2021年9月末，华夏幸福制定了债务重组计划，以"卖、带、展、兑、抵、接"等六种方式清偿，宣称要 在2-3年内把资产负债率降到70%以下。 按照方案，华夏幸福承诺2023年年底应向债权人兑付约30%的现金，但截至目前实际清偿率不到5%。 此外，华夏幸福的货币资金从144亿元暴跌到近30亿元，同样引发部分债权人的质疑。 11月21日，21世纪经济报道记者获悉，华夏幸福债委会于今日发起《授权主席单位平安资管聘请会计师 事务所对华夏幸福进行专项财务尽调的议案》，并获得通过。 根据决议，华夏幸福债委会将授权平安资产管理有限责任公司（下称"平安资管"）以债委会名义从四大 会计师事务所中聘请一家有专业能力的会计师事务所，对华夏幸福的财务状况开展专项尽职调查工作。 根据工作安排，债委会工作组将自2025年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。 据悉，此次财务尽调主要针对化债方案不透明、资金去向存疑等问题。 2021年初，华夏幸福出现债务违约。当年2月，在河北省、廊坊市及各监管机构等单位的牵头下，华夏 幸福成立债委会，进行债务处置。主席单位由中国工商银行、平安资管、廊坊银行（后增补）出任；副 主席单位 ...

Core Viewpoint - The response from Feng Nianyi, a director of Huaxia Happiness, clarifies the legal framework surrounding the company's pre-restructuring application, emphasizing that the process does not require board or shareholder approval when initiated by creditors [1][2]. Group 1: Pre-restructuring Application - There are two modes for applying for pre-restructuring: one initiated by creditors and the other by the company itself. Only the latter requires board and shareholder meetings [1]. - The company must disclose the acceptance of a creditor's application for pre-restructuring as a legal obligation, without needing prior board or shareholder approval [1][2]. Group 2: Company’s Financial Situation - The company is currently in a state of insolvency, and the pre-restructuring process is viewed as a critical opportunity to resolve debt risks and facilitate recovery [1]. - The creditor, Longcheng Construction, has filed for pre-restructuring due to outstanding payments of approximately 4.172 million yuan owed by Huaxia Happiness for municipal engineering work [2]. Group 3: Internal Disputes - Director Wang Wei expressed that he was unaware of the announcement regarding the pre-restructuring and has raised concerns about the compliance of the announcement process, leading to a complaint to regulatory authorities [3]. - Wang Wei has a history of opposing company decisions, including a vote against the half-year report due to concerns over asset replacement handling [3]. Group 4: Shareholder Dynamics - Ping An is the largest shareholder of Huaxia Happiness, indicating potential conflicts of interest and differing perspectives on the company's restructuring strategy [4].

日前，华夏幸福因一笔417万的工程款被债权人申请重整，法院已受理"预重整"程序，但公司现任董事 王葳称其对预重整完全不知情，对相关程序表达了异议。（第一财经记者 孙梦凡） "我本人在公告对外发布前也并不知悉。"他表示，上市公司应当在知悉被申请预重整、法院裁定受理预 重整事项时即进行披露，这是法定强制义务，不需要提前上董事会、股东会。而公司无论是否对申请有 异议，最终均应由法院判断是否受理预重整，公司无权决策。 11月21日，华夏幸福董事冯念一表示，上市公司预重整有两种申请模式，一种是被债权人申请，一种是 上市公司主动申请。被债权人申请的不需要开董事会、股东会；只有上市公司主动申请的，才需要提交 董事会、股东会审议，这是上交所《自律监管13号指引》第9条明确规定的。 ...

Core Viewpoint - The company is undergoing a pre-restructuring process to address its debt issues, which is seen as a crucial opportunity for debt resolution and future development [1] Group 1: Company Response to Debt Restructuring - The company asserts that regardless of any objections from creditors regarding the pre-restructuring application, the final decision lies with the court [1] - The company emphasizes that it is legally obligated to disclose the pre-restructuring application and court acceptance without needing prior board or shareholder approval [1] - The company acknowledges its current financial distress, stating that the pre-restructuring is a rare chance to mitigate debt risks and protect the interests of creditors and shareholders [1]

