The whole raw-materials family: firms that dig up, process and supply the metals, chemicals, cement and packaging that factories turn into finished goods.
Nittetsu Mining Restores Access at Arqueros Copper Mine, Targets Production This Fiscal Year
Nittetsu Mining has restored access at its Arqueros Copper Mine project, where plant construction continues, with management targeting production within the current fiscal year. The update comes after a choppy stretch for the stock, which has retreated 16.01% over the past month while still posting a 27.02% 90 day share price return and a 37.61% year to date share price return. The shares now trade on a P/E of 15.2x based on the last close of ¥3,070, above the JP Metals and Mining industry average P/E of 11.3x and a peer average of 14.3x, a premium the company's 91.5% earnings growth over the past year and improved net profit margin of 7%, up from 4.1%, may help justify. A discounted cash flow estimate of ¥956.03 per share, however, frames the stock as overvalued on that measure, and the company's Return on Equity of 10.5% is described as low. The narrative could break if Arqueros faces fresh project delays or if earnings soften.
Sonoco Amends Credit Agreement, Adds $800 Million in Term Loans
Sonoco Products amended its August 2023 credit agreement on 30 September 2026, adding new US$400 million Tranche A and US$400 million Tranche B term loan facilities. The company used US$500 million of the new capacity to refinance an existing syndicated term loan and extended its debt maturities to 2029 and 2031. The refinancing includes flexible prepayment rights and rating-based interest margins, and it reshapes Sonoco's debt profile and future funding options without increasing near-term principal repayment requirements. The move comes alongside the company's reaffirmed 2026 net sales guidance of US$7.25 billion to US$7.75 billion, with the extended maturities and delayed-draw capacity seen as supporting its profitability performance plan and sustainability-focused packaging initiatives.
SON · Capital · Positive Sonoco amended its credit agreement to add $800M in term loans, refinancing existing debt and extending maturities to 2029/2031 with flexible prepayment rights.
Fulaite Subsidiary Signs 919 Million Yuan Computing Power Service Deal for 60 Months
Fulaite announced on the evening of October 9 that its wholly owned subsidiary Hangzhou Huanzhuo Digital Technology signed a Service Agreement with Client Company A for a term of 60 months, with a total tax-inclusive amount of 919 million yuan, payable monthly by the client. On the same day, the company disclosed that it signed a Maximum Amount Guarantee Contract with Zhejiang Xiaoshan Rural Commercial Bank, providing joint liability guarantee for up to 250 million yuan of financing claims for Hangzhou Huanzhuo. The service is based on the company's May disclosure of IT equipment and server procurement of no more than 850 million yuan, and a staff member from the company's securities department confirmed to reporters that the service is computing power service. Fulaite's main business is disperse dyes. In 2025, its operating revenue was 775 million yuan, down 19.66 percent year on year, and net profit attributable to the parent company was 44.86 million yuan, up 103.74 percent year on year. In the first half of 2026, operating revenue was 495 million yuan, up 28.55 percent year on year, and net profit attributable to the parent company was 40.11 million yuan, up 19.47 percent year on year. The announcement cautioned that the service period is long and does not constitute a performance commitment or forecast. If Client Company A's operations deteriorate or cash flow tightens and it is unable to pay fees on time, there will be a risk of bad debt losses.
605566.CG · Demand · Positive Wholly owned subsidiary Hangzhou Huanzhuo signed a 919 million yuan, 60-month computing power service agreement with Client Company A, a concrete new order.
605566.CG · Capital · Neutral Company provided a joint liability guarantee of up to 250 million yuan for Hangzhou Huanzhuo's bank financing, a contingent liability tied to the deal.
杭州寰卓数字科技有限公司 · Demand · Positive Hangzhou Huanzhuo Digital Technology is the subsidiary signing the 919 million yuan computing power service deal.
Zhejiang Xiaoshan Rural Commercial Bank · Capital · Neutral Zhejiang Xiaoshan Rural Commercial Bank receives a guarantee contract for up to 250 million yuan of financing claims, a routine credit exposure.
Xinfengming's first-half net profit doubled but no dividend, operating cash flow net amount at negative 2.788 billion yuan
Xinfengming held its 2026 semi-annual results briefing on October 9, responding to questions about improved first-half performance without profit distribution, and a sharp decline in operating cash flow despite a surge in net profit. In the first half, the company achieved operating revenue of 40.691 billion yuan, up 21.50 percent year on year; net profit attributable to the parent company was 1.439 billion yuan, up 103.16 percent year on year. However, net cash flow from operating activities was negative 2.788 billion yuan, a sharp year-on-year decline. The company said this was mainly related to an increase in inventory goods and reflected a phase-specific operating characteristic. Regarding the decision not to distribute profits for the 2026 semi-annual period, Xinfengming said the industry it operates in is a heavy-asset, cyclical industry, and that it will formulate a reasonable cash dividend mechanism by combining its cash dividend policy and fully considering cash flow, capital expenditure, and other factors. The company's financial expenses in the first half rose 26.05 percent year on year, mainly due to an increase in exchange gains and losses and a decrease in interest income, with relatively little impact from the progress of overseas projects. Regarding the 360,000-ton project in Egypt, the company said total investment is about 280 million US dollars, funded by its own capital plus overseas bank financing. It has completed overseas investment filings with the National Development and Reform Commission and the provincial commerce department and obtained the overseas investment certificate, though construction progress involves some uncertainty. In addition, on October 8 the company disclosed share reduction results: Vice President Shen Jianyu reduced holdings by 720,000 shares, accounting for 0.0429 percent of total share capital; Vice President Xu Jizhong reduced holdings by 120,000 shares, accounting for 0.0072 percent of total share capital; and employee representative director, vice president, and board secretary Yang Jianfei has not yet implemented any reduction.
