Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>In <a href="https://skr.ma/5nrLc" target="_blank" rel="noopener">StubWorld: Big Moves In "Kings"</a>, I mused, given 66.62%-held <a href="https://www.smartkarma.com/entities/kingboard-laminates-holdings-limited" target="_blank" data-smartkarma-citation="entities:10276:1" rel="noopener">Kingboard Laminates (1888 HK)</a>'s meteoric price gain, <a href="https://www.smartkarma.com/entities/kingboard-holdings-limited" target="_blank" data-smartkarma-citation="entities:8122:1" rel="noopener">Kingboard (148 HK)</a> may seek another placement. And so it has. </li>
<li>Kingboard is placing out 155mn shares in Laminates, or 4.92% of shares out, at HK$76/share, a 11.5% discount to last close, raising HK$11.8bn. This placement reduces Kingboard's stake to 61.7%.</li>
<li>This is Kingboard's second placement in 2026 after it sold 130mn shares (4.15% of shares out) in Laminates back on the 18th March 2026, pocketing HK$2.72n</li>
</ul>


In StubWorld: Big Moves In "Kings", I mused, given 66.62%-held Kingboard Laminates (1888 HK)'s meteoric price gain, Kingboard (148 HK) may seek another placement. And so it has. 
Kingboard is placing out 155mn shares in Laminates, or 4.92% of shares out, at HK$76/share, a 11.5% discount to last close, raising HK$11.8bn. This placement reduces Kingboard's stake to 61.7%.
This is Kingboard's second placement in 2026 after it sold 130mn shares (4.15% of shares out) in Laminates back on the 18th March 2026, pocketing HK$2.72n


Kingboard (148 HK) Places Out More Shares In Kingboard Laminates (1888 HK)

Pan-Asia Tactical Market Calls (Quant-Driven), MRM Research

Nico Rosti

Pan-Asia Tactical Market Calls (Quant-Driven)

MRM Research

Quantitative Research

Equity Derivatives

<ul>
<li>
<a href="https://www.smartkarma.com/entities/kingboard-holdings-ltd" target="_blank" data-smartkarma-citation="entities:8122:1" rel="noopener">Kingboard Holdings (148 HK)</a> has rallied 24% from its end-of-March trough, closing at HK$40.34 on Tuesday — already above the P75 profit target (HK$37.85) but momentum still intact.</li>
<li>Our model's historical analogues suggest week 3–4 carries peak reversal risk; at week 2, the bull case toward HK$43–45 remains alive but increasingly fragile.</li>
<li>Risk/Reward is shifting: our model favours fading the rally at current levels unless passive flow from the 1888 HK index inclusion drives further upside.</li>
</ul>



Kingboard Holdings (148 HK) has rallied 24% from its end-of-March trough, closing at HK$40.34 on Tuesday — already above the P75 profit target (HK$37.85) but momentum still intact.
Our model's historical analogues suggest week 3–4 carries peak reversal risk; at week 2, the bull case toward HK$43–45 remains alive but increasingly fragile.
Risk/Reward is shifting: our model favours fading the rally at current levels unless passive flow from the 1888 HK index inclusion drives further upside.


Kingboard Holdings (148 HK) Tactical Outlook: Rally Exhaustion Ahead of 1888 HK Index Inclusion

Asia Pac ECM and Index Rebal, Shenton Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

Shenton Research

Shenton Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

Equity Capital Markets

Dynamic Electronics / Equity Capital Markets

<ul>
<li>Dynamic Electronics, a printed circuit board (PCB) maker focused on automotive electronics, is seeking an A+H listing. CICC and Guolian are the joint sponsors.</li>
<li>We look at the company's core segments: automotive electronics, data storage, and communications and AI servers.</li>
<li>We discuss our preliminary thoughts on the company's valuation based on the A-H premium.</li>
</ul>


Dynamic Electronics, a printed circuit board (PCB) maker focused on automotive electronics, is seeking an A+H listing. CICC and Guolian are the joint sponsors.
We look at the company's core segments: automotive electronics, data storage, and communications and AI servers.
We discuss our preliminary thoughts on the company's valuation based on the A-H premium.


