Winnie Ho Yuen-ki's bid to block her brother, Stanley Ho Hung-sun's, initial public offering of SJM Holdings has been dismissed by a Hong Kong high court judge.
Ms. Ho filed a last-minute application in Hong Kong's Court of First Instance to stop the $500 million I.P.O., claiming the I.P.O. is illegal and contrary to the Hong Kong government's policy against the promotion of gambling.
Judge Anselmo Reyes, however, today disagreed with Ms. Ho's argument.
"To put it starkly, if persons outside Hong Kong wish foolishly to lose money by gambling outside Hong Kong and thereby generate sizeable profits for a company, why should people in Hong Kong not be entitled to share in that company's profits from the foolishness of others?" Mr. Reyes said in court documents.
Meanwhile, Mr. Ho said on Wednesday that the I.P.O., originally scheduled for Thursday, has been postponed to July 16.
Ms. Ho said on Tuesday that she would appeal a decision that was not in her favor.