Andrew Lo Kai Bong has been censured and declared unsuitable to serve as a director.
Hong Kong.- The Hong Kong Stock Exchange has imposed a formal censure against Andrew Lo Kai Bong, the former executive director and chairman of LET Group Holdings and Summit Ascent Holdings and has declared him unsuitable to serve as a director due to breaches of listing rules.
It says Lo ignored multiple reminders and warnings given by the Exchange, the Securities and Futures Commission and the companies’ legal advisers when he decided to advance with the pursuit of the $116m sale of Tigre de Cristal casino resort in Vladivostok, which
All but one of Summit Ascent and Let Group’s directors resigned after the announcement of the sale, and Lo became the sole director of both companies. The sale never materialised because the potential buyer, Dalnevostochniy Aktiv, pulled out.
The Exchange said that Lo failed to: (1) act honestly and in good faith in the interests of the companies as a whole; (2) act for proper purpose; (3) apply such degree of skill, care and diligence as may reasonably be expected of a person of his knowledge and experience and holding his office within the companies; and (4) in exercising his powers and duties, procure the companies to comply with the Listing Rules and all securities laws and regulations in force in Hong Kong including the Takeovers Code.
Lo argued that he acted “in the best interests” of the LET Group, Summit Ascent and their shareholders, including by trying to reduce the companies’ risk exposure in Russia and pricing the disposal at “a 30 per cent premium”. However, the Exchange did not consider these reasons to be sufficient justification for his actions.
Both LET Group and Summit Ascent were delisted from the Hong Kong Stock Exchange on September 1, 2025.
Andrew Lo Kai Bong has been censured and declared unsuitable to serve as a director. Hong Kong.- The Hong Kong Stock Exchange has imposed a formal censure against Andrew Lo…
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