GGRAsia – Asia Pioneer Entertainment launches on HK small cap

Asia Pioneer Entertainment launches on HK small cap

Nov 16, 2017 Newsdesk Latest News, Macau, Top of the deck

Macau-registered electronic gaming equipment distributor Asia Pioneer Entertainment Ltd (APE) saw its shares close at HKD0.31 (US$0.0397) on the first day of trading on Hong Kong’s small-cap index, the Growth Enterprise Market, on Wednesday.

Asia Pioneer announced in late October plans to realise at least HKD50.2 million by offering 250 million shares on the Hong Kong Stock Exchange at an indicative price range of HKD0.24 to HKD0.36.

APE’s listing was fully subscribed, the firm’s managing director Herman Ng Man Ho told GGRAsia on Tuesday at the MGS Entertainment Show 2017 in Macau, on the eve of the listing.

“With the support of the capital market, our own capabilities in business development and the emerging market demand for electronic gaming equipment, we are confident in maintaining the company’s steady growth in the future and maximising returns for investors,” said Allen Huie, APE’s chairman, executive director and compliance officer, in a Wednesday press statement following the launch of the shares.

The first day of trading saw a total volume of approximately 179 million shares, representing an aggregate turnover of approximately HKD75.50 million, the firm said.

During the track record period reported in support of its listing application, APE was said to be the largest single supplier of electronic table games in the Macau market in 2016 measured “by revenue”, with a market share of approximately 30.4 percent.

Southwest Securities (HK) Capital Ltd was the sole sponsor of the offering.