Wise Financial APP News, prosperousprint (08385) announced that the group is currently mortgaging its properties to a commercial bank in Hong Kong (mortgage bank) for the benefit of the bank, including...

Due to the group's inability to repay the loan installments, the group has been negotiating with the mortgage bank to sell these mortgaged properties to repay the loan. Therefore, the group signed a letter on November 11, 2024, appointing the mortgage bank as the beneficiary, agreeing to the following terms:

1. Property A will be vacated by November 21, 2024, and Property B will be vacated by January 31, 2025.

2. It is highly unlikely that any furniture, chattels, or goods of any kind belonging to third parties have been or will be left on Property A and Property B by November 21, 2024, and January 31, 2025, respectively.

3. Handing over the vacated properties to the mortgage bank will not in any way affect the bank's rights under the mortgage, including but not limited to any claims made by the bank for debts secured by the mortgage.

4. The group also agrees that the mortgage bank may relocate/dispose of any furniture, chattels, or other goods found in the property. The group waives any claims it may have against any furniture, chattels, or goods left in these mortgaged properties or against the proceeds of any sales of such goods or furniture.

The Group agrees that the mortgage banks may exercise their selling rights and sell the mortgaged properties, or exercise any other rights that the mortgage banks have now or in the future under the mortgage at any time that the mortgage banks deem appropriate.

After delivering the vacant properties, the Group plans to maintain its office in Hong Kong and allocate all customer orders to the Huizhou factory (as defined in the announcement dated October 30, 2024), which is partially owned by the Group through a joint venture arrangement, and/or allocated to other subcontractors in mainland China.

As of the date of this announcement, the Group, as the registered owner of the mortgaged properties (mortgaged to the mortgage banks), has not received any specific offers to purchase these mortgaged properties.