Wongtee International terminates the planning of major asset sales and debt restructuring matters
Wongtee International announced the termination of the major asset sale and debt restructuring plan with Fenghan Yigang. Although both parties had multiple consultations on the feasibility and core terms of the transaction, they failed to reach an agreement. In addition, some of the company's assets have been judicially determined to be used for debt settlement. After careful study and friendly consultation, all parties agreed to terminate the matter
According to the announcement from Wongtee International (000056.SZ), in November 2022, the company signed a "Cooperation Framework Agreement" with Lianyungang Fenghanyi Port Property Management Co., Ltd. (referred to as "Fenghanyi Port"). In April 2023, the company signed a "Equity Transfer Framework Agreement" with Fenghanyi Port, and both parties reached a cooperation intention regarding the restructuring of the company's assets and debts. After signing the above agreements, the company actively organized all parties to promote this major asset sale and debt restructuring matter. The company and all parties conducted multiple demonstrations and consultations on the feasibility of this transaction and the core terms of the transaction plan, but failed to reach a consensus on the core terms of this transaction. Additionally, the company's Chongqing Wongtee Plaza and Jingguo International Shopping Center (i.e., Shenzhen Wongtee Plaza) were judicially ruled to be used to offset debts. After careful research and friendly consultations with all parties, all parties unanimously agreed to terminate the planning of this major asset sale and debt restructuring matter
