WeTrade Group Inc. found An Expenditure Of $2 million Inconsistented With The 2022 Annual Report from Conducted Internal Investigation

Beijing, China, Dec. 01, 2023 (GLOBE NEWSWIRE) -- WeTrade Group Inc. ("WeTrade" or the "Company") (NASDAQ: WETG), a global diversified "software as a service" ("SaaS") technology service provider committed to offering technical support and digital transformation tools for enterprises across various industries, today announced that the company conducted an internal audit of departing executives and directors and found that the former COO Mr. Zhuo Li and former CFO Mr. Jianda Xu had a huge expenditure of $2 million, which has a lot doubts after investigation. At present, the company has reported the matter to PCAOB and submitted all information of the matter to the Chinese police.

In July 2022, the former COO Mr. Zhuo Li and former CFO Mr. Jianda Xu , under the pretext of paying guarantee and consulting fees to NASDAQ, allocated a huge expenditure of $2 million to "About Investment Pte. Ltd.". After verification by the registration office, the company is actually 100% owned by a Chinese people named Li Jiaming.

The investigation found that on November 22, 2022, when TAAD, the former auditing company of WeTrade, questioned Mr. Jianda Xu about this $2 million through a WeChat group, Mr. Jianda Xu clearly replied, "Nasdaq instructed us to pay About Investment.". On November 8, 2023, when we sent an email to the official Nasdaq to verify this payment, Officer Ellen M. Ignacio replied, "To the best of the knowledge of Nasdaq Listing Qualifications' Staff, we are not aware of any request to pay movies to About Investment."

Then we inquired with the relevant employees and learned that at 20:26 on April 13, 2023, Mr. Jianda Xu requested the employees to "help me put Zheng Dai's signature on the $2 million contract" through WeChat. However, when the employees did not respond, at 20:51, Mr. Jianda Xu said through WeChat, "It's done, I have asked Xin Wang to do it". Xin Wang is Mr. Jianda Xu's assistant.

We have checked the 2022 annual report of WeTrade and can’t find the confirmation letter and true records for the $2 million.

Mr.Daxue Li , an independent director of WeTrade, multiple emails AssentSure Pac Audit Company from November 13, 2023 to November 21, 2023, requesting an explanation from AssentSure regarding the fact that the 2022 annual report did not truthfully reflect this $2 million matter. So far, we did’t receive any response from AssentSure. Now We have reported this matter to PCAOB.

At present, the company has also submitted all the information of the matter to the Chinese police, and will protect the legitimate interests of the company and shareholders through legal means. The company will never tolerate malicious fraud or intentional harm to the interests of the company and shareholders. The Company will provide a timely update on the progress of the $2 million matter and provide a fair explanation to shareholders.

About WeTrade Group Inc.

WeTrade Group Inc. is a global diversified "Software as a Service" ("SaaS") technology service provider committed to offering technical support and digital transformation tools for enterprises across various industries. WeTrade Group consists of four business segments: YCloud, WTPay, Y-Health, and YG.

YCloud is a micro-business cloud intelligent system launched by WeTrade, serving the global micro-business industry. YCloud strengthens users' marketing relationships and CPS commission profit management through leading technology and big data analysis. It also helps increase payment scenarios to boost customers' revenue through multi-channel data statistics, AI fission, and management, as well as an improved supply chain system.

Independently developed by the Company, WTPay supports multiple methods of online payment and eight mainstream digital wallets in over 100 countries, helping customers quickly realize global collection and payment business.

Y-Health is the sector focusing on public health business, engaging in the development of global business for biological health and medical enterprises. Currently, Y-Health mainly focuses on epidemic detection and prevention, daily healthcare, traditional Chinese medicines, and more.

YG is the new energy business segment that mainly provides tools and technical support for the digital new energy industry in the Middle East and Central Asia.

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Forward-Looking Statements

This press release contains information about the Company's view of its future expectations, plans, and prospects, constituting forward-looking statements. Actual results may differ materially from historical results or those indicated by these forward-looking statements due to various factors, including but not limited to, risks and uncertainties associated with its ability to raise additional funding, maintain and grow its business, variability of operating results, enhance its brand, develop and introduce new products and services, successfully integrate acquired companies, technologies, and assets into its portfolio of products and services, conduct marketing and other business development initiatives, face competition in the industry, navigate general government regulation, economic conditions, dependence on key personnel, attract, hire and retain personnel with the technical skills and experience necessary to meet clients' requirements, and protect its intellectual property. The Company encourages you to review other factors that may affect its future results in the Company's annual reports and in its other filings with the Securities and Exchange Commission.

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WeTrade Group Inc.

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