CFLD(SH:600340) Mei Ri Jing Ji Xin Wen·2025-11-21 15:49Core 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 protecting the interests of creditors and shareholders [1][7]. Group 1: Pre-restructuring Process - The company has received a notification from a creditor, Longcheng Construction Engineering Co., Ltd., regarding its inability to repay debts and has initiated a pre-restructuring application with the court [2][5]. - The court has accepted the pre-restructuring application, which allows the company to seek a structured resolution to its financial difficulties [2][6]. - The debt committee will send a working group to the company starting November 24 to conduct a special financial due diligence [5][6]. Group 2: Governance and Compliance Issues - There are allegations from a board member, Wang Wei, claiming that the announcement regarding the pre-restructuring was made without proper board consultation, violating company governance rules [2][4]. - The company’s vice president, Feng Nianyi, clarified that the pre-restructuring process initiated by creditors does not require board approval, as per regulatory guidelines [3][5]. - Legal opinions have been raised questioning the appropriateness of the company's actions regarding the pre-restructuring announcement and the court's acceptance of the application without a hearing [6][7]. Group 3: Financial Implications - The debt committee has authorized Ping An Asset Management to hire an accounting firm for a special financial investigation, with costs not exceeding 3 million yuan [5][6]. - The company's current market capitalization is approximately 11.037 billion yuan, with a stock price of 2.82 yuan [4].