CFLD(SH:600340) Mei Ri Jing Ji Xin Wen·2025-11-23 16:20Core Viewpoint - The ongoing conflict between Huaxia Happiness and Ping An Group is intensifying, with the company entering a pre-restructuring phase to address its debt issues and protect the interests of creditors and shareholders [1][6]. Group 1: Company Actions and Developments - Huaxia Happiness announced on November 16 that it received a notice from a creditor, Longcheng Construction Engineering Co., Ltd., applying for the company's restructuring due to its inability to repay debts and lack of repayment capacity, despite having restructuring value [2][3]. - The court has accepted the application for pre-restructuring, which is set to begin on November 24, with a working group from the creditor committee entering the company for preliminary financial due diligence [5][6]. - The creditor committee has authorized Ping An Asset Management to hire a qualified accounting firm for a special financial due diligence investigation, with costs not exceeding 3 million yuan [4][5]. Group 2: Governance and Compliance Issues - Board member Wang Wei expressed concerns about the compliance of the pre-restructuring announcement, claiming he was not informed prior to its release and that it violated company governance procedures [2][3]. - The company clarified that the pre-restructuring application by creditors does not require board or shareholder approval, as per the Shanghai Stock Exchange's self-regulatory guidelines [3][6]. - Legal opinions have been presented suggesting that the pre-restructuring process should involve comprehensive evaluation and consideration of its feasibility and impact on the company's ongoing operations and market stability [6]. Group 3: Management's Perspective - The company’s vice president, Feng Nianyi, emphasized that the pre-restructuring is a crucial opportunity to resolve debt risks and that failing to proceed could jeopardize the company's recovery [1][7]. - Feng reiterated the importance of communication with shareholders and the need for all parties to work together during this challenging period [7].