Core Viewpoint - Hong Jiu Fruit (06689.HK) is set to be delisted from the Hong Kong Stock Exchange on December 30, 2025, following a series of financial and legal troubles, including the arrest of its chairman and delays in financial reporting [1][2]. Group 1: Company Background - Hong Jiu Fruit was established in 2002 and focuses on high-end imported and quality domestic fruit, operating a multi-brand fresh fruit group [2]. - The company utilizes a "end-to-end" digital supply chain to deliver fresh fruit products directly from global orchards to retail terminals in China [2]. Group 2: Financial Performance - The company went public on September 5, 2022, as the first fruit-focused company listed in Hong Kong, with an initial share price of HKD 40, raising approximately HKD 497 million and reaching a market capitalization of about HKD 60 billion [2]. - In 2022, Hong Jiu Fruit reported revenues of CNY 15.081 billion, a year-on-year increase of 46.7%, and a net profit of CNY 1.452 billion, nearly quadrupling compared to the previous year [2]. Group 3: Suspension and Delisting - The company's shares were suspended from trading on March 20, 2024, due to its failure to disclose financial reports on time [2]. - The Hong Kong Stock Exchange announced the cancellation of Hong Jiu Fruit's listing status on October 3, 2025, after the company failed to resume trading by September 19, 2025 [1]. Group 4: Legal Issues - Several executives, including Chairman Deng Hong Jiu, were arrested on April 16, 2025, for alleged loan fraud and issuing false VAT invoices, which led to operational disruptions [3][6]. - The company has faced significant financial pressure due to these events, leading it to apply for debt restructuring in May 2025 and seek strategic investors for support [6]. Group 5: Stock Performance - As of March 20, 2024, the stock price was HKD 1.74, representing a 95.65% decline from the initial offering price of HKD 40 [6].
崩塌太快了！上市40个月，市值蒸发超95%，“水果第一股”明日退市