Error message

  • Notice: Trying to get property of non-object in template_preprocess_imageblock_content() (line 349 of /home/agbrief/agb/sites/all/modules/imageblock/imageblock.module).
  • Notice: Trying to get property of non-object in template_preprocess_imageblock_content() (line 349 of /home/agbrief/agb/sites/all/modules/imageblock/imageblock.module).

Success Universe sells stake in lottery service provider

Hong Kong-listed Success Universe Group Ltd has disposed all of its shares in Honour Rich, a lottery technology service provider in Mainland China.

The shares represent 80 percent of the entire issued share capital of Honour Rich, which was sold for an aggregate consideration of HK$12 million to Wide Fortune Group Ltd, according to the company’s filing to the Hong Kong Stock Exchange.

Success Universe, which operates Ponte 16 in Macau, said the decision to dispose its shares was due to uncertainty regarding the digital lottery business in China, which has been suspended since early 2015.

“The directors consider that the disposal [relieves the group] from further need to inject working capital to sustain the operation of its business and redeploy of resources to other investment opportunities,” said the company in the filing.

Success Universe says it intends to apply the net proceeds from the disposal for the group’s general working capital.

More news from this jurisdiction

Mainland ChinaWednesday, Jan 17, 2018

China’s welfare lottery sales increased 5.1 percent year-on-year in 2017, reaching RMB 217 billion (US$33 billion).

Mainland ChinaThursday, Jan 11, 2018

The number of trips made abroad by mainland Chinese residents is estimated to be more than 60 million in 2017, according to the Foreign Ministry.

Mainland China, Hong KongTuesday, Dec 05, 2017

Chinese police have arrested 71 suspects involved with cross-border online gambling operations across Guangdong and Hong Kong.

Macau, Mainland ChinaSunday, Nov 26, 2017

Two underground bank operations that were funneling money to Macau from Guangzhou have been busted by Chinese authorities.

Elsewhere, Mainland ChinaWednesday, Nov 15, 2017

The year 2024 may mark the first time esports is recognized as an Olympic Games medal event, says esports experts.

Mainland ChinaWednesday, Nov 15, 2017

Chinese lottery supplier 500.com recorded a net loss of RMB 72.2 million ($10.9 million) in the third quarter of 2017, with the temporary suspension of online lottery sales continuing to weigh.

Mainland ChinaSunday, Nov 12, 2017

AGTech Holdings reported strong revenue growth for the third quarter of 2017, driven by its new Gaming and Entertainment division launched earlier this year.