Man Wah Holdings issued an announcement regarding the purchase of 60% equity of HTL International Holdings Pte Ltd. The announcement stated that Man Wah Holdings, Ideal Home Furnishings and the guarantor entered into a new framework agreement. The agreement decided to terminate the original framework agreement for the "420 million acquisition of 60% equity of HTLiunder Yihua" and transfer the acquisition target. (801.6 million RMB) to acquire all the shares of HTL's core assets-HTL Capital Pte. Ltd. and HTL Manufacturing Pte. Ltd.

According to the announcement, the original target company HTL International Holdings Pte Ltd was and is still subject to the control of Singapore's judicial management orders. After the original framework agreement was signed, the judicial administrator has sold the subsidiary companies that formed the original target group to a third party (the Pan family, the founder of HTL.)