$VIPS
Vipshop Holdings Ltd
PRICE
$14.7 βΌ-1.21%
Extented Hours
VOLUME
3,489,049
DAY RANGE
14.69 - 15.035
52 WEEK
6.36 - 16.18
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By Farah Master HONG KONG (Reuters) - Macau Legend,, which owns and operates a casino resort in Macau, said its chief executive resigned on Monday after he was arrested and detained by police in the world's biggest gambling hub, sending shares down 19% to a record low. CEO Chan Weng Lin's arrest comes as authorities have stepped up a crackdown on illicit capital outflows from the Chinese mainland, where all forms of gambling are illegal, and after the high-profile arrest of Suncity boss Alvin Chau in November. Macau Legend said in a statement to the Hong Kong stock exchange that Chan resigned "to avoid distraction" to the company and for the interest of shareholders. It said it did not expect any adverse impact on its daily operations. Chan owns about a third of Macau Legend, which runs three casinos under a service agreement with SJM Holdings (OTC:SJMHF) and owns the Fishermans Wharf, an entertainment complex near the Macau ferry terminal. He is also chairman of Tak Chun Group, Macau's second-biggest operator of junkets - cross-border trips to Macau's casinos for high-spending gamblers - after Suncity. Tak Chun did not immediately respond to a request for comment. Reuters was unable to reach Chan. Police also arrested one other man on charges of illegal gambling and money laundering. Analysts say the arrests herald a new era of zero tolerance of the promotion of gambling in China, in which the government supports development of the "mass market" segment, not high rollers. Junket operators have traditionally offered easy credit to mainland Chinese VIPs, who play in Beijing-ruled Macau's casinos and handle their debts using underground financing channels. Now nearly non-existent, the opaque VIP industry made up more than two-thirds of Macau's gambling revenue until just a few years ago. Police said the latest arrests were linked to the Suncity case in November as the two groups - Suncity and Tak Chun -worked together, engaging in "illicit and criminal activities". Suncity and Tak Chun have been the top two junket firms in Macau, employing thousands, but data from Macau's gambling regulator shows the number of licensed junkets has shrunk 46% over the past 12 months. Shares in Macau Legend closed down 19% to a record low and fell as much as 29.8% to HK$0.40 during trading. Macau Legend says CEO resigns after arrest, shares plummet to record low Add a Comment
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Key Metrics
Market Cap
8.01 B
Beta
0.97
Avg. Volume
5.62 M
Shares Outstanding
532.42 M
Yield
0%
Public Float
0
Next Earnings Date
2023-05-18
Next Dividend Date
Company Information
Vipshop Holdings Limited is a leading online discount retailer for brands in China. Vipshop offers high quality and popular branded products to consumers throughout China at a significant discount to retail prices. Since it was founded in August 2008, the Company has rapidly built a sizeable and growing base of customers and brand partners.
CEO: Eric Ya Shen
Website: www.vip.com
HQ: No. 20 Huahai Street Guangzhou, 510370 Guangdong
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