Core Viewpoint - Hong Jiu Fruit (06689.HK), once known as "China's first fruit stock," is set to be delisted from the Hong Kong Stock Exchange on December 30, 2025, after failing to resume trading for over a year and a half [2]. Group 1: Company Performance and Financials - At its peak, Hong Jiu Fruit had a market capitalization of HKD 67 billion (approximately CNY 60.3 billion) and reported revenue of CNY 15 billion in its first year, which was six times higher than its 2019 revenue [2]. - The company was recognized as the largest fruit distributor in China in 2022, leading in durian and imported dragon fruit distribution [2]. - By the time of its suspension, the stock price had plummeted to HKD 1.74, resulting in a market value of only HKD 2.795 billion, a decline of over 95% from its peak [3]. Group 2: Audit and Compliance Issues - The company was suspended in March 2024 due to its inability to disclose financial reports on time, with KPMG raising concerns about a prepayment balance of approximately CNY 4.47 billion as of the end of 2023 [3]. - 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 [3]. Group 3: Management and Legal Challenges - The founder, Deng Hong Jiu, along with several executives, were taken into custody in early January 2025 due to investigations related to loan fraud and potential tax invoice issues [5][6]. - Following the suspension of trading and operational disruptions, the company began to implement salary cuts and layoffs, with reports indicating that CNY 60 million from an employee stock ownership plan had been misappropriated [6]. - In May 2025, the company filed for restructuring and pre-restructuring, and all independent non-executive directors resigned, leaving the company without any independent oversight [8].
水果第一股将退市 多名高管此前被抓 公司市值缩水600亿 昔日榴莲大王凉凉