GGRAsia – Alvin Chau-linked Suncity Group, Summit Ascent halt trading

Alvin Chau-linked Suncity Group, Summit Ascent halt trading

Nov 29, 2021 Newsdesk Latest News, Macau, Rest of Asia, Top of the deck

Two Hong Kong-listed companies linked to detained casino junket boss Alvin Chau Cheok Wa, and with casino business interests, declared a trading halt at 9am on Monday (November 29).

The companies – Suncity Group Holdings Ltd and Summit Ascent Holdings Ltd – said in separate filings that trading in their respective shares had been halted “pending the release of an announcement in relation to news coverage” regarding Mr. Chau.

Suncity Group Holdings has casino-project interests in Vietnam, via the Hoiana resort; and in the Philippines, via the Westside City scheme. The latter scheme is being coordinated by Manila-listed Suntrust Home Developers Inc, which is 51-percent indirectly owned by Suncity Group Holdings.

Mr Chau is described in Monday’s trading halt filing as the controlling shareholder and chairman of Suncity Group Holdings.

The other Hong Kong-quoted firm linked to Mr Chau that called a halt to trading ahead of Monday business was Summit Ascent, which controls the Tigre de Cristal casino resort near Vladivostok in the Russian Far East.

Suncity Group Holdings is the controlling shareholder of Summit Ascent. Mr Chau is also the chairman of the latter company.

On Sunday, another Hong Kong-listed firm of which Mr Chau is the controlling shareholder – Sun Entertainment Group Ltd, quoted on the small-cap index – noted he had been “assisting” an “investigation by the Macau Judiciary Police,” and that there had been news coverage of an investigation by the Wenzhou Public Security Bureau in mainland China concerning Mr Chau.

Sun Entertainment is involved in services including feature film production and organisation of music concerts.

Sun Entertainment stated in its Sunday filing: “The board wishes to emphasise that the news coverage is relating to the personal affairs of Mr Chau. The board is of the view that the incident does not have any material impact on the financial position, business nor operation of the group.”

The filing added: “The company will update shareholders and potential investors of the company on any further development on the matter by way of further announcement(s) as and when necessary in accordance with the GEM [Growth Enterprise Market] listing rules.”