BEIJING - WeTrade Information Technology Limited and Beijing YueShang Digital Technology Group Co., LTD have announced plans to file a lawsuit against WeTrade Group Inc. for falsely claiming the sale of both companies. According to a statement released on January 31, 2024, WeTrade Group Inc. had previously announced on November 21, 2023, that it had sold the two subsidiaries, a claim that is now being disputed by the companies themselves.
Both WeTrade Information Technology and Beijing YueShang Digital Technology are asserting that the sale announcement was not true and are seeking legal recourse to demand economic compensation from WeTrade Group Inc. Furthermore, Mr. Hechun Wei, the former CEO of WeTrade Group Inc., has issued a clarification letter stating that he did not sign any announcement to sell these companies during his tenure.
WeTrade Information Technology Limited is a tech R&D firm behind the WTPay business, with its core product VCard operating in 15 countries. The company is also an important partner in Ping An Bank's financial business. Beijing YueShang Digital Technology Group's business includes YCloud, a micro business cloud intelligent system; Y-Health, a public health business segment; and YG, which provides support for the digital new energy industry.
The press release also highlighted the extensive reach of YCloud in the domestic micro commerce industry and the partnerships that Beijing YueShang Digital Technology Group has fostered with companies in healthcare and new energy sectors since August 2022.
The information for this article is based on a press release statement.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.