 Cyclization in step-growth polymerization

In cyclization in step-growth polymerization, compatible functional groups on the same chain react and close it into a ring. They consume groups without merging two molecules. If $R$ ring-closing events and $J$ intermolecular joins occur in an otherwise balanced bifunctional feed, the group conversion is $p=(J+R)/N_0$, while $N=N_0-J=N_0(1-p)+R$. ThusFor example, an $AB$ dimer can close its remaining $A$ and $B$ ends: two group pairings have occurred among two starting monomer molecules, giving $p=1$, but the resulting single cyclic molecule has only two monomeric units. This counterexample shows exactly where the linear Carothers equation fails. Rings have no chain ends, so counting every chain-bearing molecule as two ends also fails.