Shares in two linked casino investment firms, LET Group Holdings Ltd and Summit Ascent Holdings Ltd, will be delisted from the Hong Kong Stock Exchange and the listing of their shares cancelled with effect from September 1.
Trading in the shares of both firms had been suspended since 2024 after they fell out of compliance with listing rules amid board member resignations.
LET Group is the parent business behind the under-construction “LETX Resort”, described as the “main hotel casino” at Westside City, in the Philippine capital Manila.
Philippines-listed Suntrust Resort Holdings Inc, the promoter of the LETX Resort, is indirectly-controlled by LET Group.
The LET Group, chaired by businessman Andrew Lo Kai Bong, said in a July 10 update it would be able “to raise adequate funds to finance the development of the main hotel casino project” at Westside City “in the next 12 months from 31 December 2024”.
LET Group is also the parent of Summit Ascent, which in turn promotes the Tigre de Cristal casino resort at Primorye near Vladivostok, in the Russian Far East. In July, Summit Ascent had said it had returned to profit for 2024, amid Tigre de Cristal’s focus on the Russian domestic market.
LET Group and Summit Ascent gave the news of delisting in Monday filings after bourse hours.
In each case, they said the Listing Committee of the Stock Exchange had made the decision on Friday (August 15), as each had “failed to fully satisfy the resumption guidance and resume trading” of their shares “by 10 July 2025”.
On that date, both firms had filed their 2023 annual reports, 2024 interim reports and 2024 annual reports.
In their Monday filings regarding delisting, each firm said: “The company will not request a review of the Listing Committee’s decision by the listing review.”
They each will cease to be subject to the listing rules, “including without limitation, the requirements on corporate governance, periodic financial reporting, and disclosure of inside information,” noted the respective filings.
The certificates for their shares will remain valid and continue to represent legal ownership.
The Monday filings stated: “Shareholders, investors and potential investors of the company are advised to exercise extreme caution when dealing in the shares and to consult their professional advisers if they are in any doubt about the implications of the delisting.”
LET Group and Summit Ascent had seen an exodus of directors last year following an initial attempt to dispose of the entity that holds the gaming licence for Tigre de Cristal. Both companies have seen the appointment of a number of directors since then, with LET Group naming four new directors in March this year.
In September last year, Hong Kong’s stock market regulator, the Securities and Futures Commission, said it had started legal proceedings “to seek a share repurchase order” to protect the interests of independent minority shareholders of LET Group and Summit Ascent.
The lawsuit was filed in Hong Kong’s Court of First Instance, “as a result of alleged misconduct of Mr [Andrew] Lo Kai Bong, chairman, executive director and controlling shareholder of both companies,” added the announcement. According to information on its website, the SFC has given no further public update on the matter since September 24 last year.
