This decision stems from Lo's controversial approach to the sale of the Tigre de Cristal (" Crystal Tiger Palace ") casino in Russia, a transaction that sparked regulatory concerns and ultimately led to the resignation of the board of directors.

Controversy over the sale of Tigre de Cristal

The proposed $116 million sale of the Tigre de Cristal resort near Vladivostok, Russia, faced strong opposition. Despite repeated warnings from legal advisors and regulators, Lo Chi-bang pressed ahead with the deal. Ultimately, in February 2024, the buyer rescinded the agreement, and the sale fell through. The Hong Kong Stock Exchange criticized Lo Chi-bang's actions as a violation of a director's core duties and a blatant disregard for corporate governance standards.

Tigre de Cristal has always been the core business of LET Group and Summit Ascent, contributing the majority of its revenue. Lo Chi-bang viewed the sale of his 77.5% stake in ORL (Oriental Regent Ltd., the operator of Tigre de Cristal) as a way to mitigate Russia risk. However, despite warnings from the Securities and Futures Commission (SFC) and the Hong Kong Stock Exchange, Lo Chi-bang proceeded without obtaining shareholder approval. This move violated key requirements of Hong Kong listing rules and triggered the resignation of the entire board of directors in January 2024.

Although the deal was ultimately scrapped, its consequences continue to impact both companies. The HKEX’s ruling against Lo highlights the importance of strict adherence to governance procedures in key decisions, such as those regarding the disposal of major assets.

The chain reaction after board resignation, suspension, and delisting

After Lo Chi-pang insisted on pushing forward the sale, the boards of directors of LET Group and Summit Ascent resigned one after another, causing the companies to be unable to meet the corporate governance requirements of the Hong Kong Stock Exchange. The stocks of the two companies were suspended from trading in early 2024.

This governance crisis ultimately culminated in delisting in September 2025: both LET Group and Summit Ascent were delisted from the Hong Kong Stock Exchange. Although LET Group experienced some revenue growth driven by its LETX Resort project in the Philippines, the loss of the oversight and transparency of the Hong Kong Stock Exchange further uncertainted the future of both companies.

According to Asia Gaming Brief, with Lo Chi-pang banned from leadership positions and the company delisted, shareholders face significant challenges. Both companies are still reeling from the fallout from the failed sale of Tigre de Cristal, and the lack of oversight from the Hong Kong Stock Exchange has exacerbated their difficulties, prompting investors to exercise caution.

Although LET Group's revenue increased by 65% year-on-year in the first half of the year, it was mainly from its gaming business outside of Russia. It remains to be seen how the two companies will recover after losing their listing status.

Regulatory legal action continues

In October 2024, the SFC initiated legal proceedings against Lo Chi-pong for alleged misconduct in connection with the proposed sale of Tigre de Cristal, with the aim of protecting the interests of affected minority shareholders.

As the company delists, legal proceedings against Lu Qibang continue, highlighting the broader implications of his decision. The SFC's intervention serves as another reminder of the crucial importance of adhering to corporate governance procedures in major cross-border transactions.