Between August 31 and September 4, 2026, 13 M&A deals were recorded together worth $622 million, with transaction values highlighting strategic capital movement into renewable energy, insurance and jewellery sectors. Indian companies increasingly view overseas acquisitions and strategic investments as mechanisms for international expansion, providing access to technologies, markets and specialised expertise that would take considerably longer to develop organically, with the M&A market increasingly driven by strategic intent. Several factors are shaping M&A activity in 2026 including continued consolidation in capital-intensive and regulated sectors and increased outbound acquisitions by Indian companies, with deal volumes expected to remain steady even if valuations stay disciplined and emphasis remaining on strategic fit, scalability and long-term value creation rather than short-term financial arbitrage. The strategic character of dealmaking reflects maturation in India's M&A landscape as consolidation deepens across multiple sectors.
Why it matters
Corporate restructuring through M&A is accelerating as Indian companies pursue global capabilities and international expansion, reshaping competitive dynamics across multiple sectors. Corporate development officers and sector-focused investors should monitor consolidation trends in capital-intensive industries and cross-border acquisition strategies to identify emerging market leaders.
Indian equity markets opened lower on September 7, 2026, with both the Nifty 50 and BSE Sensex declining as investors assessed higher crude oil prices, currency movements and global market trends, with the Nifty 50 trading down 0.17% to 23,857.95 and the BSE Sensex falling 0.15% to 76,399.26. Foreign portfolio investors became net buyers for the first time in thirteen months through August 28, with net buying reaching approximately ₹5,494 crore through August 27, but FIIs sold ₹5,040 crore in a single session on August 28, erasing nearly the entire month's accumulation. Domestic institutional investors purchased ₹53,679 crore during August, maintaining their consistent presence, while over the 13-month period from July 2025 through July 2026, FIIs have net sold ₹5.36 lakh crore of Indian equities while DIIs have purchased ₹9.36 lakh crore. Indian equities lost some ground, but strong domestic institutional buying, industrial growth and record forex reserves provided stability.
Why it matters
Foreign fund volatility continues to create near-term trading instability despite structural support from domestic investors and strong fundamentals, exposing Indian markets to shifts in global monetary policy expectations. Portfolio managers and equity investors must prepare for continued rupee pressure and market swings tied to crude oil dynamics and US Federal Reserve policy signals.
Chinese investment in Belt and Road Initiative countries reached a record US$213.5 billion in 2025 across roughly 350 deals, marking a 19 percent increase in transaction volume from the prior year, according to the Griffith Asia Institute. The milestone reflects a structural shift in the initiative itself: for the first time, private sector companies led investment activity rather than state-backed enterprises, with firms like East Hope Group, Xinfa Group, and Longi Green Energy driving capital deployment. Unlike their state-owned counterparts, these private companies lack established insurance relationships, consolidated territorial coverage, and familiarity with the specialty products their cross-border exposures require. Hong Kong's Insurance Authority is actively positioning the city as a risk management hub to serve these enterprises, hosting a panel at the Belt and Road Summit in September 2026 and holding regulatory meetings with mainland officials. The gap in protection is acute: half of multinational companies suffered political risk losses between 2020 and 2025, yet 73 percent of firms without political risk insurance cited lack of awareness as their reason for non-purchase. Demand for this coverage is projected to rise 33 percent driven by trade volatility and tariff uncertainty. Major insurers including MSIG are already expanding capacity in Hong Kong and Singapore to capture this emerging demand. Singapore currently holds greater reinsurance depth at 2.6 percent global market share compared to Hong Kong's 1.4 percent, though both hubs remain positioned as competitors for placement authority.
Why it matters
Hong Kong and Singapore are racing to establish themselves as essential insurance intermediaries for a growing cohort of under-protected Chinese private companies operating in geopolitically unstable markets. Insurance brokers with Chinese outbound clients face an immediate client education opportunity regardless of which regional hub ultimately captures placement volume.
Prudential Health India has officially begun operations as the company looks to tap the country's fast-growing health insurance market with a technology-first approach. The standalone health insurer is backed by a 70:30 joint venture between UK-based Prudential plc and the HCL Group. Prudential HCL Health Insurance Limited received its Certificate of Registration on July 1, 2026, allowing it to start its health insurance business in the country, which recorded approximately 16 billion dollars in gross written premiums in FY 2026. The company aims to differentiate itself through customer-focused innovation, AI-powered experiences and solutions, adopting an omnichannel model that combines personal advice through an agency network with an AI-enabled direct-to-consumer platform. As part of its launch, Prudential Health India will provide customers access to a network of more than 12,000 hospitals.
