Wongtee International(SZ:000056) Nan Fang Du Shi Bao·2025-10-08 16:13Core Viewpoint - The core asset of the company, Shenzhen Huangting Plaza, has been auctioned off for 3.053 billion yuan to settle debts, marking a significant loss for the company and impacting its financial stability [1][7]. Debt and Financial Situation - The company’s subsidiary, Shenzhen Rongfa Investment Co., Ltd., had a trust loan agreement with CITIC Trust for 3 billion yuan, which was secured by multiple guarantees including the shopping center and equity pledges [4][5]. - Due to policy changes, the loan could not be renewed, leading to a lawsuit by CITIC Trust after the subsidiary failed to repay the debt [4][5]. - The company reported a revenue of 369 million yuan from Huangting Plaza in 2024, accounting for 56.03% of its total revenue [7]. - Following the asset transfer, the company's net assets are projected to drop to approximately -1.921 billion yuan, raising concerns about potential delisting risks [7][9]. Operational Impact - The loss of Huangting Plaza, which was a stable cash flow source, is expected to significantly increase the company's operational cash flow pressure [9]. - The company has reported continuous losses over five years, with a cumulative net profit loss exceeding 4.4 billion yuan [7][8]. - As of March 31, 2025, the company had total assets of 8.008 billion yuan and total liabilities of 7.777 billion yuan, indicating a precarious financial position [8]. Market Perception - Analysts suggest that the loss of the core asset may necessitate a fundamental restructuring of the company's business model [9]. - The parent company, Huangting Group, is also facing difficulties, with a total of 10 execution cases amounting to approximately 5.232 billion yuan [9].