Sirui Advanced Materials delays rocket engine materials project phase one by one year, increases phase two investment to 465 million yuan
Sirui Advanced Materials has disclosed an announcement adjusting its industrialization project for liquid rocket engine thrust chamber materials, parts, and components. The first phase, a raised-fund project, has had its scheduled ready-for-use date postponed from December 2026 to December 2027. The investment content, total investment, implementing entity, and implementation site remain unchanged. The current investment progress is 24.67 percent, with the delay attributed to site constraints, equipment procurement, and commissioning factors. The second phase, funded by self-raised capital, has had its plan adjusted. The implementation site has been relocated from No. 12 Zhangba Seventh Road, High-tech Zone, Xi'an, Shaanxi Province, to an area south of Hengyi Road, north of Heng'er Road, east of Zongyi Road, and west of Xianhu Road in Fengxi New City, Xixian New Area, Shaanxi Province. The implementing entity has been changed from the company to its wholly owned subsidiary Shaanxi Sirui New Materials Power Technology Company Limited, while the production capacity plan remains unchanged. Due to increased supporting investment such as land acquisition and plant infrastructure at the new site, the second phase investment amount has been adjusted from the original 280 million yuan to 465 million yuan. The funding source remains self-raised capital, and the construction period has been extended from two years to four years. The project's original planned total investment was 510 million yuan, of which phase one was planned at 230 million yuan and phase two was originally planned at 280 million yuan. The company cautioned that after self-raised capital is invested, the asset scale will expand in the short term. Affected by asset dilution, return on equity may decline in the short term, and during the construction period the project will temporarily be unable to generate effective output, contributing limited profit to operations.
688102.CG · Capital · Negative Phase one of its rocket engine materials project is delayed a year and phase two capex is raised to 465 million yuan, with ROE dilution flagged.
Yaopi Glass shareholder China Composites plans to cut stake by no more than 2.8%
Yaopi Glass announced that shareholder China Composites Group Corporation, which holds more than 5% of the company, plans to reduce its stake. The reduction period runs from November 3, 2026 to February 2, 2027, through centralized bidding and block trades. The proposed reduction is no more than 2.80% of the company's total share capital, or no more than 27.3492 million shares.
600819.CG · Capital · Negative A >5% shareholder plans to cut its stake by up to 2.80% of total share capital, a share-supply/overhang event for Yaopi Glass.
China Composites Group Corporation Limited · Capital · Neutral China Composites Group is the shareholder planning to reduce its Yaopi Glass stake by no more than 2.80%; the move is its own portfolio action with no clear positive or negative read for the company itself.
ST Tongde and subsidiary have overdue principal and interest of 829 million yuan, pre-reorganisation enters court's initial review stage
ST Tongde (002360.SZ) disclosed in an announcement on 7 October that as of 29 September, the company and its wholly owned subsidiary Tongde Sci-Tech had total overdue debt principal and interest of 829 million yuan, including overdue principal of 778 million yuan and interest of 51.5628 million yuan, with the overdue principal accounting for 85.62% of audited net assets at the end of 2025. A company source told China Business Journal that the company has now entered a critical stage of pre-reorganisation, relevant agreements have been signed, all application materials have been completed and submitted, and the matter is currently in the court's initial review process. The overdue debt began with a first default of 30.8209 million yuan in principal in April 2025, the first interest arrears appeared at the end of May 2025, overdue principal exceeded 300 million yuan at the end of November, and since 2026 multiple banks, financial leasing firms and other financial creditors have successively initiated litigation and asset preservation procedures. In April 2026, a creditor applied for pre-reorganisation on the grounds that the company was unable to repay maturing debts but its core civil explosives assets had reorganisation value. The Intermediate People's Court of Xinzhou, Shanxi Province accepted the pre-reorganisation filing and registration in accordance with the law and publicly recruited reorganisation investors. In July 2026, the court ruled to extend the pre-reorganisation period to 20 October. The company said current production and operating order is generally normal, with no work stoppages or production halts, and it plans to adjust assets, liabilities, personnel structure, share capital and business through judicial reorganisation.
002360.CS · Capital · Negative Company and subsidiary have 829 million yuan of overdue debt principal and interest, with overdue principal at 85.62% of net assets, triggering creditor litigation and pre-reorganisation proceedings.
Yaopi Glass shareholder China Composites Group plans to cut stake by no more than 2.8%
Yaopi Glass announced on October 11 that China Composites Group Corporation, a shareholder holding 5.62% of the company, plans to reduce its holdings by no more than 27.3492 million shares through centralized bidding and block trading, with the reduction not exceeding 2.8% of the company's total share capital.
600819.CG · Capital · Negative A 5.62% shareholder plans to cut its stake by up to 2.8% of total share capital, a negative capital/ownership event for Yaopi Glass.
China Composites Group Corporation Limited · Capital · Neutral China Composites Group plans to reduce its Yaopi Glass holdings by up to 27.35 million shares (2.8% of capital); the impact on the shareholder itself is unclear.
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.
Almonty Industries Clears Final Regulatory Hurdle at Sangdong Tungsten Plant
Almonty Industries has cleared the final regulatory hurdle for commercial operations at its Sangdong processing plant in South Korea, opening the door to tungsten concentrate sales under a long-term offtake agreement. More than 90% of Phase I output is already committed to Global Tungsten & Powders for 21 years, and the certification arrives while tungsten prices are described as being at historic highs. The stock has been volatile, with a 30 day share price return down 35.24% and a 7 day move lower by 11.42%, though the year to date share price return is 34.89% and the 1 year total shareholder return is 53.16%. Almonty closed at $11.87, while the most followed narrative points to a fair value of $15.26 using a 9.15% discount rate. The main condition for success is the ramp up and optimization of Sangdong and Los Santos, alongside effective use of the US$800m convertible notes and the Rwanda joint venture.
ALM · Regulation · Positive Almonty cleared the final regulatory hurdle for commercial operations at its Sangdong tungsten processing plant, opening the door to tungsten concentrate sales.
Global Tungsten & Powders · Demand · Positive Global Tungsten & Powders holds a 21-year offtake agreement for over 90% of Sangdong Phase I output, securing committed tungsten concentrate supply.
