Australia’s The Star Entertainment Group has announced that a Macau-based investor has increased their stake in the company so that they now hold 5.52 percent of voting rights.
According to the company, Xingchun Wang became a substantial shareholder of the company on January 10th, 2025, holding over 158 million ordinary shares.
Wang had begun investing in The Star shares in 2024, according to its records, initially purchasing 50 million shares at more than double the stock’s current price.
The most recent share acquisitions in January increased Wang’s stake by over 17 million shares, further upping the voting power.
Wang’s address provided in The Star’s filing is for a residential building in Taipa, Macau: Windsor Arch.
While further details are not provided on Wang’s other business interests, numerous Hong Kong-listed companies have or had been affiliated with someone of the same name.
The same name also appears in the investigative reporting initiative the Panama Papers, with an address also registered to Macau, this time on the peninsula’s NAPE district.
The Panama Papers listing also details Wang’s purported link to numerous investment and petrochemical companies, among other industries, most of which were registered in the British Virgin Islands.
Companies or individuals that appear in the Panama Papers are not necessarily linked to any wrongdoing.
The share increase comes at a crucial time for The Star, with recent reports indicating the group could face voluntary administration (eg bankruptcy) within months.
The group saw a massive drop in market value and recently indicated that it had only AU$70 million ($43.56 million) left in available cash as of December 31st.
The group noted that it ‘continues to explore other liquidity solutions’ aside from working to fulfill conditions to draw AU$100 million ($62.23 million) under the second part of an AU$200 million ($124.46 million) New Facility negotiated to keep the company afloat.
