A Macau-based investor has raised their stake in Australia’s The Star Entertainment Group to 6.52 percent of the company’s voting power.
A Macau-based investor has increased their stake in Australia’s The Star Entertainment Group, now holding 6.52 percent of the company’s voting power.
On January 10, Xingchun Wang bought more shares, raising their stake to 5.52 percent, which required notifying authorities.
As of Tuesday, Wang owns about 186.98 million shares, giving them 6.52 percent voting power in the company. This slightly surpasses JPMorgan Chase & Co’s 181.97 million shares, or 6.34 percent voting power.
Wang started investing in The Star in 2024, initially buying 50 million shares at more than twice the current stock price. Company records list Wang’s address as Windsor Arch, a residential building in Taipa, Macau.
There isn’t much information about Wang’s other business interests. However, someone with the same name has been linked to several Hong Kong-listed companies and appeared in the Panama Papers, connected to an address in Macau’s NAPE district.
Being named in the Panama Papers doesn’t imply any wrongdoing, but The Star has faced issues before with investors linked to questionable activities, particularly junkets from Macau.
Authorities have also reviewed The Star’s partner in the Queen’s Wharf Brisbane project, Chow Tai Fook (CTF). After investigating alleged ties to Macau’s former top junket Suncity, regulators in Queensland cleared CTF as a suitable partner in early 2024.
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