In the last trading session, the stock price of LiNiu Technology Group (NASDAQ:LINU) declined more than 1% to close the day at $1.86. The decline came at a share volume of 1.43 million compared to average share volume of 1.61 million. Post the recent decline, the market cap of firm was noted at $23.6 million.
LiNiu Technology, which introduced its electronic trading platform concentrated on the Chinese agricultural market since April 2017 via “LiNiu Network”, issued unaudited financial report for the first half year closed June 30, 2017.
For 1H2017, net loss came at $5.7 million versus net loss of $129.3 million for the comparable period of 2016, primarily due to – a notable drop in commissions to junket agents as an outcome of minimal revenue in the gaming businesses; a substantial decline in amortization of intangible assets following the impairment of intangible assets in the prior-year period; and the reduced S,G&A expenses for the six months closed June 30, 2017 mainly due to no longer paying management compensation to Pak Si and reduced salaries as an outcome of the shutting of four VIP rooms in 2016.
Wang Shun Yang, the Co-Chief Executive Officer of LiNiu, expressed that during 1H2017, they focused on introducing the LiNiu Network and generating awareness for agricultural clients and suppliers to use their new platform. As they move into New Year, they intend to further increase their plans to support customer awareness and traffic by starting new relationships with superior online platforms.
They intend to work more closely with their partners at SGALP and PICC to make progress in enhancing Chinese agriculture and produce higher commissions. Since August 29, 2017, the firm followed a 1-for-6 reverse share split. This process lowered the count of outstanding ordinary shares from around 74.9 million to about 12.5 million.