Nigel Stevenson, CFA
Research analyst, value, special situations

K. Wah International: Definitely Not A Gamble

K. Wah International Holdings (OTC:KWHAF, ADRs OTCPK:KWHAY, 0173.HK) is a Hong Kong-listed property company. Its main business is as a property developer in mainland China and Hong Kong. The company has a market cap of HK$11bn (US$1.4bn) and is controlled by Lui Chee-woo, who has a 60% interest. The company's ordinary shares and ADRs are traded on an OTC basis in the US, but are very illiquid; ideally, any trades should be done in Hong Kong. Mr Lui, who is reported to be Asia's second-richest person after Li Ka-shing, also controls Galaxy Entertainment Group (OTCPK:GXYEF, ADRs OTCPK:GXYEY, 0027.HK), one of Macau's largest gaming companies with a market cap of around US$34bn.

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