Goodbye Iao kun Group Holding Co. Ltd (IKGH). Hello LiNiu Technology Group.
Nasdaq-listed junket operator IKGH is dropping its current business name to officially mark its venture into the non-gaming sector.
The company announced in a regulatory filing with the U.S. Bourse on Wednesday that it is changing its name to LiNiu Technology Group (LTG).
LiNiu Technology will start trading on Nasdaq under its new ticker symbol ‘LINU’ today. The stock will no longer be traded under the symbol ‘IKGH.’
LTG co-chief executive Wang Shun Yang thanked shareholders for approving the name change, saying it “better conveys what we are trying to accomplish as well as our strategic outlook over the long term.”
Through the platform, the LiNiu Network will cover production and service businesses linked to the agricultural sector, including production, sideline products, ecotourism, finance and market information.
Last year, LiNiu has decided to test the non-gaming sector as it attempted to stanch the financial bleeding from bad VIP debts. Back then, Iao Kun’s VIP room gaming promoters and collaborators oversaw five VIP gaming facilities in Macau as of the end of August 2016.
The company has since reported shutting down four of its promoted Macau VIP rooms and hopes that shifting its emphasis to technology industry may provide additional support.
LiNiu, however, clarified that it is not totally abandoning its gambling segment. The company still participates in the promotion of a VIP gaming room at City of Dreams Macau, a property owned by Melco Resorts and Entertainment Ltd. But it has “no further plans to expand” its gaming operations to additional VIP rooms.
Before changing its name, LiNiu implemented a game of musical chairs in the company. Lam Man Pou stepped down from his position as chairman and director of LiNiu’s board of directors last month, but he remained the chief marketing officer of the company. Vong Hon Kun also resigned from his CEO and board director positions, but stayed on as chief operating officer.