---
schema_version: "secwatch.filing_event.v1"
accession: "0001753926-22-001656"
form_type: "8-K"
ticker: null
cik: "0001623590"
company_name: "Fintech Scion Ltd"
filed_at: "2022-12-30T23:59:59+00:00"
generated_at: "2026-06-20T21:29:38.069228+00:00"
event_type: "other_material"
sentiment: "neutral"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

# HWGC sells e-commerce subsidiaries to CEO for RM4.5M debt assumption

## Summary
- Sold all outstanding shares of Vitaxel and Vionmall to CEO/CFO/director Leong Yee Ming.
- Total purchase price of RM4,500,002 (≈$1.02M) paid via assumption of intercompany debt.
- Sale was a required condition for regulatory approval of HWGG Capital PLC acquisition.
- HWGC remains indebted to Vitaxel for RM473,409 after the debt assumption.
- Transaction classified as related-party; company exits e-commerce business.

## SEC filing metadata
- accession: 0001753926-22-001656
- form_type: 8-K
- cik: 0001623590
- company_name: Fintech Scion Ltd
- filed_at: 2022-12-30T23:59:59+00:00
- event_type: other_material
- sentiment: neutral
- materiality_score: 0.75
- calibrated_materiality_score: 0.75
- confidence: high
- sec_items: 1.01, 2.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1623590/000175392622001656/0001753926-22-001656-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1623590/000175392622001656/g083332_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001753926-22-001656
- JSON: https://secwatch.observer/filing/0001753926-22-001656.json
- Plain text: https://secwatch.observer/filing/0001753926-22-001656.txt

## Key facts
- M&A Transactions
  Fintech Scion Ltd completed a disposition involving Leong Yee Ming for RM4,500,002 (closed 2022-12-30).
  - Action: disposition
  - Counterparty: Leong Yee Ming
  - Consideration: RM4,500,002
  - Closing: 2022-12-30
  source text: and Exchange Commission on each of November 15, 2022, and November 30, 2022, regarding said acquisitions. The Company sold the Subsidiaries for an aggregate purchase price of RM4,500,002 (the “ Purchase Price ”), with RM4,500,000 allocated for the purchase of Vitaxel and RM2 for the purchase of Vionmall. The Purchase Price was paid by the Purchaser’s assumption of
  evidence_url: https://www.sec.gov/Archives/edgar/data/1623590/000175392622001656/0001753926-22-001656-index.htm
- Material Agreements
  Fintech Scion Ltd entered into Stock Purchase Agreement with Leong Yee Ming and Vitaxel Sdn Bhd valued at RM4,500,002 (effective 2022-12-30).
  - Action: entry
  - Agreement: equity purchase
  - Counterparty: Leong Yee Ming and Vitaxel Sdn Bhd
  - Value: RM4,500,002
  - Effective: 2022-12-30
  source text: On December 30, 2022, HWGC Holdings Limited, a Nevada corporation (the “ Company ”), entered into a stock purchase agreement (the “ Agreement ”) with Leong Yee Ming, a member of the board of directors of the Company and the Company’s Chief Executive Officer, Chief Financial Officer, and Secretary (the “ Purchaser ”), and, for purposes of the assignment of certain intercompany debt, Vitaxel Sdn Bhd, a wholly-owned subsidiary of the Company which is incorporated in Malaysia (“ Vitaxel ”).
  evidence_url: https://www.sec.gov/Archives/edgar/data/1623590/000175392622001656/0001753926-22-001656-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.