GGRAsia – Success Dragon shares jump as firm takes in new investor

Success Dragon shares jump as firm takes in new investor

Aug 29, 2017 Newsdesk Industry Talk, Latest News

Gaming services firm Success Dragon International Holdings Ltd saw its stock rise 30.6 percent on Monday trading in Hong Kong, as the firm took on a new investor.

Success Dragon said in a filing that it had been informed on Monday that Mark Yong Khong Yoong, a substantial shareholder in the company, sold nearly 503.67 million shares of Success Dragon to Shanghao Ltd, a company owned by Tsang Ho Kwan. The shares represented approximately 24.29 percent of the entire issued share capital of the company.

The deal, completed last week, was done at a consideration of HKD0.191 per share, amounting to about HKD96.2 million (US$12.3 million).

Both the purchaser and its owner are independent third parties, said Success Dragon. Upon completion of the deal, Mr Yong ceased to be a shareholder of the company, the firm added.

Success Dragon additionally said that aside from the disposal of shares by Mr Yong, it was “not aware of any reasons” for the increase in price or trading volume of its shares.

The stock closed 1.7-percent lower on Tuesday, at HKD0.285.

In June, Success Dragon said its net loss narrowed to HKD159.3 million for the financial year ended March 31, 2017, compared to HKD231.5-million recorded in the previous financial year.