Core Points - The debt committee of Huaxia Happiness has initiated a special financial due diligence on the company, authorized by Ping An Asset Management, to investigate its financial status due to concerns over the transparency of its debt restructuring plan and the whereabouts of funds [1][2] - Huaxia Happiness has faced significant financial distress, with total liabilities exceeding 400 billion yuan and a debt default of nearly 90 billion yuan since 2021, leading to the establishment of a debt committee for debt resolution [1][2] - The company has failed to meet its debt repayment commitments, with only about 5% of the promised cash repayments made to creditors by the end of 2023, while its cash reserves have plummeted from 14.4 billion yuan to 2.424 billion yuan [2] - Concerns have been raised regarding the legality and transparency of the company's pre-restructuring process, with creditors questioning the compliance of the announcement procedures and the appointment of a temporary management team without proper board approval [2][3] Summary by Sections Financial Due Diligence - The debt committee has authorized Ping An Asset Management to hire a major accounting firm for a special financial due diligence on Huaxia Happiness starting November 24, 2025 [1] Debt Restructuring Plan - Huaxia Happiness announced a debt restructuring plan in September 2021, aiming to reduce its asset-liability ratio to below 70% within 2-3 years, but has only managed to repay less than 5% of the promised cash to creditors [2] - The company has been accused of using depreciated assets to settle debts, raising questions about the legitimacy of its restructuring efforts [2] Legal and Compliance Issues - Legal experts have criticized the company's handling of the pre-restructuring process, suggesting that a thorough evaluation of the feasibility and necessity of such measures is essential, especially given the company's significant debt and the number of affected creditors [3] - The announcement of the pre-restructuring process has been challenged by creditors and internal board members, who argue that the procedures lacked transparency and proper governance [2][3]

Core Viewpoint - The financial situation of Huaxia Happiness is under scrutiny as the debt committee initiates a special financial due diligence, raising concerns among creditors regarding the transparency of debt restructuring and the management of funds [1][2][4]. Group 1: Financial Situation - Huaxia Happiness has accumulated debt defaults nearing 90 billion, with total liabilities exceeding 400 billion, leading to a financial crisis [2]. - The company's cash reserves have plummeted from 14.4 billion to nearly 3 billion, a decline of nearly 80% [2]. - As of the end of 2024, Huaxia Happiness has 49.4 billion in accounts receivable, primarily owed by government platforms, with only a 7 billion decrease since 2021 [3]. Group 2: Debt Restructuring Efforts - A debt restructuring plan was established in September 2021, aiming to reduce the asset-liability ratio to below 70% within 2-3 years through various methods [2]. - The actual cash repayment to creditors has been less than 5% of the promised 30% by the end of 2023, leading to skepticism about the effectiveness of the restructuring plan [2]. Group 3: Legal and Compliance Issues - The announcement of a pre-restructuring process has faced criticism for lacking transparency and proper procedures, with internal directors and creditors questioning the legitimacy of the process [4][5]. - Legal experts have raised concerns about the adequacy of the court's review process for the pre-restructuring application, suggesting a need for comprehensive evaluation and assessment [5].

Core Viewpoint - The pre-restructuring announcement by Huaxia Happiness has sparked a public confrontation between two directors, highlighting internal conflicts and compliance issues regarding the company's debt crisis management [1][2][3]. Group 1: Pre-restructuring Announcement - Huaxia Happiness is facing a pre-restructuring process initiated by creditors due to an unpaid construction payment of 4.1716 million yuan, which has been accepted by the court [4]. - The company’s director, Feng Nianyi, views the pre-restructuring as a rare opportunity to resolve the debt crisis and emphasizes that the announcement does not require board or shareholder approval since it was initiated by creditors [6][4]. Group 2: Internal Disputes - Director Wang Wei has publicly questioned the legality of the pre-restructuring announcement, claiming a lack of communication and proper decision-making processes within the company [2][5]. - Wang Wei's statement includes three main concerns: unawareness of the announcement, failure to provide relevant documents, and the absence of board approval for the pre-restructuring declaration [5]. Group 3: Financial Situation - Huaxia Happiness reported a significant decline in revenue, with a 72.09% year-on-year drop to 3.882 billion yuan for the first three quarters, and a net loss of 9.829 billion yuan, leading to negative equity of 4.738 billion yuan [6][7]. - The company has accumulated a total of 24.569 billion yuan in unpaid debts as of October 31, 2025, indicating a worsening liquidity crisis [7].

