Bypassing apps with giveaway words (aka “horse,” “jockey”)
Hainan Province, tapped by the Chinese government to become the country’s biggest pilot free-trade port, has put a stop to applications for horse racing businesses.
The island reportedly will allow horse racing as part of its economic diversification. The subsequent suspension on racing-related applications was made to prevent speculative investment and a market bubble in the in Southern China vicinity, reports ECN Wire. As a result, industry and commercial authorities will no longer register business-name applications that include terms like “horse-racing,” “racecourse” or “jockey club,” ECN reported. The report added that Hainan experienced a property bubble in 1988 and 2010, and doesn’t want a repeat.
“Insiders” cited by the news outlet said the China Securities Regulatory Commission has also urged listed companies to refrain from “marketing hype” when it comes to horse racing.
Speaking of the possibility of a boom in business on Hainan, Galaxy Entertainment founder and Chairman Lui Che-Woo said he’s taking a wait-and-see approach.
“It’s not easy to start in Hainan unless you are rich, brave and able to see the picture very clearly,” Lui said. “We will just wait for policies to become clear.”
