Last week, Sociedade de Jogos de Macau, the gaming flagship of tycoon Stanley Ho, issued its first set of results as a publicly traded company, recording an 8 per cent increase in first-half net profit to HK$571m ($73m). In doing so Mr Ho adhered to one of the cardinal rules of corporate reporting – do not disappoint the market.

In spite of a 4.5 per cent year-on-year fall in revenues, SJM slightly exceeded the profit guidance it gave investors ahead of the company’s July initial public offering on the Hong Kong stock exchange.