HK Stock Market Move | In the morning session, KB LAMINATES (01888) fell more than 10% and was hit by major shareholder KINGBOARD HLDG (00148) with a rights issue realization of 7.85 billion Hong Kong dollars.

KB LAMINATES (01888) fell more than 10% in early trading, dropping by 10.7% to HK$9.68 as of the time of writing, with a turnover of HK$9.1 billion. On the news front, KB LAMINATES announced that its controlling shareholder, KINGBOARD HLDG (00148), will sell up to 78.5 million shares at a price of HK$10 per share, at a 7.75% discount to the closing price of the previous day, raising approximately HK$7.85 billion. As of the date of this announcement, KINGBOARD HLDG directly and indirectly owns equity interests in 2.301 billion shares, accounting for approximately 73.76% of the company's existing issued share capital. Following the completion of the sale of the 78.5 million shares, KINGBOARD HLDG will directly and indirectly hold equity interests in 2.223 billion shares, accounting for approximately 71.25% of the company's issued share capital. The company will remain the non-wholly owned subsidiary of KINGBOARD HLDG.