclosed within no more than 10 trading days. On the last trading day before the suspension, September 30, Xinya Electronic's share price closed at 9.10 yuan per share, up 10.04 percent, with a total market value of 4.609 billion yuan. The announcement shows that the preliminary counterparty for this transaction is Shanghai Qiyuan Semiconductor Materials Co., Ltd., and the two parties have signed an acquisition intention agreement. Qiyuan Semiconductor is the largest shareholder of Qiyuan Gas, with a direct shareholding ratio of 29.76 percent, and its controlling shareholder Yu Jun is also the actual controller of Qiyuan Gas. Xinya Electronic plans to implement this transaction through share issuance and cash payment, but it does not constitute a related-party transaction or a reverse merger. After the transaction is completed, Qiyuan Semiconductor's shareholding in Xinya Electronic will not exceed 5 percent, and the final counterparty has not yet been determined. Qiyuan Gas was established in 2009 and has completed six rounds of financing. Investors include state-owned investment platforms such as Central Enterprise Rural Industry Investment Fund Co., Ltd. and Feidong County Science and Technology Innovation Industry Investment Partnership, as well as TEMC, a South Korean electronic gas producer. Xinya Electronic's net profit attributable to the parent company for 2023, 2024, 2025, and the first half of 2026 was negative 241 million yuan, negative 236 million yuan, negative 22.2772 million yuan, and negative 11.7108 million yuan, respectively.
Phichem's controlling shareholder and concert parties cash out about 200 million yuan by reducing 5.68 million shares and terminate the reduction plan early
Phichem announced on September 30 that its board of directors had received a notification letter from the controlling shareholder Phichem Holdings and its concert party Zhang Yanxia. As of the disclosure date, the two had cumulatively reduced their holdings in the company by 5,680,075 shares and decided to terminate this share reduction plan ahead of schedule. Shares not yet sold under the plan will no longer be reduced within the remaining period. Based on the average reduction price disclosed in the announcement, the shareholders cashed out approximately 200 million yuan in total from this reduction. The company had pre-disclosed the reduction plan on June 10, 2026. Phichem Holdings and Zhang Yanxia originally planned to reduce their combined holdings by no more than 5,669,464 shares within three months starting 15 trading days after the pre-disclosure announcement, through block trades or centralized bidding, representing no more than 1.00 percent of total share capital. Because the registration of shares vested under the first归属 period of the 2025 restricted stock incentive plan was completed in June 2026, total share capital increased from 566,946,450 shares to 570,033,250 shares, and the planned reduction amount was correspondingly adjusted to no more than 5,700,332 shares, with the proportion of total share capital unchanged. On the same day, the board also received a notification letter from Phichem Holdings and its concert parties Zhang Justin Jicheng, Zhang Alan Jian, Zhang Yanxia, and Xia Shifeng stating that their equity change had reached 1 percent. From May 20, 2025 to September 29, 2026, the combined shareholding ratio of the above shareholders decreased from 22.00 percent to 20.79 percent. Phichem is mainly engaged in the research, development, production, and sales of electronic chemical materials. Its 2026 semi-annual report showed that during the reporting period it achieved total operating revenue of 1.722 billion yuan, up 17.79 percent year on year; net profit attributable to the parent company was 267 million yuan, up 23.20 percent year on year; non-GAAP net profit was 260 million yuan, up 47.19 percent year on year; and net cash flow from operating activities was 478 million yuan, up 101.81 percent year on year.
Critical Materials & Supply Chain › Process Chemicals & Photoresist Capital
300398.CS · Capital · Negative Controlling shareholder and concert parties sold 5.68 million shares for about 200 million yuan, reducing their stake from 22.00% to 20.79%.
Thermoplastic Polyimide Market to Reach USD 0.86 Billion by 2032, MarketsandMarkets Says
The global Thermoplastic Polyimide market is projected to grow from USD 0.56 billion in 2026 to USD 0.86 billion by 2032, registering a CAGR of 7.4% during 2026–2032, according to MarketsandMarkets. Asia Pacific accounted for 35% of the global market in 2025 and is projected to register the highest CAGR of 8.3% during 2026–2032, supported by advanced-material manufacturing in Japan, China, South Korea, India, and Malaysia. Within the market, resin held the largest share by form and is projected to remain the leading form through 2032, while unfilled thermoplastic polyimide held the largest share by product type. Electrical & Electronics accounted for the largest share by end-use industry and is projected to grow at a CAGR of 8.3% through 2032, driven by demand for miniaturized, high-performance components and advanced semiconductor manufacturing. Key players cited include Mitsui Chemicals, SABIC, Mitsubishi Gas Chemical, Solver Polyimide, Huntsman, Jiangsu Junhua HPP, Changzhou Sunchem New Material, Wanhua Chemical, Arakawa Chemical Industries, Arkema, Evonik, and Kingfa Sci. & Tech.
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