On 11 June 2026, Hong Kong’s Court of First Instance issued global asset freezing orders for Lo Kai Bong (chairman and major shareholder of LET Group and Summit Ascent) and BVI firm Major Success Group Limited. The orders block them from moving, selling or reducing the value of HK$146,859,320 of their assets worldwide. A later court hearing on 18 June extended these orders until 26 August 2026.
The Securities and Futures Commission (SFC) applied for the orders under Section 214 of the Securities and Futures Ordinance in its ongoing legal action started in September 2024. The SFC wants a share buyback to protect minority investors and plans to appoint receivers to sell the firms’ property assets to fund the buyback. The freeze keeps assets safe to carry out any future court rulings, with the full trial set for 20 September 2027.
Both listed companies were delisted in September 2025 and run resort, hotel, gaming and property businesses across several countries. Since Lo fully owns and controls Major Success, the court used Chabra jurisdiction to freeze its assets too. The SFC’s enforcement chief stated the authority will stop wrongdoers from hiding assets and deliver fair compensation to investors while protecting Hong Kong’s market integrity. Full details are in the SFC’s press release on 27 September 2024.
Sources: https://apps.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/doc?refNo=26PR99
Relative circulars: https://apps.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/enforcement-news/doc?refNo=24PR157