CFLD(SH:600340) Di Yi Cai Jing·2025-11-21 15:52Core Viewpoint - The ongoing negotiations between creditors and Huaxia Happiness regarding its "pre-restructuring" process highlight significant disputes, particularly concerning the compliance of the pre-restructuring announcement and the company's governance procedures [4][6]. Group 1: Financial Due Diligence - The Huaxia Happiness creditor committee has authorized Ping An Asset Management to hire an accounting firm for a special financial due diligence investigation starting November 24 [3]. - The creditor committee was established in 2021 to manage Huaxia Happiness's debt issues, with key members including major banks and financial institutions [3]. Group 2: Governance and Compliance Issues - There are disputes regarding the compliance of Huaxia Happiness's pre-restructuring announcement, with current director Wang Wei claiming he was unaware of the announcement, suggesting a breach of corporate governance rules [4][5]. - Huaxia Happiness responded by stating that it fulfilled its disclosure obligations upon receiving the creditor's application for restructuring, asserting that board approval was not necessary for the announcement [6]. Group 3: Potential Outcomes and Risks - Experts indicate that if the financial audit reveals significant insolvency or lack of cash flow, the court may reject the restructuring application, impacting previously signed debt restructuring agreements [6][7]. - The success of Huaxia Happiness's pre-restructuring process and its potential transition to formal restructuring remains uncertain, depending on the alignment of opinions between the company and its financial creditors [7].