The Macau-based investor who recently upped their stake in Australia’s The Star Entertainment Group has further increased their shareholding, now gaining 6.52 percent of the voting power of the company.
This comes after, on January 10th, Xingchun Wang purchased additional shares, bringing their shareholding to 5.52 percent of the voting power, triggering the notification threshold for authorities.
According to a Tuesday release, Wang now holds some 186.98 million ordinary shares, amounting to 6.25 percent of the voting power in the gaming enterprise.
This surpasses that of JPMorgan Chase & Co, which holds 181.97 million shares, or 6.34 percent of the voting power in the company.
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.
Wang’s address provided in previous The Star filings 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.
While a listing in the Panama Papers is not indicative of any wrongdoing, The Star has previously encountered regulatory problems due to alleged investor association with bad actors.
The primary focus was junkets, particularly those based out of Macau.
However, authorities had also looked into The Star’s partner in the multi-billion-dollar Queen’s Wharf Brisbane project Chow Tai Fook.
Early last year, Queensland authorities found CTF to be suitable to partner with The Star, following a 2022 investigation of alleged ties to former Macau top junket Suncity.
Given the lack of public information surrounding the new The Star investor, and its ongoing financial difficulties, authorities could take a keen interest in the background of Xingchun Wang.
