Suncity resumes trading on the Hong Kong Stock Exchange
The company has announced that trading in its shares resumed today (July 7). Suncity’s Summit Ascent has also resumed trading.
Macau.- Suncity Group Holdings Ltd and the associated firm Summit Ascent Holdings Ltd have resumed trading on the Hong Kong Stock Exchange. Trading in shares of Suncity and Summit Ascent had been suspended since May 13.
The announcement comes after it was revealed that those controlling Suncity Group Holdings would make an unconditional, mandatory cash offer for up to 25 per cent of the firm that they do not already hold.
Andrew Lo Kai Bong, Suncity Group Holdings executive director, together with partners control 74.98 per cent of Suncity Group Holdings. He is now the main lender to Suncity Group Holdings after previous group creditors assigned him a HK$300m (US$38.2m) loan.
In May, Alvin Chau Cheok Wa transferred his controlling stake in both Suncity Group and its majority-owned Summit Ascent Holdings to Lo Kai Bong. Chau was arrested in November 2021 as part of an investigation into an illegal cross-border gambling syndicate. He stepped down as chairman of both Suncity Group and Summit Ascent in early December.
Suncity Group has interests in the Hoiana integrated resort in Vietnam while Summit Ascent is responsible for operating the Tigre de Cristal integrated resort in Vladivostok, Russia.
