CFLD(SH:600340) Xin Lang Cai Jing·2025-11-24 02:57Core Viewpoint - The company, Huaxia Happiness, is undergoing a pre-restructuring process initiated by creditor Longcheng Construction Engineering Co., Ltd. due to an outstanding debt of 4.1716 million yuan, raising concerns about corporate governance and compliance with board procedures [1][4][5]. Group 1: Legal and Financial Proceedings - The Intermediate People's Court of Langfang has accepted the application for pre-restructuring and appointed a temporary management team to oversee the process [2][5]. - The creditor committee, including major financial institutions, has authorized Ping An Asset Management to conduct a special financial due diligence on Huaxia Happiness [3][10]. - The company is cooperating with the temporary management team to investigate its financial status and ensure the smooth progress of the pre-restructuring process [2][6]. Group 2: Corporate Governance Issues - Board member Wang Wei has publicly criticized the company's handling of the pre-restructuring announcement, claiming it violated governance procedures and did not involve board consultation [1][6]. - Huaxia Happiness's response emphasizes that creditor-initiated applications do not require board approval, aligning with regulatory guidelines [6][9]. Group 3: Financial Performance and Debt Situation - As of Q3 2025, Huaxia Happiness reported a revenue of 3.882 billion yuan, a year-on-year decline of 72.09%, and a net loss attributable to shareholders of 9.829 billion yuan [6][11]. - The company's total liabilities remain high, with an asset-liability ratio of 96.44% as of Q3 2025, indicating ongoing financial distress [11].