Hong Kong-listed China Vanguard Group (CVG) has seen revenue slump by 69 per cent to HK$21.2m for the six month period ended December 31st, with the company blaming the decline on the overall “retrenchment” of the Chinese lottery industry during the period.

Revenue during the second quarter fell by 92 per cent to just $3.9m, with the company recording an operating loss of $17.9m in the process, compared to an operating profit of $25.0m a year ago.

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