Hong Kong’s SFC warns jailed Macau ‘junket king’ Alvin Chau’s former firms over Russia deal
- The SFC warned it may delist two companies formerly headed by Alvin Chau because of concerns about a US$116 million sale of assets in Russia
- The watchdog is concerned LET Group and Summit Ascent had not complied with rules requiring shareholders’ approval of the deal
Hong Kong’s securities regulator warned it may delist two companies formerly headed by jailed Macau gambling kingpin Alvin Chau Cheok-wa because of concerns about a US$116 million sale of assets in Russia.
Shares remain halted as the Securities and Futures Commission (SFC) said they were concerned LET Group Holdings and Summit Ascent Holdings had not complied with rules requiring shareholders’ approval of the deal, the regulator said in a statement on Wednesday.
The SFC asked both companies to address its concerns but has not received a response, it said.
The completion of the asset sale may leave both LET Group and Summit Ascent without sufficient assets to warrant their continued listing in Hong Kong, it said. The SFC said it has serious concerns about the conduct of the companies and their management.
LET Group and Summit Ascent did not immediately respond to requests for comment from Bloomberg News. LET Group was formerly part of Chau’s gambling empire Suncity Group before it re-branded in 2022 with Andrew Lo at the helm, and the firm holds a nearly 70 per cent stake in Summit Ascent.
The SFC investigation continues the long decline of what was once a leading player in the world’s biggest gambling hub. Chau and his Suncity Group ran Macau’s largest junket operator, heading a lucrative industry that attracted high rollers from mainland China with private jets, luxury suites and gambling credits.
