{"id":25483,"date":"2021-12-13T13:19:19","date_gmt":"2021-12-13T16:19:19","guid":{"rendered":"https:\/\/focusgn.com\/asia-pacific\/?p=25483"},"modified":"2026-04-23T12:58:49","modified_gmt":"2026-04-23T15:58:49","slug":"suncity-group-could-change-hands-due-to-cheok-wa-debt","status":"publish","type":"post","link":"https:\/\/focusgn.com\/asia-pacific\/suncity-group-could-change-hands-due-to-cheok-wa-debt","title":{"rendered":"Suncity Group could change hands due to Cheok Wa debt"},"content":{"rendered":"\n<p>Star Soul Investments Ltd, a company led by Alvin Chau Cheok Wa, must repay just over HK$313.6m (US$40.2m) to a group of lenders.<\/p>\n\n\n\n<!--more-->\n\n\n\n<p>Macau.- The problems continue for Suncity Group Holdings. Two weeks after the\u00a0<a rel=\"noreferrer noopener\" target=\"_blank\" href=\"https:\/\/focusgn.com\/asia-pacific\/suncity-group-chairman-arrested-in-macau\">arrest of Alvin Chau Cheok Wa<\/a>\u00a0on cross-border gambling and money laundering accusations, it&#8217;s emerged that the operator could change hands if one of the CEO&#8217;s companies doesn&#8217;t repay a debt in full.<\/p>\n\n\n\n<p>Cheok Wa&#8217;s <strong>Star Soul Investments Ltd<\/strong> reportedly has until midweek this week to repay HK$313.6m (US$40.2m). If it fails to pay,\u00a0<strong>the 4.99m Suncity Group <strong>shares<\/strong>\u00a0<\/strong>pledged by Cheok Wa as a loan guarantee may change hands to cover the debt. The shares represent approximately 74.85 per cent of the total issued share capital of Suncity.<\/p>\n\n\n\n<p>The shares are controlled by an entity called Fame Select Ltd, which is 50 per cent owned by Alvin Chau Cheok Wa and 50 per cent by Zheng Tingkang. If these shares flow to the lender, it may result in a change in the control of Suncity Group Holdings.<\/p>\n\n\n\n<p>Last week, shares of Suncity Group Holdings and its Summit Ascent division\u00a0<a rel=\"noreferrer noopener\" target=\"_blank\" href=\"https:\/\/focusgn.com\/asia-pacific\/suncity-and-summit-ascent-shares-suspended-from-trading\">were suspended from trading<\/a>. <strong>Suncity stocks plunged by 48 per cent to HK$0.13<\/strong>\u00a0after the arrest of Cheok Wa. Summit Ascent was trading at US$0.15, a drop of nearly 70 per cent.\u00a0<\/p>\n\n\n\n<p>Suncity had previously warned that if the support of some of the controlling shareholders\u2019 contacts is lost, Chau\u2019s arrest will have a negative impact on the group\u2019s revenue. <a rel=\"noreferrer noopener\" target=\"_blank\" href=\"https:\/\/focusgn.com\/asia-pacific\/alvin-chau-to-step-down-as-suncity-ceo\">Alvin Chau has submitted his resignation\u00a0following his arrest<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Star Soul Investments Ltd, a company led by Alvin Chau Cheok Wa, must repay just over HK$313.6m (US$40.2m) to a group of lenders.<\/p>\n","protected":false},"author":176,"featured_media":25501,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"is_press_release":false,"is_interview":false,"is_opinion":false,"focusai_summary":"Star Soul Investments Ltd, a company linked to Alvin Chau, faces a HK$313.6m debt repayment deadline. Failure to meet this obligation could trigger a change of control for Suncity Group Holdings, as pledged shares representing 74.85% of the company's capital may transfer to lenders. This follows Chau's arrest on cross-border gambling and money laundering charges, which has already caused significant stock depreciation for Suncity and its Summit Ascent division.","focusai_entities":"Star Soul Investments Ltd, Alvin Chau Cheok Wa, Suncity Group Holdings, Fame Select Ltd, Zheng Tingkang, Summit Ascent","focusai_location":"Macau","focusai_target_profile":"ceo_executive (0.95), regulator (0.98), compliance_legal (0.95), operator_casino (0.9), payments_fraud_aml (0.85), investor_analyst (0.98), supplier_vendor (0.8), journalist_researcher (0.95)","focusai_suggestions":[{"label":"Regulatory Impact on Licenses?","query":"What are the immediate regulatory implications for Suncity's B2B\/B2C licensing in Macau and other jurisdictions if control shifts due to the pledged shares?"},{"label":"Operational Strategy Post-Control Change?","query":"How will the potential change in Suncity's controlling shareholder impact its operational strategy, gaming verticals, and market positioning in the Asian iGaming sector?"}],"footnotes":""},"categories":[157,16338],"tags":[23702],"class_list":["post-25483","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business-news","category-east-asia-news","tag-suncity-group"],"_links":{"self":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/25483","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/users\/176"}],"replies":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/comments?post=25483"}],"version-history":[{"count":3,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/25483\/revisions"}],"predecessor-version":[{"id":25511,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/25483\/revisions\/25511"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media\/25501"}],"wp:attachment":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media?parent=25483"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/categories?post=25483"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/tags?post=25483"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}