Di Yi Cai Jing·2025-12-23 09:41Core Viewpoint - The ongoing conflict between Huaxia Happiness and its shareholder China Ping An has intensified, particularly regarding the company's pre-restructuring process and related financial matters [2][6][10]. Group 1: Company Actions and Responses - Huaxia Happiness has rejected five temporary proposals from China Ping An, which included issues related to the pre-restructuring process and board appointments [2][6]. - The company clarified that the pre-restructuring application can be initiated either by creditors or the company itself, and that the current situation does not require board or shareholder meetings [4]. - Huaxia Happiness is cooperating with the temporary management to ensure the smooth progress of the pre-restructuring process, despite the lack of obligation to comply with additional financial due diligence requested by the financial creditor committee [4][6]. Group 2: Shareholder Actions - China Ping An has made multiple moves, including questioning the legality of Huaxia Happiness's pre-restructuring announcement and initiating legal proceedings to confirm the validity of arbitration agreements [3][8]. - On December 19, China Ping An proposed five new items for the upcoming shareholder meeting, focusing on the pre-restructuring and debt restructuring issues [5][6]. - The proposals were ultimately rejected by Huaxia Happiness's board, highlighting the ongoing disagreements between the two parties regarding financial and restructuring matters [6][10]. Group 3: Pre-restructuring Process - The pre-restructuring process involves negotiating with creditors and potential investors to develop a restructuring plan before entering formal legal restructuring [7]. - Key steps in the pre-restructuring process include filing for pre-restructuring, court acceptance, creditor claims, asset audits, and drafting a pre-restructuring plan [7][9]. - Successful pre-restructuring requires thorough auditing of assets and liabilities, creditor approval of the restructuring plan, and potential government support [9]. Group 4: Financial Implications - As of the end of 2024, China Ping An's exposure to Huaxia Happiness is approximately 54 billion yuan, with 43.2 billion yuan already provisioned for impairment [8]. - The relationship between China Ping An and Huaxia Happiness has evolved beyond a simple creditor-debtor dynamic, now involving deeper issues of corporate governance and risk management in the real estate sector [8][10].