GON TECHNOLOGY Shares Surge Nearly 9% Amid Rapid Plastic Price Increases

Stock News03-12

GON TECHNOLOGY (02768) saw its shares rise nearly 9% during trading, with gains of 3.98% by the latest update, reaching HK$49.06 and a turnover of HK$71.8672 million. Recent tensions in the Middle East have driven international oil prices significantly higher, raising production costs across the plastics industry. Many plastic product manufacturers have issued price increase notices, shifting to an order-by-order pricing model and requiring advance payment before shipment. Notably, Wanhua Chemical announced a 5%–10% price increase across its PA12 product line, while BASF raised global prices for plastic additives by up to 20%. PetroChina and Sinopec subsidiaries also increased polyethylene and polypropylene prices by RMB 300–500 per ton. According to its prospectus, GON TECHNOLOGY is a Chinese supplier specializing in new chemical materials, gelatin, and collagen-related products. Data from Frost & Sullivan indicates that, by sales revenue in 2024, GON TECHNOLOGY ranked as China's second-largest producer of modified organic polymer materials and composite organic polymer materials, with a market share of 2.5%. Additionally, by production capacity, the company was China's largest polystyrene producer in 2024.

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