Wongtee International(SZ:000056) 经济观察报·2025-10-11 08:31Core Viewpoint - The article discusses the significant loss of ownership of Shenzhen Royal Plaza by Royal Court International due to a judicial ruling that allowed creditor Guangyao Xialan to take possession of the property through a debt-for-asset arrangement, raising concerns about the company's financial stability and potential delisting risks [2][19]. Group 1: Ownership Change and Financial Impact - On October 9, 2025, Royal Court International announced that its subsidiary, Shenzhen Rongfa Investment Co., lost ownership of Shenzhen Royal Plaza to Guangyao Xialan for 3.053 billion yuan as part of a debt settlement [2][19]. - The estimated value of Shenzhen Royal Plaza was approximately 5.75 billion yuan as of December 31, 2024, making it a major asset for the company [2][19]. - Following the asset transfer, the company indicated a potential risk of triggering financial delisting warnings due to negative net assets [19]. Group 2: Debt Background and Restructuring Attempts - The ownership change stems from a loan agreement made in March 2016, where Rongfa Investment used Shenzhen Royal Plaza as collateral for a 3 billion yuan trust loan, which became overdue in March 2021 [4][19]. - Royal Court International began planning for debt restructuring and asset sales in February 2022, engaging with various potential buyers, ultimately selecting Fenghan Yigang as a partner [4][5]. - Despite signing a cooperation framework agreement with Fenghan Yigang, the debt restructuring process stalled due to disagreements on specific details [5][6]. Group 3: Role of Guangyao Xialan and Related Entities - Guangyao Xialan, a small enterprise established in June 2021, acquired the debt from the original creditor, Citic Trust, which had previously held the loan [9][10]. - The relationship between Guangyao Xialan and Fenghan Yigang is complex, with indications of shared control and connections to a common investment entity [10][11][13]. - The article suggests that the entire situation may not be a straightforward competition for ownership but rather involves interconnected interests among the parties involved [10][11][13]. Group 4: Financial Consequences and Missed Opportunities - The annual revenue from Shenzhen Royal Plaza was approximately 369 million yuan in 2024, accounting for over 56% of Royal Court International's total revenue [19]. - Despite the asset transfer, the company still faces a significant debt shortfall, with total liabilities exceeding 4.2 billion yuan, including overdue interest [19][20]. - The article argues that earlier liquidation of the asset could have been a more effective strategy to address the debt crisis rather than pursuing restructuring [20].