Gronghui May 3 丨WANG ON GROUP(01222jazabetcrash.HK) and Wai Yuen Tong (00897.HK) AnnouncementjazabetcrashOn May 3, 2024, the vendor, Yuxun Investment Co., Ltd.(an indirect wholly-owned subsidiary of Wai Yuan Tong), as the vendor, entered into a provisional agreement with the purchaser (Baocheng Co., Ltd.) and the property agent as the property agent, pursuant to which the vendor agreed to sell and the purchaser agreed to purchase the property at a consideration of HK$33 million. "Property" refers to Shop B, Ground Floor, Light Star Building, 23-33 Shui Wo Street, Kowloon, Hong Kong.

The property was purchased by the seller in 2005 and is now leased to a franchisee for operating stores under the "Wai Yuan Tong" brand. After considering the current retail property market conditions and the quality of the property (including the location, age, surrounding facilities and redevelopment potential of the property), both the Wang On Board and the Wai Yuen Tong Board of Directors believe that the sale will not only provide Wang On Group and Wai Yuen Tong Group with a good opportunity to realize the value of the property at an appropriate time, but also use the proceeds from the sale to reduce debts. At the same time, the new lease agreement will enable Wai Yuen Tong Group to continue retail operations at a lower monthly rent.