On July 8, Kingboard Holdings fell 3.31% in regular trading, trading at HKD 82.75/share, with turnover of HKD 611 million, extending the recent downtrend.

On the news front, Hong Kong Stock Exchange data revealed that major shareholder Hallgain Management Limited sold another 9.328 million shares on July 6 at approximately HKD 90.39 per share, netting around HKD 843 million. The disposal reduced Hallgain's stake to 31.98%. Since late June, Hallgain's cumulative cash-out has exceeded HKD 9 billion.

Citi noted in a latest report that while electronic-grade glass fiber cloth average selling prices may surpass expectations — potentially driving stronger-than-expected first-half results — should Hallgain continue reducing its stake toward the 30% threshold, near-term upside would remain capped. Analysts highlighted that Hallgain's holdings are unlikely to fall below 30%, as that level would trigger a mandatory general offer scenario. Citi also indicated preference for subsidiary Kingboard Laminates over the parent company in the near term.

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