Slaughter and May, Hong Kong, advised Citigroup Global Markets Limited (“Citi”) as placing agent on a secondary placing of 130,000,000 existing shares of Kingboard Laminates Holdings Limited (“Kingboard Laminates”) by Kingboard Holdings Limited (the “Seller”). The placing (the “Secondary Placing”) was announced on 18 March 2026 and completed on 20 March 2026, raising HK$2.73 billion (approximately US$350 million) for the Seller and representing approximately 4.15% of Kingboard Laminates’ total issued shares.
The net proceeds of the Secondary Placing will be used as general working capital of the Seller, thereby enhancing its overall liquidity position and providing additional financial resources to support its ongoing operations and future development.
Kingboard Laminates is a leading vertically-integrated electronic materials manufacturer specialising in the production of laminates and has been listed on the Main Board of The Stock Exchange of Hong Kong Limited (HKEX: 1888) since 2006.
The Seller is the controlling shareholder of Kingboard Laminates, holding approximately 71.10% and 66.95% of the total issued share capital of Kingboard Laminates prior to and immediately after completion of the Secondary Placing, respectively.
Citi is a licensed corporation under the SFO licensed to carry out Type 1 (dealing in securities), Type 2 (dealing in futures contracts), Type 4 (advising on securities), Type 5 (advising on futures contracts), Type 6 (advising on corporate finance) and Type 7 (providing automated trading services) regulated activities.
Partner, John Moore, commented, “We are delighted to have advised Citi on this secondary block trade relating to Kingboard Laminates. Congratulations to all on the successful completion of this deal.”