The board of directors of Suncity Group Holdings Limited has proposed for the group’s name to be altered to LET Group Holdings Limited, a Hong Kong Stock Exchange dispatch today (Monday) states.
‘With ‘L’ in the new name standing for ‘Leisure’, ‘E’ in the new name standing for ‘Entertainment’ and ‘T’ in the new name standing for ‘Taste’, the Board is of the view that the Proposed Change of Company Name will better reflect the Group’s strategic business plan and its future development direction with the focus on tourism-related business,’ Suncity Group added.
“The Board believes that the new name can bring a new atmosphere to the Company’s corporate image and identity, which will help the Company better capture potential business opportunities and benefit the future development of the Group”
The group’s image was greatly impacted by the arrest of the CEO of junket operator Suncity and a leading figure in junket’s Hong Kong-listed arm, Suncity Group Holdings Ltd, Alvin ChauCheok Wa, in November 2021.
Chau, together with several top-level Suncity management directors, was detained by Macau police authorities following an arrest warrant issued by authorities in Mainland China’s Wenzhou city over alleged cross-border gambling activities, and will face trial together with 20 people in September 2.
The name change will have to be approved at an extraordinary general meeting of the company to be convened.
Chau later disposed of all its shares in the Hong Kong-listed Suncity Group and gaming operator Summit Ascent, with former Deputy Chairman Andrew Lo Kai Bong taking over the control of both entities.
Suncity Group, whose operations did not include Macau VIP promotion operations, is principally engaged via Suntrust Resort Holdings, Inc. and its subsidiaries in the development and operation of an integrated resort in the Philippines; in the operation of the Tigre de Cristal integrated resort in the Primorye Region in Russia via Summit Ascent, in property development in Japan, and in management and operation of malls in The People’s Republic of China.
Sun Entertainment Group Limited – a media and entertainment directly linked to Suncity founder Alvin Chau – previously also proposed to its shareholders to change its English name to Yeah Yeah Group Holdings Limited and dispense its existing Chinese name so as to “improve its corporate image”.
Suncity Gaming Promotion Company Limited officially suspended its VIP room operations on December 1, 2021 and later filed for dissolution.
Hong Kong-listed Suncity Group previously also terminated its travel business segment provided by its previous Suncity junket partner in the Macau SAR.