股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年8月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 重慶洪九果品股份有限公司 呈交日期: 2025年9月2日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 其他類別 (請註明) | | 於香港聯交所上市 (註1) | | 否 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | N/A | 說明 | 内資股 | | | | | | | | | 法定/註冊股份數目 | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 469,672,221 RMB | | | 1 RMB | | 469,672,221 | | 增加 / 減少 (-) | | | 0 | | | RMB | | | | 本月底結存 | | | 469,672,221 RMB | | | 1 RMB | | 469,672,221 | | 2. 股份分類 | 普通股 | H 股份類 ...

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年7月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 重慶洪九果品股份有限公司 呈交日期: 2025年8月4日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 其他類別 (請註明) | | 於香港聯交所上市 (註1) | | 否 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | N/A | 說明 | 内資股 | | | | | | | | | 法定/註冊股份數目 | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 469,672,221 RMB | | | 1 RMB | | 469,672,221 | | 增加 / 減少 (-) | | | 0 | | | RMB | | | | 本月底結存 | | | 469,672,221 RMB | | | 1 RMB | | 469,672,221 | | 2. 股份分類 | 普通股 | 股份類別 ...

Core Viewpoint - Hong Jiu Fruit (06689.HK), once hailed as the "first stock of fruit," is embroiled in a financial scandal involving loan fraud and misappropriation of employee stock purchase funds, leading to significant operational and financial distress [2][3]. Group 1: Financial Misconduct - The company's founder and six executives were detained by police for allegedly defrauding loans and issuing false VAT invoices [2]. - In 2023, the company launched an employee stock ownership plan to alleviate financial pressure, raising nearly 60 million yuan from over 600 participants, but most employees did not receive returns or proof of stock purchases after the plan's expiration [2][3]. - KPMG discovered severe financial issues, including 3.42 billion yuan paid to "ghost suppliers," which were likely used to fabricate performance figures, leading to KPMG's resignation and the company's suspension from trading [3]. Group 2: Operational Challenges - Following the suspension, the company faced a cash flow crisis, wage arrears, and social security payment defaults, prompting the founder to pledge shares for loans and use 500 million yuan in receivables from "ghost clients" as collateral [3]. - To maintain inflated revenue figures, the company resorted to fabricating invoices to offset tax liabilities, risking further financial instability [3]. Group 3: Market Implications - The collapse of Hong Jiu Fruit highlights the capital bubble in the fresh retail industry, indicating that extraordinary growth in low-concentration, low-profit sectors often involves high-risk maneuvers [4]. - The company's market value plummeted from a peak of 60 billion yuan to just 2.8 billion yuan, representing a loss of over 95%, raising concerns among institutional investors like Alibaba [3][4]. Group 4: Legal and Recovery Efforts - Some employees have reported the company to the police and are preparing for collective lawsuits, but the likelihood of recovering their investments remains uncertain [5].

Core Viewpoint - The internal employee stock ownership plan at Hongjiu Fruit has raised concerns as over 600 employees contributed nearly 60 million yuan, but many have not received refunds after leaving the company [1] Group 1 - More than 600 employees participated in Hongjiu Fruit's internal employee stock ownership plan by the end of 2023 [1] - Employees contributed approximately 60 million yuan to the plan [1] - Most of the contributors who have since left the company have not received their refunds [1] Group 2 - Funds deposited into a designated bank account were reportedly transferred out shortly after the employees made their contributions [1] - Legal inquiries revealed that the funds were moved soon after being deposited [1]

Core Viewpoint - The article discusses the downfall of Hongjiu Fruit (06689.HK), highlighting issues related to financial mismanagement, high-level criminal investigations, and the impact on employees and investors [1][7][49]. Group 1: Company Background and Growth - Hongjiu Fruit was once considered the "first stock of fruits" in China, achieving remarkable revenue growth, with 2022 revenue reaching 15 billion yuan, six times that of 2019 [3][15]. - The company was backed by prominent investors and had a strong market presence, particularly in tropical fruits, being the largest distributor of durians in China [15][16]. - Despite its rapid growth, the company faced scrutiny over its financial practices, particularly concerning a significant increase in prepayments to suppliers and receivables [5][11]. Group 2: Financial Irregularities and Investigations - In March 2024, Hongjiu Fruit announced a temporary suspension of trading due to audit concerns raised by KPMG regarding its financial statements, particularly the surge in prepayments [5][11]. - By April 2025, several top executives, including founder Deng Hongjiu, were detained as part of a police investigation into loan fraud and potential tax invoice irregularities [7][8][31]. - The company faced allegations of inflating its financial performance through questionable transactions with newly established clients and suppliers, raising doubts about the authenticity of its revenue [40][42]. Group 3: Employee Impact and Shareholding Plans - The company initiated an employee stock ownership plan in late 2023, which required employees to invest significant amounts, with over 600 employees contributing nearly 60 million yuan [10][19]. - Many employees later reported that their investments were misappropriated, with funds being transferred out of designated accounts shortly after collection [30][51]. - Following the suspension of trading, the company implemented measures such as layoffs and salary cuts, further straining employee morale and financial stability [26][35]. Group 4: Attempts at Recovery and Future Outlook - In response to financial difficulties, Hongjiu Fruit sought to raise funds through various means, including pledging shares and receivables for loans, totaling over 14 billion yuan [38][39]. - The company announced plans for debt restructuring and sought to negotiate with creditors to alleviate its financial burden [49]. - Despite the challenges, some believe that Hongjiu Fruit still holds investment potential due to its established supply chain capabilities in the fruit industry [50].