Core Viewpoint - The ongoing negotiations between creditors and Huaxia Happiness regarding its "pre-restructuring" process highlight significant disputes, particularly concerning the compliance of the pre-restructuring announcement and the company's governance procedures [4][6]. Group 1: Financial Due Diligence - The Huaxia Happiness creditor committee has authorized Ping An Asset Management to hire an accounting firm for a special financial due diligence investigation starting November 24 [3]. - The creditor committee was established in 2021 to manage Huaxia Happiness's debt issues, with key members including major banks and financial institutions [3]. Group 2: Governance and Compliance Issues - There are disputes regarding the compliance of Huaxia Happiness's pre-restructuring announcement, with current director Wang Wei claiming he was unaware of the announcement, suggesting a breach of corporate governance rules [4][5]. - Huaxia Happiness responded by stating that it fulfilled its disclosure obligations upon receiving the creditor's application for restructuring, asserting that board approval was not necessary for the announcement [6]. Group 3: Potential Outcomes and Risks - Experts indicate that if the financial audit reveals significant insolvency or lack of cash flow, the court may reject the restructuring application, impacting previously signed debt restructuring agreements [6][7]. - The success of Huaxia Happiness's pre-restructuring process and its potential transition to formal restructuring remains uncertain, depending on the alignment of opinions between the company and its financial creditors [7].

本文字数：1370，阅读时长大约2分钟 作者 | 第一财经 孙梦凡 围绕华夏幸福"预重整"一事，债权人和公司各方还在持续博弈。 11月21日，据华夏幸福债委会方面消息，该债委会今日发起《授权主席单位平安资管聘请会计师事 务所对华夏幸福进行专项财务尽调的议案》，并获得通过。 根据决议，华夏幸福债委会将授权平安资管，以债委会名义从四大会计师事务所中聘请一家，对华夏 幸福的财务状况开展专项尽职调查工作。11月24日起，债委会工作组将进驻华夏幸福，开展专项财 务尽调的前期准备工作。 公开信息显示，早在2021时，华夏幸福已成立债委会进行债务处置。主席单位由中国工商银行、平 安资管、廊坊银行（后增补）出任；副主席单位由中国农业银行、渤海银行、中信信托、光大证券出 任;其他主席团成员还包括中融国际信托、陕西省国际信托、招商银行、中国农业发展、中信银行 等。 针对债委会拟派驻工作组尽调一事，截至目前华夏幸福还未有回应。 2025.11. 21 11月21日，华夏幸福在投资者平台上表示，公司是在收到债权人向法院申请对公司进行重整及预重 整《告知函》、法院送达的《通知书》后，知悉被债权人申请重整及预重整事项，并按规定履行了信 ...

Core Viewpoint - The current director of China Fortune Land Development Co., Ltd., Wang Wei, publicly questioned the company's recent pre-restructuring announcement, claiming she was unaware of it and that it violated corporate governance procedures [2][3]. Group 1: Announcement and Governance Issues - Wang Wei stated that she was not informed about the pre-restructuring announcement made on November 17, 2025, and that the company did not provide her with relevant documents or seek her opinion [2]. - The announcement was made without a board meeting or proper deliberation, which Wang Wei argues violates the company's articles of association and basic governance procedures [2]. - Wang Wei has filed a complaint with regulatory authorities regarding the announcement's legitimacy and the lack of a proper decision-making process [2]. Group 2: Company Response and Legal Framework - The company's vice president, Feng Nianyi, clarified that there are two modes for pre-restructuring applications: one initiated by creditors and the other by the company itself. The creditor-initiated application does not require board or shareholder approval [3]. - Feng Nianyi emphasized that the company is obligated to disclose the pre-restructuring application as soon as it is aware of it, as per the regulations set by the Shanghai Stock Exchange [3][4]. Group 3: Financial Situation and Shareholder Actions - The company is currently in a state of insolvency, and the pre-restructuring process is seen as a critical opportunity to resolve debt risks and protect creditors and shareholders [5]. - There has been a recent reduction in shareholding by the largest shareholder, China Ping An Life Insurance Co., which plans to reduce its holdings by up to 117.41 million shares, representing no more than 3% of the total share capital [5][6]. - As of October 24, the shareholding of Ping An Life and its asset management arm decreased from 25.19% to 24.99%, with Ping An Life's direct holdings dropping from approximately 98.41 million shares to 97.79 million shares [6].

