第一财经·2025-11-20 14:21Core Viewpoint - The article discusses the recent pre-restructuring application of Huaxia Happiness due to a debt of 4.1716 million yuan, highlighting internal disagreements and potential risks associated with the restructuring process [3][5][14]. Group 1: Pre-restructuring Events - Huaxia Happiness was recently subjected to a pre-restructuring application initiated by Longcheng Construction, which is owed 4.1716 million yuan for municipal engineering work [5][6]. - The court has accepted the pre-restructuring application, indicating that the company is unable to meet its debt obligations and lacks the ability to repay [6][14]. - The company’s board has stated that it will cooperate with the court during the pre-restructuring process, which includes notifying creditors to declare their claims by December 18 [6][14]. Group 2: Internal Disagreements - Wang Wei, a current director and representative of the "Ping An system," publicly expressed his lack of knowledge regarding the pre-restructuring announcement and has filed a complaint with regulatory authorities about procedural compliance [5][7]. - Wang Wei has previously voted against significant asset impairment measures in the company's mid-2025 financial report, citing concerns over the prudence of asset handling [9][10]. - The disagreement reflects a broader conflict between the "Ping An system" and Huaxia Happiness regarding debt restructuring strategies and asset management [10][11]. Group 3: Financial Implications - Huaxia Happiness has previously disclosed a debt restructuring plan involving 219.2 billion yuan in financial debt, with 192.669 billion yuan already signed for restructuring [14]. - The company has faced significant financial challenges, including a reported loss of 39 billion yuan in 2021, leading to a decline in its stock and management control issues [13][14]. - The restructuring process may lead to extended repayment periods for creditors and increased uncertainty regarding the recovery rate of debts [6][14].