The Hong Kong Securities Regulatory Commission obtained an order to renew the global freeze order against Lu Yanyi and Major Success Group Limited

Zhitong Finance App learned that according to news from the Hong Kong Securities Regulatory Commission on September 18, the Hong Kong Securities Regulatory Commission obtained an order from the Court of First Instance to renew the global freeze order against LET Group Holdings Limited (LET) and Kaisheng Holdings Limited (Male), Chairman, Executive Director and Controlling Shareholder Lu Yanyi (male), and Major Success Group Limited (Major Success). The order is related to suspected corporate misconduct.

The above freezing order prohibits Lu and Major Success from transferring, disposing of, or reducing the value of their assets in Hong Kong or elsewhere, up to a total value of HK$146,859,320. Such freezing orders will remain in effect until legal proceedings commenced by the Hong Kong Securities and Futures Commission under section 214 of the Securities and Futures Ordinance are finally decided or further ordered by the court.

The Hong Kong Securities Regulatory Commission previously obtained such freezing orders in its legal proceedings against Lu, LET, Kaisheng and Major Success under section 214 of the Securities and Futures Ordinance. In such legal proceedings, the Hong Kong Securities Regulatory Commission sought (among other remedies) the court to issue orders, including share repurchase orders, to protect the rights and interests of LET and Kaisheng's independent shareholders. The Hong Kong Securities Regulatory Commission is also seeking to appoint a receiver and/or manager to take over certain assets in order to enforce any relief the court may eventually grant.

In its ruling, the court considered a reorganization that took place in February 2026. According to the restructuring, several assets of LET and Kaisheng (including interests in several plots in Japan) were transferred to Major Success in accordance with Lu's instructions. The court ruled that the restructuring was carried out for Lu's personal benefit and resulted in the assets being excluded from the scope of relief sought by the Hong Kong Securities Regulatory Commission in section 214 legal proceedings. The court was satisfied that there was a real risk that the assets would be dissipated and that such freezing orders should be continued.

The court initially issued these orders on June 11, 2026. Following a substantive hearing on August 26, 2026, the court ruled on September 11, 2026 that these freezing orders should be continued. The court also ordered Lu and Major Success to pay the Hong Kong Securities Regulatory Commission's costs to apply for continuation of these orders.

Mr Michael Duignan (Mr Michael Duignan), executive director of the Hong Kong Securities Regulatory Commission's Regulatory Enforcement Department, said, “The Hong Kong Securities Regulatory Commission welcomes the court's decision to continue the relevant freezing order. Preserving assets is essential to ensure that investors can obtain relevant remedies after the court finally grants the relief sought in this case. The Hong Kong Securities Regulatory Commission will continue to take decisive action to prevent the dissipation of assets, protect the interests of investors, and maintain the integrity and stability of the Hong Kong market.”

The hearing of the legal proceedings initiated by the Hong Kong Securities Regulatory Commission under section 214 will commence on September 20, 2027.