Casino-linked investment company LET Group Holdings Ltd and its subsidiary Summit Ascent Holdings Ltd will be removed from the Hong Kong Stock Exchange at the start of September, concluding a lengthy period of uncertainty and regulatory intervention. Both companies confirmed they would not appeal the decision of the exchange’s Listing Committee, which determined they had not met the conditions necessary to resume trading.
Trading Suspensions and Failed Compliance
The delisting order follows a suspension of trading that began in February 2024, when Hong Kong’s Securities and Futures Commission (SFC) raised concerns about a proposed disposal of Summit Ascent’s stake in the Tigre de Cristal casino in Russia. Regulators argued the attempted sale appeared to bypass mandatory shareholder approval requirements, prompting action that left shares in both firms frozen for more than a year.
The Listing Committee concluded on August 15, 2025, that despite efforts by the two businesses to submit overdue financial reports, restructure their boards, and address compliance questions, they had not fully satisfied resumption guidance before the July 10 deadline. As a result, the exchange moved forward with canceling the listings.
Separate filings released after trading hours confirmed that neither LET Group nor Summit Ascent would request a review of the ruling, effectively sealing their exit from the market. Both companies highlighted that while their shares will no longer trade publicly, existing certificates remain valid and will continue to represent ownership.
The delisting caps a turbulent stretch marked by leadership changes, regulatory scrutiny, and an exodus of directors. In early 2024, the attempted disposal of Tigre de Cristal’s licence-holding entity triggered resignations across the boards of both LET Group and Summit Ascent. Although new directors were appointed in subsequent months, concerns remained over corporate governance and management integrity.
The Hong Kong exchange specifically requested assurances that there were no reasonable concerns about “the integrity or character of the Group’s management and/or the integrity or character of any persons with substantial influence over the Group’s management and operations.” Those assurances were not deemed sufficient.
In September 2024, the SFC filed proceedings in Hong Kong’s Court of First Instance to seek a share repurchase order aimed at protecting minority shareholders. According to Macau Business, the regulator alleged misconduct by chairman Andrew Lo Kai Bong, who is both the executive director and controlling shareholder of the companies. No further updates on that case have been issued since.
Future Projects in Manila and Vladivostok
Despite the delisting, the two firms continue to operate significant assets and projects. LET Group remains focused on completing the US$1.25 billion LETX integrated resort in Manila’s Entertainment City. Developed through its Philippine-listed subsidiary Suntrust Resort Holdings, the property is expected to launch in the third quarter of 2026 with 475 hotel rooms, over 300 gaming tables, more than 1,300 electronic gaming machines, and retail and entertainment facilities.
Summit Ascent operates 大佬娛樂城, a casino resort located in the Primorye region near Vladivostok. After pivoting toward the domestic Russian market, the property reported a return to profit in 2024.
Recent filings also indicated that Travellers International Hotel Group, the operator of Manila’s Newport World Resorts, is positioned to take a majority stake in the Westside City project. The arrangement would see Travellers and its affiliates provide both financial and operational support, ensuring the completion of the LETX resort while taking over as operator once the venue opens. LET Group, which currently holds a 51% stake in Suntrust, would retain a minority share.
LET Group, previously known as Suncity Group Holdings, underwent a rebranding in 2022 after the high-profile downfall of its former chairman, Alvin Chau. Chau, who also headed junket operator Suncity Group, was once one of the most influential figures in Macau’s VIP gambling industry. He was sentenced to 18 years in prison in early 2023 on charges of illegal gaming, fraud, money laundering, and criminal association.
The legacy of Chau’s influence, coupled with persistent regulatory concerns, cast a long shadow over the companies’ ability to regain compliance in Hong Kong. With the September 1 delisting, their focus now shifts entirely to privately managed operations and long-term development projects outside the city’s financial markets.