Why it matters
This marks Prudential's expansion into India's standalone health insurance market, significantly broadening its presence beyond life insurance in the region's fastest-growing insurance segment. Health insurance executives and distribution partners in India should recognize this as a major competitive entry that combines technology infrastructure with extensive hospital networks.
Major Russian investment funds and corporations are seeking to expand operations in Vietnam across high-technology, renewable energy, and digital infrastructure, according to VnExpress reporting on meetings held during a state visit by Vietnam's top leader to Moscow. AFK Sistema, a major Russian conglomerate, identified Vietnam as a priority market in the Asia-Pacific region and expressed interest in long-term expansion covering information technology, cybersecurity, biometric identification, smart cities, artificial intelligence, and big data. The company also proposed cooperation in green transportation, electrical equipment manufacturing, and hospitality. Separately, Zarubezhneft, which has worked with Vietnam's national energy corporation for over four decades on oil and gas exploration, signaled plans to diversify into renewable energy, offshore wind power, and equipment manufacturing. A third Russian entity, the Direct Investment Fund, is exploring opportunities in transport, logistics, digital infrastructure, advanced technology, healthcare, and industrial production. Vietnam's leadership welcomed these initiatives and encouraged concrete project development with technology transfer commitments. As of late August, Russia maintains 244 investment projects in Vietnam valued at nearly one billion dollars, ranking 28th among source countries, while Vietnam holds 19 active projects in Russia worth approximately 1.64 billion dollars.
Why it matters
Russia is pivoting its Vietnam investment strategy away from traditional oil and gas toward technology and green energy sectors, potentially reshaping bilateral economic ties. Technology executives and energy project managers in Vietnam should monitor these proposals as they could unlock new partnerships in AI, cybersecurity, and renewable infrastructure.
China's Ministry of Finance has provided 70 billion yuan in capital to five state-owned insurance groups, marking the first time the government has directly recapitalized insurers, according to reporting from Insurance Business. The injection is part of a broader 360 billion yuan capital deployment across state-owned financial institutions announced in early September 2026. Rather than a distress measure, analysts view this as a strategic positioning of capital toward growth areas. Chinese insurers maintain solvency ratios well above regulatory minimums, with comprehensive solvency standing at 186.3 percent in the third quarter of 2025 against a 100 percent floor. The capital targets specific expansion priorities: state-backed groups are being directed toward marine insurance, natural catastrophe coverage, and protection for Chinese commercial interests abroad. China already commands the largest share of global cargo premiums among all nations and recorded strong growth in this segment during 2024. Separately, export credit insurer Sinosure received 10 billion yuan to strengthen its capacity for trade credit and political risk coverage amid geopolitical tensions affecting supply chains. The timing reflects urgency around China's updated solvency framework, which tightens capital requirements and scrutinizes interest rate and longevity risks affecting life insurers operating in a sustained low-yield environment. The injection arrives earlier than many market participants anticipated, underscoring regulatory pressure to ensure preparedness for the framework transition.
Why it matters
State-backed Chinese insurers now have explicit capital and mandates to expand into specialty lines tied to international trade and catastrophe risk, fundamentally reshaping competition in marine cargo, trade credit, and political risk coverage. Brokers, underwriters, and reinsurers operating in Asian markets and those exposed to Chinese trade flows need to prepare for more aggressive competition from better-capitalized state competitors.
Vietnam's capital market reaches a watershed moment on September 21, 2026, when FTSE Russell reclassifies the country from frontier to secondary emerging market status, ending an eight-year watchlist period. The phased inclusion will unfold over four tranches through September 2027, with the initial 10 percent weighting expected to channel roughly $220 million in inflows. Financial institutions project total passive inflows could exceed $2.2 billion across the full transition, with 117 Vietnamese stocks eligible for inclusion across FTSE's global index series. The upgrade follows successful regulatory reforms removing pre-funding requirements for foreign investors and establishing formal faulty transaction procedures. Market analysts anticipate volatility post-inclusion, advising investors to differentiate stocks benefiting from upgrade enthusiasm from companies delivering genuine earnings growth. The reclassification positions Vietnam alongside emerging peers like China, Indonesia, and the Philippines in a rules-based acknowledgment of infrastructure improvements.