Core Viewpoint - Hong Jiu Fruit has been under investigation due to allegations related to loan fraud and tax invoice issues, leading to the arrest of its founder and ongoing operational challenges [2][4][5]. Group 1: Investigation and Legal Issues - Hong Jiu Fruit and several executives are under investigation following reports from creditors regarding overdue bank loans [2]. - The company's chairman and several board members have faced various criminal measures due to the investigation by the Chongqing Public Security Bureau [4]. - As of the latest announcement, some restrictions on company executives have been lifted, allowing them to resume operations, except for the founder and a few others who remain detained [4]. Group 2: Business Operations and Financial Challenges - The company is planning to apply for debt restructuring in court and is considering bringing in strategic investors to support this plan due to increasing liquidity issues [5]. - Hong Jiu Fruit has faced operational disruptions and declining revenue due to weak consumer demand and the impact of restrictive measures, making it difficult to repay debts [5]. - The company, founded in 2002, specializes in wholesale fruit distribution, sourcing primarily from Thailand and Vietnam, and went public in 2022 as the first fruit stock in Hong Kong [5]. Group 3: Financial Performance - Prior to its suspension, Hong Jiu Fruit reported a revenue of 8.54 billion yuan for the first half of 2023, a year-on-year increase of 19.37%, while net profit decreased by 6.51% to approximately 803 million yuan [6]. - The company has not released its 2023 financial report, leading to its suspension from trading since March 20, 2024, with a market value of 1.977 billion HKD before the suspension [6].

Core Viewpoint - Hong Jiu Fruit (06689.HK) is undergoing a restructuring process after several executives were subjected to criminal coercive measures, with the general manager Jiang Zongying authorized to handle the company's restructuring matters [1][4]. Group 1: Company Developments - Jiang Zongying, who was previously subjected to criminal coercive measures, has been authorized by the extraordinary general meeting to manage the company's restructuring [1][4]. - The extraordinary general meeting held on May 15 approved three resolutions, including the appointment of Chongqing Kunyu Hengtai Law Firm as the company's pre-restructuring assistance agency and the authorization for Jiang Zongying to handle restructuring matters [4][5]. - The company has faced significant challenges, with multiple board members, including the chairman and other directors, being subjected to criminal coercive measures related to investigations by the Chongqing Public Security Bureau for suspected loan fraud and/or issuing false VAT invoices [4][5]. Group 2: Shareholder Engagement - A natural person shareholder attempted to attend the extraordinary general meeting but had a heated argument with company staff due to not registering in advance, highlighting issues in shareholder communication [6][7]. - The company exhibited caution during the meeting, refusing to accept media interviews and limiting communication with shareholders [4][6].

Core Viewpoint - Chongqing Hongjiu Fruit Co., Ltd. is facing an unprecedented crisis due to the involvement of its chairman and six key executives in loan fraud and tax invoice issues, leading to significant operational disruptions and potential delisting risks [1][2]. Group 1: Company Background - Hongjiu Fruit was founded in 2002 and is a comprehensive fruit supply chain management company, known for its "end-to-end" business model, which led to its peak market valuation of HKD 670 billion in September 2022 [3]. - The company specializes in sourcing tropical fruits from overseas, including Thailand and Vietnam, and distributing them across China [3]. Group 2: Financial Crisis - The company has been in a financial crisis, with its stock suspended since March 2024 due to the inability to publish its 2023 annual report, resulting in a 95% drop in stock price and a market cap decline from HKD 600 billion to HKD 28 billion [4]. - KPMG, the company's auditor, resigned after discovering irregularities, including a suspicious increase in prepayments to new suppliers amounting to CNY 34.2 billion, which raised concerns about potential shell companies [4][5]. - The company has reported negative operating cash flows for several years, with figures of -CNY 4.5 billion, -CNY 8.04 billion, -CNY 9.82 billion, and -CNY 18.23 billion from 2019 to 2022, and a cash flow of -CNY 3.14 billion in the first half of 2023 [7]. Group 3: Legal and Operational Issues - Multiple executives, including the chairman, have been subjected to criminal measures due to investigations into loan fraud and tax issues, severely impacting the company's operations [2]. - The company is currently embroiled in numerous lawsuits related to financial disputes, with 90 court announcements and 17 court orders against it [9]. - The company faces a potential delisting from the Hong Kong Stock Exchange if it remains suspended for more than 18 months, with less than six months remaining before this rule could be triggered [9]. Group 4: Governance and Control Risks - The company's ownership structure is heavily concentrated within the founder's family, with over 40% control, which raises concerns about governance and oversight [7]. - To alleviate financial pressure, the chairman and his wife have pledged 65% of their shares, amounting to approximately 14% of the total share capital, which poses risks of losing control if share prices continue to fall [8].

