Core Viewpoint - The article discusses the recent lawsuit filed by Wenkang International Trust against Guodu Securities for a bond default claim of 475 million yuan, highlighting the implications for the involved parties and the broader market context [1][6]. Group 1: Lawsuit Details - Wenkang International Trust is suing for 475 million yuan due to alleged "securities false statements" related to the "20 Fusheng 01" bond issued by Fujian Fusheng Group [6]. - Guodu Securities has acknowledged the lawsuit, stating it has been accepted by the court and is preparing a defense with a legal team [1][2]. Group 2: Market Context and Implications - The lawsuit reflects a growing trend where intermediary institutions, such as securities firms, are increasingly held accountable for bond defaults, particularly following the "Wuyang Bond" case in 2021 [8]. - The real estate sector has faced significant downturns, leading to asset devaluation and increased bond defaults, with Guodu Securities indicating that the lawsuit will not severely impact its operations due to its asset size and performance [2][8]. Group 3: Background on Fujian Fusheng Group - Fujian Fusheng Group issued the "20 Fusheng 01" bond in June 2020, during a period of declining real estate market conditions, which adversely affected its financial health [4]. - The company's total assets were reported at 95.5 billion yuan, with a significant portion (67 billion yuan) held in real estate, which saw a 30% decline in fair value, contributing to the default [8].