Macau-based game promoter Sociedade de Entertainmento Sing Vong Lda is pushing for an IPO in Hong Kong through its overseas holding company Sing Hou Entertainment Group Ltd.
Xingbong is a gaming promoter licensed by the Gaming Inspection and Coordination Bureau, Macau’s casino regulator. The company operates a VIP room with four baccarat tables at Galaxy Entertainment Group’s Starworld Casino, according to a document released on the Hong Kong Stock Exchange’s website last week.
However, some parts of the document are marked blank in the public version, including those relating to the desired listing schedule and planned launch stock prices.
However, Xinghou Entertainment said in the filing that it plans to use the proceeds from the listing to open a new VIP room in 2015. News of the planned IPO was reported by Macau Business Daily on Tuesday.
Xinghou Entertainment, a Cayman Islands-registered company, said in a filing with the Hong Kong Stock Exchange that it was managed by Fan Keng Seng, who is also a customer relations manager. He was identified in the filing as owning a construction company and involved in building a large casino hotel project in Macau. Fan is also a member of the Standing Committee of the Chinese People’s Political Consultative Conference in Huizhou, Guangdong Province.
Xinghou Entertainment has several Macau gaming industry veterans, according to the filing. They include Fang Xingqiao, chairman of the board of directors, and his brother, Pong Sengwa. Pong, who serves as the company’s chief executive officer, has more than 20 years of experience in the field. He is also a member of the standing committee of the Chinese People’s Political Consultative Council in Huizhou.
Low Wing Ming, who was chief financial officer of junket investor A-Max Holdings Ltd (now known as Amax International Holdings) from 2002 to 2007, is chief financial officer of Singhou Entertainment.
According to a filing with the Hong Kong Stock Exchange, Xingbong posted 331 million (US$41.4 million) in total VIP game sales in 2013, down 1.8% year-over-year. This represents a market share of about 0.17% of total VIP game sales generated by Macau game promoters last year, the company estimated. 실시간 바카라사이트
The company said its performance has improved significantly so far this year. The company reported net rolling chip volumes used in casinos to determine player betting and overall volume of VIP gaming room businesses during the nine months ended Sept. 30, compared with HK$10.7 billion ($1.4 billion) a year earlier.