“水果第一股”，将退市！创始人重庆“水果大王”邓洪九等多名高管此前被抓，公司市值曾超600亿元，已蒸发95%

Core Viewpoint - Hong Jiu Fruit (06689.HK), known as the "first fruit stock," is set to be delisted from the Hong Kong Stock Exchange due to its inability to disclose financial reports on time, marking the end of its trading suspension that lasted over a year and a half [2][3]. Group 1: Company Background and Financial Status - Hong Jiu Fruit was listed on the Hong Kong Stock Exchange in September 2022, reaching a peak market value of HKD 67 billion (approximately RMB 60.3 billion) [2]. - The company was the largest fruit distributor in China in 2022 based on sales revenue, and it was also the largest distributor of durians and imported dragon fruits in the country [2]. - As of the suspension before delisting, the company's stock price had fallen to HKD 1.74, with a total market value of only HKD 2.795 billion, representing a decline of over 95% from its peak [3]. Group 2: Audit and Financial Irregularities - The company faced issues with its financial reporting, leading to a suspension in March 2024 due to the inability to disclose its annual report on time [2]. - KPMG, the auditing firm, raised concerns about the company's prepayment balance of approximately RMB 4.47 billion as of the end of 2023, noting that a significant portion of these payments (about RMB 3.42 billion) was made to new suppliers without historical transaction records [2]. - KPMG recommended the establishment of an independent investigation committee to assess the commercial rationale of the prepayments and consider hiring a third party for assistance [3]. Group 3: Management and Legal Issues - Several executives, including Chairman Deng Hongjiu, were detained in April 2024 due to investigations by the Chongqing Public Security Bureau for alleged loan fraud and issuing false VAT invoices [5]. - The company's headquarters has been restricted by law enforcement since January 2024, impacting its operational capabilities [5]. - Following the legal troubles, the company applied for restructuring in May 2024, and all independent non-executive directors resigned, leaving the company without an independent board or audit committee [6].