炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 来源：智通财经 因无法按时披露财报，停牌超过一年半的"水果第一股"洪九果品（06689.HK）迎来退市终局。 香港联交所昨日宣布，从12月30日上午9点起，取消洪九果品的H股上市地位。 此前，因洪九果品未能在9月19日之前复牌，港交所在10月3日做出了取消公司上市地位的决定。公司曾 于10月13日申请复核，但港交所称，上市复核委员会维持取消公司上市地位的决定。 洪九果品主营高品质水果的全产业链运营。2022年9月，公司在港交所上市，市值巅峰期曾达到670亿港 元。根据灼识咨询，以销售收入计算，洪九果品在2022年曾是国内最大的水果分销商，同时也是国内最 大的榴莲分销商和进口火龙果分销商。 上市不到两年，洪九果品于2024年3月因无法按时披露财报而停牌。彼时，审计机构毕马威会计师事务 所关注到，截至2023年末，集团预付款余额约44.7亿元。2023年第四季度，洪九果品向若干供应商支付 约34.2亿元，这些供应商大多是2023年的新增交易方，并无历史交易记录。此外，部分供应商的注册资 本低于2023年向其支付的预付款余额，天眼查信息显示， ...

Core Viewpoint - Hong Jiu Fruit (06689.HK), known as the "first fruit stock," is facing delisting from the Hong Kong Stock Exchange due to its inability to disclose financial reports on time, leading to a suspension of trading for over a year and a half [1][2]. Group 1: Company Background and Market Position - Hong Jiu Fruit was listed on the Hong Kong Stock Exchange in September 2022, reaching a peak market value of HKD 67 billion [2]. - The company was the largest fruit distributor in China by sales revenue in 2022, and it was also the largest distributor of durians and imported dragon fruits in the country [2]. Group 2: Financial and Operational Issues - The company was suspended from trading in March 2024 due to its failure to disclose financial reports, with KPMG noting a prepayment balance of approximately CNY 4.47 billion as of the end of 2023 [2]. - In the fourth quarter of 2023, Hong Jiu Fruit made payments of about CNY 3.42 billion to several suppliers, most of whom were new trading partners without historical transaction records [2]. - Some suppliers had registered capital lower than the prepayment amounts received in 2023, and certain suppliers had no employees registered for social insurance [2]. Group 3: Investigations and Legal Issues - KPMG recommended that the company's audit committee establish an independent investigation committee to assess the commercial rationale of the prepayments and consider hiring a third party for assistance [3]. - In April 2024, KPMG resigned as the company's auditor, and the company has not disclosed its 2023 annual report or subsequent periodic reports [4]. - The chairman and several board members of Hong Jiu Fruit are under criminal investigation for alleged loan fraud and issuing false VAT invoices, with various restrictive measures imposed by the police affecting the company's operations [4]. - In May 2024, the company applied for restructuring and pre-restructuring in court, while all independent non-executive directors resigned, leaving the company without independent oversight [4].

*ST东通退市倒计时。 12月22日晚间，深交所发布《 关于北京东方通科技股份有限公司股票终止上市的公告 》，深交所 决定终止 *ST东通（300379） 股票上 市。 同日，*ST东通亦发布相关公告。公告显示， 公司股票将于 2025年12月30日复牌并进入退市整理期，退市整理期为十五个交易日，预计最 后交易日期为2026年1月21日。 退市整理期首个交易日，公司股票价格无价格涨跌幅限制，此后每日涨跌幅限制为20%。 版权声明 证券时报各平台所有原创内容，未经书面授权，任何单位及个人不得转载。我社保留追 究相关 行 为主体法律责任的权利。 据悉，11月25日，*ST东通及相关当事人收到中国证券监督管理委员会北京监管局下发的《行政处罚决定书》。根据该《行政处罚决定书》 载明的事实，公司2019年至2022年年度报告信息披露存在虚假记载。 2018年12月，东方通收购泰策科技100%股权，泰策科技成为东方通全资子公司。2019年至2022年期间，东方通通过泰策科技虚构业 务、提前确认收入等方式虚增收入、利润，导致东方通披露的2019年至2022年年度报告存在虚假记载。东方通2019年至2022年分别虚 增收入6 ...

Core Viewpoint - Nokia has decided to apply for delisting its shares from the Euronext Paris exchange based on a comprehensive assessment of trading volume, costs, and administrative requirements associated with being listed there [1] Group 1 - Nokia's shares will continue to be listed on the Helsinki Nasdaq exchange, and its American Depositary Receipts will remain traded on the New York Stock Exchange [1] - The delisting is expected to take effect within the next three months, pending approval from the Euronext board [1]

Group 1 - In September, 11 new companies were listed in the domestic market, raising a total of 11.689 billion yuan [1] - Two companies were delisted in September [1] - Since the beginning of the year, there have been 11 new A+H share companies and over 70 domestic companies listed overseas [1] Group 2 - As of September, there are 1,835 Chinese concept companies listed in major overseas markets [1]