Jiangxi Copper Signs New Three-Year JCC Group Supply Deal
Jiangxi Copper has signed a new three-year supply and services agreement with JCC Group covering copper products, other metals, auxiliary materials and a wide range of industrial support services. The agreement adds another operational reference point for investors watching how sentiment shifts around future cash flows and risk, with the stock trading at HK$33.22 after a 30 day share price return down 15.43% and a year to date share price return down 23.95%, even though the 3 year total shareholder return is up about 3.3x. On valuation, Jiangxi Copper trades on a P/E of 8.4x, below the Hong Kong Metals and Mining industry average P/E of 10.1x and a peer average of 10.9x, and below an estimated fair P/E of 9.1x, with profit growth of 54.1% over the past year and 10.9% per year across five years. A Simply Wall St discounted cash flow model compares the HK$33.22 share price with an estimated future cash flow value of HK$62.35, framing the stock as materially undervalued. Risks remain if copper or gold demand weakens, or if project and service costs rise faster than the company can pass them on.
600362.CG · Demand · Positive Jiangxi Copper signed a new three-year supply and services agreement with JCC Group covering copper products and other metals, adding an operational reference point for future cash flows.
Jiangxi Copper Group (JCC Group) · Demand · Positive JCC Group is the counterparty to the new three-year supply and services agreement for copper products, other metals and industrial support services.
Aura Minerals Hits Record Q3 Output of 95,557 Gold Equivalent Ounces
Aura Minerals reported record preliminary Q3 2026 production of 95,557 gold equivalent ounces, its highest-ever quarterly and nine-month output across six operating mines. The result was driven by sharp gains at MSG and strong performances at Borborema and Aranzazu. The company said production and sales growth remained strong even after adjusting for metal prices, while construction and development at the Era Dorada project continued on schedule. Aura Minerals also recently secured a new US$200 million syndicated loan facility to help finance supplier payments and prepay production costs while advancing its growth pipeline. The company's narrative projects $2.3 billion in revenue and $1.0 billion in earnings by 2029, requiring 21.0% yearly revenue growth and roughly a $701 million earnings increase from $298.6 million today.
AUGO · Supply · Positive Record Q3 output of 95,557 gold equivalent ounces driven by gains at MSG, Borborema and Aranzazu, with Era Dorada development on schedule.
AUGO · Capital · Positive Secured a new US$200 million syndicated loan facility to finance supplier payments and prepay production costs.
Minfeng Special Paper's first-half net profit falls 55.11%, says second-half operating trend improving
Minfeng Special Paper held an online briefing on its 2026 first-half results and cash dividend on October 8, responding to investor concerns about the earnings decline, gross margin trends across its three major businesses, and industry response measures. According to the semi-annual report disclosed on August 25, the company's first-half operating revenue was 608 million yuan, up 1.13% year on year; net profit attributable to the parent was 6.77 million yuan, down 55.11% year on year; net profit attributable to the parent after deducting non-recurring items was 3.16 million yuan, down 78.98% year on year; net operating cash flow was 4.65 million yuan, down 71.75% year on year. The company plans to distribute a cash dividend of 0.1 yuan per 10 shares, tax included, to all shareholders. The company explained that the decline in results was mainly due to intense competition in its leading products, a year-on-year decline in average gross margin, and the fact that after the phase one and phase two projects were transferred from construction in progress to fixed assets, the interest on project loans was no longer capitalized and was fully recorded in financial expenses. As for whether the second half can be turned around, the company said the overall operating trend is improving, and it is working hard on cost reduction, efficiency improvement, and market expansion. Specific results will be detailed in the third-quarter report to be disclosed on October 21. By business segment, in 2025 main business revenue was 1.181 billion yuan with a gross margin of 15.40%, of which cigarette paper series revenue was 540 million yuan with a gross margin of 25.16%, industrial supporting paper revenue was 490 million yuan with a gross margin of 9.85%, and tracing paper was 150 million yuan with a gross margin of negative 2.09%. In the first half of 2026, main business revenue was 575 million yuan, down slightly year on year, with a gross margin of 16.81%, including 28.02% for cigarette paper series, 9.57% for industrial supporting paper, and 3.72% for tracing paper. The company said it has improved production efficiency through intelligent manufacturing and digital transformation, completing 171 sample submissions in the first half, with cigarette paper for 10 new cigarette products passing user technical evaluation.
600235.CG · Capital · Negative First-half net profit fell 55.11% year on year on lower gross margin and higher financial expenses after project loans stopped being capitalized.
600235.CG · Competition · Negative Company attributed the earnings decline mainly to intense competition in its leading products.
China Jushi Expects First Three Quarters Attributable Net Profit to Double Year-on-Year to 5.136 Billion to 5.393 Billion Yuan
China Jushi released a positive profit alert on October 9, expecting attributable net profit for the first three quarters of 2026 to reach 5.136 billion to 5.393 billion yuan, an increase of 2.568 billion to 2.825 billion yuan compared with the same period last year, up 100% to 110% year-on-year. The company also expects attributable net profit excluding non-recurring items to be 5.225 billion to 5.486 billion yuan, likewise up 100% to 110% year-on-year. The main reason for the expected profit growth is that demand in major downstream application areas for fiberglass increased in the first three quarters of 2026, with both product volume and prices rising. The company improved profitability by accelerating product structure optimization, strengthening technological innovation, and expanding market development. In the first half of this year, China Jushi already achieved revenue of 11.159 billion yuan, up 22.5% year-on-year, and attributable net profit of 2.933 billion yuan, up 73.9% year-on-year. In the secondary market, the stock rose from around 10 yuan to more than 77 yuan since last year, then entered a pullback. The latest price is 38.57 yuan, roughly halved from its high point in June this year.
600176.CG · Demand · Positive Fiberglass demand in major downstream applications increased, driving both volume and prices higher and doubling expected net profit.
