Hong Kong-listed CY Foundation Group Ltd – an investor in services to the Macau gaming industry – announced it has completed a rebranding exercise, officially changing its name to Success Dragon International Holdings Ltd.
The stock short name for trading in the shares on the Hong Kong Stock Exchange will be changed to Success Dragon, with effect from December 16, the firm said in a filing on Thursday.
Success Dragon said all the existing certificates of securities in issue bearing the old name of the company will – after the change of company name – “continue to be evidence of title to such securities of the company and will continue to be valid for trading, settlement, registration and delivery for the same number of securities of the company”.
The firm had said in a previous filing that the new company name “can promote and strengthen the company’s corporate image and enable the group to better identify and obtain business opportunities for its future development”.
Success Dragon is the parent company of Macau-based casino services provider CY Management Ltd. The latter firm currently provides management services to three casinos in Macau and information technology services to two other casinos in the city. The parent firm also serves casino operators in Vietnam.
Success Dragon is also engaged in the manufacturing of packaging products for luxury goods.
The parent company in November reported a loss of HKD140.3 million (US$18.1 million) for the six months ended September 30. The group’s loss widened from the HKD11.9 million recorded a year earlier.
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“Amendment to the gaming law is still a work in progress ... We need to wait for further details, in terms of the finer form that the amendments will take, and there will be additional regulatory measures that will be potentially issued thereafter”
Chief operating officer of Sands China