Why it matters
This structural shift will reshape capital flows and valuations across Vietnam's equity market, potentially unlocking access to billions in new institutional investment. Global asset managers, Vietnamese listed companies seeking foreign capital, and domestic institutional investors tracking index-driven flows need to adjust positioning now.
Deputy Prime Minister Nguyễn Văn Thắng has ordered the operating bodies of Vietnam's international financial centres in Ho Chi Minh City and Da Nang to produce concrete financial products and transactions starting in November. Speaking at the third meeting of the governing council on September 7th, he rejected waiting for all institutional conditions to be perfectly in place before launching operations. Instead, he urged a simultaneous approach of refining regulations while selecting products that already have supply and demand, then engaging with investors and fund managers. The financial ministry reported that both operating centres' institutional frameworks are now largely complete, with membership registration procedures in place since August 17th. Multiple banks, securities firms, asset management companies and investors have already submitted letters of intent or applications. The ministry has proposed six product categories ranging from investment funds and digital assets to international carbon credits and green bonds, with phased rollouts rather than simultaneous launches. Ho Chi Minh City plans to license seven to twelve members by early 2027 and is preparing over twenty infrastructure projects, targeting five to seven for prioritized investor engagement. Da Nang is similarly working to implement specific projects through the centre. The deputy PM emphasized that for each product, responsible agencies, authorities and implementation timelines must be clearly defined, while monitoring mechanisms should be practical and efficient without creating unnecessary bureaucratic procedures.
Why it matters
Vietnam is accelerating its financial centre development by requiring operational results within months rather than waiting for complete regulatory readiness. Financial regulators, investment fund managers, and international asset managers seeking access to Southeast Asian markets should monitor this initiative closely.
Daiichi Life Group has agreed to acquire Fidelity Life Assurance Company Limited for NZ$630 million, marking its second major bet on the New Zealand life insurance market since entering the region in 2022. The Tokyo-listed group will purchase the company through its local holding company Partners Group Holdings, with the transaction expected to close between March and July 2027 pending regulatory approvals. Fidelity Life, founded in 1973 and headquartered in Auckland, currently serves customers primarily through independent financial advisers with particular strength in suburban and regional networks, as well as group insurance products. The deal represents a strategic expansion of Partners Life's distribution capabilities and customer reach in a market where independent adviser channels dominate. According to reporting from Insurance Business, Daiichi expects the acquisition to contribute approximately NZ$60 million annually to group adjusted profit starting in the next medium-term planning period. The purchase aligns with Daiichi's broader strategy to increase overseas life insurance revenue to roughly 50 percent of group adjusted profit by fiscal 2030, reflecting a wider trend of Japanese insurers redirecting capital offshore as the domestic market matures and regulatory pressures intensify. Fidelity Life has historically been New Zealand's largest locally owned life insurer, with major shareholders including Guardians of New Zealand Superannuation at nearly 50 percent. The acquisition transfers this significant local institution into Japanese corporate ownership.
Why it matters
Daiichi consolidates control over New Zealand's small but profitable life insurance market by combining complementary adviser networks and product distributions. Life insurance brokers and independent financial advisers in New Zealand should prepare for operational integration and potential shifts in product support and distribution priorities under Japanese ownership.
Samsung Fire & Marine Insurance and Samsung Life Insurance are negotiating what would become South Korea's largest cross-border financial acquisitions, according to reporting from Korean economic outlets. Samsung Fire is close to acquiring full ownership of Canopius, a top-five Lloyd's specialty carrier where it already holds 40%, in a deal potentially worth $2 billion to $2.2 billion. The purchase would consolidate Canopius's substantial Asia-Pacific and Middle East operations, which are run from Singapore and represent the largest Lloyd's syndicate operating across those regions. Separately, Samsung Life is pursuing a roughly 15% stake in Principal Financial Group, the major American retirement and asset management firm managing over $780 billion in assets, for an estimated $3.6 billion to $4.4 billion. That stake would make Samsung Life Principal's largest shareholder, surpassing current holder Vanguard Group. Samsung Life is particularly interested in Principal's alternative-asset holdings, including US commercial real estate and infrastructure exposure that could eventually flow into Asian markets. Both Samsung insurers are flush with cash from surging dividends tied to Samsung Electronics' AI-driven earnings growth, funding their first serious push into major global acquisitions after years of minority stakes and partnerships. While neither deal is finalized, the moves reflect a broader pattern of Korean and Japanese insurers making unprecedented cross-border acquisitions as domestic growth slows.
