Hong Kong’s Securities and Futures Commission has lifted worldwide freezing orders towards Lo Kai Bong and Major Success Group Limited after HK$146,859,320 was paid into courtroom.
Lo, chairman, govt director and controlling shareholder of LET Group Holdings Limited and Summit Ascent Holdings Limited, made the fee with Major Success on October 20, 2026. The quantity matches the worth beforehand coated by the asset restrictions.
The orders shaped a part of proceedings introduced by the SFC below part 214 of the Securities and Futures Ordinance towards Lo, LET and Summit Ascent over suspected company misconduct.
The deposited funds will stay accessible to fulfill any orders made when the case concludes. The trial is scheduled to start on September 20, 2027.
Court Payment Replaces Asset Freeze
The Court of First Instance granted worldwide freezing orders towards Lo and Major Success on June 11, 2026 below the Chabra jurisdiction.
Those restrictions prevented the events from disposing of, coping with or decreasing the worth of belongings as much as HK$146.9 million.
Major Success is included within the British Virgin Islands, with Lo serving as its sole shareholder and director. The SFC has mentioned in a press release that its belongings could also be beneficially owned or managed by Lo and may very well be accessible to fulfill any judgment debt towards him.
Following the courtroom fee, the identical quantity is now secured with out the worldwide freezing orders remaining in place.
SFC Seeks Share Repurchase Remedy
The regulator started proceedings towards Lo, LET and Summit Ascent in September 2024.
Among the cures sought is a share repurchase order supposed to guard impartial shareholders of LET and Summit Ascent.
The SFC can be asking the courtroom to nominate a receiver and/or supervisor over the businesses. That appointment may enable sure land belongings or pursuits in subsidiaries to be offered to fund the repurchase.
The case stems from a proposed disposal of Russian belongings linked with Tigre de Cristal in early 2024.
According to the regulator, Lo “deliberately disregarded the applicable Listing Rules and the requirements under the Code on Takeovers and Mergers and caused both LET and Summit Ascent to enter into agreements to dispose of their assets in Russia in early 2024.”
The SFC has additionally alleged that Lo proceeded regardless of authorized recommendation over compliance considerations and opposition from different administrators.
The proposed transaction was in the end deserted.
Trading in LET and Summit Ascent shares had been suspended in February 2024 amid regulatory considerations over the deliberate disposal.
Proceedings Continue Toward 2027 Trial
LET Group, previously often called Suncity Group, and Summit Ascent have been delisted from the Hong Kong Stock Exchange on September 1, 2025.
LET not directly owns 69.66% of Summit Ascent.
Summit Ascent continues to carry a 77.5% stake in Oriental Regent, the operator of Tigre de Cristal close to Vladivostok.
LET additionally retains a minority curiosity within the Westside Resort improvement in Manila and owns land in Japan beforehand related to plans for an built-in resort in Wakayama.
The lifting of the freezing orders doesn’t finish the SFC’s case or change the cures it’s searching for.
The HK$146.9 million paid into courtroom will stay accessible pending the end result of the proceedings, with the trial on account of begin in September 2027.
