Summit Ascent Holdings Ltd (102.HK) Selected for Inclusion in MSCI Hong Kong Micro Cap Index
On May 12, Summit Ascent Holdings Ltd (102.HK), a subsidiary of Suncity Group Holdings (1383.HK), is pleased to announce that the company is to be officially included as a constituent stock of the MSCI Hong Kong Micro Cap Index, effective after the close of trading in Hong Kong on May 27. The inclusion of Summit Ascent enhances its reputation among institutional investors in the gaming sector.
As one of the most widely used equity benchmarks among institutional investors, the inclusion of the Group in the MSCI Hong Kong Micro Cap Index demonstrated that the Group has fulfilled a rigid matrix of evaluation based on multiple criteria of the index inclusion, including market capitalization size, liquidity screening, foreign inclusion factor requirement and minimum length of trading requirement.
As Suncity Group Holdings Ltd (1383.HK) now owns approximately 70% of Summit Ascent, Suncity is dedicated to help Summit Ascent’s businesses. Summit Ascent owns approximately 77.5% of Tigre de Cristal, the largest integrated resort located in the Primorye Integrated Entertainment Zone of the Russian Far East. Despite challenging operating environment, Tigre de Cristal was already making a positive EBITDA in 2H 2020, while its mass and electronic gaming volumes have restored to 81% and 90% respectively of the pre-pandemic levels. Tigre de Cristal Phase II is on its way in 2023 where its gaming facilities will be doubled, and number of hotel rooms will be tripled.
In addition, Summit Ascent diversifies and participates in the development of another fast-growing gaming jurisdiction in Asia, the Philippines, through the investment of convertible bonds in a 51%-owned subsidiary of Suncity, Suntrust Home Developers, Inc., where Summit Ascent may have the option to become a direct shareholder of SunTrust when the Westside City Project in the Philippines comes to fruition.
Andrew Lo, Deputy Chairman and Executive Director of Summit Ascent, said, “I cannot be more thrilled to see Summit Ascent to be included in the MSCI Index. It is not only a recognition from the capital market, but it is also an accreditation to the Group's development strategy. By being in the index, institutional investors could have an additional peace of mind that the company is growing in the right direction. Summit Ascent is undoubtedly a growth company that is worth the wait, as it will be equipped with Suncity’s most valuable resources to fire up its developments.”