突发！阿里投资的“水果大王”，被抓了

Core Viewpoint - The article discusses the dramatic downfall of Hong Jiu Fruit, once a leading player in China's fruit industry, highlighting the criminal charges against its founder and executives for loan fraud and tax evasion, leading to a staggering decline in market value from 600 billion to 27.95 billion HKD, a drop of over 95% [1][2]. Group 1: Company Background - Hong Jiu Fruit was founded by Deng Hong Jiu in 2002, who initially started his career selling fruits after facing significant hardships in his childhood [4][7]. - The company expanded rapidly, capitalizing on market opportunities, including the introduction of seedless watermelons and imported fruits, achieving sales of 1.5 billion in its early years [9][10]. Group 2: Growth and Expansion - By 2017, Hong Jiu Fruit had established itself as a major player, with significant investments and partnerships, including a new fruit wholesale market in Chongqing and multiple rounds of financing totaling over 10 billion [14][15]. - The company reported a revenue increase from 20 billion in 2019 to 150 billion in 2022, marking a growth of over 7 times in four years [15]. Group 3: Financial and Operational Issues - Despite impressive growth figures, the company faced serious financial scrutiny, with allegations of financial fraud surfacing, particularly regarding a suspicious increase in prepayments to shadow suppliers [16][20]. - The company's operational model, which relied heavily on high turnover and leverage, became unsustainable, leading to a significant increase in prepayments that did not align with its revenue growth [20][21]. Group 4: Conclusion and Implications - The collapse of Hong Jiu Fruit serves as a cautionary tale about the risks of rapid expansion driven by capital without solid operational foundations, reflecting broader challenges in China's new consumption sector [21][22]. - The case illustrates the potential pitfalls of financial manipulation in industries characterized by high waste and low standardization, emphasizing the need for rigorous oversight and sustainable business practices [21].