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Singapore a battleground of commodities fraud lawsuits Riding on a buoyant stock market for artificial intelligence hardware components, Kingboard Holdings plans to raise HK$11.77 billion (US$1.5 billion) by selling a stake in its listed subsidiary, Kingboard Laminates Holdings, one of the world’s biggest makers of laminate materials used in circuit boards for AI servers.
The company said the proceeds would be used to expand business and production capacity to meet surging demand.
The fundraising comes as AI server backlogs hit record highs at major technology vendors, triggering shortages of upstream circuit board materials.
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The five hyperscalers – Alphabet, Amazon.com, Meta Platforms, Microsoft and Oracle – were expected to spend a combined US$805 billion on AI infrastructure in 2026 alone, according to Morgan Stanley’s latest estimates.
Kingboard Holdings agreed to sell 155 million shares in Kingboard Laminates at HK$76 apiece, an 11.5 per cent discount to Tuesday’s closing price of HK$85.90, according to a Hong Kong stock exchange filing on Wednesday.
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The placed shares will account for about 4.92 per cent of the enlarged share capital, with the transaction scheduled to close on June 22.
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