Macau (MNA) – The share prices of Hong Kong-listed junket group Suncity Group Holdings Ltd on Monday have remained at the same lower-level recorded last week, despite a personal denial during the weekend by the group’s CEO of any involvement by the group in online gaming operations targeting mainland Chinese players.
For the whole month of June the group’s shares had been pricing between HK$1.80 (US$0.22) and HK$2.00.
Following a report on July 9 by Economic Information Daily, a newspaper affiliated with Chinese state-owned news agency Xinhua, accusing the group of making large amounts of money through online gaming and proxy betting, Suncity’s share prices went from HK$1.83 just the day before to an HK$1.47 low.
During the rest of the week, the group issued an official denial and was part in a meeting with the Gaming Inspection and Coordination Bureau (DICJ), where gaming authorities warned local junket operators to warn them to not conduct any activity related to online gambling within the city’s borders.
Between Tuesday July 9 and Friday July 12 the group’s share prices recovered to an HK$1.61 high, to then drop down to an HK$1.47, closing that week with an HK$1.50 valuation.
On Saturday July 13 the group’s CEO, Alvin Chau, held an event where he personally denied the accusations, stating that the group did not engage in any business that violated the law of the Mainland and the Macau SAR, and at the same time claimed that he was not investigated or listed as wanted by the Mainland’ authorities.
He also vowed the junket operator group would follow Macau regulations while operating in any other jurisdiction.
Upon the Hong Kong Stock Exchange opening this Monday July 15, Suncity’s share prices went up to an HK$1.55 high at 9:35am to drop as low as HK$1.46 by 10:45am and closing the day at HK$1.50.
Suncity Group Holdings describes his operations at the stock exchange as mainly focused on the development of residential and commercial properties as well as leasing of commercial properties in China, and providing hotel and integrated resort management and consultancy service and travel agency service.
The group’s subsidiary Sun City Gaming Promotion Co Ltd is licensed in Macau to provide to promote VIP gaming.
