HK-listed Suncity falls after Chinese state media target co in online gambling report

Summit Ascent Holdings

10/07/2019 04:41

** Shares of property and resort management firm Suncity
Group Holdings Ltd  1383.HK  fall as much as 9.5% to HK$1.33,
their lowest since Feb. 18  
    ** Suncity stock closed 19.7% down on Tuesday in its biggest
daily percentage decline since July 2015  
    ** Macau's biggest junket operator Suncity has raked in
billions of dollars in online gaming and proxy betting, causing
great harm to China's social economic order, a state-backed
report said  urn:newsml:reuters.com:*:nL4N24A26P
    ** Suncity says it didn't operate any online gaming business
and all its operations were permitted under local government
regulations
    ** Suncity's Hong Kong listed entity, Suncity Group
Holdings, does not include its junket operations 
    ** Macau's gaming regulator said online gambling in Macau is
illegal and the bureau would "take serious action" on violations
of local laws and regulations
    ** Stock on track for a fifth straight session of declines
    ** As of Tuesday's close, Suncity stock had risen 19.5% so
far this year
    ** Shares of Summit Ascent Holdings  0102.HK , in which Hong
Kong-listed Suncity has a stake, fell as much as 4.9% on
Wednesday 
    ** The Hong Kong benchmark index  .HSI  gains 0.4% 

 ((Reuters Messaging:
donny.kwok.thomsonreuters.com@reuters.net))