估值降为0！发生了什么？

Core Viewpoint - The company Hongjiu Fruit, once known as the "first fruit stock," is on the verge of delisting, with two public funds adjusting its valuation to 0 HKD per share [2][4][6]. Valuation Adjustment - On October 16, 2023, Jiashi Fund announced that it would adjust the valuation of Hongjiu Fruit (code: 6689.HK) to 0.00 HKD per share starting from October 15, 2025 [4]. - On October 15, 2023, Invesco Great Wall Fund also announced that it would value its holdings of the stock at 0 HKD from October 14, 2023 [6]. - Both fund companies indicated that they would revert to using the closing price for valuation once the stock resumes trading and shows active market characteristics [7]. Company Background and Crisis - Hongjiu Fruit was established in 2002 and became the largest durian distributor in China, with its own brand fruit sales revenue ranking first in the country in the first half of 2021 [12]. - The company went public on the Hong Kong Stock Exchange on September 5, 2022, with a peak market capitalization of approximately 60 billion HKD [13]. - The stock was suspended from trading on March 20, 2024, due to the inability to disclose its 2023 annual financial results on time [14]. - The company faced multiple crises, including the resignation of its auditing firm, investigations into its executives, and debt restructuring, leading to a potential delisting [14][15]. Financial Performance - After going public, Hongjiu Fruit only released one annual report and one semi-annual report. In 2022, the profit attributable to shareholders was 1.452 billion HKD, a year-on-year increase of over 400% [14]. - In the first half of 2023, the company reported revenue of 8.537 billion HKD, a year-on-year increase of 19.37%, but the net profit attributable to shareholders decreased by 6.26% to 804 million HKD [14]. Delisting Process - On October 3, 2025, Hongjiu Fruit received a letter from the Hong Kong Stock Exchange indicating that it failed to meet the resumption guidelines and would have its listing status canceled [15]. - The company believes that the listing committee did not fully consider the evidence submitted and has requested a further review from the listing review committee on October 13, 2025 [16].