On June 25, 2026, the SFC secured a worldwide freezing order against Lo Kai Bong and Major Success Group Limited to protect assets valued at HK$146,859,320 during ongoing SFO proceedings.
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SPOTLIGHT ON
FAMILY OFFICES
On June 25, 2026, the Court of First Instance granted the SFC worldwide injunctions over the assets of Mr Lo Kai Bong (chairman, executive director and controlling shareholder of LET Group Holdings Limited (LET) and Summit Ascent Holdings Limited (Summit Ascent)) on 11 June 2026, and Major Success Group Limited (Major Success) under the Chabra jurisdiction (Notes 1 and 2). The injunctions prohibit Lo and Major Success from disposing of assets worth up to HK$146,859,320, whether in Hong Kong or elsewhere. On 18 June 2026, the Court ordered these injunctions remain in effect until 26 August 2026.
Legal Proceedings and Remedies
The SFC commenced proceedings under section 214 of the Securities and Futures Ordinance ("SFO") in September 2024. The trial will begin on 20 September 2027. The SFC seeks a share repurchase order and the appointment of a receiver and/or manager over LET and Summit Ascent to facilitate asset sales for repurchase funding. The injunctions preserve assets to satisfy any Court orders at the conclusion of these proceedings (Note 3).
Corporate Background and Asset Structure
LET and Summit Ascent were listed on the Main Board on 22 February 2007 and 10 January 1994 respectively, and delisted on 1 September 2025. Summit Ascent is a subsidiary of LET, with 69.66% of shares indirectly held. LET and subsidiaries operated resorts in the Philippines, hotels and gaming in Russia, property in Japan, and malls in Chinese Mainland. Major Success is a British Virgin Islands company where Lo is the sole shareholder and director, allowing the Chabra injunction to freeze its assets as they may be beneficially owned by him.
Regulatory Commentary
Mr Michael Duignan, the SFC’s Executive Director of Enforcement, stated: "The SFC will take firm action to prevent the dissipation of assets and ensure that wrongdoers cannot evade the consequences of their misconduct. These orders are critical for achieving meaningful and effective investor remedies. The SFC remains committed to safeguarding the interests of investors and maintaining the integrity of Hong Kong’s markets."
For further details, please refer to the SFC’s press release dated 27 September 2024.
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