董事长被逮捕！“水果第一股”，退市！

Core Viewpoint - Hong Jiu Fruit has been suspended from trading on the Hong Kong Stock Exchange since March 30, 2024, and its listing status was canceled on October 3, 2025, due to failure to resume trading and ongoing financial issues [2]. Company Overview - Hong Jiu Fruit was founded in 2002 in Chongqing by Deng Hong Jiu and his wife Jiang Zong Ying, specializing in fruit supply chain management, including procurement, import, wholesale, supermarket distribution, and e-commerce [2]. - The company became the first listed fruit industry company in mainland China when it went public in September 2022 at an issue price of 40 HKD per share [2]. Financial Performance - In the first half of 2023, Hong Jiu Fruit reported revenue of 8.538 billion HKD, a year-on-year increase of 19.37%, while net profit was approximately 803 million HKD, a decline of 6.51% [4]. - By the suspension date on March 20, 2024, the company's stock price had fallen to 1.74 HKD per share, with a total market value of only 2.76 billion HKD, representing a decline of over 95% from its peak [4]. Audit and Investigation Issues - KPMG raised concerns regarding the company's financial statements, particularly about prepayments totaling approximately 4.47 billion HKD, with 3.42 billion HKD paid to several new suppliers lacking historical transaction records [3][4]. - An independent investigation was recommended to assess the commercial rationale behind these prepayment arrangements [4]. Legal and Operational Challenges - The company is under investigation for economic crimes, including loan fraud and issuing false VAT invoices, with several executives facing criminal measures [5]. - The investigation was initiated after creditors reported overdue bank loans to the authorities [5]. Industry Context - The challenges faced by Hong Jiu Fruit reflect broader issues within the fruit industry, which is undergoing a transformation. Leading companies like Baiguoyuan are actively seeking to adapt by closing inefficient stores and reducing operational costs [5]. - The potential delisting of Hong Jiu Fruit may signify the end of an era but could also represent a new beginning for the industry as it matures [5].