Hong Kong’s Court of First Instance granted the Securities and Futures Commission (SFC) a worldwide injunction over the assets of Mr Lo Kai Bong, chairman, executive director and controlling shareholder of LET Group Holdings Limited and Summit Ascent Holdings Limited. It also granted a worldwide injunction under the Chabra jurisdiction over the assets of Major Success Group Limited.

The injunction prohibits 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.

The Court ordered that the injunctions remain in effect until the next scheduled hearing on 26 August 2026.

The injunctions were obtained as part of the SFC’s ongoing proceedings under section 214 of the Securities and Futures Ordinance (SFO) against Lo, LET and Summit Ascent.

The SFC seeks, among other remedies, a share repurchase order to protect the interests of independent members of LET and Summit Ascent. The SFC also seeks 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, with the proceeds to be used for the share repurchase.

The injunctions are intended to preserve assets to satisfy any orders the Court may make at the conclusion of these proceedings.

The trial for these proceedings will begin on 20 September 2027.