The Hong Kong Securities and Futures Commission obtained Court of First Instance orders freezing assets of Lo Kai Bong, chairman, executive director and controlling shareholder of LET Group Holdings Limited and Summit Ascent Holdings Limited, and assets of Major Success Group Limited under the Chabra jurisdiction. The injunctions bar Lo and Major Success from removing, disposing of, dealing with or diminishing the value of assets in Hong Kong or elsewhere up to HK$146,859,320. The orders form part of the commission’s ongoing section 214 proceedings under the Securities and Futures Ordinance against Lo, LET and Summit Ascent. The case seeks, among other remedies, a share repurchase order to protect independent members of LET and Summit Ascent, as well as the appointment of a receiver or manager over the two companies to facilitate the sale of certain land assets or interests in related subsidiaries, with proceeds to be used for that repurchase. Major Success was included because Lo is its sole shareholder and a director, so its assets may be beneficially owned or controlled by him and available to satisfy any judgment debt. At a hearing on 18 June 2026, the Court ordered that the injunctions remain in effect until the next scheduled hearing on 26 August 2026. The trial in the section 214 proceedings is set to begin on 20 September 2027.
Hong Kong Securities & Futures Commission2026-06-25
Hong Kong Securities and Futures Commission secures worldwide asset freeze of up to HK$146.9 million against Lo Kai Bong and Major Success
The Hong Kong Securities and Futures Commission obtained worldwide injunctions freezing up to HK$146.9 million of assets held by Lo Kai Bong and, under the Chabra jurisdiction, Major Success Group Limited. The orders support the commission’s section 214 case against Lo, LET and Summit Ascent and are intended to preserve assets for potential investor remedies. They remain in force until 26 August 2026, with trial due to start on 20 September 2027.