GGRAsia – Asia Pioneer says pirates used its brand to lure investors

Asia Pioneer says pirates used its brand to lure investors

Nov 01, 2019 Newsdesk Latest News, Macau, Top of the deck

Hong Kong-listed Asia Pioneer Entertainment Holdings Ltd says the company’s name has been used by unconnected people in “fraudulent” online efforts to raise money from unsuspecting investors.

The business – which launched on Hong Kong’s Growth Enterprise Market in November 2017 - owns Asia Pioneer Entertainment Ltd. The latter – known as APE – is a Macau-based distributor of gaming equipment. APE gets much of its revenue from selling and servicing slot machines and electronic table games, and from taking slot machines that are no longer being used by Macau casinos and selling them elsewhere.

In a Thursday filing, the parent firm said it had recently become aware of “suspected fraudulent activities” that involved imposters pirating the company’s name and information “to attract and lure victims to invest” in an entity purporting to represent the company, “through an online platform” in mainland China.

The filing did not give further detail about the online platform.

But the announcement stated: “The company would like to clarify that the imposter and its fraudulent activities, as well as any business controversies that arise or may arise from or in connection therewith, are not associated with the group.”

Asia Pioneer Entertainment Holdings also noted that it might seek legal advice over the suspected pirated use of its brand, and might make a further announcement on the matter as and when required under the Hong Kong listing rules.