Hong Kong’s Securities and Futures Commission (SFC) has issued a warning regarding a high concentration of ownership in the shares of Sinogreen Energy International Group Ltd.
The firm – which passed into the majority ownership of Jack Lam Yin Lok, chairman of Macau junket operator Jimei Group Ltd and associated interests following a share subscription in September – plans to change its name to Jimei International Entertainment Group Ltd.
The SFC said in a statement on Tuesday that “…shareholders and prospective investors should be aware that the price of the shares of the company could fluctuate substantially even with a small number of shares traded, and should exercise extreme caution when dealing in the shares.”
It said its inquiries showed that 16 investors, plus the interests of Mr Lam and three executive directors, held an aggregate of 92.66 percent of the issued shares.
But Sinogreen Energy said in a filing to the Hong Kong Stock Exchange on Tuesday that to the best of its knowledge “…not less than 25 percent of the company’s issued shares were in the hands of the public as at 22 October 2014 and the date of this announcement, and the company is able to comply with the public float requirement under the rules governing the listing of securities of the Stock Exchange”.
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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