Core Viewpoint - Hong Jiu Fruit (06689.HK), known as the "first fruit stock," is facing delisting from the Hong Kong Stock Exchange due to its inability to disclose financial reports on time, leading to a suspension of trading for over a year and a half [1][2]. Group 1: Company Background and Market Position - Hong Jiu Fruit was listed on the Hong Kong Stock Exchange in September 2022, reaching a peak market value of HKD 67 billion [2]. - The company was the largest fruit distributor in China by sales revenue in 2022, and it was also the largest distributor of durians and imported dragon fruits in the country [2]. Group 2: Financial and Operational Issues - The company was suspended from trading in March 2024 due to its failure to disclose financial reports, with KPMG noting a prepayment balance of approximately CNY 4.47 billion as of the end of 2023 [2]. - In the fourth quarter of 2023, Hong Jiu Fruit made payments of about CNY 3.42 billion to several suppliers, most of whom were new trading partners without historical transaction records [2]. - Some suppliers had registered capital lower than the prepayment amounts received in 2023, and certain suppliers had no employees registered for social insurance [2]. Group 3: Investigations and Legal Issues - KPMG recommended that the company's audit committee establish an independent investigation committee to assess the commercial rationale of the prepayments and consider hiring a third party for assistance [3]. - In April 2024, KPMG resigned as the company's auditor, and the company has not disclosed its 2023 annual report or subsequent periodic reports [4]. - The chairman and several board members of Hong Jiu Fruit are under criminal investigation for alleged loan fraud and issuing false VAT invoices, with various restrictive measures imposed by the police affecting the company's operations [4]. - In May 2024, the company applied for restructuring and pre-restructuring in court, while all independent non-executive directors resigned, leaving the company without independent oversight [4].

Core Viewpoint - The collapse of Hong Jiu Fruit is a cautionary tale of family governance failure and the pitfalls of a capital-driven business model in the fruit industry [3][17]. Company Overview - Hong Jiu Fruit was once valued at 60 billion HKD and was known as "China's first fruit stock" before being delisted from the Hong Kong Stock Exchange on December 30, 2025 [3][17]. - The company experienced rapid growth, with revenue soaring from 2 billion CNY in 2019 to 15 billion CNY in 2022, marking a growth of over 700% in four years [4][18]. Business Model and Financial Issues - The company's business model involved high prepayments and long receivables, creating a cash flow black hole where funds were tied up in advance payments and accounts receivable [5][19]. - By the end of 2022, cash and cash equivalents dropped from 240 million CNY to 149 million CNY, while trade receivables surged from 3.7 billion CNY to 7.67 billion CNY [6][20]. - As of mid-2023, trade and other receivables reached 10.15 billion CNY, accounting for 92.4% of current assets [6][20]. Governance and Management Issues - The governance structure was heavily family-oriented, with over 46% of shares held by family members, leading to a lack of effective oversight and control [8][23]. - In May 2025, three independent non-executive directors resigned, further crippling the company's governance [8][23]. Crisis and Legal Troubles - A significant crisis emerged in Q4 2023 when auditors flagged suspicious prepayments totaling approximately 4.47 billion CNY, with 3.42 billion CNY paid to new suppliers lacking historical transaction records [7][21]. - In April 2025, key executives, including the chairman, were detained for alleged loan fraud and tax invoice manipulation, leading to a complete halt of business operations [9][25]. Industry Context - The challenges faced by Hong Jiu Fruit reflect broader issues in the fruit retail industry, with competitors like Baiguoyuan and Xianfeng Fruits also experiencing significant difficulties [10][26]. - The industry is grappling with high operational costs due to short shelf life and spoilage rates, alongside competition from emerging e-commerce models that offer lower prices [10][26]. Stock Performance - Prior to its suspension, the company's stock price plummeted to 1.74 HKD, a 95.65% decline from its initial offering price of 40 HKD [13][27].

格隆汇12月24日丨联交所宣布，由2025年12月30日上午9时起，洪九果品(06689.HK)的H股上市地位将 根据《上市规则》第6.01A(1)条予以取消。 ...

Core Viewpoint - Hong Jiu Fruit Products (06689) will have its H-share listing status canceled by the Hong Kong Stock Exchange effective from December 30, 2025, at 9:00 AM [1] Group 1 - The cancellation of the H-share listing status is based on the Listing Rules Section 6.01A(1) [1]

Core Viewpoint - Chongqing Hongjiu Fruit Co., Ltd. will have its H-share listing status canceled by the Hong Kong Stock Exchange effective from December 30, 2025, at 9:00 AM [1] Group 1 - The cancellation of the H-share listing status is based on the Listing Rules, specifically Article 6.01A(1) [1]

香港聯合交易所有限公司 (香港交易及結算所有限公司全資附屬公司) THE STOCK EXCHANGE OF HONG KONG LIMITED (A wholly-owned subsidiary of Hong Kong Exchanges and Clearing Limited) 通告 關於 重慶洪九果品股份有限公司 （於中華人民共和國註冊成立的股份有限公司） （股份代號：6689） 該公司的 H 股自 2024 年 3 月 20 日起已暫停買賣。根據《上市規則》第 6.01A(1)條，若該 公司未能於 2025 年 9 月 19 日或之前復牌，聯交所有權將該公司除牌。 該公司未能於 2025 年 9 月 19 日或之前履行聯交所訂下的復牌指引而復牌。於 2025 年 10 月 3 日，上市委員會決定根據《上市規則》第 6.01A(1)條取消該公司的 H 股股份在聯交所 的上市地位。 於 2025 年 10 月 13 日，該公司向上市覆核委員會申請覆核上市委員會的決定。於 2025 年 12 月 15 日，上市覆核委員會維持上市委員會取消該公司上市地位的決定。按此，聯交所 將於 2025 年 12 月 ...

Core Viewpoint - The Hong Kong Stock Exchange announced the cancellation of Chongqing Hongjiu Fruit Co., Ltd.'s H-share listing status effective from December 30, 2025, at 9:00 AM [1] Group 1 - The Listing Review Committee upheld the decision of the Listing Committee to cancel the company's listing status on December 15, 2025 [1] - The Hong Kong Stock Exchange has requested the company to publish an announcement regarding the cancellation of its listing status [1]

每经AI快讯，12月24日，香港联交所宣布，自2025年12月30日上午9时起，洪九果品的H股上市地位将 予以取消。 ...

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11月30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12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 | 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10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11月4日 I. 法定/註冊股本變動 第 1 頁 共 10 頁 v 1.1.1 | 2. 股份分類 | 普通股 | 股份類別 | H | | 於香港聯交所上市 (註1) | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 06689 | 說明 | H股 | | | | | | | | 已發行股份（不包括庫存股份）數目 | | 庫存股份數目 | | 已發行股份總數 | | | 上月底結存 | | | 1,136,394,185 | | 0 | | 1,136,394,185 | | 增加 / 減少 (-) | | | 0 | | 0 | | | | 本月底結存 | | | 1,136,394,185 | | 0 | | 1,136,394,185 | | 1. 股份分類 | 普通股 | 股份類別 | ...