Iao Kun now LiNiu Technology

By
Kam Leong

Local junket Iao Kun Group Holding Company Ltd. has announced its name change to LiNiu Technology Group, effective yesterday, as the company attempts to shift its business focus from the VIP gaming business.
According to an announcement by the company on Wednesday, its ticker symbol on the NASDAQ Stock Market has been changed to ‘LINU’ from ‘IKGH.’
In March, the company said it had completed the acquisition of 51 per cent of software technology development group Guangzhou LiNiu Network Technology Co. Ltd. – which was developing an electronic trading platform for the Chinese agriculture industry.
In Wednesday’s announcement, the company said the platform – named LiNiu Network – had been launched. ‘Since its launch, the site has seen traffic of over 50,000 visitors on a daily basis, with more than 130,000 users and more than 20,000 suppliers registered, and over 80,000 products currently sold through the platform,’ the company claimed.
“[We] want to thank shareholders for approving our name change,” said the company’s co-Chief Executive Officer, Wang Shun Yang, in the announcement, “which we believe better conveys what we are trying to accomplish as well as our strategic outlook over the long term.”
The company said recently that the acquisition is part of its attempt to diversify its business into non-gaming sectors.
Its website read yesterday that it is still running one VIP room in the City of Dreams of Melco Crown Entertainment Ltd.
The operator ran four other VIP rooms located in Sands Cotai Central, Galaxy Macau complex, StarWorld and L’Arc Macau until last year, claiming the closures were ‘part of its comprehensive strategic review of its VIP gaming room operations in Macau.’
Last December, Galaxy Entertainment Group requested two VIP promoters linked to Iao Kun – Sang Lung Gaming Promotion Ltd. and Sang Heng Gaming Promotion Company Limited – to repay lines of credit amounting to HK$312 million (US$38.8 million), according to a company announcement.
The city’s Court of First Instance declared last month the bankruptcy of Sang Lung as requested by a subsidiary of the gaming corporation.