Macau-based electronic gaming machine service provider Success Dragon has announced a new Chairman and CEO after Kwan Chun Woi Roy stepped down from the role on Friday.
Kwan was one of two directors to tender their resignation last week, with non-executive director Chi Dong Eun also stepping down. Both cited a desire to focus more time on their other businesses.
Kwan’s departure has seen 29-year-old Ding Lei named as Success Dragon’s new Chairman and CEO with immediate effect. Ding is the nephew of Liu Shiwei, a substantial shareholder in the company.
According to a Friday announcement, Success Dragon said that Ding, who will be paid an annual director’s fee of HK$500,000, holds a Master’s degree in Finance from The University of Texas and a Bachelor’s degree in English Language and Literature from Luoyang Institute of Technology. He was previously an investment manager in the fixed income department of Sichuan Trust Co., Ltd and is currently a director and CEO of Luanchuan Province Luanling Gold Mines Co. Ltd.
Success Dragon recently revealed a 21.9% decline in revenue to HK$87.8 million for the year ended 31 March 2019, although its losses narrowed considerably from HK$131.6 million to HK$38.9 million due to a decrease in operating and administrative expenses and a decrease in accounting loss from the impairment of assets.