Core Viewpoint - Hongjiu Fruit (06689.HK), once hailed as the "first fruit stock," is facing delisting from the Hong Kong Stock Exchange due to unresolved investigations and management issues [2][6]. Group 1: Company Background - Hongjiu Fruit was established in 2002 and became the largest fruit distributor in China by 2022, although it held less than 2% market share due to market fragmentation [3]. - The company went public in September 2022, becoming the first listed company in the domestic fruit industry [3]. Group 2: Financial Issues - The company suspended trading on March 20, 2024, citing an inability to disclose its 2023 annual financial results [3]. - KPMG, the auditing firm, resigned in April 2024, citing abnormal transactions, including prepayments of approximately 3.42 billion yuan to several new suppliers, which accounted for over 70% of the total annual prepayments of 4.47 billion yuan [4]. - As of the first half of 2023, the company reported revenue of 8.537 billion yuan, a year-on-year increase of 19.37%, while net profit attributable to shareholders was 804 million yuan, a year-on-year decrease of 6.26% [4]. Group 3: Management Crisis - On April 16, 2025, the founder and chairman, Deng Hongjiu, along with several key executives, were detained for suspected loan fraud and issuing false VAT invoices [5]. - The company's main office was restricted by police, leading to operational difficulties [5]. - The governance structure deteriorated further with the resignation of three independent non-executive directors in May 2025, leaving the company without independent oversight [5]. Group 4: Delisting Process - Despite the company's request for a review of the delisting decision, the outcome is expected to align with market predictions, making reversal of the delisting unlikely [6].

Core Viewpoint - Hongjiu Fruit (06689.HK), once hailed as the "first fruit stock," is facing delisting from the Hong Kong Stock Exchange due to unresolved financial and management issues [2][9]. Group 1: Company Background - Established in 2002, Hongjiu Fruit is a multi-brand fresh fruit group and became the largest fruit distributor in China by 2022, although it held less than 2% market share due to market fragmentation [3]. - The company went public in September 2022, becoming the first listed company in China's fruit industry [3]. Group 2: Financial Issues - The company announced a trading suspension on March 20, 2024, due to its inability to disclose its 2023 annual financial results [3]. - KPMG, the auditing firm, resigned in April 2024, citing abnormal transactions in Q4 2023, including prepayments of approximately 3.42 billion yuan to several new suppliers, which raised concerns about the legitimacy of these transactions [5]. Group 3: Management Crisis - On April 16, 2025, multiple core executives, including the founder and chairman, were arrested for alleged loan fraud and tax invoice issues, leading to operational disruptions [8]. - The governance structure deteriorated further with the resignation of three independent non-executive directors in May 2025, resulting in a lack of independent oversight [8]. Group 4: Delisting Process - Despite the company's request for a review of the delisting decision, the likelihood of reversing the outcome appears slim as the delisting process continues [9].

Core Viewpoint - Hong Jiu Fruit (stock code: 6689) faces delisting from the Hong Kong Stock Exchange due to failure to meet resumption guidelines, as stated by the Listing Committee on October 3, 2025 [2][3] Group 1: Delisting Decision - The Listing Committee's decision to delist Hong Jiu Fruit is based on incomplete investigations and failure to implement appropriate remedial measures [2] - The company has not demonstrated the integrity, capability, or character of its management, which raises regulatory concerns [3] - Hong Jiu Fruit's board expressed regret over the delisting decision, arguing that the Listing Committee did not adequately consider the evidence submitted by the company [3] Group 2: Criminal Investigations - Chairman Deng Hong Jiu and other key management members are under criminal investigation related to loan fraud and/or issuing false VAT invoices [4][6] - The company has faced operational restrictions since January 6, 2025, due to police investigations, impacting its ability to conduct normal business [6][7] - As of the announcement date, most restrictions have been lifted, allowing the company to gradually resume normal operations, except for the detained executives [7] Group 3: Stock Performance and Investor Impact - Hong Jiu Fruit's stock has been suspended since March 20, 2024, leading to significant losses for investors [9] - The company went public in September 2022 at an issue price of HKD 40, raising a net amount of HKD 497 million, marking it as "China's first fruit stock" [4]

Core Viewpoint - Tianmao Group will officially delist after 29 years of being listed, with its stock set to be delisted on September 30, 2025, following a decision by the Shenzhen Stock Exchange [2][4]. Financial Performance - In 2023, Tianmao Group reported a revenue of 49.699 billion yuan, a slight increase of 0.17% year-on-year, but incurred a net loss of 0.652 billion yuan, reversing from a profit of 0.274 billion yuan in 2022 [2][3]. - The company anticipates continued losses in 2024, projecting revenue between 40 billion and 43 billion yuan, with expected net losses ranging from 0.5 billion to 0.75 billion yuan [2][3]. Business Transition and Challenges - Tianmao Group transitioned from chemical manufacturing to the insurance industry in July 2016, but has faced significant operational challenges in recent years [2]. - The decline in interest rates has adversely affected the company's subsidiary, Guohua Life Insurance, leading to increased reserve provisions that contributed to the losses [3]. Delisting Process - The company has initiated the process to voluntarily delist its shares, with a shareholder meeting approving the decision on August 25, 2025 [4]. - Following the delisting, Tianmao Group's shares will be transferred to the National Equities Exchange and Quotations system for management [2][5]. Shareholder Actions - Tianmao Group has signed an agreement with Changcheng Guorui Securities to facilitate the transfer of shares post-delisting and manage related services [5]. - The company has provided cash options to shareholders, with 1.44 billion cash options effectively declared during the exercise period, allowing shareholders to sell their shares at a price of 1.60 yuan per share [6].

Group 1 - The core viewpoint is that the China Securities Regulatory Commission (CSRC) is focused on strictly eliminating "bad apples" and some shell "zombie" companies from the market [1] - During the 14th Five-Year Plan period, a total of 207 companies have been smoothly delisted [1]