Prebaked Anode Prices Rise for Second Consecutive Month, Hitting Three-Year High
Domestic prebaked anode prices have risen for the second consecutive month, reaching a near three-year high. A reporter from Cailian Press recently learned from the industry chain that a large electrolytic aluminum plant in Shandong raised its October 2026 prebaked anode procurement benchmark price by 400 yuan per tonne compared with September, implementing a cash price of 6,130 yuan per tonne. This marks the second consecutive monthly increase since the 100 yuan per tonne rise in August. Currently, prebaked anode market prices in the Shandong region have climbed to between 6,130 yuan and 6,430 yuan per tonne, up about 25 percent year on year, the highest since February 2023. The direct driver of this round of price increases is raw material costs. Coal tar pitch remains at elevated prices due to tight supply of high-temperature coal tar, while petroleum coke prices have also rebounded in some areas. Data from Longzhong Information shows that petroleum coke prices have risen from about 2,500 yuan per tonne at the start of the year to above 3,100 yuan per tonne by the end of September. Global downstream consumption continues to expand, and domestic demand in new energy sectors such as power batteries and energy storage remains strong, directly boosting domestic aluminum consumption and providing rigid support for prebaked anodes. As the world's leading commercial prebaked anode producer, Sunstone Development has 4.06 million tonnes of prebaked anode production capacity in operation in 2026, with an additional planned capacity of about 1.12 million tonnes under preparation. The company said that with cost control measures such as centralized petroleum coke procurement and intelligent blending, as well as scale advantages, its profit margin is expected to be further optimized.
603612.CG · Pricing · Positive Prebaked anode prices hit a three-year high on rising raw material costs, and Sunstone as the leading producer expects its profit margin to be further optimized via cost control and scale.
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.
Gao Song, son-in-law of Jianxin Chemical's chairman, appointed as board secretary; formerly chief defense industry analyst at CITIC Securities
Jianxin Chemical announced that company general manager and board secretary Chen Xuewei has resigned from the board secretary role due to internal work adjustments, while continuing to serve as general manager. As of the announcement disclosure date, he holds 6,847,219 shares of the company, accounting for 1.22% of total share capital. This is the second time Chen Xuewei has stepped down from the role. He had served concurrently as board secretary for nearly seven and a half years starting in December 2007, stepped down in May 2015, and was reappointed in August 2022, serving until his recent departure. On October 9, 2026, at the fourth meeting of the company's seventh board of directors, following nomination by the chairman and qualification review by the nomination committee, the board approved the appointment of Gao Song as board secretary, with a term from the date of board approval until the end of the seventh board's term. Gao Song was born in 1984. He holds a bachelor's degree in automotive engineering from Tsinghua University and a master's degree in mechanical engineering from the Technical University of Munich in Germany. From October 2007 to September 2009, he served as assistant manager for Asia-Pacific procurement in the global purchasing department of BMW. From September 2009 to June 2018, he worked at CITIC Securities, serving successively as senior analyst for the automotive industry and chief analyst for the defense industry. Since December 2018, he has served as assistant to the chairman of Jianxin Chemical. Gao Song is the son-in-law of Zhu Shouchen, the company's controlling shareholder and actual controller, and the husband of company director Zhu Zerui.
Nucor Shares Rise 1.7% as Analysts Lift Estimates Ahead of October 26 Earnings
Nucor closed at $250.33, up 1.7% on the day, outpacing the S&P 500's 0.6% gain. The steel producer is scheduled to report earnings on October 26, 2026, with analysts projecting $5.85 per share, a 122.43% year-over-year increase, on revenue of $10.53 billion, up 23.57%. For the full year, the Zacks Consensus Estimates forecast earnings of $18.89 per share and revenue of $40.57 billion, representing changes of +145.01% and +24.87%, respectively. Over the past month, the consensus EPS estimate has moved 5.22% higher, and Nucor currently carries a Zacks Rank #3 (Hold). The stock trades at a Forward P/E ratio of 13.03, in line with its industry, and a PEG ratio of 0.87.
Avino Silver Outperforms Market as Earnings Report Nears
Avino Silver (ASM) rose 1.65% to $5.55 in its latest close, outpacing the S&P 500's 0.6% gain, while the Dow added 0.83% and the Nasdaq climbed 0.64%. The stock has fallen 23.32% over the past month, underperforming the Basic Materials sector's 9.48% loss and the S&P 500's 1.34% gain. Ahead of its forthcoming earnings report, the company's projected EPS is $0.07, steady versus the same quarter last year, with consensus revenue estimated at $36.5 million, up 73.48% year over year. For the full year, Zacks Consensus Estimates anticipate earnings of $0.29 per share and revenue of $129.2 million, shifts of 0% and +40.09% respectively. The Zacks Consensus EPS estimate has moved 9.38% upward over the past month, and Avino Silver currently carries a Zacks Rank #3 (Hold) with a Forward P/E of 19.16, a premium to its industry's average of 11.89.
UBS Upgrades ArcelorMittal to Buy on European Steel Price Rally
UBS upgraded ArcelorMittal to Buy from Neutral with a €71 price target, raised from €61, sending the steel producer's shares up 4.6% in Friday's trading. The bank said it expects a large rally in European Union steel prices over the next six months and noted the shares have shed nearly 20% of their value during the past month, leaving the stock oversold and sensitive to any positive catalyst. UBS analyst Andrew Jones calculated that ArcelorMittal shares are fairly valued at roughly €750 per ton spot hot-rolled coil, but free cash flow yields rise to 6% to 8% at €820 to €850 per ton HRC despite substantial growth capital expenditures, with every €10 per ton increase in the European price adding about $325M to the company's EBITDA and about $250M to free cash flow. Jones added that ArcelorMittal Eisenhüttenstadt resumed operations at its blast furnace this week, signaling a gradual normalization of European production capacity after a period of curtailments and disruptions. While noting risks to North American HRC pricing and import risk in Brazil and India, Jones said ArcelorMittal is gaining most of the market share from import displacement and is the most liquid play on the European growth theme.
MT.AS · Capital · Positive UBS upgraded ArcelorMittal to Buy with a €71 price target, citing an expected EU steel price rally and oversold shares.
MT.AS · Supply · Positive ArcelorMittal Eisenhüttenstadt resumed blast furnace operations, signaling normalization of European production capacity after curtailments.
