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Fiona Simmons May 20, 2022 2 min read
Alvin Chau Transfers Suncity, Summit Ascent Stakes
For a while, the fate of Alvin Chau Cheok Wa’s assets, the former chairman of the embattled Suncity Group, remained unknown. Now, a new filing submitted to the Hong Kong Stock Exchange shows that the man has decided to transfer his stakes to Andrew Lo Kai Bong, a Suncity Group executive director. He has also transferred that of another business partner, Cheng Ting Kong, to Lo.
Stakes Change Hands as Chau Leaves Shares with Trusted Partner
The total stakes combined account for 74.85% of the company’s shares, which means that Lo is de facto the new owner and man in charge. These transactions took place on May 13 if the filings are accurate. The transfer also impacts the stake that Suncity Group held in Summit Ascent Holdings where Lo is deputy chairman and executive director. According to the filing, the Suncity stake in Summit Ascent amounted to 69.66%.
Lo has similarly acquired Suncity Group convertible bonds using a third-party, one Major Success Group Ltd. This means that Chau is hoping to ease the pressure on Suncity Group which was attracted after the man was arrested over alleged ties with criminal organizations. Chau remains in custody at the Coloane Prison and his immediate fate is not yet clear.
Even though he stepped down from his positions at both Summit Ascent and Suncity Group soon after his arrest in December, the company has still faced a lot of regulatory headwinds making it difficult to operate freely. Suncity Group faced even more trouble when the war in Ukraine broke out with Russia targeted by severe Western-led sanctions which are now endangering the Tigre de Cristal project in Vladivostok, Russia.
Not All Is Lost for Summit Ascent or Suncity Group
On the plus side, Summit Ascent is developing a $1 billion hotel and casino project in the Entertainment City precinct in Manila, the Philippines. Since December, the company has completely folded its junket operations, which was the main issue that led to the downfall of Suncity Group in the first place.
Chau also transferred the stake of his business partner, Cheng, the Hong Kong filings showed. Police has previously suspected Lo of ties to triad gang members. He was attacked on his way out of a sauna in Hong Kong five years ago but got away unharmed.