A struggling gaming and hospitality enterprise, Macau Legend, is facing the threat of being removed from the Hong Kong Stock Exchange (HKEX). This is because of the departure of its Chief Financial Officer, Tsang Ka-hung.
Tsang joined the organization in 2020 after it was taken over by former CEO Chan Lok-wai, who is presently facing legal proceedings for allegedly leading a criminal group. Tsang left Macau Legend on October 31st to pursue other professional prospects.
The company recognized that this departure implies they are unable to comply with the HKEX listing standards. They are unable to satisfy the requirements of Listing Rule 3.28, which mandates a company secretary, and Listing Rule 3.05, which mandates two authorized representatives.
Macau Legend indicated that they are actively seeking a new candidate to fill the position. They expressed gratitude to Tsang for his contributions to the company.
The executive committee seized this chance to convey their thanks and appreciation for Mr. Zeng’s contributions to the firm during his time with the company.
Following Mr. Chen’s apprehension, Macau Legend encountered difficulties, and the organization subsequently relinquished its core high-roller room operations, which had constituted the bulk of the company’s earnings. Consequently, Macau Legend’s annual report was postponed in March, resulting in the company’s removal from the Hong Kong Stock Exchange.
In the long-awaited report finally disseminated in July, the auditors voiced concerns regarding the company’s capacity to continue functioning.
The auditors declared: “These circumstances, in conjunction with other matters outlined in Note 2.1 to the consolidated financial statements, indicate the presence of a substantial uncertainty that may cast significant doubt about the Group’s ability to persist as a going concern.”
In August, trading on the Hong Kong Stock Exchange was halted once more as the company was unable to release its interim report within the designated time frame.
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