The Stock Exchange of Hong Kong Limited has imposed a Director Unsuitability Statement and a Censure against Mr. Lo Kai Bong, the executive director and chairman of LET Group Holdings Limited and Summit Ascent Holdings Limited. The Exchange has determined that Mr. Lo is unsuitable to serve as a director or senior management within the companies or their subsidiaries.
If Mr. Lo continues in his position after the publication of this disciplinary action, the Exchange has directed that: (1) The listing of LET’s shares will be canceled under Rule 2A.10A(2)(b); (2) The listing of SA’s shares will also be canceled under the same rule. Both companies’ shares were canceled on September 1, 2025, after failing to meet the Exchange’s resumption guidance by the deadline.
Mr. Lo has been involved with LET and SA since 2017 and 2019, respectively. As of May 2022, he became the controlling shareholder of LET, which held a significant stake in SA. The disciplinary action stems from Mr. Lo’s failure to fulfill his duties related to the proposed sale of a hotel and gaming business in Russia, which was critical to the companies’ operations.
Trading in the companies’ shares was suspended on January 11, 2024, due to the proposed sale announced on January 17, 2024, for US$116 million. This sale was considered a very substantial disposal (VSD) that would compromise the companies’ listing status, as it would not maintain sufficient operations or assets to meet the requirements under Rule 13.24.
Resources: https://www.hkex.com.hk/News/Regulatory-Announcements/2025/250915news?sc_lang=en
