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KINGBOARD HLDG Sags 5%+; Further Stake Cut by Major Shareholder Family; Citi Prefers KB LAMINATES
2026-07-08 10:10:34 KINGBOARD HLDG (00148.HK) once plunged more than 5% this morning, as Hallgain held by the family of major shareholder Cheung Kwok Wing further reduced its stake in KINGBOARD HLDG. According to HKEX disclosures, Hallgain reduced its holdings in KINGBOARD HLDG three times this month, lowering its stake from 34.3% to 31.98%, as of July 7. Citi released a report stating that Hallgain’s stake has been reduced by a cumulative 12.5% since its April high of 44.5%; its latest stake stood at 31.98% as of July 6, representing a net reduction of 11.78% YTD. Under the worst case, if Hallgain further cuts its stake by around 2% to the 30% threshold, it would imply the sale of about 22 million more shares. Compared with the average daily trading volume of 54 million shares over the past two weeks, the impact would be relatively limited. Therefore, the major shareholder's stake reduction may limit upside in the share price in the short term, but the current valuation remains attractive. Citi maintained its Buy rating with a TP of HKD202 on KINGBOARD HLDG. The broker preferred KB LAMINATES (01888.HK) over KINGBOARD HLDG. ~ AASTOCKS Financial News Website: www.aastocks.com | |