Yang Zhihui steps down as chairman of Shin Hwa World

Zhihui has retired as director by rotation pursuant to the company by-laws.

South Korea.- Shin Hwa World Limited, the former Landing International Development, has announced that Yang Zhihui stepped down as director of the company at the conclusion of the annual general meeting. He ceased to be the chairman of the board under group bye-laws.

In a company filing, Shin Hwa World Limited stated: “The board would like to take this opportunity to express its gratitude to Dr. Yang for his past contributions to the company. The Board has been taking steps to identify a suitable person to take up the role of the chairperson of the board. The company will make further announcements as and when appropriate.”

Shin Hwa World Ltd reported in March an annual loss of HK$216.9m (US$27.6m) for 2022. The casino firm’s group-wide revenue increased by 2.7 per cent year-on-year to nearly HK$1.39bn (US$175.8m).

The gaming business performed poorly due to Covid-19-related travel restrictions and competition from other casinos, resulting in a decrease in net revenue from approximately HK$88.6m in 2021 to HK$46.12m (US$5.88m). The gaming business segment recorded a loss of approximately HK$173.96m.