The Hong Kong Stock Exchange (HKEX) has officially ruled that Andrew Lo Kai Bong, the chairman and majority shareholder of LET Group Holdings and Summit Ascent Holdings, is unfit to serve as a director or hold senior management positions within the companies or their subsidiaries. This decision follows Lo’s controversial attempts to sell the Tigre de Cristal casino in Russia, which triggered regulatory concerns and led to board resignations.
The Tigre de Cristal Sale Controversy
The proposed $116 million sale of the Tigre de Cristal resort, located near Vladivostok, Russia, was met with strong opposition. Despite repeated warnings from legal advisors and regulators, Lo pushed ahead with the sale, which ultimately failed in February 2024 when the buyer terminated the deal. The HKEX criticized Lo for his actions, deeming them a breach of core director duties and a blatant disregard for corporate governance standards.
The Tigre de Cristal casino had been the centerpiece of both LET Group and Summit Ascent’s operations, generating most of their revenues. The sale of the 77.5% stake in Tigre de Cristal’s operator, Oriental Regent Ltd (ORL), was seen as a way for Lo to mitigate the companies’ risk exposure in Russia. However, despite receiving warnings from the Securities and Futures Commission (SFC) and the Exchange, Lo proceeded without obtaining shareholder approval, a key requirement under Hong Kong’s listing rules. This disregard for governance led to the resignation of the entire board in January 2024.
The proposed sale was eventually canceled, but the fallout from the attempt continues to affect both companies. The HKEX’s ruling against Lo highlights the importance of adhering to proper governance procedures, particularly when it comes to significant corporate decisions like the sale of key assets.
Board Resignations and Delisting After Governance Crisis
In the wake of Lo’s decision to push ahead with the sale, the board of directors at both LET Group and Summit Ascent resigned in protest. Their exit left the companies unable to meet the HKEX’s corporate governance requirements, ultimately leading to the suspension of trading in their shares in early 2024.
This situation culminated in the delisting of LET Group and Summit Ascent from the Hong Kong Stock Exchange in September 2025. Despite some revenue growth, particularly from LET Group’s LETX Resort project in the Philippines, the companies face an uncertain future without the regulatory oversight and visibility that comes with being listed on the HKEX.
According to Asia Gaming Brief, with Lo barred from holding leadership positions and the companies delisted, shareholders face significant challenges. LET Group and Summit Ascent have already been struggling with the aftermath of the failed sale of Tigre de Cristal. The lack of HKEX oversight further compounds the challenges, and investors are being advised to proceed with caution.
Although LET Group has shown a 65% increase in revenue in the first half of the year, much of this is tied to its casino operations outside of Russia. As the companies navigate these turbulent waters, it remains to be seen how they will recover from the fallout of the failed Tigre de Cristal sale and the loss of their listing status.
The Securities and Futures Commission (SFC) initiated legal proceedings against Lo in October 2024, accusing him of misconduct related to the proposed sale of Tigre de Cristal. The SFC has been working to protect the interests of minority shareholders who were adversely affected by Lo’s actions.
With the companies now delisted, legal proceedings against Lo continue, underscoring the broader implications of his decision-making. The SFC’s involvement serves as a reminder of the critical importance of following governance procedures, particularly in the case of high-profile international transactions.