Caledonia Mining Cuts 2026 Blanket Output Guidance, Raises Cost Outlook
Caledonia Mining lowered its full-year production guidance for the Blanket mine in Zimbabwe and raised its cost outlook after third-quarter gold output fell 11% year over year to 19,106 oz. The company attributed the decline to a shortage of compressed air at certain high-grade, high-volume mining areas and the temporary retention of gold within the processing circuit, and said it expects production to normalize during the fourth quarter as two new compressors have been deployed and the last two have been released from port and are being transported to the mine. For fiscal 2026, Caledonia cut Blanket production guidance to a range of 69,000-72,500 oz from a previous outlook of 72,000-76,500 oz, implying fourth-quarter production at Blanket of 19,800-23,300 oz. Reflecting the lower expected volumes, the company raised full-year on-mine cost guidance to $1,700-$1,900 per oz sold from a prior view of $1,600-$1,800 per oz sold, and hiked all-in sustaining cost guidance to $2,650-$2,850 per oz sold from an earlier forecast of $2,500-$2,700 AISC. CEO Mark Learmonth said that although guidance for 2026 has been revised to reflect the third-quarter performance, Blanket remains a robust and cash-generative operation. Shares fell 2.6% in Friday's trading.
European UnionGermanyUnited KingdomFranceUnited StatesChinaMexicoBrazil+1
Materials▲
European Commission Names Two AMG Lithium Projects CRMA Strategic Projects
AMG Critical Materials N.V. announced that the European Commission has designated two of AMG Lithium's activities as Critical Raw Materials Act Strategic Projects 2026. The two designations cover AMG's lithium refinery in Bitterfeld, named a European Lithium Refining and Recycling Hub, and Zinnwald Lithium, recognized for Integrated Extraction and Processing. CEO Dr. Heinz Schimmelbusch said the decision affirms AMG's strategy of building an independent lithium supply chain for Europe and reducing dependence on foreign supply chains. The Commission's recognition means the projects will directly contribute to benchmarks set in the Critical Raw Materials Act, which aims by 2030 to increase the EU's competitiveness and resilience while decreasing dependency on any single supplier. AMG, listed on Euronext Amsterdam and Deutsche Börse, employs approximately 3,500 people and operates production facilities in Germany, the United Kingdom, France, the United States, China, Mexico, Brazil, and India.
AMG.AS · Regulation · Positive European Commission designated two AMG Lithium projects as Critical Raw Materials Act Strategic Projects, supporting its independent lithium supply chain strategy.
Zinnwald Lithium plc · Regulation · Positive Zinnwald Lithium was recognized by the European Commission as a CRMA Strategic Project for Integrated Extraction and Processing.
Solstice to Invest $49 Million in Buffalo R&D Expansion
Solstice Advanced Materials announced plans to invest $49 million to expand research and development capabilities at its Buffalo, New York facility. The investment is supported by up to $1.4 million in performance-based tax credits from New York State through the Excelsior Jobs Program, administered by Empire State Development. The project will establish a next-generation innovation platform at the Buffalo research campus, including expanded refrigerant and thermal management research, enhanced toxicological testing, and a new lab for advanced energy storage materials. Solstice has committed to creating 12 new full-time positions at the Buffalo facility by June 2027. The site employs approximately 180 scientists, engineers and support staff and has generated more than 3,700 patents globally since opening in 1955.
McEwen to Sell Ontario Properties to Discovery Mining in $55M Cash-and-Stock Deal
McEwen agreed to sell its Fuller and Paymaster properties in Timmins, Ontario, to Discovery Mining subsidiary Dome Mine for $55M, comprising $5M in cash and $50M in Discovery common shares. The sale includes Lexam VG Gold's wholly-owned Fuller property, its 60% interest in the Paymaster property held in joint venture with Dome, and a surface rights parcel owned by VG Holdings; both properties are part of McEwen's Fox complex land position in the Timmins mining district. McEwen said it plans to use the sale proceeds to invest across its operations and development projects to support a goal of producing 250K–300K gold equivalent oz annually by 2030 with minimal to no share dilution. The company said its operations and development at the Fox complex will remain centered on the Froome, Stock and Grey Fox properties. McEwen shares gained 4.5% in Friday's trading.
MUX · Capital · Positive McEwen agreed to sell its Fuller and Paymaster properties for $55M in cash and Discovery shares, funding operations and development with minimal dilution.
Axalta Coating Systems Eyes Another Earnings Beat With Positive ESP
Axalta Coating Systems is positioned to potentially extend its earnings-beat streak when it reports next on October 29, 2026. The high-performance coating maker has topped consensus estimates by an average of 11.38% over the last two quarters, most recently posting $0.72 per share against an expected $0.65, a surprise of 10.77%, after an earlier $0.56 versus $0.5, a surprise of 12.00%. The company currently carries a Zacks Earnings ESP of +0.51% alongside a Zacks Rank #2 (Buy), a combination that Zacks research says produces a positive surprise nearly 70% of the time. Zacks notes that a negative Earnings ESP reading does not indicate an earnings miss but does reduce the metric's predictive power.
AXTA · Capital · Positive Axalta carries a positive Zacks Earnings ESP and Rank #2 (Buy), positioning it to extend its earnings-beat streak on October 29, 2026.
Avient CEO Khandpur Departs; Reaffirmed Guidance Sends Shares Down 8%
Avient Corp announced an abrupt leadership transition, naming former UPL Corporation head Mike Frank as Chief Executive Officer to succeed Dr. Ashish K. Khandpur, who will remain as an advisor through year-end. Lead Independent Director Richard H. Fearon was appointed Non-Executive Chairman. The specialty materials producer also merely reiterated its third-quarter and full-year 2026 financial targets previously updated in August, opting not to raise forecasts ahead of its November 4 earnings release. Avient had raised its full-year adjusted EPS target in August to a range of $3.10 to $3.25, representing 10% to 15% growth over the prior year, against a current Wall Street consensus of $3.20 per share. Shares of Avient tumbled over 8% on Friday morning on the news. Incoming CEO Mike Frank brings over three decades of specialty chemicals experience, including a 25-year tenure at Monsanto and leadership of UPL Corporation and Nutrien Ag Solutions.
