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In a decisive move, the Hong Kong Stock Exchange (HKEX) will formally delist LET Group Holdings Ltd and its subsidiary Summit Ascent Holdings Ltd, operator of Russia’s Tigre de Cristal casino resort. The delisting will take effect on September 1, 2025, with the last day of trading set for August 29.

Why This Happened

  • Trading Suspended Since February 2024
    Both companies saw their shares suspended by the Securities and Futures Commission (SFC) after the chairman, Andrew Lo, attempted to sell the group's Tigre de Cristal stake without shareholder approval.

  • Failure to Meet Resumption Conditions
    Despite submitting overdue financial reports and reshuffling their boards, neither company managed to satisfy HKEX’s resumption requirements by the July 10, 2025 deadline.

  • No Appeal Filed
    Both LET Group and Summit Ascent chose not to appeal the Listing Committee’s decision, sealing their fate.

What It Means Moving Forward

Aspect Implications
Public Trading Ends after August 29—shares can no longer be traded on the HKEX.
Share Certificates Remain valid, continuing to represent legal ownership despite delisting.
Regulatory Obligations Post-delisting, the companies exit listing rules—including ongoing disclosure, governance, and reporting requirements .
Investor Guidance Shareholders are urged to proceed with caution and seek professional advice.

Ongoing Projects: Focus Shifting to Manila and Russia

Despite exiting the exchange, both firms continue to push ahead with significant projects:

  • LETX Resort in Manila
    LET Group (via its subsidiary Suntrust Resort Holdings) is advancing its US$1.25 billion integrated resort in Manila’s Entertainment City. Travellers International Hotel Group is slated to take a majority stake and assume operational control, while LET Group will retain a minority share.

  • Tigre de Cristal in Russia
    Summit Ascent’s Tigre de Cristal resort recently resumed profitability by targeting domestic demand, though its future remains uncertain amid corporate changes.

The Governance Shadow

The delisting underscores long-standing governance concerns, dating back to board upheaval and a failed attempt to divest stakes in Tigre de Cristal without proper approval. Legal proceedings initiated by the SFC against Andrew Lo have also lingered, with no major updates since 2024, further fueling investor caution.