The Hong Kong Stock Exchange (HKEX) has confirmed that casino investors LET Group Holdings and its subsidiary Summit Ascent Holdings will be delisted by the end of August 2025, marking the end of a turbulent chapter for both companies. Neither group sought to appeal the decision, sealing their exit from the market.
LET Group changes date for land sale in Hokkaido.
Trading in the two companies has been suspended since February 14, 2024, when Hong Kong’s Securities and Futures Commission (SFC) raised red flags over governance failures. Regulators accused Chairman Andrew Lo of authorizing the sale of the companies’ stake in Russia’s Tigre de Cristal casino without shareholder approval, undermining investor protections and market confidence.
While both firms attempted to meet HKEX resumption guidance—by publishing overdue financial results and reshaping their boards—they ultimately failed to satisfy governance and integrity standards. The Exchange demanded evidence that senior management was fit to lead and that their influence posed no risk to shareholders. These conditions were never fully met.
Financially, the situation worsened. For 2024, LET Group reported a net operating cash outflow of HK$109.7 million and defaulted on a HK$137.5 million loan. Despite HK$1.87 billion in available bank facilities, doubts remain over whether the company can finance its US$1.25 billion LETX integrated resort in Manila. To keep the project alive, control is shifting to Travellers International Hotel Group Inc., with LET Group reduced to a minority stake.
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The delisting underscores HKEX’s stricter stance on corporate governance and investor protection, especially in the gaming sector. For LET Group and Summit Ascent, once seen as ambitious regional players, the move signals a sharp fall from grace—raising questions about the future of their ventures and the fate of stakeholders still tied to their projects.