Barclays Initiates SpaceX at Overweight With $254 Price Target
Barclays initiated coverage of SpaceX with an Overweight rating and a $254 price target, part of a broad rollout of coverage across the aerospace and defense group in which the firm said the U.S. is in the "early innings of a modern day industrial revolution." In the same sweep, Barclays started RTX, Palantir, Kratos Defense, Karman, DPC Holdings, CAE, Beta Technologies and Rocket Lab at Overweight, Planet Labs, FireFly Aerospace, AeroVironment, York Space Systems and Lockheed Martin at Equal Weight, and Northrop Grumman at Underweight. Among other calls, Baird upgraded Humana to Outperform from Neutral with a price target of $596, up from $390, citing greater confidence in the company's $35-plus of 2028 adjusted earnings per share power, while Morgan Stanley double upgraded Cboe Global Markets to Overweight from Underweight with a price target of $358, up from $258. On the downgrade side, JPMorgan cut DuPont to Neutral from Overweight with a price target of $145, down from $172, and removed the stock from its Analyst Focus List, and also downgraded Illinois Tool Works to Neutral from Overweight with a price target of $270, down from $350, both on concerns around decelerating short cycle industrial demand into 2027. Citi downgraded Pershing Square Inc. to Sell from Neutral with an unchanged price target of $45 on valuation, and RBC Capital downgraded Knife River to Sector Perform from Outperform with a price target of $58, down from $103. Other initiations included Truist starting IBM at Hold with a $240 price target, Citi starting Fortune Brands at Buy with a $48 price target, Freedom Broker starting Ultra Clean at Buy with a $127 price target, and JPMorgan resuming Trane at Overweight with a $550 price target.
EM&T Raises Fiscal 2026 Revenue Guidance 62% to $11 Million, Reaffirms $460 Million Fiscal 2027 Outlook
Evolution Metals & Technologies Corp. raised its fiscal 2026 revenue guidance to $10 million to $11 million, up from the previous range of $5 million to $8 million issued on September 10, 2026, a 62% increase at the midpoint. The company also reaffirmed its fiscal 2027 revenue guidance of $400 million to $460 million, whose $430 million midpoint represents roughly 41 times the raised fiscal 2026 midpoint. The Miami-based critical materials and advanced manufacturing company said the raise reflects an expanded ex-China rare earth feedstock position, improved rare earth pricing and continued strong commercial demand. Thirteen additional ULVAC sintered magnet production machines are scheduled for delivery in October 2026 and will be installed immediately after delivery in Pohang, Republic of Korea, where they are expected to lift annual magnet production capacity above 10,000 metric tons, including approximately 6,000 metric tons of high-performance sintered magnets. Chief Executive Officer Frank Moon said the company will showcase what it believes is the largest commercial magnet facility in the world, ex-China, on December 17, 2026, and President Andrew Knaggs pointed to DFARS 252.225-7052, which is expected to extend the mine-to-magnet restriction across the entire neodymium-iron-boron magnet supply chain beginning January 1, 2027.
Corteva Completes Spin-Off of Seed Business Into Vylor
Corteva has completed the spin-off of its seed operations into a separate entity called Vylor Inc., leaving the company focused on crop protection products and digital agriculture services while Vylor assumes the seed portfolio. Legal challenges have emerged questioning how PFAS-related obligations are allocated between Corteva and Vylor after the separation. Corteva now operates as a pure-play agriculture group across the US and multiple international regions, and its inclusion in the S&P 400, Russell Small Cap Comp Value Index and S&P 1000 moves it into a different peer group. Investors will be watching the first full year of post-spin financials to see whether the crop protection and digital operation delivers on its standalone revenue base of about US$7.5b and projected US$1.4b EBITDA for 2025.
CTVA · Capital · Neutral Corteva completed the spin-off of its seed business into Vylor, leaving it a pure-play crop protection/digital ag company with ~$7.5b revenue and $1.4b EBITDA projected for 2025.
CTVA · Regulation · Negative Legal challenges question how PFAS-related obligations are allocated between Corteva and Vylor after the separation.
VYLR · Capital · Neutral Vylor Inc. was created via the spin-off and assumes Corteva's seed portfolio, but faces legal questions over PFAS obligation allocation.
UBS Names Newmont, Barrick, Endeavour Among Preferred Gold Mining Stocks for 2027
UBS has identified its preferred gold mining stocks as the sector navigates volatile conditions following a turbulent 2026, recommending selective exposure to gold equities heading into third-quarter results and 2027 guidance. The bank expects sustained energy and broader cost pressures to drive higher unit costs in 2027, though it notes gold valuations are generally reasonable and margins remain attractive if prices hold above $4,000 per ounce. Newmont is UBS's preferred senior producer, cited for clarity on cash returns, low probability of mergers and acquisitions, and modest improvement in operating outlook; the Nevada Gold Mines dispute with Barrick is now resolved, with Newmont paying $1.95 billion to bring Fourmile, Fiberline and Mike into the joint venture under a modernized agreement. UBS also favors Barrick, whose relative performance and valuation reflect that outcome, and Endeavour, whose spot free cash flow yield exceeds 10 percent with a further step-up in cash returns expected in 2026 and roughly 40 percent growth over 2025-2029 through the Assafou project in Ivory Coast. The list also includes SSR Mining, where the investment case has shifted to delivery, life extensions and deployment of over $2 billion of cash with production sustainable just below 500,000 ounces per annum of gold equivalent, plus Skeena Resources, which secured key permits for the Eskay Creek project in February, and Franco-Nevada, where the Cobre Panama restart remains mostly unpriced and the stock trades at approximately 15 times spot 2028 enterprise value to EBITDA versus its five-year average of 21.5 times.
NEM · Capital · Positive UBS's top preferred senior gold producer, cited for cash-return clarity, low M&A probability, and modest operating improvement after paying $1.95B to resolve the Nevada Gold Mines dispute.
B · Capital · Positive UBS names Barrick a preferred gold miner, citing relative performance and valuation reflecting the resolved Nevada Gold Mines dispute.
Endeavour Financial · Capital · Positive UBS names Endeavour among its preferred gold mining stocks, citing >10% spot free cash flow yield and expected step-up in cash returns.
FNV · Capital · Positive UBS includes Franco-Nevada as preferred, noting the mostly unpriced Cobre Panama restart and attractive EV/EBITDA versus its five-year average.
