Hong Kong’s Securities and Futures Commission has lifted worldwide freezing orders against Lo Kai Bong and Major Success Group Limited after HK$146,859,320 was paid into court.
Lo, chairman, executive director and controlling shareholder of LET Group Holdings Limited and Summit Ascent Holdings Limited, made the payment with Major Success on October 20, 2026. The amount matches the value previously covered by the asset restrictions.
The orders formed part of proceedings brought by the SFC under section 214 of the Securities and Futures Ordinance against Lo, LET and Summit Ascent over suspected corporate misconduct.
The deposited funds will remain available to satisfy any orders made when the case concludes. The trial is scheduled to begin on September 20, 2027.
Court Payment Replaces Asset Freeze
The Court of First Instance granted worldwide freezing orders against Lo and Major Success on June 11, 2026 under the Chabra jurisdiction.
Those restrictions prevented the parties from disposing of, dealing with or reducing the value of assets up to HK$146.9 million.
Major Success is incorporated in the British Virgin Islands, with Lo serving as its sole shareholder and director. The SFC has said in a press release that its assets may be beneficially owned or controlled by Lo and could be available to meet any judgment debt against him.
Following the court payment, the same amount is now secured without the worldwide freezing orders remaining in place.
SFC Seeks Share Repurchase Remedy
The regulator began proceedings against Lo, LET and Summit Ascent in September 2024.
Among the remedies sought is a share repurchase order intended to protect independent shareholders of LET and Summit Ascent.
The SFC is also asking the court to appoint a receiver and/or manager over the companies. That appointment could allow certain land assets or interests in subsidiaries to be sold to fund the repurchase.
The case stems from a proposed disposal of Russian assets connected 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 also alleged that Lo proceeded despite legal advice over compliance concerns and opposition from other directors.
The proposed transaction was ultimately abandoned.
Trading in LET and Summit Ascent shares had been suspended in February 2024 amid regulatory concerns over the planned disposal.
Proceedings Continue Toward 2027 Trial
LET Group, formerly known as Suncity Group, and Summit Ascent were delisted from the Hong Kong Stock Exchange on September 1, 2025.
LET indirectly owns 69.66% of Summit Ascent.
Summit Ascent continues to hold a 77.5% stake in Oriental Regent, the operator of Tigre de Cristal near Vladivostok.
LET also retains a minority interest in the Westside Resort development in Manila and owns land in Japan previously associated with plans for an integrated resort in Wakayama.
The lifting of the freezing orders does not end the SFC’s case or change the remedies it is seeking.
The HK$146.9 million paid into court will remain available pending the outcome of the proceedings, with the trial due to start in September 2027.