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]

作 者丨肖夏 编 辑丨朱益民 视频编辑丨许婷婷 直到邓洪九的徒弟被控制，张浩才终于感觉到情况不妙。 自2024年7月起，一则消息开始在洪九果品（06689.HK）员工间流传开来：老板邓洪九的徒 弟祁衡远，因为退税开票被经侦觉察有问题，被带走了。祁衡远并不是洪九果品体系内部的员 工，但时常参加公司的周例会，不少员工都知道他和邓洪九关系甚密。 随后，邓洪九夫妇被限制出境，洪九果品在全国多地分公司被当地警方找上门 。 昔日水果第一股 分公司竟藏身居民楼 洪九果品的投资者实地调查发现，年流水上亿元的洪九分公司，居然有的注册在居民楼里，而 与其发生大额交易的客户，很多才刚成立一两年，但洪九通过分公司对这些客户的数亿元应收 账款，被质押给了银行换取贷款。 张浩2022年底加入洪九果品， 很长一段时间都对公司前景深信不疑：水果行业第一股、明星 资本加持、老板入选十大经济人物……在他和不少员工的印象中，邓洪九"很有能量"，即便经 营遇到问题也能有办法搞定。 此时距离洪九果品港股停牌已有数月。 这家2022年9月上市的"中国水果第一股"，上市第一年营收狂涨至150亿元，是疫情前2019年 的6倍，创造了水果行业的奇迹。 洪九果 ...

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].

Core Viewpoint - Chongqing Hongjiu Fruit Co., Ltd. faces a severe crisis due to allegations of loan fraud and tax invoice forgery, leading to the arrest of key executives and potential delisting, highlighting deep-rooted issues in the fruit retail industry regarding supply chain efficiency, business models, and compliance [1] Financial Crisis and Structural Defects in Business Model - The financial collapse of Hongjiu Fruit began with the failure to release the 2023 financial report, revealing a prepayment of 34.2 billion yuan to new suppliers, which constituted 76.6% of the total annual prepayments, with many suppliers being shell companies [2] - The company reported only 5.57 billion yuan in cash against 27.76 billion yuan in bank loans and 86.73 billion yuan in trade receivables, indicating a severe cash flow crisis with a net cash outflow of 3.14 billion yuan in the first half of 2023 [2][3] Structural Flaws in Supply Chain Model - Hongjiu Fruit's "end-to-end" supply chain model requires full upfront payments to suppliers while offering long credit terms to retailers, resulting in a significant liquidity strain [3] - The company relied heavily on aggressive financing and debt expansion, with revenue soaring from 2.08 billion yuan in 2019 to 15.08 billion yuan in 2022, while operational cash flow deficits widened from 450 million yuan to 1.82 billion yuan [3] Legal Risks and Industry Restructuring - The legal issues faced by the executives could lead to severe penalties, including potential life sentences, and may trigger collective lawsuits from investors [5] - Hongjiu Fruit is at risk of delisting due to continuous suspension of trading for over 18 months, with less than six months remaining in the grace period [5] Industry Challenges and Opportunities - The fruit retail industry is experiencing significant challenges, with competitors like Baiguoyuan reporting a 9.8% decline in revenue and closing nearly 1,000 stores, highlighting the struggles of smaller players [5] - The industry suffers from low supply chain efficiency, with cold chain logistics coverage below 30% and high wastage rates of 15%-20% [5] - Despite the challenges, there are emerging opportunities in supply chain digitization and vertical integration, with policies aimed at improving cold chain logistics and reducing costs for businesses [6][7]

封面新闻记者 李茂佳 近日，重庆洪九果品股份有限公司（以下简称"洪九果品"）突发公告称，公司董事长邓洪九等多名高管因涉嫌骗取贷款及/或虚开增值税专用发票被采取 不同刑事强制措施。 重庆洪九果品股份有限公司发布的公告。 同时，自2025年1月6日起，洪九果品位于重庆主城区内的一处主要办公场所已被公安机关限制人员出入，公司无法正常办公。 4月21日，封面新闻记者实地探访时发现，该场所已由其他公司租用。新公司负责人表示，一上午有好几拨人来找洪九果品讨债。 业内人士分析认为，曾经有着"中国水果第一股"之称的洪九果品，恐怕很难重新回到经营正常轨道。 在门口，记者还遇到了曾给洪九果品维修空调的蔡先生，他表示："以前洪九果品租的是22楼和24楼，22楼以前有100多人，现在都走了，只有24楼还在使 用。" 随后，记者前往24楼，发现两侧出入口均已关闭。透过玻璃门，看到室内仅有几名工作人员在交谈。 记者敲门询问公司是否正常运营，一名工作人员仅表示："我们在找资料，其他的情况都不知道。" 洪九果品办公地的大门关闭。 李茂佳 摄影 "中国水果第一股"曾风光无限 洪九果品原主要办公地的标识已被撕下。李茂佳 摄影 洪九公司主要办公场 ...