华夏幸福一则"预重整"公告，引发了股东和债权人的抗议，第一大股东中国平安委派的董事王葳公开发声质疑 程序不合规，而金融机构债权人则强烈质疑钱去哪了，为何债务重组的结果是债务越来越多，因此提出"查 账"诉求。 11月21日，华夏幸福的26家债权人超过半数投票通过，授权平安资管聘请会计师事务所对其进行专项财务尽 调。据了解，债委会工作组计划自11月24日起进驻华夏幸福，开展专项财务尽调的前期准备工作。 据债权人最新透露，目前债委会工作组"查账"遭到了华夏幸福的拒绝，公司称"无法定义务配合金融债委会另 行对公司开展尽调"。未来，华夏幸福能否推进"预重整"，需债权人表决，仍存在很大不确定性。 "预重整"程序不合规？ 自2021年暴雷以来，华夏幸福超2000亿元的债务重组已历时5年多，最初制定的重组计划和承诺没有兑现，却 被一家建筑公司以417万元欠款为由向法院申请"预重整"，而账面上还趴着24亿元现金，因此引发股东和债权 人的抗议。 近日，第一家暴雷的房企华夏幸福的超2000亿元债务重组，历时5年多再起波澜。 11月17日，华夏幸福公告称，收到河北省廊坊市中级人民法院送达的《通知书》，债权人龙成建设工程有限公 司以4 ...

Core Viewpoint - The conflict between Ping An Group and Huaxia Happiness has become public, highlighting governance issues and differing interests regarding the company's pre-restructuring process [1][2][9]. Group 1: Conflict Background - The dispute escalated following two announcements made by Huaxia Happiness on November 17, revealing that creditor Longcheng Construction Engineering Co., Ltd. applied for the company's restructuring due to its inability to repay debts [3][4]. - The court has accepted the pre-restructuring application, and Huaxia Happiness indicated "no objection" to this process [3][5]. Group 2: Governance and Compliance Issues - Ping An's representative, Wang Wei, publicly stated he was unaware of the announcement regarding the restructuring, claiming it violated company governance procedures [5][10]. - The core of the dispute revolves around whether the pre-restructuring process required board approval, with differing interpretations of regulatory guidelines [10][12]. Group 3: Financial Oversight and Transparency - The Huaxia Happiness debt committee authorized Ping An Asset Management to conduct a special financial due diligence on the company, addressing concerns over the transparency of debt resolution [6][7]. - Huaxia Happiness responded by stating it would cooperate with the temporary management team but could not define its obligation to comply with the financial committee's additional due diligence [8]. Group 4: Historical Context and Financial Performance - The relationship between Ping An and Huaxia Happiness has deteriorated over time, with significant financial losses for Huaxia Happiness leading to Ping An's substantial exposure [16][17]. - The company's stock price has plummeted from over 20 yuan to around 2 yuan, resulting in a significant market capitalization loss [17]. Group 5: Future Outlook - The restructuring process is expected to be complex, involving various stakeholders, including creditors and minority shareholders, indicating a challenging path ahead for Huaxia Happiness [21].

Market Overview - The real estate development sector experienced a decline of 0.44% on November 26, with China Wuyi leading the drop [1] - The Shanghai Composite Index closed at 3864.18, down 0.15%, while the Shenzhen Component Index closed at 12907.83, up 1.02% [1] Stock Performance - Notable gainers in the real estate sector included: - Wantong Development (600246) with a closing price of 12.68, up 9.97% [1] - Zhangjiang Hi-Tech (600895) at 42.37, up 5.24% [1] - ST Zhongdi (000609) at 13.31, up 4.97% [1] - Major decliners included: - China Wuyi (000797) at 3.44, down 6.78% [2] - Caixin Development (000838) at 3.43, down 4.99% [2] - Binhai Group (002244) at 10.07, down 4.73% [2] Capital Flow - The real estate development sector saw a net outflow of 509 million yuan from institutional investors, while retail investors contributed a net inflow of 342 million yuan [2] - The detailed capital flow for selected stocks showed: - Zhangjiang Hi-Tech (600895) had a net inflow of 3.75 billion yuan from institutional investors [3] - Wantong Development (600246) saw a net inflow of 3.14 billion yuan from institutional investors [3] - Tianjian Group (000090) had a net inflow of 4383.86 million yuan from institutional investors [3]

