Core Viewpoint - Hongjiu Fruit (06689.HK), once hailed as the "first fruit stock," is facing delisting from the Hong Kong Stock Exchange due to unresolved financial and management issues [2][9]. Group 1: Company Background - Established in 2002, Hongjiu Fruit is a multi-brand fresh fruit group and became the largest fruit distributor in China by 2022, although it held less than 2% market share due to market fragmentation [3]. - The company went public in September 2022, becoming the first listed company in China's fruit industry [3]. Group 2: Financial Issues - The company announced a trading suspension on March 20, 2024, due to its inability to disclose its 2023 annual financial results [3]. - KPMG, the auditing firm, resigned in April 2024, citing abnormal transactions in Q4 2023, including prepayments of approximately 3.42 billion yuan to several new suppliers, which raised concerns about the legitimacy of these transactions [5]. Group 3: Management Crisis - On April 16, 2025, multiple core executives, including the founder and chairman, were arrested for alleged loan fraud and tax invoice issues, leading to operational disruptions [8]. - The governance structure deteriorated further with the resignation of three independent non-executive directors in May 2025, resulting in a lack of independent oversight [8]. Group 4: Delisting Process - Despite the company's request for a review of the delisting decision, the likelihood of reversing the outcome appears slim as the delisting process continues [9].
从停牌到除牌,"水果第一股"洪九果品走到退市边缘