Macau-based electronic gaming machine supplier Asia Pioneer Entertainment Holdings Limited (APE) has successfully commenced trading on the Hong Kong Stock Exchange following the completion of an initial public offering.
APE announced that it had actively begun trading on the Growth Enterprise Market of the Hong Kong Stock Exchange at 09:00 on Wednesday morning, with a total volume of 179 million shares representing an aggregate turnover of approximately HK$75.50 million. Shares closed the day at HK$0.31 per share.
The IPO and listing is part of APE’s plan to expand its business outside Macau and further across Asia.
It describes its services as being the technical sales and distribution of electronic gaming equipment to casino operators, the provision of consulting services to manufacturers of electronic gaming equipment and the provision of off-site repair and refurbishment services to casino operators.
“The successful listing on the GEM of Hong Kong Stock Exchange reveals a new chapter for APE, which is a remarkable milestone for the company,” said Chairman, Executive Director and Compliance Officer of APE, Allen Huie.
“This listing enables the company to tap into the international capital market, which will not only enhance our capital strength, but also further strengthen our leading position in the industry and will accelerate the next stage of the company’s development. With the support of the capital market, our own capabilities in business development and the emerging market demand for Electronic Gaming Equipment, we are confident in maintaining the company’s steady growth in the future and maximizing returns for investors.”
APE preceded Wednesday’s listing by offering a total of 250 million shares comprising 25 million public offer shares and 225 million placing shares at an offer price between HK$0.24 and HK$0.36 per offer share.
The company later celebrated the commencement of trading with a ceremony attended by Inside Asian Gaming at its booth on the exhibition floor of the MGS Entertainment Show, which concludes later today.