Dynamic Electronics (超颖电子) A+H Pre-IPO: Early Thoughts

Asian Hedge Fund Manager, Long Short Equity, Macro

David Mudd

Cross Asset Strategy

<ul>
<li>HK Alpha portfolio gained 3.45% in August, outperforming its benchmark by 2.67%.  Since inception, the portfolio has outperformed HK indexes by 60% to 84%. HK ALPHA is up 14.35% YTD.</li>
<li>The Sharpe ratio stands at 1.21, compared with a benchmark of 0.68 since inception.  This higher Sharpe ratio is driven by excess alpha, which represents more than 50% of returns.</li>
<li>The portfolio gained in the healthcare, industrial, and technology sectors in August, while utilities and telecom exposure dragged on performance.</li>
</ul>


HK Alpha portfolio gained 3.45% in August, outperforming its benchmark by 2.67%.  Since inception, the portfolio has outperformed HK indexes by 60% to 84%. HK ALPHA is up 14.35% YTD.
The Sharpe ratio stands at 1.21, compared with a benchmark of 0.68 since inception.  This higher Sharpe ratio is driven by excess alpha, which represents more than 50% of returns.
The portfolio gained in the healthcare, industrial, and technology sectors in August, while utilities and telecom exposure dragged on performance.


<ul>
<li>The Hong Kong Alpha portfolio gained 5.79% in July, outperforming its benchmark by 0.30%.  The portfolio has outperformed Hong Kong indexes by 52% to 74% since inception.</li>
<li>The portfolio's largest exposures are in the industrial, financial, and technology platform sectors. The portfolio has no exposure to the materials or energy sectors.</li>
<li>The portfolio has generated a Sharpe ratio of 1.20 since inception, compared with 0.69 for the benchmark.  The portfolio's annualized mean excess return is 19.4%.</li>
</ul>


The Hong Kong Alpha portfolio gained 5.79% in July, outperforming its benchmark by 0.30%.  The portfolio has outperformed Hong Kong indexes by 52% to 74% since inception.
The portfolio's largest exposures are in the industrial, financial, and technology platform sectors. The portfolio has no exposure to the materials or energy sectors.
The portfolio has generated a Sharpe ratio of 1.20 since inception, compared with 0.69 for the benchmark.  The portfolio's annualized mean excess return is 19.4%.


Hong Kong

Kingboard is an investment holding company that manufactures and sells laminates, printed circuit boards (PCBs), and chemicals. It is a leading vertically integrated electronic materials manufacturer, producing copper-clad laminates and key upstream raw materials like copper foil, glass fabric, and resins. The company also has segments in properties and investments. Kingboard was founded in 1988 and is headquartered in Hong Kong.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Kingboard (148 HK)

Kingboard (148 HK) Places Out More Shares In Kingboard Laminates (1888 HK)

From an implied stub point of view (it's never been lower), Kingboard is a buy. Note: short sellers in Laminates (around an all-time high) may opt...

David Blennerhassett

Kingboard Holdings (148 HK) Tactical Outlook: Rally Exhaustion Ahead of 1888 HK Index Inclusion

Kingboard Holdings (148 HK) surged 24% from its March low, but our model signals peak reversal risk ahead. Is the 1888 HK index inclusion catalyst...

Nico Rosti

Dynamic Electronics (超颖电子) A+H Pre-IPO: Early Thoughts

Dynamic Electronics is seeking an A+H listing. In this note, we look at the company's business, its industry context and provide our early thoughts...

Ke Yan, CFA, FRM

HONG KONG ALPHA PORTFOLIO: (August 2026)

HK Alpha portfolio gained 3.45% in August, outperforming its benchmark by 2.67%. Since inception, the portfolio has outperformed HK indexes by 60%...

David Mudd

HONG KONG ALPHA PORTFOLIO: (July 2026)

We made several adjustments to the portfolio yesterday. We sold the Baidu (9888) position since it hit our stop-loss level. We also sold the...

David Mudd

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)