AGTech chief says new lottery regulations likely in 2016

HK-listed AGTech Holdings’ chairman and CEO, Sun Ho says he expects new online and mobile channels for lottery sales in the PRC are likely to be approved.

The AGTech chief made the comments in a recent release of its annual report, adding the PRC lottery industry is likely to see further significant policy developments, particularly related to internet and mobile distribution of lottery in 2016.

“In light of the proven potential of the mobile and internet channels and the reported comments of senior Lottery Agency and regulator officials at a recent annual lottery strategy meeting regarding the lottery’s active pursuit of preparatory work for an internet sales pilot scheme, we believe that new online and mobile channels for lottery sales in the PRC are likely to be approved,” said Ho.

In March, AGTech entered into a subscription agreement with Ali Fortune Investment Holding Limited for approximately HK$2.4 billion of new shares and convertible bonds in AGTech, becoming its largest shareholder.

During the financial year under review, Group revenue rose to HK$301.6 million, compared to HK$211.1 million in 2014, while gross profit maintained at HK$69.2 million, near flat from HK$69.6 million in 2014.