Core Viewpoint - Hongjiu Fruit (06689.HK), known as the "first stock of fruit," is facing delisting from the Hong Kong Stock Exchange after failing to disclose financial reports on time, leading to a suspension of over a year and a half [2][3]. Group 1 - The Hong Kong Stock Exchange announced the cancellation of Hongjiu Fruit's H-share listing status effective from December 30, following the company's inability to resume trading by September 19 [3]. - At its peak in 2022, Hongjiu Fruit had a market capitalization of 67 billion HKD and was the largest fruit distributor in China based on sales revenue, as well as the largest distributor of durians and imported dragon fruits [3]. - The company was suspended in March 2024 due to its failure to disclose financial reports, with KPMG raising concerns about a prepayment balance of approximately 4.47 billion CNY as of the end of 2023 [4]. Group 2 - In the fourth quarter of 2023, Hongjiu Fruit made payments of about 3.42 billion CNY to several suppliers, most of whom were new trading partners without historical transaction records [4]. - KPMG recommended the establishment of an independent investigation committee to assess the commercial rationale of the prepayments and suggested hiring a third party for assistance [4]. - In April 2024, KPMG resigned as the company's auditor, and as of now, Hongjiu Fruit has not disclosed its 2023 annual report or subsequent periodic reports [4]. Group 3 - In April 2024, Hongjiu Fruit announced that the Chongqing Public Security Bureau was investigating allegations of loan fraud and issuing false VAT invoices, resulting in various criminal measures against key executives [4]. - The company's headquarters has been restricted by law enforcement since January, hindering normal operations [4]. - In May 2024, Hongjiu Fruit applied for reorganization and pre-reorganization in court, following the collective resignation of its three independent non-executive directors, leaving the company without independent directors or audit committee members [4].
“水果第一股”将退市