Shares of Macau gambling group Suncity halted for second time in 3 days

02-Dec-2021 Intellasia | Reuters | 5:02 AM Print This Post

Trading in shares of Macau gambling group Suncity Group Holdings Ltd (1383.HK) was suspended in Hong Kong on Wednesday, according to the Hong Kong stock exchange, as worries over a crackdown in the world’s largest gambling hub grew.

It was the second trading suspension in three days for the stock. The exchange gave no further details on the halt and it was not immediately clear whether the company requested the halt or whether the bourse asked for it.

Alvin Chau, founder of Suncity Group, a conglomerate with interests that span gambling to property, was arrested by Macau police on Sunday.

Suncity Group which has a broad range of interests in the gambling sector but does not include Chau’s junket operations said on Monday Chau, who is both CEO and chair, intended to resign. A junket operator brings in high rollers to play at casinos. Macau media reported on Wednesday that Suncity Group would close all of its VIP gaming rooms in Macau casinos as of December 1, and cease salary payments for at least one-third of its Macau staff.

Suncity Group did not immediately respond to a Reuters request for comment.

Its shares were suspended from trading on Monday. The stock plunged 48 percent on Tuesday to a record low when trading resumed.

https://www.reuters.com/markets/europe/shares-macau-gambling-group-suncity-halted-second-time-3-days-2021-12-01/

 

Category: Hong Kong

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