Wongtee International(SZ:000056) 3 6 Ke·2025-08-13 04:14Core Viewpoint - The auction of the landmark shopping mall, Huangting Plaza, highlights the debt crisis faced by Huangting International, with significant implications for the company's financial health and operations [1][2][3]. Group 1: Auction Details - Huangting International announced that its subsidiary, Shenzhen Rongfa Investment Co., will auction Huangting Plaza and its associated facilities on September 9-10, 2025, with an estimated value of approximately 4.36 billion yuan and a starting price of about 3.05 billion yuan, reflecting a 30% discount [1][2]. - The auction is a result of a loan dispute with CITIC Trust, as Huangting International failed to repay a loan of 2.75 billion yuan, leading to the mall being put up for judicial sale [1][2]. Group 2: Financial Impact - As of March 2023, Huangting International's total liabilities reached 7.78 billion yuan, prompting the company to sell assets and explore new growth avenues, including entering the semiconductor industry [3][9]. - The potential sale of Huangting Plaza could lead to a significant asset restructuring for Huangting International, impacting its assets, liabilities, and daily operations, with risks of financial delisting [2][3]. Group 3: Business Performance - Despite the challenges, Huangting Plaza has seen a resurgence in business due to an influx of Hong Kong consumers following the reopening of borders, with visitor numbers stabilizing at over 45% from Hong Kong [6]. - In 2024, Huangting Plaza maintained a rental rate of over 95%, with daily foot traffic exceeding 100,000, indicating a recovery in its commercial operations [6]. Group 4: Historical Context - Huangting Plaza, originally known as Crystal Island International Shopping Plaza, was acquired by Huangting International in 2010 and has since become a significant asset for the company [4][5]. - The company has faced multiple challenges, including a decline in revenue and significant losses over the past five years, totaling approximately 4.58 billion yuan [9][10]. Group 5: Strategic Shifts - In response to the declining real estate market, Huangting International has begun diversifying into the semiconductor industry, acquiring stakes in chip manufacturing companies and exploring new materials for energy storage [10][11]. - The company's semiconductor business reported revenues of 73 million yuan in 2024, a decline of 43.69%, indicating that this new venture has yet to significantly contribute to overall revenue [11].