Core Insights - Asahi Kasei is strategically divesting its Daramic business, which specializes in lead battery separators, to Kingswood Capital Management, LP [1] Company Summary - The divestiture of Daramic is part of Asahi Kasei's broader strategic realignment [1] - Daramic is recognized for its role in the lead battery separator market, indicating a significant operational focus for Asahi Kasei prior to the sale [1] Industry Context - The lead battery separator market is critical for the battery industry, particularly in applications such as automotive and energy storage [1] - The acquisition by Kingswood Capital Management suggests potential growth opportunities in the lead battery sector, reflecting ongoing demand for battery technologies [1]

20 August 2025 | 10:47PM HKT Qiying Wei, CFA +852-2978-6426 | qiying.wei@gs.com Goldman Sachs (Asia) L.L.C. Goldman Sachs does and seeks to do business with companies covered in its research reports. As a result, investors should be aware that the firm may have a conflict of interest that could affect the objectivity of this report. Investors should consider this report as only a single factor in making their investment decision. For Reg AC certification and other important disclosures, see the Disclosure A ...