董事长涉案、财报难产，“水果第一股”明日退市

Core Viewpoint - Hongjiu Fruit (06689.HK) will have its listing status terminated on December 30, 2025, due to failure to meet the resumption conditions set by the Hong Kong Stock Exchange, following a series of financial and legal issues [3]. Group 1: Company Background - Hongjiu Fruit was founded in 2002 in Chongqing by Deng Hongjiu and his wife Jiang Zongying, and it is recognized as one of the "three giants" in the fruit supply chain and trade industry alongside Baiguoyuan and Xianfeng Fruit [3]. - The company went public on the Hong Kong Stock Exchange in September 2022, becoming the "first fruit stock" [3]. Group 2: Financial Issues - The company has been suspended since March 2024 due to its inability to publish financial reports on time, with KPMG raising concerns about a sudden increase of 3.4 billion yuan in prepayments for Q4 2023, questioning the identity of the payment recipients and the completeness of the accounting materials provided [3]. - Hongjiu Fruit's accounts receivable grew significantly, increasing by 106.7% in 2022 compared to 2021, indicating cash flow difficulties [4]. Group 3: Management and Legal Challenges - In April 2025, founder Deng Hongjiu and several executives were subjected to criminal coercive measures for alleged loan fraud and issuing false VAT invoices [3]. - The company's business model, which relies on direct sourcing from producers and immediate payment for fruits, has led to cash flow strain, exacerbated by the economic crimes of its executives and governance failures [4].