HKEX Bars Andrew Lo as Director After Controversial Tigre de Cristal Sale Attempt

Andrew Lo Kai Bong, the chairman, majority shareholder, and executive director of LET Group Holdings and its subsidiary Summit Ascent, has been declared unsuitable by the Hong Kong Stock Exchange to hold directorships or senior management positions in those companies or any of their subsidiaries. This ruling stems from Lo’s attempt in early 2024 to divest the group’s 77.5% stake in the operator of the Russian integrated resort Tigre de Cristal, namely Oriental Regent Ltd, without complying with required governance processes. Regulators, legal advisers, and the Exchange had repeatedly warned that the proposed disposal would breach listing rules, including mandatory shareholder approval, and could lead to suspension of trading in the companies’ shares.

The fallout from Lo’s decisions was swift. In January 2024, five of six board members of Summit Ascent resigned in protest over the sale — citing disagreement with the transaction and concerns it had been pursued without proper approval. Trading in shares of both LET Group and Summit Ascent was suspended by Hong Kong’s Securities and Futures Commission (SFC) in February 2024 due to the controversy. Over the following year, the companies attempted to meet the Exchange’s “resumption guidance” by restoring board structure, publishing outstanding financials, and addressing regulatory concerns, but fell short of satisfying all requirements. As a result, on 1 September 2025, both companies were delisted from the HKEX. 

The Exchange’s formal finding includes a Director Unsuitability Statement and a censure for Lo. The Exchange states that his conduct amounted to “blatant or reckless disregard” of his responsibilities under HKEX’s Listing Rules, especially given that he pressed ahead with the proposed disposal despite disapproval by the rest of the boards, warnings from regulators and legal counsel, and the requirement for shareholder consent. For minority shareholders, the SFC has also filed legal proceedings seeking protection, including a possible share repurchase order. Going forward, the delisting marks a sharp turning point: LET and Summit Ascent lose the benefit of public listing in Hong Kong, and the companies must now manage their operations, governance, and reporting outside the HKEX framework, under intensified scrutiny and with reputational risks hanging over their senior management.