China Fortune and Ping An, two companies whose names form a perfect couplet, have once again joined forces. Facing the real pressure of delisting, Wang Wenxue and Ping An have set aside past differences to work together once more to save China Fortune. The former richest man, Mr. Wang, has mustered his final 5 million yuan to increase his stake in the company.
On April 30, China Fortune finally released its 2025 annual report on the last possible day. The data was not ideal, but it was not the worst either (whether it's bad or not depends on comparison with other "real estate giants" like Vanke and Evergrande).
Following the release of the annual report came the fully booked May Day holiday. Immediately after the holiday ended, China Fortune's stock abbreviation changed to "*ST Huaxing".
With its new abbreviation, China Fortune now faces two major delisting risks: If its net assets remain negative by the end of 2026, the company will be forcibly delisted. As mentioned, its net assets were already negative 17.7 billion yuan at the end of 2025. To maintain its listing status, it needs to fill a 17.7 billion yuan gap within a year. Furthermore, if its stock price consistently stays below 1 yuan, it faces the risk of par value delification. Currently trading at 1.15 yuan, this risk is imminent.
This distinctive real estate enterprise, listed for fifteen years and deeply mired in debt troubles in recent years, has reached a critical, life-or-death moment. Further delay is no longer an option.
Within the next year, China Fortune must achieve the following goals: - Preserve its listed company qualification. - Advance its pre-restructuring bankruptcy process and identify potential investors. - Reach settlements with its major creditors.
The last point is particularly unique. The so-called "major creditor" is essentially one entity: Ping An.
How will Wang Wenxue and China Fortune confront these challenges within a year? The era of "PPT storytelling" is over. Nowadays, aside from chasing trends, few are impressed by empty promises without substance. Fortunately, China Fortune has taken some concrete, tangible actions.
On May 11, China Fortune announced that Wang Wenxue and the core management team plan to increase their holdings in the company's shares within three months. The total increase will be no less than 5 million yuan and no more than 6 million yuan. The core management team includes the president, employee director, CFO, board secretary, and the entire Wang Wenxue team.
While 5 million yuan may not seem like a large amount, times have changed. In the current environment for real estate companies, this sum is not insignificant. Consider this: has Vanke's management announced any share purchases? Before this increase, these managers collectively held 27 million shares of China Fortune, with a total market value of approximately 30 million yuan. This 5 million yuan increase represents over 15% of their total holdings. Mr. Wang, the former richest man in Hebei, has scraped together the last funds from his pocket.
Why take this action? The announcement clearly states the purpose: to actively promote the company's pre-restructuring. The logical chain is as follows: Only if the stock price stabilizes and remains above 1 yuan can China Fortune avoid par value delification. Only by maintaining its listing qualification can it potentially advance the pre-restructuring. Only a successful pre-restructuring can resolve the current crisis.
This logic applies not only to Wang Wenxue but also to Ping An. As the largest shareholder of China Fortune, Ping An's equity only holds value if China Fortune retains its listing status. Only then might its previous investments yield returns. If the stock price recovers favorably later, there might even be hope of recouping the investment (such cases are not rare in the A-share market).
Facing this critical juncture, "preserving the listing qualification" has become the shared goal of both Ping An and Wang Wenxue. The fact that the annual report was successfully released on April 30 indicates that Ping An, which holds two seats on the board, necessarily agreed.
On May 8, 2026, sources close to China Fortune indicated to the 21st Century Business Herald that China Fortune and Ping An had reached consensus on multiple issues. Specifically, China Fortune has established regular communication channels with the financial creditors' committee, which includes Ping An, and other major creditors. Multiple discussions have been held, touching upon core matters and key issues, and consensus has been reached.
Therefore, this situation represents another joint effort by China Fortune and the Ping An Group to rescue China Fortune.
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