Shares in a big casino chain BOMBED when they hit the stock market for the first time this morning.
Trading in Stanley Ho’s Macau-based Sociedade de Jogos de Macau Holdings (SJM) had been delayed for another week after his SISTER’S latest court challenge.
But when the Hong Kong stock market finally began trading the legal wrangling and a depressed shares outlook kept investors away.
Despite the slide Ho said he was delighted the shares had finally made it to the market.
“You all know our path towards the listing has not been smooth,” he said. “But we have successfully overcome a series of obstacles, turning challenges into opportunities.”
And citing a Chinese proverb, he added: “True gold is not afraid of the fire of the red furnace.”
Asked to comment on his sister Winnie’s numerous legal actions, Ho was defiant. “The evil will never beat the righteous,” he said.
But shares fell 1.6 per cent in the morning session, down from the initial listing price of 3.08 Hong Kong dollars — or less than 20p.
Around 55 per cent of the share applications initially snapped up by the public were withdrawn in the last few days, the company said yesterday.
Dealers say the outlook for SJM is not rosy as China has started to limit visits to the former Portuguese colony known as the Vegas of Asia and the only place in the country where casino gambling is allowed.