Macau Legend, a struggling gambling and entertainment firm that previously operated high-roller rooms, is facing the possibility of being removed from the Hong Kong Stock Exchange (HKEX). This is due to the departure of their Chief Financial Officer, Tsang Ka Hung.

Tsang joined the company in 2020 after it was acquired by former CEO Chan Lok Man, who is currently facing legal proceedings for alleged connections to a criminal organization. Tsang left Macau Legend on October 31st to pursue other professional opportunities.

Macau Legend acknowledged that they will not be able to meet the HKEX’s listing standards in the near future. They explained that since Tsang was also the company secretary and authorized representative, they are now lacking a company secretary and cannot fulfill the requirements of Listing Rule 3.28. They will also be unable to meet the requirements of Listing Rule 3.05, which stipulates that a company must have two authorized representatives.

To address this situation, Macau Legend is seeking a new candidate for the position. The company expressed appreciation to Tsang for his contributions.

The company’s leadership took this chance to convey their thanks and appreciation for Mr. Zeng’s contributions to the organization during his time with the company.

After Mr. Chen’s apprehension, Macau Legend encountered a turbulent phase, and the company subsequently relinquished its core high-roller room operations, which had been a significant source of income for the company. Consequently, Macau Legend’s annual report was postponed in March, resulting in the company’s removal from the Hong Kong Stock Exchange.

The long-awaited report, which was finally released in July, saw the auditors express uncertainty about the company’s capacity to continue operating as a going concern.

The auditors stated: “These matters, along with other matters revealed in Note 2.1 to the consolidated financial statements, indicate the presence of a substantial uncertainty that may cast considerable doubt about the Group’s ability to continue operating as a going concern.”

In August, trading on the Hong Kong Stock Exchange was halted once again due to the company’s failure to release its interim report on schedule.

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