LVJI TECH Sells Non-Performing Receivables for 85 Million Yuan

Stock News08-05 21:56

LVJI TECH (01745) announced that on August 5, 2026, its wholly-owned subsidiary, LVJI TECH Group, entered into an agreement with Ning Ao Xin Cheng to transfer certain receivables for a cash consideration of 85 million yuan.

The disposal involves non-performing receivables owed by three companies: Ningxia Shuidonggou Tourism Development Co., Ltd., Ningxia Western Sunshine Travel Agency Co., Ltd., and Ningxia Xiji Huoshizhai Tourism Development Co., Ltd., along with related mortgage rights and other ancillary rights.

As of February 11, 2025, the cut-off date for calculating the outstanding principal, interest, and penalties on these receivables, the total outstanding principal balance was approximately 176.6 million yuan, with interest of about 131 million yuan and penalties of 1.5 million yuan, for a combined total of approximately 309 million yuan. The final amounts of principal and interest will be determined based on legal documents and the calculation method ultimately adopted during the enforcement phase.

As of December 31, 2025, the book value of these receivables on the group's accounts was approximately 45.285 million yuan.

The company stated that the sale allows the group to realize cash from these receivables, accelerate the recovery of non-performing assets, reduce the time, costs, and uncertainties associated with further recovery, litigation, or enforcement actions, and improve the group's liquidity and resource allocation. At the same time, the disposal aligns with the company's strategic focus on its core online electronic guide business, with a temporary pause on expanding its tourism scenic area management operations.

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