Core Viewpoint - The announcement of China Ping An's board member Wang Wei expressing ignorance about Huaxia Happiness's bankruptcy pre-restructuring application highlights internal conflicts and raises questions about the company's financial stability and governance [1][5]. Group 1: Company Financial Situation - Huaxia Happiness has accumulated a debt of 245.69 billion yuan, with a significant portion of this debt being unpaid to creditors, including a 417.16 million yuan construction payment owed to Longcheng Construction [2][4]. - The company's financial performance has deteriorated, reporting a revenue of 3.882 billion yuan for the first three quarters of 2025, a 72.09% decrease year-on-year, and a net loss of 9.829 billion yuan [3][4]. - As of October 31, 2025, Huaxia Happiness's total liabilities reached 2.64739 trillion yuan, with nearly 90% of financial creditors having reached debt restructuring agreements [3][4]. Group 2: Shareholder Dynamics - China Ping An holds approximately 25.05% of Huaxia Happiness's shares, having invested nearly 18 billion yuan for 7.58 million shares in 2018, but has since incurred a cumulative loss of 60 billion yuan from this investment [1][5]. - Wang Wei has consistently opposed Huaxia Happiness's financial reports and debt restructuring plans, indicating a long-standing conflict between China Ping An and Huaxia Happiness's management [6][7]. - Following the decline in Huaxia Happiness's net asset value, which has decreased by 93.54% since China Ping An's initial investment, the company plans to continue reducing its stake to mitigate losses [7].

Group 1 - The Federal Reserve's October FOMC meeting minutes reveal significant internal divisions regarding future interest rate cuts, with discussions covering inflation risks, labor market cooling, and economic growth uncertainties [2] - The Fed ultimately voted 10 to 2 to lower the federal funds rate by 25 basis points, bringing the target range to 3.75% to 4%, but the decision was reached after intense debate [2] - There is a notable split among Fed officials regarding the appropriateness of further rate cuts in December, with some advocating for cuts if economic conditions align with expectations, while many prefer to maintain current rates [2] Group 2 - Following the release of the minutes, market expectations shifted significantly, with the probability of a December rate cut dropping from nearly 50% to around 30%, while the likelihood of no change rose to nearly 70% [2] - The swap market adjusted the expected cut magnitude for December from 11 basis points to just 6 basis points [2] Group 3 - In the primary market, four companies issued bonds today, including a merger agreement between CICC and two other securities firms, which requires board and regulatory approvals [4] - China Great Wall Asset Management announced plans to dispose of its debt claims against Evergrande Group, totaling approximately 1.09 billion yuan, with a principal amount of about 959 million yuan [4] - Zhongjun Group is seeking court approval for a creditor meeting to discuss a restructuring plan, with a hearing scheduled for March 24, 2026 [4]

Core Viewpoint - The recent pre-restructuring announcement by Huaxia Happiness has sparked internal governance disputes, particularly regarding procedural compliance and communication among board members [1][2][3] Group 1: Pre-restructuring Announcement - Huaxia Happiness announced on November 17 that it was applying for pre-restructuring due to a creditor's claim, citing a lack of ability to repay debts and the potential for restructuring value [2] - The creditor, Longcheng Construction Engineering Co., Ltd., claims that Huaxia Happiness has failed to repay due debts and lacks repayment capability [2][4] Group 2: Board Member's Concerns - Board member Wang Wei publicly expressed her lack of knowledge regarding the pre-restructuring announcement, stating that the company did not inform her or convene a board meeting prior to the announcement [1][3] - Wang Wei raised three key concerns: lack of notification, absence of response to her inquiries, and the legality of the statement that the company had "no objections" to the restructuring [3][6] Group 3: Financial Situation - Huaxia Happiness is facing severe financial difficulties, with a debt ratio of 96.44% and a net loss of 9.829 billion yuan for the first three quarters, representing a 72.09% decline in revenue [4] - The company has been undergoing multiple rounds of debt restructuring since a liquidity crisis in 2021, with 1.92669 trillion yuan of financial debt restructured, but still has 24.569 billion yuan of overdue debt [4][5] Group 4: Market Reaction - Following the announcement of the pre-restructuring, Huaxia Happiness's stock price initially surged, but subsequently fell by 9% after the board member's public dissent [1][5] - The small size of the debt triggering the pre-restructuring (4.1716 million yuan) contrasts sharply with the company's overall financial distress, highlighting investor concerns about the restructuring process [5][7] Group 5: Governance Issues - The public dissent from Wang Wei raises questions about the internal governance of Huaxia Happiness, including the decision-making process and communication effectiveness within the board [6][7] - Wang Wei's previous opposition to significant company decisions indicates ongoing governance disputes between the major shareholder, the "Ping An system," and the management [6][7]

