“水果第一股”被取消上市地位，一场从600亿归零的资本迷局

Core Viewpoint - Hongjiu Fruit has been delisted from the Hong Kong Stock Exchange just over two years after its IPO, marking a significant decline from its previous status as a leading player in the fruit distribution industry [2][5]. Company Overview - Established in 2002, Hongjiu Fruit was once considered the largest fruit distributor in China and the first listed company in the domestic fruit industry [5]. - The company gained significant attention in the capital market after completing a Pre-A round financing of 50 million yuan in 2016, leading to a series of funding rounds totaling over 1 billion yuan from notable investors like Alibaba and CITIC [3][4]. Financial Performance - From 2018 to 2021, Hongjiu Fruit raised over 1 billion yuan in seven funding rounds, achieving a peak valuation of 7.4 billion yuan [4]. - The company went public in September 2022, with an initial market capitalization of 19 billion HKD, which later peaked at over 67 billion HKD [4]. - In 2022, Hongjiu Fruit reported a revenue of over 15 billion yuan, a 46.7% increase year-on-year, and an adjusted net profit of 1.455 billion yuan, a 33.5% increase [12]. Issues Leading to Delisting - The Hong Kong Stock Exchange cited five main reasons for the delisting, including incomplete investigations, doubts about management integrity, and failure to correct internal control deficiencies [7]. - The company faced significant financial scrutiny, particularly regarding abnormal transactions and a high proportion of prepayments to new suppliers, raising concerns about the authenticity of its financial practices [8]. - A major crisis emerged when several key executives, including the founder, were arrested for alleged loan fraud and tax-related offenses, further destabilizing the company [9]. Management and Governance - The resignation of three independent non-executive directors contributed to the company's inability to meet regulatory requirements, ultimately leading to its delisting [10]. - The company has been attempting to restructure its debts and attract strategic investors to support its recovery plan [10]. Market Position and Challenges - Despite being the largest fruit distributor in China in 2022, Hongjiu Fruit held less than 2% market share due to the fragmented nature of the industry [6]. - The company has faced ongoing challenges with cash flow, consistently reporting negative cash flow from operating activities over the past four years, with a significant deficit of 1.823 billion yuan in 2022 [12][13]. - The company's high accounts receivable and increasing operational costs have raised red flags about its financial health and sustainability [13][14].