{"id":33326,"date":"2022-09-08T02:09:30","date_gmt":"2022-09-08T05:09:30","guid":{"rendered":"https:\/\/focusgn.com\/asia-pacific\/?p=33326"},"modified":"2026-04-23T05:06:52","modified_gmt":"2026-04-23T08:06:52","slug":"hong-kong-panel-says-offer-for-let-group-holdings-too-low","status":"publish","type":"post","link":"https:\/\/focusgn.com\/asia-pacific\/hong-kong-panel-says-offer-for-let-group-holdings-too-low","title":{"rendered":"Hong Kong panel says offer for LET Group Holdings too low"},"content":{"rendered":"\n

According to the Takeovers and Mergers Panel at Hong Kong’s Securities and Futures Commission, Major Success Group Ltd must offer HK$0.069 per share for the company.<\/p>\n\n\n\n\n\n\n\n

Hong Kong.- The Takeovers and Mergers Panel at Hong Kong’s Securities and Futures Commission has concluded that Major Success Group must up its offer to acquire LET Group Holdings<\/strong>, the company formerly known as\u00a0Suncity Group Holdings Limited<\/a>. It says the company must pay HK$0.069 per share instead of the quote of HK$0.0029 per share.\u00a0\u00a0<\/p>\n\n\n\n

The panel noted that the quoted price for the deal was 95 per cent below the closing price on May 12, 2022, which was HK$0.056 per share.<\/p>\n\n\n\n

It also noted that Andrew Lo Kai Bong <\/strong>is the “ultimate beneficial owner” of Major Success Group. Previously. He was a business associate of Alvin Chau Cheok Wa<\/strong>, the former chairman of Suncity Group Holdings who has been indicted<\/a> for money laundering and allegedly founding and leading a criminal group following his arrest in November.<\/p>\n\n\n\n

In May,\u00a0Alvin Chau Cheok Wa<\/a>\u00a0transferred his controlling stake in both Suncity Group and its majority-owned\u00a0Summit Ascent Holdings\u00a0<\/strong>to the company\u2019s executive director\u00a0Andrew Lo Kai Bong<\/strong>.<\/p>\n\n\n\n

See also:<\/strong>\u00a0Alvin Chau trial postponed to September 19<\/a><\/p>\n\n\n\n

LET Group Holdings revenue up 32% in H1<\/h2>\n\n\n\n

LET Group Holdings has reported that revenue from continuing operations increased by 32 per cent to approximately HK$190.4m (US$24.2m) in the first half of the year. Gross profit from continuing operations increased by 132 per cent\u00a0to approximately HK$93.7m with a loss of HK$252.9m.<\/p>\n\n\n\n

Consolidated adjusted EBITDA from continuing operations was approximately positive HK$50.6m versus negative HK$8.1m for the six months ended June 30.\u00a0LET Group Holdings said that during the first half of 2022, social distancing and travel-related measures in the Group\u2019s operating and customer markets impacted its overall operations.<\/p>\n","protected":false},"excerpt":{"rendered":"

According to the Takeovers and Mergers Panel at Hong Kong’s Securities and Futures Commission, Major Success Group Ltd must offer HK$0.069 per share for the company.<\/p>\n","protected":false},"author":176,"featured_media":15900,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"is_press_release":false,"is_interview":false,"is_opinion":false,"focusai_summary":"The Hong Kong Securities and Futures Commission's Takeovers and Mergers Panel has mandated Major Success Group Ltd to increase its offer for LET Group Holdings shares to HK$0.069, citing a significant undervaluation. This regulatory intervention follows the transfer of controlling stakes to Andrew Lo Kai Bong, a business associate of the indicted former chairman, Alvin Chau Cheok Wa. Concurrently, LET Group Holdings reported a 32% revenue increase in H1 2022, alongside a substantial loss.","focusai_entities":"Major Success Group Ltd, LET Group Holdings, Suncity Group Holdings Limited, Andrew Lo Kai Bong, Alvin Chau Cheok Wa, Hong Kong\u2019s Securities and Futures Commission, Takeovers and Mergers Panel, Summit Ascent Holdings","focusai_location":"Hong Kong","focusai_target_profile":"ceo_executive (0.9), regulator (1.0), compliance_legal (0.9), operator_casino (0.85), payments_fraud_aml (0.7), investor_analyst (1.0), supplier_vendor (0.75), journalist_researcher (0.95)","focusai_suggestions":[{"label":"SFC M&A Precedent?","query":"What precedent does the Hong Kong SFC's intervention in the Major Success Group's offer for LET Group Holdings set for future M&A valuations and regulatory oversight in the iGaming and integrated resort sectors?"},{"label":"Acquisition Strategy Impact?","query":"How will the mandated increase in acquisition cost for LET Group Holdings impact Major Success Group's capital allocation strategy and the long-term operational viability of the acquired assets?"}],"footnotes":""},"categories":[157,16338,158],"tags":[24197,23702],"class_list":["post-33326","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business-news","category-east-asia-news","category-slider-home","tag-let-group-holdings","tag-suncity-group"],"_links":{"self":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/33326","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/users\/176"}],"replies":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/comments?post=33326"}],"version-history":[{"count":3,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/33326\/revisions"}],"predecessor-version":[{"id":33366,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/33326\/revisions\/33366"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media\/15900"}],"wp:attachment":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media?parent=33326"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/categories?post=33326"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/tags?post=33326"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}