The Hong Kong Securities and Futures Commission (SFC) announced today that the worldwide freezing orders against Mr Lo Kai Bong – chairman, executive director and controlling shareholder of LET Group Holdings Limited and Summit Ascent Holdings Limited – and Major Success Group Limited have been lifted following the payment of $146,859,320 into Court.

Lo and Major Success paid $146,859,320 into Court on 20 October 2026 matching the amount covered by the freezing orders against them. The freezing orders are part of the SFC’s ongoing legal proceedings under section 214 of the Securities and Futures Ordinance (SFO) against Lo, LET and Summit Ascent in relation to suspected corporate misconduct.

In the legal proceedings, the SFC is seeking, among other remedies, a share repurchase order to protect the interests of independent shareholders of LET and Summit Ascent. The regulator is also seeking the appointment of a receiver and/or manager over LET and Summit Ascent to facilitate the sale of certain land assets or interests in related subsidiaries to fund the share repurchase.

The $146,859,320 paid into Court will be available to meet any orders the Court may make at the conclusion of the legal proceedings.

The trial of the SFC’s proceedings is scheduled to commence on 20 September 2027.