The Hong Kong Stock Exchange has declared Andrew Lo unfit to serve as a Director or Senior Manager at LET Group Holdings, Summit Ascent Holdings or their subsidiaries.
The decision follows the Exchange's issuance of a Director Unsuitability Statement and public censure against Lo, who is both majority shareholder and chairman of the companies.
Regulators found that Lo attempted in early 2024 to sell LET Group's entire interest in Tigre de Cristal, an integrated resort in Vladivostok, Russia, without securing the required shareholder approvals beforehand.
The Exchange said in a regulatory statement that Lo "blatantly or recklessly disregarded his responsibilities under the Listing Rules" by pressing ahead despite repeated warnings from both the company's Securities and Futures Commission (SFC) and legal advisers.
Lo defended the move claiming he was acting in the best interest of Oriental Regent Ltd, the operator of Tigre de Cristal, and its shareholders, claiming the deal would cut Russian exposure and was priced at a 30% premium.
However, the regulators stressed that his actions ignored the unanimous opposition from other directors besides violating the transparency obligations of a listed company.
The SFC suspended trading in shares of LET Group and Summit Ascent in February 2024 and later initiated legal proceedings against Lo.
Both companies were delisted on 1 September 2025 after failing to meet resumption conditions.
