On June 17, Kingboard Laminates fell 3.73% in regular trading, trading at HK$83.75/share, with turnover of HK$13.076 billion. The decline was triggered by a major shareholder block sale announcement.

According to company filings, Kingboard Investment, a wholly-owned subsidiary of Kingboard Holdings, entered into a block trade agreement with Citi Global Financial and Merrill Lynch to sell 155 million shares at HK$76.0 per share. The placement price represents a notable discount to the previous closing price. Upon completion, Kingboard Holdings' stake will decrease from 66.62% to 61.70%.

The share sale comes after the stock surged over 570% year-to-date and repeatedly set record highs, driven by AI-related demand for copper-clad laminates and electronic fiberglass cloth price inflation. Just one day prior, Citi raised its target price to HK$100, forecasting first-half profit growth of 273%. The large-scale discounted disposal by the controlling shareholder has significantly weighed on near-term market sentiment and amplified selling pressure.

(The above content is based on publicly available market information, generated by a program or algorithm, and is intended solely as a stock movement alert. It does not constitute investment advice or a basis for trading decisions.)