Macau junket room promoter Iao Kun Group Holding Co Ltd has made a formal application to list in Hong Kong, it said in a press statement issued in New York.
As GGRAsia reported on Thursday, the listing will be by “introduction”.
Iao Kun added that the application is subject to an initial three-day review by the Hong Kong Stock Exchange.
Listing by introduction is the same method used by Nasdaq-listed Macau casino developer Melco Crown Entertainment Ltd when it made a dual listing in Hong Kong in December 2011.
In such a process, a company that has shares issued on another exchange can – subject to local regulatory approval – list its shares in Hong Kong without raising new funds or issuing new shares.
Asia Entertainment & Resources Ltd – as Iao Kun was previously known – had an initial public offering on Nasdaq on August 15, 2008, with a launch priced at US$6.00 per share. At the close of business on Thursday New York time, Iao Kun was trading at US$3.06 per share, a fall of 2.24 percent on the day.
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”The Macau government is not aiming to trivialise or drive out the junket sector, but to regulate the sector so that it would not hurt Macau’s reputation”
Alvin Chau Cheok Wa
Chief executive of privately-held VIP junket business Suncity Group