Kokuyo Approved Capital Increase to Acquire Thien Long Group
The Japanese firm will invest $177 million into its Singapore subsidiary to gain a majority stake in the Vietnamese company.
Updated on Oct. 1, 2026 in Business Strategy
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Kokuyo has authorized a $177 million capital injection into its subsidiary, Synergy Investing Asia, to facilitate a controlling acquisition of Thien Long Group. The Japanese stationery giant aims to reach a 65.01 percent ownership stake in the Vietnam-based firm.
Why it matters
The acquisition is a strategic move intended to advance Kokuyo’s long-term goal of becoming the leading stationery provider across Asia by 2030. It marks a significant consolidation effort within the regional office and school supply market.
Kokuyo aims for a 65.01 percent stake in Thien Long Group, which reported VND2.354 trillion in net revenue for the first half of 2026. Regulatory approval requires the companies to increase research and development spending by VND3 billion annually for five years.
The players
Kokuyo
This is a Japanese company that specializes in stationery, furniture, and spatial design.
Thien Long Group
This is a prominent Vietnamese manufacturer known for producing various stationery products.
Synergy Investing Asia
This is a Singapore-based subsidiary and a wholly owned entity of Kokuyo.
National Competition Commission
This is the Vietnamese government agency responsible for overseeing market competition and approving corporate mergers.
The details
Through its Singapore subsidiary, Kokuyo plans to acquire all shares of Thien Long An Thinh Investment JSC and initiate a public tender offer for roughly 16 million shares. Vietnam’s National Competition Commission conditionally approved the deal on September 9, 2026, citing requirements for data reporting and increased R&D investment.
Timeline
Thien Long Group began producing ballpoint pens in 1981.
Synergy Investing Asia was established on December 15, 2025.
Vietnam’s National Competition Commission issued Decision No. 294 on September 9, 2026.
The public tender offer is expected to take place throughout October and November 2026.
Market Landscape
This acquisition follows the precedent set by Vietnam's National Competition Commission Decision No. 294, which mandates specific R&D investments as a condition for market consolidation. The move intensifies competition in the Asian stationery sector as regional players align to capture market share.
Consumers may see increased R&D efforts reflected in future stationery product quality as the companies comply with mandatory spending requirements. There are currently no immediate changes to product pricing or availability for the average retail shopper.
The takeaway
This transaction highlights the aggressive pace of consolidation among major Asian office supply firms as they chase long-term growth targets. Investors and stakeholders should monitor the tender offer process closely to see if Kokuyo reaches its 65.01 percent ownership goal.
What happens next
The public tender offer for Thien Long Group shares is scheduled to occur during October and November 2026.
Further reading
For more information on market expansion, visit the Business Strategy section.
Source note: This article includes information reported by Tuoi tre news.
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