Ping An Sues China Fortune Land Development and Its Chairman Wang Wenxue

Deep News12-10

Ping An Life Insurance Co., Ltd. and Ping An Asset Management Co., Ltd. have filed a lawsuit against China Fortune Land Development Co., Ltd. (CFLD) and its chairman, Wang Wenxue, according to public records. The case, involving a request to confirm the validity of an arbitration agreement, is set to be heard by the Shanghai Financial Court on December 17.

Between 2018 and 2020, Ping An invested heavily in CFLD through equity and debt instruments. However, CFLD faced a debt crisis in February 2021. By September of the same year, Ping An became the largest shareholder of CFLD after the forced disposal of shares held by its former controlling shareholder, China Fortune Holdings.

Notably, Ping An has recently begun reducing its stake in CFLD. On August 8, CFLD announced receiving a share reduction plan notice from Ping An Asset Management. According to the plan, Ping An Life and its affiliated entity, Ping An Asset Management, intended to sell up to 117.4 million shares (3% of CFLD’s total equity) via block trades or centralized bidding between September 1 and November 30, 2025.

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