Core Viewpoint - Hongjiu Fruit has been delisted from the Hong Kong Stock Exchange effective December 30, following its failure to resume trading by September 19, leading to the exchange's decision on October 3 to cancel its listing status [1] Group 1: Company Background - Hongjiu Fruit specializes in the full industry chain operation of high-quality fruits and was listed on the Hong Kong Stock Exchange in September 2022, reaching a peak market value of HKD 67 billion [1] - In 2022, Hongjiu Fruit was the largest fruit distributor in China by sales revenue, as well as the largest distributor of durians and imported dragon fruits [1] Group 2: Financial and Operational Issues - The company was suspended from trading 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 [1] - In the fourth quarter of 2023, Hongjiu Fruit made payments of about CNY 3.42 billion to several suppliers, most of whom were new trading partners without historical transaction records [1] - 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 [1] Group 3: Legal and Governance Challenges - In April 2024, KPMG resigned as the company's auditor, and Hongjiu Fruit has not disclosed its 2023 annual report or subsequent periodic reports [2] - The company’s chairman and several executives are under criminal investigation for alleged loan fraud and issuing false VAT invoices, with some executives facing different forms of criminal coercive measures [2] - Hongjiu Fruit has applied for reorganization and pre-reorganization in May 2024, following the resignation of all independent non-executive directors, leaving the company without any independent board members or audit committee members [2]
已确定退市！董事长被逮捕