Huiyin Household Appliances (Holdings) Co Ltd, a Hong Kong-listed investment holding company, announced that a wholly owned subsidiary has reached an agreement to sell sports lottery products in Shanghai.
Jiangsu Huiyin Lottery Network Technology Co Ltd has signed a cooperation agreement with Shanghai Municipal Sport Lottery Administration Centre for the agency sales of sports lottery products in the city, Huiyin Household Appliances said in the filing.
Under the agreement, Jiangsu Huiyin Lottery is authorised to sell sport lottery computer tickets and instant lottery tickets, as well as to launch high-frequency games. The Shanghai Municipal Sport Lottery Administration Centre shall provide the sales terminal equipment, the firm said.
Jiangsu Huiyin said it would share revenues from its sales channels with the Shanghai Municipal Sport Lottery Administration Centre, although it did not disclose the proportion.
The sports lottery agreement is valid for three years and can be renewed after expiry, it added.
Since May, this is the sixth agreement that Huiyin Household has announced whereby it will act as an agent to sell lottery tickets in the mainland market.
Sports lottery ticket sales in mainland China grew by 33.8 percent year-on-year between January and September this year, reaching RMB128.98 billion (US$21 billion).
Total lottery sales reached RMB279.41 billion during the first nine months of the year, according to official data.
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”Our own consensus is that any newcomers to this [junket] sector should be corporatised, and should be financially sound and able to commit a higher guarantee deposit”
Kwok Chi Chung
President of junket trade body, the Macau Association of Gaming and Entertainment Promoters