Shares of KINGBOARD HLDG (00148) experienced a significant surge, at one point rising over 19% to reach a fresh all-time high of HK$151.8. The stock has now accumulated a remarkable gain of nearly 400% since the start of the year. At the time of writing, the shares were up 8.93%, trading at HK$137.9 with a turnover of HK$3.984 billion.

The recent price movement follows the company's announcement of its intention to place 155 million shares of its subsidiary, Kingboard Laminates, via a block trade, aiming to raise approximately HK$11.78 billion. The proceeds are earmarked primarily for the expansion and technological upgrade of its printed circuit board (PCB) operations.

This year, the company has benefited from a surge in demand driven by AI data centers, leading to sustained price increases for electronic glass fabric and copper-clad laminates. This favorable market environment has propelled Kingboard Laminates' share price significantly higher.

Analysts have noted that, based on a sum-of-the-parts valuation, the stock is trading at an estimated 2027 price-to-earnings ratio of around 10 times. Profit forecasts for the years 2026 through 2028 have been raised by 34% to 53%, largely due to stronger-than-expected price increases for Kingboard Laminates' electronic glass fabric.

Projections indicate that by 2028, approximately 85% of the core net profit for the parent group is expected to be derived from its laminate and PCB business segment, a substantial increase from an estimated 60% in 2025.