Hong Kong Exchange declares Andrew Lo unfit to serve at LET Group and Summit Ascent
The decision follows Lo’s attempt to sell the group’s stake in Russia’s Tigre de Cristal without shareholder approval.
Key points:
– The Exchange issued a Director Unsuitability Statement and public censure against Andrew Lo
– Lo ignored repeated warnings from regulators and legal advisers before proceeding with the proposed sale
Hong Kong Stock Exchange has ruled Andrew Lo unfit to serve as Director of LET Group or Summit Ascent.
The Hong Kong Stock Exchange has issued a Director Unsuitability Statement and public censure against Andrew Lo, the majority shareholder, Executive Director, and Chairman of LET Group Holdings and Summit Ascent Holdings.
The decision bars Lo from serving as a director or senior manager at either company or their subsidiaries.
The ruling results from Lo’s attempt in early 2024 to sell LET Group’s entire stake in the Russian integrated resort Tigre de Cristal without securing the required shareholder approval.
The Securities and Futures Commission (SFC) had already suspended trading of LET Group and Summit Ascent shares in February 2024 and launched legal proceedings against Lo later that year. Both companies were officially delisted on 1 September 2025 after failing to meet resumption conditions.
In a regulatory statement issued Monday, the Exchange said Lo had “blatantly or recklessly disregarded his responsibilities under the Listing Rules” by pursuing the disposal of a hotel and gaming business in Russia through an indirect subsidiary.
Good to know: Lo assumed control of the company in 2021 following the arrest of ex-chairman Alvin Chau
Lo went ahead with the deal despite repeated warnings from the Exchange, the SFC, and the companies’ legal advisers.
The Exchange said he ignored clear instructions that moving forward without shareholder approval would break listing rules, suspend trading, and defy the other directors’ unanimous opposition.
Lo defended his actions by claiming the sale was in the best interests of Oriental Regent Ltd (ORL), the Tigre de Cristal operator in which the group held a 77.5% stake, as well as its shareholders. He argued that the transaction reduced the companies’ exposure to Russia and was priced at a 30% premium.
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