Macau-based electronic gaming machine service provider Success Dragon has cancelled a previously announced grant of share options amid concerns of non-compliance with Hong Kong Stock Exchange listing laws.
In a Friday announcement, Success Dragon said it was cancelling the grant of 82.8 million ordinary shares at HK$0.01 each due to the grant being issued on the same day as the company revealed its plans to place new shares.
As reported by Inside Asian Gaming last week, Success Dragon is looking to raise around HK$68.8 million, representing 14.11% of issued share capital, via the share placement of which almost half will be used to invest in blockchain technology.
“The group intends to expand its business by applying blockchain technologies to improve its business operations,” the company said. “For example, blockchain technologies could be used to track gaming machines leased by consolidating delivery records, maintenance and servicing records, usage records, agreements, invoices and payments into a single transparent, easily accessible and secure ledger.
“This will reduce the need to engage multiple systems and resources and potentially make these machines available to clients who are further away and who may not have the necessary infrastructure to accurately report the delivery, maintenance and usage records required to use these machines.”
Success Dragon revealed earlier this month that its cash reserves are down to just HK$1.2 million.
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