LET Group and Summit Ascent to be delisted from Hong Kong Stock Exchange
Trading to cease on 1 September as firms fail to meet resumption guidance.
Key points:
– Both LET Group Holdings and Summit Ascent Holdings to be delisted on 1 September
– Companies failed to satisfy Stock Exchange resumption conditions by 10 July
– Shareholders warned there will be no public market for the stocks after delisting
LET Group Holdings Limited and its subsidiary Summit Ascent Holdings Limited will lose their listings on the Hong Kong Stock Exchange after failing to meet requirements set by the exchange.
The Listing Committee confirmed on 15 August that both companies would be removed under Rule 6.01A(1), as neither firm resumed trading of their shares before the 10 July deadline.
Trading of both stocks has been suspended since early 2024, when the Exchange issued resumption guidance. The two companies have since made several announcements but did not fully comply with the conditions set. Both boards confirmed they would not seek a review of the decision.
The last day of trading will be 29 August, with the delisting effective from 9:00am on 1 September 2025. After that, the shares will no longer be publicly traded. The companies will also cease to be bound by the Exchange’s listing rules, including corporate governance, financial reporting and disclosure obligations.
Good to know: Share certificates will remain legally valid, meaning holders will still own their shares even though they can no longer be traded on the market
LET Group operates across Asia in integrated resorts and retail, with projects in Russia, the Philippines and Vietnam, as well as a shopping mall in China. Summit Ascent is best known as the operator of the Tigre de Cristal resort in Vladivostok.
The delisting marks a significant setback for both companies, removing access to public equity markets in Hong Kong and leaving shareholders reliant on private arrangements for any future liquidity.
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