Why it matters
Korean financial capital will gain direct ownership of major Western insurance and asset management platforms rather than holding minority stakes, marking a structural shift in how Asian insurers access global markets. Insurance executives and asset managers in Lloyd's markets and US retirement services should prepare for new Korean ownership structures and strategic priorities.
Usurance Insurance Company has obtained its first state license from Utah, authorized to write property, liability, vehicle liability, and marine and transportation coverage starting July 30. The company is backed by Pasaca Capital, a Los Angeles-based private equity firm led by Charles Huang, who serves as CEO. Usurance targets Asian-American business owners, international firms with US operations, and companies engaged in cross-border trade, focusing on sectors including product liability, logistics, aircraft, and intellectual property. The insurer also owns WUT, a brokerage platform for coverage outside its direct underwriting scope. The company addresses a longstanding gap in the market: Asian exporters have historically struggled to obtain admitted insurance coverage from standard carriers due to unfamiliarity with Asian supply chains, language barriers, and differences in liability standards. Much of this business has shifted to the excess and surplus lines market, where buyers lose access to state guaranty fund protections. Usurance emphasizes its multilingual capabilities and understanding of Asian business practices as competitive advantages. The company also identifies wildfire-impacted residential property as a priority following California's market contraction, with enrollment in the state's FAIR Plan jumping 43 percent between September 2024 and December 2025. However, Usurance carries no financial strength rating from AM Best, lacks disclosed information on capital, premiums, or reinsurance arrangements, and has announced AI-assisted capabilities without implementation timelines. Geographic expansion beyond Utah requires separate licensing in each jurisdiction.
Why it matters
Brokers now have a new admitted carrier option for Asian-owned exporters and wildfire-affected property owners in Utah, though the carrier's lack of financial rating and opacity around capital present material underwriting risks. Insurance brokers placing business with Asian exporters or Utah property owners should evaluate Usurance carefully against standard due diligence requirements before recommending it to clients.
Vietnam attracted $40.63 billion in registered foreign direct investment in the first eight months of 2026, up 55.4% year-on-year and marking the country's strongest eight-month FDI performance in at least five years. The figure includes $21.72 billion in newly registered capital across 2,771 projects, where newly licensed projects surged 96.8% in registered capital despite only 9.4% growth in project numbers, signaling larger, more committed individual investments. Processing and manufacturing claimed 55.9% of newly registered capital, continuing to drive Vietnam's position as a manufacturing hub. Beyond the recorded figures, realized FDI disbursements reached $17.25 billion in the period, up 12% year-on-year, underlining sustained confidence in Vietnam's business environment. Professional, scientific, and technological activities attracted $2.74 billion in equity contributions and share purchases, accounting for 40.9% of total investment in this category, reflecting the country's growing appeal to investors seeking high-tech and innovation-focused opportunities.
Why it matters
Vietnam is cementing its status as Southeast Asia's premier manufacturing and tech investment hub at a time when global investors are actively diversifying away from China and consolidating Asian supply chains. Foreign investors planning factory relocations or regional expansion should prioritize Vietnam for established sectors while watching the sharp rise in tech and R&D spending.
Four years after the Ukraine conflict triggered a mass exodus of Western businesses from Russia, more than three hundred American companies continue operating there with no plans to leave, according to a senior Russian government official. Anton Kobyakov, an adviser to Russia's president, disclosed the figure during an interview at the Eastern Economic Forum in early September, noting that these firms maintain operations despite direct sanctions from Washington. According to Kobyakov, Western investors remain engaged with Russia and understand the commercial value of their presence. He emphasized that the Russian government treats these companies equally to domestic enterprises and does not obstruct those choosing to stay. Since the invasion began in February 2022, over one thousand foreign businesses have withdrawn or scaled back operations in Russia, according to Yale School of Management data. Some divested assets entirely while others, like Renault, McDonald's, and Henkel, negotiated exit agreements with buyback options. Major American firms including Apple, Goldman Sachs, and MasterCard have completely departed, yet several prominent companies such as Nestlé, Procter & Gamble, and French retailer Auchan maintain active operations. A 2024 Reuters analysis found that foreign companies have collectively lost over 107 billion dollars through their Russian market exits.
