Wongtee International discloses progress on debt restructuring and asset sales, with uncertainty risks

Shenzhen Wongtee International Enterprise Co., Ltd. announced the progress of its debt restructuring and major asset sale. Since 2022, the company has repeatedly listed the equity transfer of Rongfa Investment and Chongqing Wongtee Jewelry Plaza on the Stock Exchange, but has not gathered any effective purchase intentions. Subsequently, it cooperated with Fenghan Yigang and signed the "Cooperation Framework Agreement" and "Equity Transfer Framework Agreement," but due to the involvement of multiple parties and the complexity of the matters, the relevant work was not completed as originally planned. Currently, both parties still have the intention to cooperate and are continuously communicating details, and the company is also discussing with other financial institutions. In addition, the judicial auction of the company's Jingguo International Shopping Center (Shenzhen Wongtee Plaza) has failed to attract bids, and the subsequent judicial procedures are uncertain. The implementation and progress of this debt restructuring and asset sale are both uncertain, reminding investors to pay attention to risks