{"id":777010642,"date":"2023-10-27T07:05:48","date_gmt":"2023-10-27T10:05:48","guid":{"rendered":"https:\/\/focusgn.com\/asia-pacific\/?p=777010642"},"modified":"2026-04-22T16:44:39","modified_gmt":"2026-04-22T19:44:39","slug":"let-group-subsidiary-sells-hong-kong-business","status":"publish","type":"post","link":"https:\/\/focusgn.com\/asia-pacific\/let-group-subsidiary-sells-hong-kong-business","title":{"rendered":"LET Group subsidiary sells Hong Kong business"},"content":{"rendered":"\n

The assets of Faith Best Asia (HK) have been sold to an investment holding company.<\/p>\n\n\n\n\n\n\n\n

Hong Kong.-\u00a0LET Group Holdings\u00a0has reported the sale of a business unit by one of its indirect wholly-owned subsidiaries.\u00a0Faith Best Asia (HK)’s assets were sold to Great Promise Developments, an investment holding company, for HK$19.95m (US$2.6m).<\/p>\n\n\n\n

Prior to ceasing its operations, Faith Best Asia primarily engaged in investment holding and was a wholly-owned subsidiary with no active business operations. While its assets were valued at CNY19.86m (US$2.7m), it incurred a loss of nearly HK$8.4m in the year ending October 24.<\/p>\n\n\n\n

As a consequence of this disposal, LET Group anticipates a pre-tax unaudited loss of approximately HK$2.40m, representing the difference between the sale price and the assets held by Faith Best Asia. The parent company expects to receive pre-tax net proceeds of approximately HK$19.80m after expenses and intends to allocate the funds to general working capital.<\/p>\n\n\n\n

A week ago, LET Group Holdings concluded\u00a0the sale of its mainland Chinese mall operator<\/a>\u00a0Dongyang Xinguang Pacific Industrial for RMB20m (US$2.8m). This decision, resulting in a financial loss, was seen as a necessary step to channel resources toward the development of existing ventures.<\/p>\n","protected":false},"excerpt":{"rendered":"

The assets of Faith Best Asia (HK) have been sold to an investment holding company.<\/p>\n","protected":false},"author":176,"featured_media":777006346,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"is_press_release":false,"is_interview":false,"is_opinion":false,"focusai_summary":"LET Group Holdings has divested the assets of its indirect wholly-owned subsidiary, Faith Best Asia (HK), to Great Promise Developments for HK$19.95m. This strategic asset disposal, following a prior sale of a mainland Chinese mall operator, aims to reallocate capital towards existing ventures and improve general working capital, despite an anticipated pre-tax loss from the transaction.","focusai_entities":"LET Group Holdings, Faith Best Asia (HK), Great Promise Developments, Dongyang Xinguang Pacific Industrial","focusai_location":"Hong Kong, China","focusai_target_profile":"ceo_executive (0.95), investor_analyst (0.92), journalist_researcher (0.88)","focusai_suggestions":[{"label":"Strategic Divestment Rationale?","query":"What is the strategic rationale behind LET Group's divestment of non-core investment holding and mall operator assets, and how does this align with its broader capital allocation strategy?"},{"label":"Impact on Liquidity?","query":"How will the anticipated HK$19.80m net proceeds impact LET Group's liquidity and its capacity for future investments or operational enhancements within its core business segments?"}],"footnotes":""},"categories":[157,16333],"tags":[24197],"class_list":["post-777010642","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business-news","category-south-east-asia-news","tag-let-group-holdings"],"_links":{"self":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/777010642","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/users\/176"}],"replies":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/comments?post=777010642"}],"version-history":[{"count":3,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/777010642\/revisions"}],"predecessor-version":[{"id":777041066,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/777010642\/revisions\/777041066"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media\/777006346"}],"wp:attachment":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media?parent=777010642"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/categories?post=777010642"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/tags?post=777010642"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}