HK Stock Market Move | GON TECHNOLOGY (02768) rose nearly 9% in intraday trading. Plastic prices are rapidly rising. The company is China's largest polystyrene enterprise.

GON TECHNOLOGY (02768) rose nearly 9% during trading hours, and as of the time of this report, it has risen by 3.98%, reaching HK$49.06, with a turnover of HK$71.8672 million. In terms of news, recently, the international oil prices have risen significantly due to the impact of the Middle East conflict, pushing up the production costs of the plastics industry. Many plastic product companies have issued price increase notices, switching to a model of one price per order, with payment required before delivery. It is reported that Wanhua Chemical Group announced a price increase of 5%-10% for its entire series of PA12 products, BASF has globally raised plastic additive prices by up to 20%, and enterprises under PetroChina and Sinopec have increased the prices of polyethylene and polypropylene by 300 to 500 yuan per ton. According to the prospectus, GON TECHNOLOGY is a Chinese supplier specializing in chemical new materials as well as upstream and downstream products of gelatin and collagen. According to data from Frost & Sullivan, in 2024, GON TECHNOLOGY is the second largest organic polymer modified material and organic polymer composite material enterprise in China in terms of sales revenue, with a market share of 2.5%. Additionally, in 2024, GON TECHNOLOGY is the largest polystyrene enterprise in China in terms of production capacity.