Why it matters
The persistent American business presence in Russia demonstrates that Western sanctions have not achieved complete economic isolation despite significant withdrawals. Western business executives and their boards should reassess their Russia strategies as geopolitical tensions remain high and regulatory scrutiny on sanctions compliance intensifies.
Vietnam's stock market entered September riding momentum from a 5.55 percent August rally as investors position ahead of FTSE Russell's September 21 reclassification from Frontier to Emerging Market status. The FTSE index provider approved 27 Vietnamese stocks for its Emerging Market indexes, including six blue-chip names joining both All-World and All-Cap indexes. Foreign investor sentiment shifted sharply in August—typically a month of net selling—as FTSE-related capital began flowing in. The VN-Index closed August above 1,800, with technical analysts identifying 1,860-1,865 as the next resistance level and potential upside toward 1,950. The upgrade reflects Vietnam's resolution of a longstanding friction point: removal of 100 percent pre-funding requirements for foreign institutional investors, which now settle trades on a T+2 basis matching developed markets.
Why it matters
This index upgrade is a structural event: passive flows tied to the FTSE change have already begun, and active investors are positioning before passive rebalancing on September 21. Anyone holding Vietnam exposure or considering it needs to understand both the opportunity and potential volatility around this date.
Vietnam's registered foreign direct investment reached 40.63 billion USD in the first eight months of 2026, marking a 55.4 percent year-on-year increase with a notable shift toward larger, higher-value projects. While the number of new projects rose just 9.4 percent, their registered capital surged 96.8 percent, demonstrating substantially larger average project sizes and deeper investor commitment. Processing and manufacturing remain the dominant sector, capturing 12.15 billion USD or 55.9 percent of newly registered capital. The shift reflects Politburo Resolution 10, which explicitly prioritizes semiconductors, artificial intelligence, electronics, biotechnology, and modern logistics over traditional labor-intensive assembly. Ho Chi Minh City emerged as the leading FDI destination, positioning Vietnam strategically within the global technology supply chain as multinational firms continue supply-chain diversification away from China and Taiwan.
Why it matters
Vietnam is successfully attracting the exact high-value, technology-intensive capital it seeks under its restructured FDI strategy, with measurable proof that quality now outpaces volume. Foreign investors betting on Vietnam as an AI and semiconductor hub need to understand which cities and sectors are capturing capital.
Samsung is seeking Vietnamese suppliers who meet stricter criteria beyond competitive pricing, including consistent quality, technological adaptability, data-driven operations, and sustainable development practices. The company announced this through its procurement center official at an export forum in Ho Chi Minh City on September 3rd, according to VnExpress. Samsung emphasized it wants long-term partners rather than just capable vendors, promising expanded collaboration opportunities for those meeting the new standards. The shift reflects broader changes in global supply chain organization, where companies now prioritize resilience, transparency, and sustainability alongside cost efficiency. Vietnam has received about 24 billion dollars in cumulative Samsung investment and is positioned as a critical hub in supply chain restructuring. Government officials and other major buyers like Intel and H&M acknowledged Vietnam's advantages—stable geopolitics, young adaptable workforce, and regional location—while noting that future competitiveness will depend on enabling sustainable development and renewable energy adoption. Vietnam's goal of integrating over 10,000 enterprises into global value and supply chains by 2030 appears achievable given the country's manufacturing foundation and rapid learning capacity, according to industry representatives.
Why it matters
Vietnamese suppliers must now upgrade operations with data systems, sustainability practices, and technology capabilities to compete for major contracts that previously prioritized low cost alone. Supply chain managers and manufacturers in Vietnam should invest in smart factory infrastructure and sustainable practices to remain competitive for orders from global tech, fashion, and electronics companies.