Group 1 - Fuzhou successfully auctioned 11 land parcels, raising 4.226 billion yuan, with local state-owned enterprises dominating the bidding process [1] - Among the 11 parcels, 7 were residential lands, with Fuzhou Construction Group acquiring 4 parcels for a total of 2.695 billion yuan, showcasing the strength of local state-owned enterprises [1] - The floor price for the residential lands ranged from 6,312 to 17,873 yuan per square meter, indicating a competitive bidding environment [1] Group 2 - Zhongjun Group signed a revised restructuring support agreement with a creditor group, extending the deadline to July 31, 2026, with a possible extension to October 31, 2026 [2] - Approximately 78% of planned creditors holding internal debt have joined the restructuring support agreement, marking a significant milestone in the company's debt crisis management [2] - The revised agreement allows creditors similar rights to those of bank groups, facilitating a more structured approach to debt restructuring [2] Group 3 - Wang Wei, a director at Huaxia Happiness, publicly opposed the company's pre-restructuring announcement, claiming a lack of consultation and violation of governance procedures [3] - This opposition highlights a significant governance and debt restructuring conflict within Huaxia Happiness, raising concerns about the company's future direction [3] - The situation serves as a warning for other distressed companies regarding governance and debt management practices [3] Group 4 - Gujia Home announced that its major shareholder, Hangzhou Deyejiajun, has filed for restructuring due to inability to repay debts, but the company's operations will remain unaffected [4] - The court has accepted the restructuring application, indicating potential challenges for the shareholder but limited impact on Gujia Home's control and daily operations [4] - Investors are advised to monitor the restructuring progress, particularly regarding share disposal plans and potential impacts on the company's equity structure [4] Group 5 - Zhuhai Zhimian Group received an inquiry letter from the Shanghai Stock Exchange regarding its plan to sell 100% of its subsidiary, Zhuhai Gree Real Estate, for 5.518 billion yuan [5] - The inquiry focuses on legal risks related to the transaction, including guarantees and potential asset impairments, which are critical for ensuring compliance and transaction integrity [5] - The sale is part of the company's strategy to divest from real estate and focus on the duty-free business, with the cash proceeds expected to support expansion [5]

Core Viewpoint - The company Huaxia Happiness is facing a pre-restructuring process initiated by a creditor due to an unpaid engineering fee of 4.1716 million yuan, which has led to internal disputes regarding the legitimacy of the restructuring process and governance issues within the board [2][3][4]. Group 1: Restructuring Process - Huaxia Happiness has been subjected to a pre-restructuring application by Longcheng Construction, which is owed 4.1716 million yuan for municipal engineering work [3][4]. - The court has accepted the pre-restructuring application, and a temporary management team has been appointed to oversee the process [4]. - The deadline for creditors to submit their claims is set for December 18, and the court's decision on the restructuring will depend on the company's financial assessments within 3 to 4 months [4][5]. Group 2: Internal Disputes - Board member Wang Wei has publicly expressed his lack of knowledge regarding the pre-restructuring announcement and has filed a complaint with regulatory authorities, citing violations of corporate governance procedures [3][6]. - Wang Wei has previously opposed significant asset impairment measures, indicating ongoing disagreements within the board regarding financial management and decision-making [7][10]. Group 3: Financial Context - Huaxia Happiness has been struggling with significant financial issues, including a reported loss of 39 billion yuan in 2021, leading to a complex debt restructuring plan involving 219.2 billion yuan in financial debts [11]. - The company has already signed restructuring agreements for 192.669 billion yuan of its debts, but the recent pre-restructuring application by a small creditor highlights potential vulnerabilities in its debt management strategy [11][12]. - The asset replacement plan, which involved transferring significant assets to a related entity for a nominal fee, has raised concerns among creditors about the fairness and implications for debt recovery [8][9].

Core Viewpoint - The article discusses the recent pre-restructuring application of Huaxia Happiness due to a debt of 4.1716 million yuan, highlighting internal disagreements and potential risks associated with the restructuring process [3][5][14]. Group 1: Pre-restructuring Events - Huaxia Happiness was recently subjected to a pre-restructuring application initiated by Longcheng Construction, which is owed 4.1716 million yuan for municipal engineering work [5][6]. - The court has accepted the pre-restructuring application, indicating that the company is unable to meet its debt obligations and lacks the ability to repay [6][14]. - The company’s board has stated that it will cooperate with the court during the pre-restructuring process, which includes notifying creditors to declare their claims by December 18 [6][14]. Group 2: Internal Disagreements - Wang Wei, a current director and representative of the "Ping An system," publicly expressed his lack of knowledge regarding the pre-restructuring announcement and has filed a complaint with regulatory authorities about procedural compliance [5][7]. - Wang Wei has previously voted against significant asset impairment measures in the company's mid-2025 financial report, citing concerns over the prudence of asset handling [9][10]. - The disagreement reflects a broader conflict between the "Ping An system" and Huaxia Happiness regarding debt restructuring strategies and asset management [10][11]. Group 3: Financial Implications - Huaxia Happiness has previously disclosed a debt restructuring plan involving 219.2 billion yuan in financial debt, with 192.669 billion yuan already signed for restructuring [14]. - The company has faced significant financial challenges, including a reported loss of 39 billion yuan in 2021, leading to a decline in its stock and management control issues [13][14]. - The restructuring process may lead to extended repayment periods for creditors and increased uncertainty regarding the recovery rate of debts [6][14].