Mainland China

Moody’s Investor Service downgraded China’s credit rating on Wednesday from Aa3 to A1, saying it expects an erosion in the financial strength of the economy in the coming years.

China appears to be ratcheting up its campaign against corruption once again ahead of the Chinese Communist Party Congress later this year, a leading risk consultancy firm has warned.

Mainland China lottery sales in April totalled CNY38.2 billion (US$5.5 billion), representing a rise of 9.6 percent year-on-year, according to data from the Ministry of Finance.

The controlling shareholder of lottery service provider Melcolot Ltd is reportedly in talks for the possible sale of its stake in the company, a filing from MelcoLot states.

The Philippines embassy in China reportedly recorded a 200 percent increase in visa applications from Chinese tourists and businessmen looking to visit the Philippines.

Lottery service provider AGTech Holdings posted a sixteen-fold widened loss for the three months ending March 31, 2017.

Tony Tong, co-founder of Pacific Finance Services Limited, and vice chairman of MGIA, has been elected as the vice chairman of the China Credit Management Association.

Lottery service provider 500.com Ltd posted a narrower loss in 17Q1, due mainly to an increase in mobile gaming and sports information services revenue.

Chinese top official Zhang Dejiang has pledged to better facilitate the flow of people between Macau and the mainland by streamlining measures in Macau’s visa process.

Lottery service provider MelcoLot Ltd. recorded a narrowed loss of HK$2.2 million (US$282,600) for the three month period ended March 2017, compared to a loss of HK$5.2 million for the same quarter in 2016.

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