True Fitness, True Yoga to close all Singapore outlets: 'Increasingly fierce market competition'

True Fitness and True Yoga are closing all its Singapore outlets after being placed under provisional liquidation.

Their parent company, Kontafarma China Holdings, declared in a bourse listing that the personal fitness chains are unable to continue business due to liabilities.

Checks by AsiaOne on the Accounting and Corporate Regulatory Authority’s BizFile records on Friday (Sept 11) show that True Fitness Pte. Ltd. and True Yoga Pte. Ltd. are both "in liquidation" with "creditors voluntary winding up".

The bourse listing on HKEX, dated Sept 10, stated that the True Singapore Group faced challenges, including "increasingly fierce market competition and rising costs in attracting customers".

It singled out factors including the increasing popularity of boutique gyms, condominium gym facilities and online fitness options, as obstacles to the business.

'Significant liquidity pressure'

Kontafarma said the Singapore business "continued to underperform and face significant liquidity pressure" despite receiving additional cash funding.

For the year of 2025, the True Singapore Group recorded approximately HK$181.2 million (S$29.3 million) revenue and about HK$34.3 million loss.

Unaudited management accounts for January to August this year indicated that revenue was approximately HK$118.4 million and the loss was approximately HK$19.1 million.

As at Aug 31, the True Singapore Group had net liabilities of approximately HK$429.3 million, all of which were incurred by its ordinary course of business.

Kontafarma concluded that the best course of action was a "structured, creditor-supervised" liquidation process to wind down the Singapore business.

"It can also allow the Company to deploy its resources in a more optimal way for the development of the pharmaceutical business of the Group for the interest of the Company and its shareholders as a whole in long run," it added.

Kontafarma has appointed provisional liquidators for the company and scheduled extraordinary general meetings on Oct 7 to propose the creditors’ voluntary winding-up.

Kontafarma — through its subsidiaries — is principally engaged in the manufacturing and sales of prescription drugs, including chemical drugs and prescribed traditional Chinese medicines in China.

AsiaOne has reached out to the Ministry of Manpower for more information.

laili.abdeen@asiaone.com

True Fitness 和 True Yoga 在被置于临时清算程序后，将关闭其在新加坡的所有门店。

其母公司康泰法玛中国控股有限公司在交易所上市时宣布，由于负债，这些个人健身连锁店无法继续经营。

AsiaOne 于周五（9 月 11 日）查阅会计与企业管理局的 BizFile 记录后发现，True Fitness Pte. Ltd. 和 True Yoga Pte. Ltd. 均处于“清算”状态，且“债权人自愿清算”。

9月10日香港交易所发布的上市公告称，True Singapore Group面临诸多挑战，包括“日益激烈的市场竞争和不断上涨的吸引客户成本”。

报告特别指出，精品健身房、公寓健身房设施和在线健身选择等日益普及的因素，是该行业面临的障碍。

“流动性压力巨大”

Kontafarma表示，尽管获得了额外的现金资金，但新加坡业务“持续表现不佳，并面临巨大的流动性压力”。

2025 年，True Singapore Group 录得约 1.812 亿港元（2930 万新元）的收入和约 3430 万港元的亏损。

未经审计的今年1月至8月的管理账目显示，收入约为1.184亿港元，亏损约为1910万港元。

截至 8 月 31 日，True Singapore Group 的净负债约为 4.293 亿港元，全部负债均由其日常业务产生。

Kontafarma 认为，最好的做法是采取“结构化的、债权人监督的”清算程序来结束新加坡的业务。

“这也能让公司以更优化的方式部署资源，发展集团的制药业务，从长远来看，符合公司及其股东的整体利益，”该公司补充道。

Kontafarma 已为该公司委任临时清算人，并安排于 10 月 7 日召开特别股东大会，提议债权人自愿清算。

康泰制药（Kontafarma）及其子公司主要在中国从事处方药的生产和销售，包括化学药品和处方中药。

AsiaOne已联系人力部以获取更多信息。

laili.abdeen@asiaone.com