Hong Kong-listed LET Group, formerly known as the Suncity Group junket, faces the risk of delisting at, according to the company’s latest dispatch. The company’s noted that its shares still remain under a trading suspension at the Hong Kong Exchanges and Clearing Limited (HKEX), with the resumption guidance unchanged, as certain requirements remain unmet.
When independent non-executive director Kwok Kai Bun Bennie stepped down in November 2024, it left a gaping hole in the governance setup. For months, the company struggled to fill this role. Trading of LET Group’s shares was officially halted on 14 February 2024. Shares of Summit Ascent, which is linked to LET Group, also remain suspended.
Resumption conditions issued
The Hong Kong Stock Exchange has issued a set of resumption conditions, which include proving management integrity, publishing overdue financial statements, and meeting corporate governance benchmarks. As of now, the group said it has made progress in areas like Validly Constituted Board Guidance and Corporate Governance Guidance following recent appointments to its board.
Last month, the Group appointed four new directors to its board. The move follows a mass resignation last year that left Chairman Andrew Lo as the sole board member for the second time. Among the appointees are two returning directors, Tou Kin Chuen and John Lo Wai Tung, both of whom previously served under LET Group’s former identity, Suncity Group. The new additions included Lam Hung Tuan, Chief Technology Officer of the group’s Philippines subsidiary Suntrust Resort Holdings, and Chan Suet Ngan, a finance and accounting expert with over 23 years of experience. Moreover, the Audit, Remuneration, and Nomination Committees have been reconstituted.
EGM meetings
The company is also planning for an extraordinary general meeting (EGM) that will give a platform for the newly appointed directors to seek re-election. Shareholder approval is a regulatory necessity under the Integrity Guidance and will serve as a testament to their integrity and independence. “The Group remains committed to ensuring compliance and demonstrating suitability for continued listing as it navigates the challenges posed by market conditions and regulatory expectations”, chairman Andrew Lo .
The appointments to the board came as LET Group faced regulatory scrutiny over an attempted sale of its stake in Russian 바카라 resort Tigre de Cristal, which led to trading in its shares being suspended by Hong Kong’s Securities and Futures Commission (SFC) in February.
