Insiders Sell as Activists Circle

The ORTEX insider database, which covers non-US markets via vendor data and runs to a latest filing date of 8 September 2026, shows a clear pattern of institutional and corporate selling in the most recent window, with little offsetting discretionary buying from named executives.

The largest single disclosed transaction was JPMorgan Chase acquiring 431 million shares of Cathay Pacific worth $737 million, filed 8 September. That reflects a passive custodial position change rather than a directional bet.

The sharpest true disposal came from Nippon Paper Industries, which sold its entire stake in LINTEC Corporation for $397 million on 1 September. Corporate cross-holding unwinds of that size are structural sellers with no short-term reversal signal.

SUAL Partners filed a $331 million reduction in RUSAL on 24 August, continuing a long-running exit from the aluminium producer.

Fosun Pharma Industrial sold two tranches of Gland Pharma totalling roughly $296 million across 4 September, a notable promoter-group reduction that warrants watching given Gland's exposure to US generics pricing.

The CEO of ROBOTIS, Kim Byeong Soo, sold $75 million of shares on 8 September, a high-value executive disposal in the South Korean robotics firm.

Note: The ORTEX EDGAR Form 4 tables and Schedule 13D activist filing tables were not accessible in this session, so US open-market insider trades and fresh activist crossings above 5% could not be retrieved. Those sources would normally form the core of a US-focused insider note.