Core Viewpoint - Chongqing Hongjiu Fruit Co., Ltd., known as the "first fruit stock," is facing a crisis as multiple senior executives, including the chairman, have been subjected to criminal coercive measures related to loan fraud and/or the issuance of false VAT invoices, marking a significant decline from its previous status as a leading player in the fruit industry [1][5][9] Group 1: Company Overview - Hongjiu Fruit was founded by Deng Hongjiu and has attracted investments from notable institutions such as Alibaba and China Agricultural Reclamation Industry Development Fund [1][5] - The company was listed on the Hong Kong Stock Exchange in September 2022, achieving a revenue of 15.08 billion yuan and a market capitalization exceeding 67 billion HKD at its peak [5][7] - As of March 20, 2024, the company has been suspended from trading, with a market value of approximately 2.795 billion HKD, a significant drop from its previous valuation [5][6] Group 2: Executive Actions and Governance Issues - All five executive directors, including the chairman and other key figures, have been subjected to varying degrees of criminal coercive measures, indicating severe governance issues within the company [3][4][8] - The family governance structure has led to a concentration of power, with multiple family members in key positions, raising concerns about the lack of independent oversight and potential risks of financial manipulation [8][9] Group 3: Financial Challenges - The company has faced significant financial difficulties, with operating cash flows consistently negative from 2019 to 2022, culminating in a cash flow of -1.823 billion yuan in 2022 [7][8] - As of June 30, 2023, the company reported a total loan amount of 2.776 billion yuan and trade receivables of approximately 10.151 billion yuan, with only 557 million yuan in cash and cash equivalents [7][8]

Core Viewpoint - Hong Jiu Fruit, once hailed as the "first fruit stock," is now facing a significant crisis after being suspended for a year due to serious allegations against its core management team, including loan fraud and tax invoice issues [2][3][16]. Company Summary - Six core executives, including Chairman Deng Hong Jiu and his wife Jiang Zong Ying, are under investigation by Chongqing police for loan fraud and issuing false VAT invoices [2]. - The company's main office has been restricted by police since January 6, 2025, hindering normal operations [2]. - The company has not released any financial reports since the suspension, leading to a 95% drop in stock price and a market capitalization decline from 600 billion HKD to 28 billion HKD [3][10]. - Employees have reported salary delays and forced resignations, with the so-called "employee stock ownership plan" being revealed as a trust arrangement that restricts trading for ten years [4][3]. Financial Issues - In Q4 2023, the company made a 34.2 billion CNY prepayment to new suppliers, which accounted for nearly 80% of the annual prepayment balance, raising concerns due to the suppliers' lack of transaction history [6]. - In January 2024, an additional 15.2 billion CNY was paid to these suppliers, but only 4.5 billion CNY was received in return, leading to questions about the flow of funds [7]. - The auditing firm KPMG requested complete accounting records, but the management failed to provide satisfactory explanations, resulting in KPMG resigning as the auditor [8]. - From 2020 to 2022, the company reported a cumulative operating cash flow of -3.6 billion CNY, relying heavily on equity pledges to maintain liquidity [12]. - As of mid-2023, accounts receivable reached 8.673 billion CNY, making up 90% of current assets, with a significant increase in bad debt risk [12]. Industry Context - The crisis at Hong Jiu Fruit reflects broader structural issues within the fruit retail industry, including a heavy asset-light model and cash flow challenges [16][20]. - Other major players in the industry, such as Baiguoyuan and Xianfeng Fruit, are also facing significant challenges, indicating a collective struggle within the sector [17][18][19]. - The industry is characterized by high operational costs and difficulties in recovering large accounts receivable, leading to a tightening cash flow situation [15][20]. - The current situation suggests that the fruit retail industry may be entering a "cleansing period" after years of rapid growth [21].