KB LAMINATES (01888.HK) plunged 17.68% to HK$39.12 on Wednesday after opening 3.1% higher, reversing alongside parent KINGBOARD HLDG (00148.HK) as the AI PCB sector saw a dramatic intraday selloff. Trading volume surged to 89 million shares worth HK$3.947 billion, the highest in recent sessions. The Hang Seng Index fell 248 points to 24,884, down nearly 1%, with turnover reaching HK$183 billion.
KB LAMINATES (01888.HK) plunged 17.68% to HK$39.12 on Wednesday, reversing a 3.1% opening gain as the AI PCB sector collapsed in afternoon trading.
The selloff in KB LAMINATES coincided with a sharp reversal in parent company KINGBOARD HLDG (00148.HK), which opened 3.77% higher before sliding 10.87% to HK$50.85 on turnover of HK$1.618 billion. Combined, the two stocks accounted for more than HK$5.5 billion in trading volume during the afternoon session.
The AI PCB sector showed mixed performance. VGT (02476.HK) bucked the trend, rising 2.9% to HK$234.2 on turnover of HK$855 million, while HANS CNC (03200.HK) edged up 0.17% to HK$119.9. The divergence suggests the selloff may be company-specific rather than sector-wide, though the magnitude of the moves in KB LAMINATES and KINGBOARD HLDG raises questions about broader positioning in AI-related hardware names.
The Hang Seng Index's 1% decline to 24,884 came on elevated turnover of HK$183 billion, well above the 20-day average, indicating broad-based selling pressure. The sharp reversals in KB LAMINATES and KINGBOARD HLDG — both opening higher before collapsing — suggest potential margin calls or forced deleveraging, which could spill over to other Hong Kong-listed tech and PCB sector stocks in coming sessions.
KB LAMINATES' turnover of 89 million shares worth HK$3.947 billion represents a significant multiple of its average daily volume, according to exchange data. The stock's intraday swing from a 3.1% gain to a 17.68% loss represents a roughly 21 percentage point reversal, among the largest single-session moves for the stock this year.
KINGBOARD HLDG, which owns a majority stake in KB LAMINATES, saw a similar pattern. The stock opened at approximately HK$58.50 based on the 3.77% gain before sliding to HK$50.85, erasing more than HK$7 per share in value. Its turnover of HK$1.618 billion on 29.3 million shares traded suggests heavy institutional activity.
The broader market context adds to the bearish tone. The Hang Seng Index's decline to 24,884 puts it further below the 25,000 level, a key psychological support that has been tested in recent weeks. The HK$183 billion in total market turnover indicates elevated participation, with sellers dominating the afternoon session.
For investors, the key question is whether the KB LAMINATES selloff is an isolated event or the beginning of a broader de-rating for AI PCB stocks in Hong Kong. The sector has been a beneficiary of the artificial intelligence infrastructure buildout, and a sustained selloff could signal changing expectations for AI-related capital expenditure.
This article is for informational purposes only and does not constitute investment advice.
