Following the recent announcement by Hong Kong’s LET Group Holdings and its subsidiary Summit Ascent Holdings that they were scheduled to be delisted at the end of this month, the Hong Kong Stock Exchange has confirmed that the listing of the shares will be officially cancelled with effect from 9am on 1 September 2025.
In dual announcements, the Exchange explained that LET Group and Summit Ascent – whose shares were suspended from trading in February 2024 – had “failed to fulfill the resumption guidance set by the Exchange and resume trading in its shares by 10 July 2025. On 15 August 2025, the Listing Committee decided to cancel the listing of the Company’s shares on the Exchange under Rule 6.01A(1).”
Both companies previously revealed that they would not request a review of the Exchange’s decision.
The shares in both were suspended in February 2024 upon the order of Hong Kong’s Securities and Futures Commission (SFC) due to concerns that a move by Andrew Lo – the Chairman of both companies – to sell the company’s entire stake in Tigre de Cristal was made without the required approval of shareholders.
The group has been looking to sell off assets to fund construction of its US$1.25 billion hotel and casino project, LETX, in Manila’s Entertainment City precinct.
According to recent filings, both LET Group and Summit Ascent had complied with various requirements of the exchange, including the publication of outstanding financial results and reconstituting their respective boards, but were still awaiting response from the Exchange on compliance and suitability proposals as well as on integrity guidance.
The Exchange had called on the companies to “demonstrate that there is no reasonable regulatory concern about the integrity or character of the Group’s management and/or the integrity or character of any persons with substantial influence over the Group’s management and operations, which may pose a risk to investors and damage market confidence.”
The delisting comes with Travellers International Hotel Group Inc, the operator of Manila’s Newport World Resorts, set to take a majority equity position in the LETX integrated resort project as part of a plan to ensure the completion of the integrated resort’s development. Westside City is part of Manila’s wider Entertainment City district.
As first reported by IAG, the arrangement would see Travellers and its related group entities provide financial and operational backing in order to complete the construction of the IR and become its operator upon launch of the property.
LET Group, which holds a 51% stake in LETX’s current parent company Suntrust Resort Holdings, would retain a minority interest.
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