The Stock Exchange of Hong Kong Ltd has imposed a Director Unsuitability Statement and a censure against Andrew Lo – the majority shareholder, Executive Director and Chairman of LET Group Holdings and Summit Ascent Holdings – deeming him unsuitable to occupy a position as director or within senior management of the two companies or any of their subsidiaries.
The finding relates to Lo’s attempts early last year to sell off the group’s entire interest in Russian integrated resort Tigre de Cristal without following required processes and specifically a requirement to obtain shareholder approval.
Hong Kong’s Securities and Futures Commission (SFC), which ordered trading in the shares of LET Group and Summit Ascent suspended in February 2024, commenced legal proceedings against Lo last October. LET Group and Summit Ascent were delisted from the Hong Kong Stock Exchange as of 1 September 2025 after failing to fulfil resumption guidance.
In a regulatory announcement issued Monday, the Exchange said it found Lo to have “blatantly or recklessly disregarded his responsibilities under the Listing Rules regarding a proposed disposal of a hotel and gaming business in Russia by an indirect subsidiary of the Companies, of which he was a director at the material time.”
This, it explained, followed Lo’s decision to proceed with disposal of the group’s 77.5% stake in Tigre de Resort operator Oriental Regent Ltd (ORL) despite “numerous reminders and warnings given by the Exchange, the Securities and Futures Commission and the Companies’ legal advisers about the serious consequences of proceeding with the proposed disposal”.
These warnings included that the companies would breach the respective shareholders’ approval requirements under the Listing Rules and the Code on Takeovers and Mergers, that trading in the companies’ shares would be suspended and that the decision to proceed was taken despite disapproval by all other directors of the companies.
According to the exchange, Lo had asserted that he had “acted in the best interests of ORL and its shareholders, including the companies, in procuring ORL to proceed with the proposed disposal given the commercial reasons for the proposed disposal, including reduction in the companies’ risk exposure in Russia and the disposal being priced at a 30% premium.“
LET Group – previously known as Suncity Group – owns 67.5% of Summit Ascent. It was acquired by Lo in 2021 following the arrest of the company’s former chairman Alvin Chau.
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