LET Group Holdings Limited and its subsidiary Summit Ascent Holdings will be delisted from the Hong Kong Stock Exchange on September 1, 2025. The reason is that both companies failed to meet the resumption conditions set by the exchange by the final deadline of July 10.
The Listing Committee of Hong Kong confirmed on August 15 that both companies will be delisted according to Listing Rule 6.01A(1). Since the beginning of 2024, when the exchange issued resumption guidance, the stocks of both companies have been suspended. Despite multiple announcements, they have never fully met the standards. The boards of both companies have stated that they will not apply for a review.
The last trading day for the stocks of both companies will be August 29, with the official revocation of their listing status starting at 9 AM on September 1. After delisting, the stocks will no longer be publicly traded, and the companies will no longer be subject to the listing rules, including obligations related to governance, financial reporting, and information disclosure. However, the issued stock certificates will still be legally valid, and shareholders will still retain their equity rights, but liquidity will be limited and can only be transferred through private arrangements.
LET Group has a portfolio of integrated resorts and retail projects across Asia, with operations in Russia, the Philippines, and Vietnam, and runs a shopping center in China. Summit Ascent is known for operating the "Crystal Tiger Palace" resort in Vladivostok. The delisting is a significant blow to both companies, meaning they will lose access to the Hong Kong public capital market.
