MSCI HK Microcap Index Includes Summit Rise
Hong Kong-listed Summit Ascent Holdings Ltd will be officially incorporated into the MSCI Hong Kong Micro Cap Index after the close of trading in Hong Kong on May 27, the company said on Wednesday.
Summit Ascent is promoting its Tigred Crystal Casino Resort (pictured) in Vladivostok, Russia. Hong Kong-listed Suncity Group Holdings Inc., chaired by Macao veteran junket investor Alvin Chauchukwah, is the controlling shareholder of Summit Ascent with a stake of about 69.66%.
Summit Ascent also joined SunTrust Home Developers Inc’s convertible bond last year, the latter of which is a Philippine corporation that invests in casino hotels in Manila, where Suncity Group Holdings owns a 51% stake.
The inclusion in the MSCI Hong Kong microcap index “shows that the group has implemented a rigorous valuation matrix, including market cap size and liquidity levels,” Summit Ascent said in a statement on Wednesday.
The announcement quoted Summit Ascent’s vice chairman and executive director Andrew Law as saying the move improved Summit Ascent’s reputation among institutional investors. He said its inclusion in the index could give investors “additional peace of mind” as it shows the company is “growing in the right direction.”
He added: “Summit Ascent is undoubtedly a growth company worth waiting for as it will have Sun City’s most valuable resources and spur development.”
In early March, Summit Ascent announced that its overall profit for 2020 fell 87.8% year-over-year to HK$10 million ($1.29 million). The company is currently expanding its Tigred Crystal properties, with the goal of starting the “first phase” of this expansion in “2023.”
The company announced the appointment of David Chua Ming Huat as executive director and CEO in late March. His appointment was effective May 1, 2021.
BY: 실시간 바카라사이트