Core Viewpoint - The response from Feng Nianyi, a director of Huaxia Happiness, clarifies the legal framework surrounding the company's pre-restructuring application, emphasizing that the process does not require board or shareholder approval when initiated by creditors [1][2]. Group 1: Pre-restructuring Application - There are two modes for applying for pre-restructuring: one initiated by creditors and the other by the company itself. Only the latter requires board and shareholder meetings [1]. - The company must disclose the acceptance of a creditor's application for pre-restructuring as a legal obligation, without needing prior board or shareholder approval [1][2]. Group 2: Company’s Financial Situation - The company is currently in a state of insolvency, and the pre-restructuring process is viewed as a critical opportunity to resolve debt risks and facilitate recovery [1]. - The creditor, Longcheng Construction, has filed for pre-restructuring due to outstanding payments of approximately 4.172 million yuan owed by Huaxia Happiness for municipal engineering work [2]. Group 3: Internal Disputes - Director Wang Wei expressed that he was unaware of the announcement regarding the pre-restructuring and has raised concerns about the compliance of the announcement process, leading to a complaint to regulatory authorities [3]. - Wang Wei has a history of opposing company decisions, including a vote against the half-year report due to concerns over asset replacement handling [3]. Group 4: Shareholder Dynamics - Ping An is the largest shareholder of Huaxia Happiness, indicating potential conflicts of interest and differing perspectives on the company's restructuring strategy [4].

Core Viewpoint - The company is undergoing a pre-restructuring process to address its debt issues, which is seen as a crucial opportunity for debt resolution and future development [1] Group 1: Company Response to Debt Restructuring - The company asserts that regardless of any objections from creditors regarding the pre-restructuring application, the final decision lies with the court [1] - The company emphasizes that it is legally obligated to disclose the pre-restructuring application and court acceptance without needing prior board or shareholder approval [1] - The company acknowledges its current financial distress, stating that the pre-restructuring is a rare chance to mitigate debt risks and protect the interests of creditors and shareholders [1]

Core Viewpoint - The recent pre-restructuring announcement by Huaxia Happiness has sparked internal governance disputes, particularly regarding procedural compliance and communication among board members [1][2][3] Group 1: Pre-restructuring Announcement - Huaxia Happiness announced on November 17 that it was applying for pre-restructuring due to a creditor's claim, citing a lack of ability to repay debts and the potential for restructuring value [2] - The creditor, Longcheng Construction Engineering Co., Ltd., claims that Huaxia Happiness has failed to repay due debts and lacks repayment capability [2][4] Group 2: Board Member's Concerns - Board member Wang Wei publicly expressed her lack of knowledge regarding the pre-restructuring announcement, stating that the company did not inform her or convene a board meeting prior to the announcement [1][3] - Wang Wei raised three key concerns: lack of notification, absence of response to her inquiries, and the legality of the statement that the company had "no objections" to the restructuring [3][6] Group 3: Financial Situation - Huaxia Happiness is facing severe financial difficulties, with a debt ratio of 96.44% and a net loss of 9.829 billion yuan for the first three quarters, representing a 72.09% decline in revenue [4] - The company has been undergoing multiple rounds of debt restructuring since a liquidity crisis in 2021, with 1.92669 trillion yuan of financial debt restructured, but still has 24.569 billion yuan of overdue debt [4][5] Group 4: Market Reaction - Following the announcement of the pre-restructuring, Huaxia Happiness's stock price initially surged, but subsequently fell by 9% after the board member's public dissent [1][5] - The small size of the debt triggering the pre-restructuring (4.1716 million yuan) contrasts sharply with the company's overall financial distress, highlighting investor concerns about the restructuring process [5][7] Group 5: Governance Issues - The public dissent from Wang Wei raises questions about the internal governance of Huaxia Happiness, including the decision-making process and communication effectiveness within the board [6][7] - Wang Wei's previous opposition to significant company decisions indicates ongoing governance disputes between the major shareholder, the "Ping An system," and the management [6][7]

曾经的环京"地产一哥"华夏幸福，因一笔417.16万的工程款被债权人申请重整 曾经的环京"地产一哥"华夏幸福，因一笔417.16万的工程款，于几日前被债权人申请重整，且法院已受 理"预重整"程序。 但这一"重整"计划并未得到第一大股东的认可。华夏幸福现任董事王葳于19日夜间公开发声，称自己对 预重整完全不知情，已向监管部门投诉其程序合规问题。 作为"平安系"在华夏幸福的代表，这不是王葳首次向华夏幸福表达异议。此前，王葳还对其2025年中报 的资产减值事项投出"反对票"，理由是"置换带处理不审慎"。这笔债务置换方案"涉险"通过前，债权人 曾质疑公司"掏空优质资产"。 10月下旬，平安人寿及其一致行动人平安资管，还累计减持华夏幸福7,815,487股股份，减持后平安系持 股比例从25.19%降至24.99%。 417万欠款引发的重整风波 华夏幸福的"预重整"还未有进展，便已出现意外波澜。 11月19日晚间，华夏幸福现任董事王葳发表公开声明，称对华夏幸福发布预重整公告一事完全不知情， 公司未通过任何形式进行告知。 "该公告的发布完全绕过本人，严重违反了公司章程规定的董事会议事规则和公司治理的基本程序。"王 葳称，公 ...