True Fitness and True Yoga to shut down Singapore outlets amid heavy losses

Kontafarma China Holdings disclosed that its Singapore arm, comprising True Fitness, True Yoga, TFX and Yoga Edition, will be wound up because of intense market competition and escalating operating costs. Directors of the two companies passed resolutions acknowledging that liabilities made continued trading impossible, leading to the provisional appointment of insolvency practitioners Goh Wee Teck and Lin Yueh Hung of RSM SG Corporate Advisory.

Extraordinary general meetings are set for October 7 to propose creditors' voluntary winding-up, followed by creditor consultations. Financial statements show the True Singapore Group posted revenue of about HK$181.2 million for 2025 but incurred a loss of HK$34.3 million, with liabilities far exceeding assets. The liquidation will free resources for Kontafarma’s pharmaceutical core, which accounts for the majority of group revenue and assets.