Xin Lang Cai Jing·2025-11-21 06:03Core 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].