“水果第一股”因何倒在资本市场

Core Viewpoint - The rapid rise and fall of Chongqing Hongjiu Fruit Co., Ltd., once hailed as the "first fruit stock," culminated in its delisting from the Hong Kong Stock Exchange due to severe financial mismanagement and criminal allegations against its founder and executives [2][10]. Group 1: Company Overview - Hongjiu Fruit was founded by Deng Hongjiu, who capitalized on the demand for high-end imported fruits in China, particularly durians, cherries, and dragon fruits, establishing a robust supply chain and cold chain logistics [2]. - The company successfully went public on September 5, 2022, at an issue price of 40 HKD per share, achieving a market capitalization close to 19 billion HKD on its first trading day [3]. - In 2022, Hongjiu Fruit reported a revenue of 15.081 billion CNY, a year-on-year increase of 46.7%, and a net profit of 1.452 billion CNY, reflecting a staggering growth of 397.95% [3]. Group 2: Financial Issues - In March 2024, Hongjiu Fruit announced a temporary suspension of trading due to its inability to disclose the 2023 annual report, with KPMG highlighting a significant prepayment balance of approximately 4.47 billion CNY [4]. - The company faced scrutiny over its financial practices, particularly concerning large prepayments to new suppliers with questionable backgrounds, raising concerns about potential financial misconduct [5]. Group 3: Governance and Management Challenges - The company's business model exhibited inherent cash flow deficiencies due to a "high prepayment + long receivables" strategy, which strained its operational cash flow and created risks of financial instability [7]. - A family-controlled governance structure, with key management positions held by family members, led to a lack of checks and balances, increasing the risk of mismanagement and potential fraudulent activities [8]. Group 4: Criminal Allegations and Consequences - In April 2025, the company announced that its founder and several executives were subject to criminal investigations related to loan fraud and tax invoice issues, severely disrupting its operations [8]. - The fallout from these events left many employees and small shareholders in financial distress, with reports of employees being coerced into a stock purchase plan that ultimately resulted in significant losses [10].