Macau junket investor Iao Kun Group Holding Company Ltd. on Thursday announced the resignation of its chairman Lam Man Pou and chief executive officer Vong Hon Kun.
Earlier this month, the company noted it was no longer looking to expand its VIP gaming portfolio, instead focusing on investments outside the gaming sector.
The management changes come as the company completes its acquisition of Jia-Heng Industrial Ltd. a software technology development company focused on the Chinese agricultural industry.
Replacing Mr. Lam Man Pou, will be Mr. Fong Weng Nam, who will serve as IKGH’s new chairman of the board of directors.
Mr. Fong is a businessman that has been engaged in investment, real estate development and Macau’s gaming business for over 20 years. Mr. Fong currently is the member of Jinwan Committee of Zhuhai of Chinese People’s Political Consultative Conference; Vice president of Hong Kong and Macao and Taiwan Cultural Exchange Association; Vice president of Macao Chong San Seak Kei Friendship Association and chief supervisor of Macao Henan Association.
Chief executive officer Vong Hon Kun is succeeded by Lam Chou In, who moves up from his position as chief operating officer to co-chief executive officer, and will be responsible for the Macau gaming business.
In addition, Wang Shun Yang has been appointed as co-CEO and as a director of the Board, and will be responsible for IKGH’s Chinese technology industry development.
Mr. Wang is the founder of LiNiu Network and has been developing its agricultural electronic trading platform since 2013. Prior to founding LiNiu Network, he acted as chief consultant and led the industrial design, planning, investment and integration of the “Yunnan Agricultural Science and Technology Park”, which was jointly organized by the Ministry of Agriculture and Yunnan Province, to establish a systematic supply chain for the agricultural industry in the Park and the integration of industry and financial capital.
“We are pleased to complete the acquisition and are moving forward rapidly to launch our agriculturally focused e-commerce platform within the next few months,” said Wang. “At the same time, we want to thank Mr. Lam and Mr. Vong for their leadership of IKGH over the years and are gratified to have them remain with IKGH as a valuable resource as we embark on this new chapter.”