SKE · Capital · Positive UBS lists Skeena Resources as preferred after it secured key permits for the Eskay Creek project.
SSRM · Capital · Positive UBS includes SSR Mining as preferred, with its case shifting to delivery, life extensions, and deployment of over $2B cash.
European UnionGermanyAustriaSwedenNetherlandsLuxembourg
Materials▲
UBS Upgrades Salzgitter, ArcelorMittal and voestalpine to Buy on EU Steel Quotas
UBS upgraded European steelmakers Salzgitter, ArcelorMittal and voestalpine to buy from neutral on Friday and kept its buy rating on SSAB, saying new EU import quotas that remove about 9 million tonnes of annual imports will tighten supply after a recent pullback in the shares. The broker set price targets of 71 euros for ArcelorMittal, 71 euros for Salzgitter, 64 euros for voestalpine and 120 Swedish crowns for SSAB, implying upside of 31%, 61%, 51% and 21% respectively, and named Salzgitter its top pick because its earnings are about 2.5 to 3.5 times more sensitive to higher EU steel prices than the other three. EU safeguard measures that took effect July 1 cap duty-free steel imports at 18.3 million tonnes a year, with a 50% tariff on anything above the quotas, while blast furnace restarts mainly by ArcelorMittal bring back about 7.6 million tonnes of announced capacity, partly offset by cuts at Taranto and at HKM, which Salzgitter owns. UBS raised its EU hot-rolled coil price forecasts by 2%, 11% and 10% for 2026, 2027 and 2028, now expecting about 820 euros a tonne in 2027 and 805 euros in 2028 against a spot of about 745 euros, and said import parity is above 900 euros a tonne, about 20% above spot, with 1,000 euros not ruled out if demand improves. The broker warned third-quarter results will not show the upturn, forecasting earnings below consensus for ArcelorMittal, voestalpine and SSAB on weak summer demand, the delayed effect of lower prices in May and June and higher energy costs, with Salzgitter the exception at 9% above consensus on higher steel shipments.
MT.AS · Capital · Positive UBS upgraded ArcelorMittal to buy with a 71-euro target, citing EU import quotas tightening supply.
SZG.XETRA · Capital · Positive UBS upgraded Salzgitter to buy, named it top pick, and set a 71-euro target on its high sensitivity to higher EU steel prices.
VAS.XETRA · Capital · Positive UBS upgraded voestalpine to buy with a 64-euro target, though it warned Q3 earnings will be below consensus.
Evonik shares rise on report BASF may submit new takeover offer
Evonik Industries shares rose 2.6% following a Reuters report that BASF could submit a new takeover offer for the German specialty chemicals company. Reuters reported that BASF may make another bid after Evonik rejected an earlier offer of €22.15 per share in September, a proposal that represented a premium of nearly 25% to Evonik's prior three-month average share price. Citi analysts said that even at an assumed offer price of €25 per share, their model indicates average earnings per share and free cash flow accretion of approximately 20% through 2030 for BASF, though return on invested capital would fall to around 9%, which they view as a threshold given the scale, complexity and execution risks involved. The analysts added that unless major shareholder RAG opposes a transaction, Evonik management may ultimately decide to engage in discussions, and noted that RAG's most recent share placement was executed at €19.99 per share. Citi also said it currently struggles to identify a valuation scenario in which Evonik shares can sustainably exceed €22 per share absent a broader sector recovery.
Newmont Set to Report October 22 Earnings as Analysts Lift Estimates on Stronger Bullion Prices
Newmont is preparing to report earnings on 22 October 2026, with analysts expecting higher earnings per share and revenue than the prior-year quarter and forecasts revised upward on a generally favorable business outlook. Stronger bullion prices, supported by softer expectations for an October Federal Reserve rate hike, have improved sentiment toward Newmont and other gold producers. The company's strong first half 2026 results, including US$13,425 million in sales and US$5,464 million in net income, frame how much cushion Newmont may have if costs rise or grades decline. Newmont's narrative projects $31.3 billion in revenue and $12.6 billion in earnings by 2029, requiring 6.7% yearly revenue growth and a $4.0 billion earnings increase from $8.6 billion today, while the most pessimistic analysts assumed roughly flat revenues around US$24.9 billion and earnings near US$9.4 billion over time. Risks remain around higher sustaining capital needs, lower grade mine sequencing and potential safety or operational disruptions.
NEM · Capital · Positive Analysts lifted EPS and revenue estimates ahead of Newmont's October 22 earnings report, with forecasts revised upward on a favorable outlook.
NEM · Monetary · Positive Stronger bullion prices, supported by softer expectations for an October Fed rate hike, improved sentiment toward Newmont and other gold producers.
BHP Forecasts Potash Deficit by 2035 as Buffalo Potash Advances Disley Project
BHP expects global potash demand to grow 2% to 3% a year and sees the market potentially moving into deficit by 2035, according to Karina Gistelinck, the company's head of potash, in a March interview with Bloomberg. BHP is itself building much of the new supply it refers to through its Jansen project in Saskatchewan, whose first-stage investment is now put at US$8.4 billion, up from US$5.7 billion when it was approved in 2021, with first production back on a mid-2027 schedule. Jansen's first stage is meant to reach 4.1 million tonnes a year within two years of startup, while Buffalo Potash's Initial Production Module at the Disley project in Saskatchewan is designed for 125,000 tonnes a year, roughly 3% of that, with first production targeted for Q1 2027. Buffalo's preliminary economic assessment contemplates up to 1.125 million tonnes a year across three facilities for US$639 million in initial capital, with Disley West and Disley East starting in July and October 2029, but that depends on a positive construction decision gated by a feasibility study. On September 25, Buffalo announced it had finished the third and final horizontal well at the IPM, bringing the project to five wells, with each horizontal well reporting about 95% contact with the target clay seam, though brine circulation has yet to prove the Horizontal Line-Drive system works at commercial scale.
BHP.LSE · Supply · Positive BHP forecasts a global potash deficit by 2035 while building its own Jansen supply, with first-stage investment rising to US$8.4 billion and first production on a mid-2027 schedule.
