The debut of Macau casino mogul Stanley Ho’s (何鴻燊) flagship company on the Hong Kong stock market was delayed yesterday following a legal challenge by Ho’s sister Winnie Ho (何婉琪).
Ho’s Sociedade de Jogos de Macau Holdings Ltd (SJM), which owns 18 of Macau’s 28 casinos, was due to begin trading today.
The company said in a statement, however, that it had postponed its debut until next Wednesday in light of the legal challenge filed by Winnie Ho on Monday and Tuesday.
SJM said its directors believed the judicial review “constituted significant new information which might be material to investors’ ability to make an informed assessment of the company.”
It also said that successful share applicants could withdraw if they wished.
The statement came just hours before a Hong Kong court was set to announce its ruling on whether the stock market listing should proceed.
Winnie Ho has been trying to block the US$494 million initial public offering and has 35 legal actions pending against Stanley Ho in Macau and five in Hong Kong.
In her latest challenge, Winnie Ho asked the court to review decisions by the stock exchange and Securities and Futures Commission over the public offering, alleging inaccuracies in the company’s listing prospectus.
In the statement announcing the delay, SJM warned investors that the value of the company’s shares could be “significantly diminished” if they were issued and then suspended or delisted by a court order.
Macau, which has been dubbed the Las Vegas of the East, is the only place in China where gambling is legal and draws millions of gamblers a year, mainly from China, Taiwan and Hong Kong.
Its gaming industry has flourished since 2003 when it was opened to overseas operators, ending Stanley Ho’s 40-year monopoly.
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