The Securities and Futures Commission (SFC) of Hong Kong has obtained from the Court of First Instance an extension of 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 in relation to suspected corporate misconduct.

The freezing orders, which prohibit Lo and Major Success from removing, disposing of, dealing with or diminishing the value of their assets, whether in Hong Kong or elsewhere, up to a total value of HK$146,859,320, shall remain in force until the final determination of the SFC’s proceedings under section 214 of the Securities and Futures Ordinance (SFO) or further order of the Court.

The freezing orders were obtained as part of the SFC’s ongoing proceedings under section 214 of the SFO against Lo, LET, Summit Ascent and Major Success. In those proceedings, the SFC seeks, among other remedies, orders to protect the interests of independent shareholders of LET and Summit Ascent, including a share repurchase order.

The SFC also seeks the appointment of a receiver and/or manager over certain assets to facilitate the implementation of any relief that may ultimately be granted by the Court.

In its decision, the Court considered a restructuring carried out in February 2026 pursuant to which certain assets of LET and Summit Ascent, including interests in land parcels in Japan, were transferred to Major Success at Lo’s direction. The Court found that the restructuring, which was undertaken for Lo’s personal benefit, had the effect of placing those assets beyond the reach of reliefs sought by the SFC in the section 214 proceedings. The Court was satisfied that there was a real risk of asset dissipation and that the freezing orders should continue.

The Court originally granted the orders on 11 June 2026. Following the substantive hearing on 26 August 2026, on 11 September 2026, the Court ruled that the freezing orders should continue. It also ordered Lo and Major Success to pay the SFC’s costs of the application to extend the orders.

The SFC’s Executive Director of Enforcement, Mr Michael Duignan, said:

“The SFC welcomes the Court’s decision to continue the freezing orders. Preserving assets is essential to ensuring that effective remedies remain available for investors should the Court ultimately grant the relief sought in these proceedings. The SFC will continue to take decisive action to prevent the dissipation of assets and to protect the interests of investors and uphold the integrity of Hong Kong’s markets.”

The trial for the SFC’s section 214 proceedings will begin on 20 September 2027.