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| To focus on Greater Bay Area for further business development |
HONG KONG, Oct 11, 2021 - (ACN Newswire) - Luk Hing Entertainment Group Holdings Limited ("Luk Hing Entertainment" or the "Group"; stock code: 8052), a premium clubbing and entertainment business operator based in Asia, announces the cessation of its Macau operation today.
 | | Cubic Space+ in Zhuhai |
The Group has, in the past few years, been developing its business presence in the Greater Bay Area. With the opening of Cubic Space+ in Zhuhai, Guangdong Province, the PRC in 2019, the Group has successfully formulated its strategy for tapping the Mainland China market. Furthermore, the Group's Hong Kong restaurant operation has also been performing satisfactorily with the market responding positively to all of the three premium Chinese restaurant brands. Due to the outbreak of the COVID-19 pandemic which has significantly affected the business of the Group's operation in Macau, the Board has today announced the cessation of operation of Club Cubic Macau with effect from October 8, 2021.
Based on the interim report of the Group published in August 2021 for the six months ended June 30, 2021, revenue generated from operation of Club Cubic Macau accounted for approximately 17% of the Group's total revenue. The Board emphasizes that the Group's Zhuhai and Hong Kong businesses will remain in normal operation and will not be affected.
Mr. Choi Siu Kit, Executive Director and Managing Director of Luk Hing Entertainment, said, "Club Cubic Macau has been our pride since the Group's establishment. Although it is sad to say goodbye, we believe, given the current circumstances, it is in the best interests of our stakeholders that our operation in Macau is ceased and that we switch focus to the more lucrative Mainland China market. Moving forward, Luk Hing will continue to explore market opportunities for the 'Cubic' brand within the Greater Bay Area, as well as consolidating our position as a leading premium Chinese culinary operator in Hong Kong."
Topic: Press release summary
Source: Luk Hing Entertainment Group Holdings Limited
Sectors: Daily Finance, Food & Beverage
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From the Asia Corporate News Network
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