Nan Fang Du Shi Bao·2025-12-10 13:44Core Viewpoint - Ping An Life and Ping An Asset have filed a lawsuit against China Fortune Land Development Co., Ltd. and an individual named Wang, seeking to confirm the validity of an arbitration agreement, with the hearing scheduled for December 17 at the Shanghai Financial Court [2] Group 1: Legal Actions and Shareholding Changes - Ping An Asset acquired a 19.7% stake in China Fortune for 13.77 billion yuan in July 2018, becoming the second-largest shareholder, marking the beginning of a capital partnership [2] - Following a debt crisis in February 2021, Ping An gradually became the largest shareholder as the first major shareholder's stake decreased [2] - As of the end of Q3 2025, China Fortune reported a total 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, compared to a loss of 2.241 billion yuan in the same period last year [2] Group 2: Share Reduction and Financial Strategies - In August 2023, Ping An announced plans to reduce its holdings in China Fortune by up to 117.4 million shares, representing 3% of the total share capital, through block trades or centralized bidding from September 1 to November 30, 2025 [3] - Ping An's representatives voted against two proposals in China Fortune's semi-annual report, citing concerns over the prudence of debt handling, which has raised calls for fair debt restructuring [3] - The core conflict between Ping An and China Fortune revolves around the compliance of pre-restructuring procedures and differences in debt resolution strategies, impacting debt restructuring progress and shareholder reduction dynamics [3] Group 3: Market Outlook and Risk Management - Morgan Stanley's recent report suggests that historical issues are unlikely to burden Ping An in the short term, as the group has been actively de-risking its real estate exposure across all subsidiaries, including insurance, banking, trust, and real estate [3]