Core Viewpoint - The A-share market has seen a decline in real estate stocks, with several companies experiencing significant drops in their share prices [1] Group 1: Company Performance - Binjiang Group and China Wuyi both fell over 5% [1] - Caixin Development dropped nearly 5% [1] - I Love My Home, Sanxiang Impression, and Hefei Urban Construction all decreased by over 3% [1] - Huaxia Happiness, Jindi Group, Te Fa Service, China National Trade, China Merchants Shekou, New Town Holdings, and Vanke A all saw declines exceeding 2% [1]

Group 1 - The core viewpoint of the news is that Huaxia Happiness has experienced a significant decline in stock price, dropping 5.2% on November 26, with a total decrease of 27.33% over four consecutive days [1] - As of the report, Huaxia Happiness's stock price is 2.37 yuan per share, with a trading volume of 769 million yuan and a turnover rate of 8.20%, resulting in a total market capitalization of 9.276 billion yuan [1] - The company, established on May 28, 1993, and listed on December 30, 2003, is primarily engaged in real estate, industrial park, and infrastructure investment, with its main business revenue composition including real estate development (29.37%), property management services (22.96%), and industrial leasing services (14.61%) [1] Group 2 - From the perspective of the top ten circulating shareholders, a fund under Southern Fund is among them, having reduced its holdings in Huaxia Happiness by 413,100 shares, now holding 34.5558 million shares, which is 0.89% of the circulating shares [2] - The estimated floating loss for the fund today is approximately 4.4923 million yuan, with a total floating loss of 32.4825 million yuan during the four-day decline [2] - The Southern CSI Real Estate ETF Linked A fund, managed by Luo Wenjie, has a total asset scale of 170.445 billion yuan, with a best fund return of 145.85% and a worst return of -47.6% during his tenure [3]

Core Viewpoint - 华夏幸福's stock price decreased by 1.57% today, with a trading volume of 1.565 billion yuan and a fluctuation of 16.52% [2] Trading Activity - The stock was included in the daily trading list due to its fluctuation value reaching 16.52%, with a net purchase of 57.03 million yuan from the Shanghai-Hong Kong Stock Connect [2] - The top five trading departments had a total transaction amount of 301 million yuan, with a net purchase of 26.28 million yuan [2] - The Shanghai-Hong Kong Stock Connect was the largest buying department, contributing 57.03 million yuan in purchases [2] Recent Performance - In the past six months, the stock has appeared on the trading list seven times, with an average price increase of 2.07% the day after being listed, but an average decline of 5.80% in the following five days [3] - Today, the stock saw a net inflow of 39.51 million yuan in main funds, with a significant inflow of 77.25 million yuan from large orders, while large orders saw a net outflow of 37.74 million yuan [3] - Over the past five days, the main funds experienced a net outflow of 342 million yuan [3] Financial Performance - The company reported a revenue of 3.882 billion yuan for the first three quarters, a year-on-year decrease of 72.09%, and a net loss of 9.829 billion yuan [3]

