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]

Core Viewpoint - Chongqing Hongjiu Fruit Co., Ltd. has faced severe operational challenges following the announcement of criminal charges against its chairman and several executives for loan fraud and/or issuing false VAT invoices, leading to significant disruptions in its business operations [1][3][12]. Company Overview - Founded in 2002 by Deng Hongjiu and his wife Jiang Zongying, Hongjiu Fruit was positioned as a multi-brand fresh fruit group, focusing on the full supply chain of high-quality fruits from China, Thailand, and Vietnam [7][8]. - The company was once celebrated as "China's first fruit stock" and successfully listed on the Hong Kong Stock Exchange in September 2022, achieving a market capitalization of HKD 124.21 billion at its debut [9]. Recent Developments - As of January 6, 2025, Hongjiu Fruit's main office in Chongqing has been restricted by law enforcement, resulting in the company being unable to operate normally [3]. - Following the announcement of financial irregularities, including a suspicious increase in prepayments, the auditing firm KPMG resigned, leading to the company's suspension from trading on the Hong Kong Stock Exchange [9][10]. Financial Situation - Despite the ongoing issues, multiple financial institutions provided substantial loans to Hongjiu Fruit between April 22 and July 29, 2024, totaling over CNY 650 million through stock pledge financing [11]. - The company and its executives have been listed as untrustworthy and restricted from high consumption, indicating severe financial distress [12]. Industry Context - The fruit retail industry is facing significant challenges, as evidenced by the struggles of other companies like Baiguoyuan, which reported a 9.8% decline in revenue and a shift from profit to loss in 2024 [18]. - The overall market for fruit retail has been impacted by rising e-commerce competition and changing consumer behaviors, leading to a decline in physical store sales [17].

阿里巴巴持股7.67%，是洪九果品第三大股东。 作者 | 高远山 编辑丨武丽娟 来源 | 野马财经 4月16日晚间，"水果第一股"洪九果品(6689.HK)突发惊雷：董事长邓洪九、董事江宗英（邓洪九妻子）等6名核心高管因涉嫌骗取贷款及虚开增值税专用 发票被重庆警方立案侦查。 公告显示，自2025年1月6日起公司主要办公场所之一重庆市渝北区东湖南路3号中铁峰汇B座22层被公安机关限制人员出入，公司无法正常办公。公司就 该事件收到的信息有限，该事件对公司的影响和潜在可能性无法预测。 这场震动资本市场的"高管团灭"事件，让这家曾被资本捧上神坛的企业彻底陷入停摆。此前阿里巴巴、深创投、招垦资本等都曾参与洪九果品融资，如今 高管被"一锅端"，背后哪些股东踩雷？ 洪九果品公告显示，公司董事长邓洪九，董事彭何、江宗英、杨俊文、谭波及监事会主席余利霞女士等，目前均已被采取不同刑事强制措施，原因与重庆 市两江新区公安分局就涉嫌骗取贷款及/或虚开增值税专用发票之事项进行的立案侦查相关。 自2024年4月起，为缓解资金压力，邓洪九及其妻子江宗英频繁质押股权，累计质押股份占直接持股的65%，占总股本约14%。但质押融资杯水车薪， 2 ...

Core Viewpoint - Hong Jiu Fruit, known as the "first fruit stock," is facing significant turmoil as its executives have been subjected to criminal measures related to loan fraud and tax invoice issues, leading to operational disruptions and potential financial irregularities [1][2][6]. Group 1: Executive Actions and Company Operations - The chairman and several directors of Hong Jiu Fruit have been taken under different criminal measures due to investigations by the Chongqing Public Security Bureau regarding loan fraud and/or the issuance of false VAT invoices [1][2]. - The company's main office in Chongqing has been restricted by law enforcement, hindering normal operations since January 6, 2025 [2]. - Hong Jiu Fruit has not published its financial reports for 2023, the first half of 2024, and 2024, indicating a lack of transparency and potential financial distress [1][8]. Group 2: Financial Performance and Irregularities - Hong Jiu Fruit's revenue grew from 2.078 billion in 2019 to 10.28 billion in 2021, with profits increasing from 163 million to 292 million during the same period [3]. - The company reported a revenue of 15.081 billion in 2022, a 46.7% increase year-on-year, and a profit of 1.455 billion, up 397.38% [3]. - For the first half of 2023, the company reported revenue of 8.538 billion, a 19.37% increase, but profits declined by 6.51% to 803 million [4]. Group 3: Concerns Over Financial Practices - The auditors raised concerns about the company's financial practices, noting that a significant portion of the suppliers were newly added in 2023 and lacked historical transaction records, suggesting potential fabrication of suppliers and documents [6][7]. - As of December 31, 2023, the company had a prepaid balance of approximately 4.47 billion, with 3.42 billion paid to suppliers in the fourth quarter alone [6]. - The company explained that prepayments are standard in the fresh fruit industry to ensure stable supply, but the significant increase in prepayments raises questions about the legitimacy of these transactions [7].

Core Viewpoint - Chongqing Hongjiu Fruit Co., Ltd. has faced significant turmoil following the criminal detention of its chairman and several executives for loan fraud and tax evasion, leading to operational disruptions and potential financial discrepancies in reported earnings [1][2][6] Company Overview - Chongqing Hongjiu Fruit, founded by Deng Hongjiu, has a history of 36 years in the fruit industry, becoming a notable player with over 200 fruit varieties and a peak wealth of 8.5 billion RMB in 2022 [3][4] - The company went public on the Hong Kong Stock Exchange in September 2022, achieving a market capitalization of 67.1 billion HKD at its peak, with a stock price reaching 41.80 HKD per share [5] Recent Developments - On April 16, 2023, the company announced the criminal detention of its chairman Deng Hongjiu and five other executives, which has led to the restriction of access to its main office and halted normal operations [1][2] - The company has not released its 2023 and 2024 financial reports, with the latest available data showing a revenue of 8.537 billion RMB and a profit of 803 million RMB for the first half of 2023 [6]

记者注意到，2024年3月，洪九果品向供应商预付超40亿元事项遭到毕马威会计师事务所质疑，会计师事务所提出，洪九果品支付巨额预付款的供应商，大 多是2023年新增交易方，且其中部分公司存在注册资本低于公司预付款、三方平台显示社保参保人数为零。洪九果品自此年报难产、股票停牌至今。 4月17日，《每日经济新闻》记者来到重庆市渝北区东湖南路3号中铁峰汇B座进行实地探访，发现洪九果品目前正在准备恢复经营，但公司目前的办公场所 并不在22层，而是在24层。而对于外界期待了解的相关信息或者疑惑，洪九果品方面人士向记者表示，相关情况后续会一步一步地公告出来。 | 庆都兴建筑设计有限公司 ■雍粤厨 | 7-6 重庆中宏工程造价咨询有限责任公司 | | | | | --- | --- | --- | --- | --- | | ■●厨 | 7–7 重庆中宏工程造价咨询有限责任公司 | 11-3 重庆永万科技有限公司 11-4 陕西建华工程项目管理有限公司重庆分公司 | 155 | 18-5 | | | 85 | | | | | 工第二建筑工程有限公司重庆分公司 天都兴建筑设计有限公司 | 8-1 重庆楚江建设工程咨询有限公司 ...