GGRAsia – Success Dragon shares jump on possible control change

Success Dragon shares jump on possible control change

May 18, 2017 Newsdesk Latest News, Rest of Asia, Top of the deck

Gaming services firm Success Dragon International Holdings Ltd saw its stock rise nearly 23 percent on Thursday morning trading in Hong Kong. It followed an announcement by the firm on Wednesday of a deal that might lead to a change in control of the company.

Success Dragon said in a filing that it had been informed that Mark Yong Khong Yoong, a substantial shareholder in the company, had entered into an agreement regarding the possible disposal of his entire equity in the firm. The purchaser has been identified as Zhang Lin Lin, also a shareholder in Success Dragon.

Currently, Mr Yong has a 24.65-percent stake in Success Dragon, while Ms Zhang holds an 8.40-percent stake. The deal “may result in a change in control of the company,” said the firm.

Success Dragon’s operations include business process management and IT (information technology) services for the gaming industry.

Success Dragon announced in March that Jiang Dan had been appointed as chief executive of the company. Mr Jiang replaced Carlos Luis Salas Porras, who left the firm in April. Also in March, Success Dragon appointed Li Xuehua as chairman of the company.

The Hong Kong-listed firm in March completed an investment in a renewable energy company, as Success Dragon works to diversify its business into non-gaming areas.