Economic Information - China's textile and apparel exports from January to October 2025 totaled $243.95 billion, a decrease of 1.6%. In October alone, exports were $22.26 billion, down 12.6% [2][6] - The Shanghai Cyberspace Administration has launched a special enforcement action to address the misuse of AI technologies, focusing on compliance to support the high-quality development of emerging industries. During this action, 54 apps utilizing generative AI technology were removed from local app stores [2][6] Company Alerts - ST Changyuan's chairman Qiao Wenjian has been detained for suspected job-related violations [4] - Saiwei Electronics' second-largest shareholder, the Big Fund, reduced its stake by 1.07% from September 23 to November 24 [4][6] - Yidian Tianxia's second-largest shareholder, Ningbo Zhongdianyi Enterprise Management Partnership, sold shares during a period of stock volatility [4][6] - Wireless Media's shareholders plan to reduce their holdings by up to 4.70% [4][6] - Huifa Foods' shareholder Hui Xiping intends to reduce his stake by up to 3% [4][6] - Dongfang Ocean's shareholder Guoyuan Fund plans to reduce its stake by up to 3% [4][6] - Other companies with shareholders planning to reduce stakes include Dinglong Co., Xinghui Entertainment, Zhongke Information, and others, with reductions ranging from 0.04% to 4.70% [4][6] Overseas Alerts - JPMorgan's commodity research head, Natasha Kaneva, indicated that without intervention, the global oil market will face a surplus of 2.8 million barrels per day next year, and 2.7 million barrels per day by 2027. Under these conditions, Brent crude oil prices could drop below $60 per barrel in 2026 and end the year at over $40 per barrel. By 2027, the average price may fall to $42 per barrel, potentially dropping to the $30 range by year-end [3][6] - German Chancellor Merz stated that the U.S. proposed peace plan for Ukraine is unlikely to be finalized by the 27th, with only small-scale progress expected in the coming days [2][3]

Group 1 - The People's Bank of China announced a 1 trillion yuan MLF operation to maintain liquidity in the banking system, set to take place on November 25, 2025 [2] - The National Energy Administration reported that as of October, the total installed power generation capacity reached 3.75 billion kilowatts, a year-on-year increase of 17.3%, with solar power capacity growing by 43.8% [6] - The Shanghai Municipal Government issued measures to promote the digital transformation of the pharmaceutical industry, encouraging the integration of AI technology across the entire industry chain [4] Group 2 - Xiaomi Group's controlling shareholder Lei Jun invested approximately 100 million Hong Kong dollars to increase his stake in the company [6] - Alibaba's AI assistant Qianwen APP surpassed 10 million downloads within a week of its public testing [9] - Shanghai Port Bay's commercial space business and perovskite solar business accounted for less than 1% of the company's revenue [10] Group 3 - The stock of *ST Suwu has seen a continuous limit-up for four days, indicating potential market overheating and irrational speculation [12] - Longpan Technology signed a significant contract with a total sales amount exceeding 45 billion yuan [24] - The stock of Hualong Holdings is set to be suspended from trading due to the first major shareholder planning a change of control [25]

证券代码：600340 证券简称：华夏幸福 公告编号：2025-074 华夏幸福基业股份有限公司 股票交易异常波动的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性及完整性承担法律责任。 重要内容提示： 华夏幸福基业股份有限公司（以下简称"公司"或"华夏幸福"）股票交 易于 2025 年 11 月 20 日、2025 年 11 月 21 日、2025 年 11 月 24 日连续三个交易 日内日收盘价格跌幅偏离值累计达到 20%。根据《上海证券交易所交易规则》的 有关规定，属于股票交易异常波动情形； 经公司自查及向控股股东、实际控制人发函核实，截至本公告披露日， 除公司披露的《华夏幸福关于公司被债权人申请预重整及重整暨法院受理公司预 重整的公告》（公告编号：2025-067）所提及的重大事项外，不存在应披露而未 披露的其他重大事项； 公司 2025 年前三季度实现营业收入 3,882,176,145.67 元,同比下降 72.09%，实现归属于上市公司股东净利润-9,828,936,747.89 元；截至 2025 年 9 月 30 日归属于上市 ...

Core Viewpoint - 华夏幸福's stock has experienced a significant decline, with a cumulative drop of 20% over three consecutive trading days, indicating abnormal trading fluctuations [2] Group 1: Stock Performance - The company's stock trading has shown a cumulative price drop of 20% over three consecutive trading days, which is classified as an abnormal trading fluctuation [2] - The company has acknowledged the media reports regarding its pre-restructuring matters and the implications of these reports on its stock performance [2] Group 2: Company Response - In response to the media coverage, the company has conducted a self-examination and is actively communicating with various parties regarding the concerns raised [2] - The company urges investors to rely on its official disclosures for accurate information and to make informed investment decisions [2] Group 3: Investor Communication - The company emphasizes the importance of rational judgment and cautious investment activities in light of the recent developments [2] - There are reports of dissent from a board member regarding the pre-restructuring announcements, which the company is taking seriously [2]