Paradise Entertainment Ltd’s decision to split the board’s chairmanship from December last year represents a diversification into a “green” business area beyond its core gaming interests, founding chairman Jay Chun (pictured) and group CFO Leo Chan Kin Man told GGRAsia.
Chang Jianjun, co-chairman of the former chairman, is known to have 25 years of business experience in investment banking, asset restructuring, and management.
Hong Kong-listed Paradise Entertainment has historically focused on casino game equipment manufacturing and Macau satellite casino business through a long-standing service contract with SJM Holdings Ltd for Casino Kam Pek Paradise, a property located in downtown Macau.
But Macau as a whole is now trying to diversify “in the traditionally dominant gaming sector,” adding, “That’s also what our company has been doing.”
Mr. Chan, the group’s president of finance, said, “Mr. Zhang has experience and know-how in investing in eco-friendly projects.” He specifically mentioned ‘smart charging’ in mainland China for electric vehicles. It includes technology to recognize when a car battery reaches its maximum charging capacity and reduce the risk of damage to the battery due to overcharging.
CFO Chan said the sector is “highly competitive” in the Chinese market but has “great potential” in terms of demand.
“In fact, this is not directly related to the gaming business. But both sectors involve exploring information and technology, which is in line with our company’s interests,” Chan told GGRAsia.
Paradise Entertainment’s April report said China’s entry into the EV smart charging market “will help diversify its income sources and potentially improve its financial performance.”