Samsung Electronics plans to invest 39 trillion dong ($1.5 billion) in Vietnam to build a semiconductor testing plant, an expansion that will help ease a global shortage of memory chips driven by surging AI demand. The new factory, for which construction has already begun in an industrial park 60 kilometres north of Hanoi, is slated to start operations in November 2027, and would be Samsung's first chip testing factory in Vietnam. The South Korean group is already the largest foreign investor in Vietnam, having committed more than $23 billion over decades to multiple facilities. Samsung Electro-Mechanics announced a further USD 1.2 billion investment to expand production of Flip-Chip Ball Grid Array (FC-BGA) substrates at its Thai Nguyen facility. The factory will focus on legacy chips, which while less critical for AI supply chains, are also in severe shortage as major producers dedicate more of their production capacity to manufacturing AI chips.
Why it matters
Samsung's multi-billion dollar commitment signals confidence in Vietnam's semiconductor ecosystem and locks in capacity for memory chips during a period of global AI-driven shortage. Semiconductor supply chain managers, electronics manufacturers, and infrastructure planners should factor in Vietnam's expanded testing capacity when sourcing strategies.
Foreign investment registered in Vietnam topped $38.05 billion in the first seven months of 2026, up 58% from a year earlier, as a sharp rise in digital technology and energy infrastructure projects helped diversify capital flows, while Ho Chi Minh City emerged as the country's leading FDI destination. Registered foreign investment hit more than 38 billion USD in the first seven months, up nearly 58 percent year-on-year, driven by fewer but much larger high-tech projects. Manufacturing remained the largest investment sector, while Singapore, South Korea, Hong Kong (China), and mainland China led foreign investment into Vietnam. The growth came from larger, high-tech investments landing at once, distinguishing this moment: fewer, bigger, more capital-intensive deals tell a different story than a broad-based increase in small factory investments would.
Why it matters
Vietnam's ability to attract record high-tech capital flows is reshaping its position in global supply chains away from labor-intensive manufacturing. Foreign investors, manufacturing planners, and technology companies considering regional expansion should monitor this shift toward capital-intensive semiconductors, AI, and electronics.
India's Competition Commission cleared Prudential Corporation Holdings' acquisition of a stake in Bharti Life Insurance Company, marking a significant milestone for the UK insurer's India expansion strategy. Prudential announced in May that it would acquire a 75 percent stake in Bharti Life Insurance for Rs 3,500 crore from Bharti Life Ventures and 360 ONE Asset Management. Following completion, Prudential's Indian operations will consist of majority-owned Bharti Life Insurance and minority shareholdings in ICICI Prudential entities, with regulatory approvals expected to require Prudential to reduce its shareholding in ICICI Prudential Life Insurance to under 10 percent. The clearance removes a major hurdle for Prudential's repositioning in India's underpenetrated life insurance market, where the company seeks to leverage Bharti's distribution network alongside its own expertise to expand protection product access.
Why it matters
The regulatory approval enables Prudential to establish majority control over a major Indian life insurer, fundamentally reshaping the company's India strategy and competitive position. Foreign insurers and asset managers pursuing India market expansion will closely monitor how Prudential executes the integration and manages the required reduction of its ICICI holdings.
Samsung Electronics' four major manufacturing facilities in Vietnam generated 2.31 billion dollars in profit during the first half of the year, representing a 23.5 percent increase compared to the same period last year, according to VnExpress. The facilities, located in Thái Nguyên, Bắc Ninh, and Ho Chi Minh City, produced combined revenue of 35.2 billion dollars, up 21 percent annually. Samsung Thái Nguyên, which produces mobile phones and telecommunications equipment, remained the profit leader with 1.08 billion dollars in earnings, a 33.4 percent jump. The Bắc Ninh electronics complex followed with 670 million dollars in profit and the highest profit margin at 7.4 percent among the four units. Samsung's CEO revealed that the two phone manufacturing operations in Bắc Ninh and Thái Nguyên achieved cumulative export revenues of 500 billion dollars by June following 17 years of Vietnamese operations. Globally, Samsung reported 206 billion dollars in first-half revenue with 80 billion dollars in net profit, roughly double and nine times higher respectively than the previous year, driven partly by strong demand for memory chips amid artificial intelligence expansion.
Why it matters
Samsung's Vietnam operations are accelerating profitability and becoming increasingly crucial to the group's global earnings, particularly as demand for AI-related semiconductors surges. Foreign direct investment decision-makers and Vietnam's government officials should track these results as evidence of the country's manufacturing competitiveness and its role in tech supply chains.