SFC Lifts Freezing Orders After HK$146.9M Court Payment

Dr. Annelies De Vos · 2026-11-02

Hong Kong’s Securities and Futures Commission (SFC) has lifted worldwide freezing orders against Lo Kai Bong and Major Success Group Limited after a payment of HK$146,859,320 (approximately US$18.8 million) was made into court. Lo, who serves as chairman, executive director, and controlling shareholder of LET Group Holdings Limited and Summit Ascent Holdings Limited, made the payment with Major Success on October 20, 2026. The amount matches the value previously covered by the asset restrictions. The orders were part of proceedings brought by the SFC under section 214 of the Securities and Futures Ordinance, which allows the regulator to seek court orders against listed company directors for misconduct. This development marks a significant turn in the case, which has been closely watched by the financial and gaming industries. ### What Led to the Freezing Orders? The SFC’s action against Lo and Major Success Group was rooted in concerns over corporate governance and potential breaches of securities regulations. Section 214 of the Securities and Futures Ordinance empowers the SFC to investigate and take action against directors who have been involved in fraudulent or oppressive conduct. The freezing orders were a preventive measure to preserve assets while the investigation proceeded. ### The Payment and Its Implications The payment of HK$146.9 million into court effectively satisfies the conditions set by the court for lifting the freezing orders. This means that Lo and Major Success Group have complied with the court’s requirements, and the restrictions on their assets have been removed. The funds will be held by the court pending further proceedings or final judgment. > “The lifting of the freezing orders is a procedural step, but it signals that the parties have met their obligations under the court’s directives,” said a legal expert familiar with the case. “It doesn’t necessarily conclude the SFC’s investigation, but it’s a notable development.” ### Background on LET Group and Summit Ascent Lo Kai Bong’s companies, LET Group Holdings and Summit Ascent Holdings, are involved in the gaming and hospitality sectors, with interests in casino resorts in Asia. Summit Ascent, in particular, is known for its integrated resort in the Russian Far East, which attracts high rollers and tourists. The SFC’s scrutiny of Lo’s activities has raised questions about the intersection of gaming and securities regulation in the region. ### What’s Next? The SFC’s investigation under section 214 is ongoing, and the lifting of the freezing orders does not preclude further action. The regulator may continue to pursue its case, and the court will ultimately decide whether any violations occurred. For now, Lo and Major Success Group have taken a step toward resolving the matter by complying with the court’s payment requirement. - The freezing orders were lifted after the full amount was paid into court. - The payment matches the value of assets previously frozen. - The SFC’s investigation continues, and further developments are possible. This case highlights the SFC’s active role in enforcing securities laws and protecting investors in Hong Kong’s financial markets. It also underscores the importance of compliance for directors and major shareholders of listed companies.