Guojin Basic Chemicals Research Team — Chen Yi | Weekly Industry Report

III. Weekly Price Changes and Spread Variations of Key Chemical Products This week, the top five chemical products with the largest price increases were: hydrochloric acid (+47.06%), benzene (+8.53%), styrene (+8.33%), toluene (+7.87%), and crude oil (+7.37%). The top five products with the largest price declines were: liquid chlorine (−51.28%), urea (−10.53%), ammonium chloride (agricultural, wet) (−10.53%), coal tar (−9.59%), and TDI (−6.67%). This week, the top five chemical products with the largest spread increases were: soda ash spread (+179.81%), synthetic ammonia spread (+170.07%), DAP spread (+41.95%), polypropylene–propylene spread (+40.18%), and cis-butadiene rubber–butadiene spread (+18.56%). The top five products with the largest spread declines were: TDI spread (−76.36%), MEK–LPG spread (−9.38%), pure MDI spread (−7.1%), ethylene–naphtha spread (−6.21%), and butadiene–LPG spread (−5.66%). IV. Summary of Key Industry News This Week 1. Wanhua Battery Enters Europe! On June 5, news emerged that Wanhua Chemical Group and ElevenEs—a European lithium iron phosphate (LFP) battery manufacturer—signed a memorandum of understanding (MoU) in May. Under the agreement, Wanhua will supply ElevenEs with key battery materials including LFP cathode material, PVDF binder, and NMP (N-methyl-2-pyrrolidone) solvent, and provide global supply chain support for ElevenEs’ production base in Serbia. Compared to Wanhua’s earlier MoU signed in March with IBU-tec Advanced Materials Co., Ltd. for joint development of LFP battery materials in Europe, this new collaboration marks Wanhua’s independent entry into the European battery materials market using its own production capacity. Wanhua Chemical stated that this partnership represents a significant step forward in its globalization strategy. Going forward, both parties plan to expand cooperation into broader areas such as electric vehicles and energy storage systems. According to available information, ElevenEs intends to construct its first-phase 1 GWh “gigafactory” within the next two years, followed by phased capacity expansion—first reaching an annual output of 8 GWh, then advancing Phase II projects across Europe and the U.S., with total planned capacity expected to reach 40 GWh (20+20) by 2031. 2. Major Chemical Giant Announces Sale of Five Plants! On June 5, LyondellBasell (LYB) announced it has entered into an agreement with AEQUITA and commenced exclusive negotiations to sell certain olefins and polyolefins assets and related businesses located in Europe. The transaction is currently expected to close in the first half of 2026. The plants slated for sale are part of LYB’s previously announced European strategic review and are located in Berre (France), Münchsmünster (Germany), Carrington (UK), and Tarragona (Spain). 3. Honeywell Acquires Sundyne for RMB 15.5 Billion! On June 9, Honeywell announced the completion of its acquisition of Sundyne from private equity firm Warburg Pincus for USD 2.16 billion (approximately RMB 15.5 billion), paid entirely in cash.

What are the specific procedures for a company’s listing?

Hello everyone, I’m SUNNY. Today, I’m sharing notes from my reading of *Equity Handbook: Practical Guide to Equity Allocation, Incentives, Financing, and Transfer* (author: Quan Lianjun). The topic of this episode is “Practical Procedures for Domestic Listing of Companies – Part 2.” Equity Design – Zhihu (zhihu.com) Following last episode’s discussion on “Practical Procedures for Domestic Listing of Companies – Part 1,” III. Promotion and Issuance (A) Bookbuilding and Pricing For initial public offerings (IPOs), the offering price must be determined through a bookbuilding process involving qualified institutional investors. After bookbuilding concludes, if the number of publicly offered shares is less than 400 million and fewer than 20 qualified institutional investors submit valid bids, or if the number exceeds 400 million shares and fewer than 50 qualified institutional investors submit valid bids, the issuer and its lead underwriter may not set the offering price and must suspend the issuance. (B) Roadshow Once preparatory work for the issuance is substantially complete and the issuance review has been preliminarily approved, the lead underwriter (or global coordinator) organizes pre-issuance international roadshows and bookbuilding activities. This phase mainly comprises the following steps: 1. Pre-Roadshow The pre-roadshow involves sales personnel and analysts from the lead underwriter visiting select investors—typically large professional institutional investors—to solicit their views and feedback on the offering price, assess market demand, and thereby establish an indicative price range. 2. Roadshow Presentation Under the arrangement and assistance of the lead underwriter, the issuer conducts public presentations to investors, enabling direct face-to-face interaction so investors can better understand the issuer and decide whether to subscribe. 3. Bookbuilding and Pricing Bookbuilding primarily entails aggregating investor demand volumes across different price ranges, gauging investor sensitivity to pricing, and providing data to support market research and analysis conducted by the lead underwriter (or global coordinator) regarding the final pricing range, underwriting outcomes, and post-listing performance.

5E Advanced Materials Announces Closing of $8.31 Million Public Offering of Common Stock

Oct 19, 2026

5E Advanced Materials closed an $8.31 million public stock offering to fund boron facility operations, wellfield development, and FEL-3 engineering planning.

Alliance Review

5E Advanced Materials Closes $8.31 Million Public Offering

Alliance Review

2026-08-10

White House Recognizes 5E's Fort Cady in $2B Minerals Initiative

2026-08-10

5E Advanced Materials’ Fort Cady project gets $8M federal backing

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5E Advanced Materials Announces Pricing of $8.31 Million Public Offering of Common Stock

2026-10-07

5E Advanced Materials, Inc. (FEAM) Targets ~$40M Steady-State Adjusted EBITDA After Searles Valley Deal