Success Dragon shareholder Liu Shiwei poised to assume majority stake

March 16, 2022 Hong Kong Events & Announcements Industry Updates

A major shareholder in Hong Kong-listed Success Dragon International Holdings Ltd is poised to assume a controlling stake under a proposed rights issue aimed at raising HK$66.5 million (US$8.5 million) in funds for the company.

Liu Shiwei, who currently owns 27.4% of Success Dragon’s issued share capital, could see that stake rise to as much as 70.9% depending on how many other shareholders take part in the rights issue.

Under the proposal, Success Dragon – whose business segments include the provision of electronic gaming equipment management services to two Macau casinos – will issue Rights Shares on the basis of three Rights Shares for every two shares held by qualifying shareholders. The rights issue will increase the issued share capital of the company by more than 50%.