Buffalo Potash Corp. · Supply · Positive Buffalo Potash completed the third and final horizontal well at its Disley IPM, bringing the project to five wells with about 95% contact with the target clay seam.
Asia Plus upgrades TASCO to speculative buy, expects Q3/2026 profit to reach 400 million baht
Asia Plus Securities has upgraded its recommendation on TASCO shares to "speculative buy" from "sell" and raised its fair value to 17.70 baht from 16.00 baht, reflecting stronger profit prospects from elevated asphalt prices. The research team expects TASCO's third-quarter 2026 results to show a net profit of 400 million baht, up 123% from the same period a year earlier but down 5% from the previous quarter, driven by a recovery in the asphalt business after the company managed to import crude from Venezuela in two shipments in August, adding feedstock to support exports and offsetting the seasonal softening of the domestic market. Total asphalt sales volume is expected at 290,000 tonnes, up 17% quarter on quarter, while the average selling price rose 8% quarter on quarter in line with Singapore asphalt market prices, which are being supported by tight regional supply. Although revenue is growing strongly, margins in the third quarter of 2026 remain under pressure from hedging losses on light oil products as well as additional provisions for doubtful debts from the construction business. However, the research team expects the fourth quarter of 2026 to be the best quarter of the year, thanks to the full-quarter recognition of the positive impact of sharply accelerating asphalt prices since September, while pressure from hedging losses on old light oil sales contracts made since the start of the year gradually eases after most of the impact was recognised in the third quarter of 2026. As a result, the research team raised its 2026 and 2027 profit forecasts by 24% and 3% respectively on the assumption of higher-than-expected asphalt prices, with the Argus Asphalt price recently reaching 800 US dollars per tonne, reflecting a supply deficit that continues to underpin the global asphalt market. Nevertheless, the research team remains cautious about the medium-term profit outlook, since current asphalt prices are still being driven by tight supply, which could gradually ease if the Middle East situation relaxes, while crude procurement from Venezuela is still done through traders, making costs higher than buying directly from PDVSA as in the past.
TASCO.BK · Capital · Positive Asia Plus upgraded TASCO to speculative buy and raised its fair value to 17.70 baht on stronger profit prospects from elevated asphalt prices.
TASCO.BK · Supply · Positive TASCO imported crude from Venezuela in two shipments in August, adding feedstock to support exports, while tight regional supply underpins asphalt prices.
Caledonia Mining Cuts 2026 Blanket Mine Guidance After Weak Q3
Caledonia Mining Corporation Plc reported gold production of 17,030 ounces from its Blanket Mine in Zimbabwe for the quarter ended September 30, 2026, down from 19,106 ounces a year earlier, and cut its full-year 2026 production guidance to a range of 69,000 to 72,500 ounces from a previous range of 72,000 to 76,500 ounces. The company said the quarter was hurt by a shortage of compressed air at certain high-grade, high-volume mining areas and a temporary increase in gold inventory in the metallurgical plant, with delays in delivering and deploying four new compressors severely affecting output at deeper 30 and 34 levels. Two of the new compressors are now deployed and the last two have been released from port and are being transported to the mine, so Caledonia expects normalised production in the fourth quarter, which it guides to approximately 19,800 to 23,300 ounces. Alongside the production cut, on-mine cost per ounce sold was revised to US$1,700 to US$1,900 from US$1,600 to US$1,800, all-in sustaining cost guidance was revised to US$2,650 to US$2,850 per ounce sold from US$2,500 to US$2,700, and group capital expenditure guidance for FY 2026 was reduced to US$94.3 million from US$103.3 million, reflecting timing of expenditures only, primarily components of the 132kV power line project now expected in 2027. Chief Executive Officer Mark Learmonth said Blanket remains a robust and cash-generative operation and that the measures support plans for more consistent production, improved grade and lower unit costs in 2027.
H.B. Fuller Prices $850M Private Offering of 7.625% Senior Notes Due 2034
H.B. Fuller Company said Friday it has priced a private offering of $850 million aggregate principal amount of 7.625% new senior unsecured notes due 2034 at an issue price of 100% of the principal amount. The notes are expected to close on or about October 21. Interest on the notes will be paid on a semi-annual basis.
Borregaard Refinances With NOK 1,500 Million Sustainability-Linked Credit Facilities
Borregaard has arranged new sustainability-linked multicurrency revolving credit facilities totaling NOK 1,500 million with three banks, replacing existing arrangements that were approaching maturity. The facilities secure continued access to committed funding, with loan terms tied to environmental and safety targets including greenhouse gas emission cuts and workplace safety measures. The company operates in the chemicals sector, focusing on specialized biochemicals and biomaterials for customers across Europe, Asia, the United States, and other regions. The refinancing keeps Borregaard's debt profile aligned with its buyback-and-earnings-reset narrative, tying borrowing costs to how effectively it runs its mills rather than to market rates alone. With profit margins recently weaker than a year ago, the flexible general-purpose credit leaves room to balance capacity upgrades against authorized share repurchases without overstretching the balance sheet.
0QB7.LSE · Capital · Positive Borregaard arranged NOK 1,500 million in new sustainability-linked revolving credit facilities, securing committed funding and refinancing maturing debt.
Sika has acquired Azpects Group, a leading UK manufacturer of polymeric sands for the landscaping sector, in a move the company says strengthens its position in a fast-growing segment. Azpects manufactures and distributes a range of easy-to-use polymeric paving joint compounds and complementary landscaping products for patios, pathways and driveways, serving landscaping contractors across the UK through established trade distribution channels. Sika said the deal creates cross-selling opportunities through highly complementary product portfolios and distribution channels, and that Azpects' manufacturing facility offers a platform to grow and optimize Sika's UK production footprint, with significant cost synergies expected in manufacturing and logistics. Regional Manager EMEA Christoph Ganz said Sika's distribution network can bring Azpects' product range into new channels and customer segments, and welcomed the Azpects team to the company. Sika is a specialty chemicals company with subsidiaries in 102 countries, production in over 400 factories, more than 33,000 employees and CHF 11.20 billion in sales in 2025.
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.
Japan
