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Two companies stop trading in shares on Hong Kong Stock Exchange following Alvin Chau’s arrest

Suncity Group Holdings and Summit Ascent Holdings issue statements announcing they are awaiting developments in case involving their chairman.

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Suncity Group Holdings and Summit Ascent Holdings issue statements announcing they are awaiting developments in case involving their chairman.

ARTICLE BY

PUBLISHED

UPDATED: 22 Dec 2023, 4:41 am

Alvin Chau Cheok Wa’s arrest at the weekend is continuing to send shockwaves across Macao’s gaming industry, with trading in two companies’ shares being halted on the Hong Kong Stock Exchange (HKEX) this morning.

Police despatched the 47-year-old junket mogul to the Public Prosecutions Office yesterday, together with 10 associates, in connection with investigations into organised crime, illegal gambling and money laundering.

Today, the board of Suncity Group Holdings Limited (HK stock code 1383) halted trading in the company’s shares “pending the release of an announcement in relation to news coverage regarding Chau Cheok Wa (an executive director, the chairman of the board and a controlling shareholder of the company), which constitutes inside information of the company”.

Similarly, the board of Summit Ascent Holdings Limited (HK stock code 102) suspended trading in its shares, giving the same reasons, as Chau is a non-executive director, chairman of the board and a controlling shareholder of the company.

 

UPDATED: 22 Dec 2023, 4:41 am

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