Kai Bong Lo
Kai Bong Lo is Suncity Group’s Chief Investment Officer and has been involved in the development of Suncity Group’s overseas companies. Mr. Lo is also in charge of Suncity Group’s corporate management and mergers and acquisitions and has prior experience in the gaming sector.
This profile will focus on Mr. Kai Bong Lo’s professional life, as he did not disclose any information about his early life or poker career.
Kai Bong Lo: Career/Professional Life
In 2022, LET Group Holdings, the former Suncity Group Holdings Limited, announced the appointment of Lo Kai Bong as chairman with immediate effect.
Lo also joined the company as an executive director in 2017. He managed corporate affairs, mergers, and acquisitions and developed the group’s overseas companies. Chau and Cheng Ting Kong transferred shares and convertible bonds to Lo in Hong Kong exchange transactions. Moreover, Suncity owns 69.66% of Summit Ascent, where Lo serves as Deputy Chairman and Executive Director.
Suncity Group ran into financial difficulties. It was after Macau police detained Chau for allegedly running a huge money-laundering operation through his interactions with casinos. Macau’s casino industry faced limited revenue opportunities post-COVID-19. Since then, the company has lost both partners and its reputation. Efforts to reduce costs and re-establish itself as a valuable player in the global gaming ecosystem.
Suncity must first gain the approval of its shareholders before changing its name. The firm will conduct an extraordinary general meeting to debate the idea and decide on a course of action. Chau, who is imprisoned in Macau, has no financial stake in Suncity. He sold all of his firm shares, as well as those in Summit Ascent. As a result, Andrew Lo Kai Bong, the company’s deputy chairman at the time, took up both positions.
Conclusion
Lo was named a non-executive director of Summit Ascent Holdings Limited, the company’s indirect non-wholly owned subsidiary, in December 2018. Lo had 6.87 billion shares of LET Group Holdings Ltd. through his controlled enterprises at the time of this statement, of which 4.99 billion were held as shares and 1.88 billion as underlying shares under equity derivatives, or about 103.08 percent of the company’s shares in issue.
