跌光642亿，水果一哥炸雷了

Core Viewpoint - The article discusses the dramatic downfall of Hong Jiu Fruit, once hailed as the "King of Fruits" in the Hong Kong stock market, which is now facing mandatory delisting due to a series of financial and operational scandals [5][11][24]. Group 1: Company Overview - Hong Jiu Fruit, established in 2002, was recognized as the largest self-owned fruit brand in China, leveraging an "end-to-end" supply chain model [5][6]. - The company attracted significant investment from top-tier VC/PE firms, including a notable C round financing of 1.326 billion yuan in 2020, with Alibaba acquiring an 8% stake for 591 million yuan [5][6][19]. Group 2: Financial Performance - In 2022, Hong Jiu Fruit's IPO marked its entry as the "first fruit stock," with a peak market capitalization of 670 billion HKD [6][22]. - The company reported a revenue growth from 2.3 billion yuan in 2019 to 10.9 billion yuan in 2021, achieving a compound annual growth rate (CAGR) of 118.5% [21][22]. - However, by 2023, the company faced a significant decline, with its market value plummeting to 2.795 billion HKD, erasing over 64.2 billion HKD in value [6][23]. Group 3: Scandals and Consequences - The company is embroiled in multiple scandals, including failure to complete financial investigations, internal control failures, and allegations of criminal activities by executives [5][23]. - In April 2025, the founder, Deng Hong Jiu, was subjected to criminal coercive measures due to allegations of loan fraud and tax invoice forgery [6][23]. - The Hong Kong Stock Exchange has decided to enforce mandatory delisting due to these unresolved issues, marking a significant fall from grace for the once-prominent company [11][24].