估值降为0！发生了什么？

Core Viewpoint - The company "Hongjiu Fruit" is facing delisting risks as two fund companies have adjusted its stock valuation to zero, indicating severe financial distress and potential bankruptcy [2][3][5]. Group 1: Valuation Adjustments - On October 16, 2023, Jiashi Fund announced that it would adjust the valuation of Hongjiu Fruit (stock code: 6689.HK) to 0.00 HKD per share starting from October 15, 2025 [3]. - In a similar move, Invesco Great Wall Fund announced on October 15, 2023, that it would value its holdings of the stock at 0 HKD from October 14, 2023 [5]. - Both fund companies stated that they would revert to using the closing price for valuation once the stock resumes trading and shows active market characteristics [6]. Group 2: Company Background and Financial Issues - Hongjiu Fruit, established in 2002, was once the largest distributor of durians in China and became the first publicly listed fruit company in the country in September 2022, with a peak market capitalization of approximately 60 billion HKD [11]. - The company has been suspended from trading since March 2024 due to its inability to disclose financial results on time, and it has faced multiple crises, including auditor resignations and executive investigations [7][11]. - In April 2025, several key executives, including the founder, were taken into custody for alleged loan fraud and tax invoice issues, leading to further instability within the company [11][12]. Group 3: Debt Restructuring Efforts - In May 2025, the company applied for debt restructuring in court, aiming to optimize its capital structure through measures such as extending repayment periods and debt-to-equity swaps [12]. - Despite these efforts, the company is still on track for delisting, as the Hong Kong Stock Exchange has indicated that it failed to meet the requirements for resuming trading [12].