10月13日，洪九果品发布公告称，10月3日接到香港联交所发出的函件，上市委员会决定取消洪九果品的上市地位。此时，距离洪九果品上市才不过两年多 的时间。 对于退市的原因，上市委员会给出了五点理由： 不过，洪九果品并不认同联交所的意见，并认为其未充分考虑所提交证据。并已于10月13日向上市复核委员会提交书面请求，要求进一步及最终复核。 无论最终结果如何，作为"水果第一股"，洪九果品曾经是资本市场的宠儿。落到如今这般田地，反差之大令人瞠目结舌。 2016年完成5000万元Pre-A轮融资后，洪九果品便进入了一级市场投资人的视野，也开启了其滚雪球一般的融资增长之旅。 从2018年至2021年，便收到了阿里、中信、CMC等参投的7轮融资，总额超10亿元。在资本的助推下，洪九果品投后估值一度高达到74亿元， 2022年9月，洪九果品成功登陆港股，上市首日市值便达到了190亿港元，市值峰值一度突破670亿港元。 而这样的辉煌却仅仅维持了一年多的时间。随后洪九果品在2024年开始，无法按时披露财报、审计师辞职、高管被查、债务重整，当洪九果品以戏剧性的方 式跌落神坛后，一切的辉煌似乎都化作了过眼云烟。 明星公司的陨落 作为国 ...

Core Viewpoint - The rapid decline of Hong Jiu Fruit, once valued at over 67 billion HKD, culminated in its delisting from the Hong Kong Stock Exchange due to financial misconduct and inability to disclose financial reports [3][4]. Company Overview - Hong Jiu Fruit, founded in 2002 by Deng Hong Jiu, grew from a small fruit wholesale business to China's largest fruit distributor, achieving a peak market value of 67 billion HKD in early 2023 [6][7][9]. - The company was recognized for its strong growth, with sales revenue surpassing 15 billion RMB in 2022, reflecting a 46.7% year-on-year increase [8]. Financial Performance - Despite impressive revenue growth, Hong Jiu Fruit faced significant cash flow issues, with net cash flow from operating activities being negative for four consecutive years, totaling over 4 billion RMB in losses [18][21]. - The company reported a net profit increase from 163 million RMB in 2019 to 1.455 billion RMB in 2022, raising concerns about the sustainability of its financial practices [18]. Market Position - Hong Jiu Fruit dominated the Chinese fruit distribution market, particularly in durians and dragon fruits, holding market shares of 12.7% and 17% respectively [9][10]. - The company was seen as a leader in brand-driven fruit distribution, with expectations of driving a branding revolution in the industry [10]. Issues Leading to Decline - The company faced severe scrutiny from its auditor, KPMG, which raised concerns about incomplete accounting records and suspicious supplier identities, leading to its inability to publish financial reports [15][16]. - Allegations of financial fraud emerged, including the issuance of false invoices to inflate sales figures and the misappropriation of funds through questionable supplier transactions [19][20]. Conclusion - The downfall of Hong Jiu Fruit serves as a cautionary tale in the investment landscape, highlighting the risks associated with rapid growth and financial mismanagement [22].

以下文章来源于雷达Finance ，作者X编辑 雷达Finance . 遨游广袤的财富世界。 导语："群龙无首"的港股上市公司洪九果品，正加速坠入"深渊"。 近日，洪九果品发布公告称，公司于10月3日接到港交所函件，上市委员会决定取消其上市地位。 这意味着这家曾头顶"中国水果第一股"光环的 公司，在上市仅三年后或将告别资本市场舞台。 尽管经内部及与其专业顾问商讨后，洪九果品已于10月13日向上市覆核委员会提交书面请求，要求进一步复核除牌决定，但考虑到公司目前面临 的诸多问题，复牌希望非常渺茫。 雷达财经注意到，上市后，洪九果品市值曾一度突破670亿港元，一时风光无两。但截至2024年3月20日停牌，公司总市值仅剩27.95亿港元，较 高点蒸发超640亿港元。 回溯洪九果品的危机时间线，2024年3月是关键转折点。彼时，因无法按时发布2023年全年业绩报告，洪九果品股票被港交所暂停买卖。 核数师毕马威发现，2023年第四季度，公司向若干供应商支付预付款34.2亿元，但供应商身份存疑，随后毕马威辞任审计师职位。 后续，洪九果品的危机进一步升级。今年4月，洪九果品发布了一则震惊市场的公告，董事长邓洪九、董事江宗英（ ...

Core Viewpoint - The company "Hongjiu Fruit" is facing delisting risks as two fund companies have adjusted its stock valuation to zero, indicating severe financial distress and potential bankruptcy [2][3][5]. Group 1: Valuation Adjustments - On October 16, 2023, Jiashi Fund announced that it would adjust the valuation of Hongjiu Fruit (stock code: 6689.HK) to 0.00 HKD per share starting from October 15, 2025 [3]. - In a similar move, Invesco Great Wall Fund announced on October 15, 2023, that it would value its holdings of the stock at 0 HKD from October 14, 2023 [5]. - Both fund companies stated that they would revert to using the closing price for valuation once the stock resumes trading and shows active market characteristics [6]. Group 2: Company Background and Financial Issues - Hongjiu Fruit, established in 2002, was once the largest distributor of durians in China and became the first publicly listed fruit company in the country in September 2022, with a peak market capitalization of approximately 60 billion HKD [11]. - The company has been suspended from trading since March 2024 due to its inability to disclose financial results on time, and it has faced multiple crises, including auditor resignations and executive investigations [7][11]. - In April 2025, several key executives, including the founder, were taken into custody for alleged loan fraud and tax invoice issues, leading to further instability within the company [11][12]. Group 3: Debt Restructuring Efforts - In May 2025, the company applied for debt restructuring in court, aiming to optimize its capital structure through measures such as extending repayment periods and debt-to-equity swaps [12]. - Despite these efforts, the company is still on track for delisting, as the Hong Kong Stock Exchange has indicated that it failed to meet the requirements for resuming trading [12].

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].

Core Viewpoint - Hong Jiu Fruit, once hailed as "China's first fruit stock," is facing delisting from the Hong Kong Stock Exchange just three years after its IPO, following a series of financial and managerial crises [3][6]. Group 1: Company Overview - Hong Jiu Fruit was established in October 2002 and has positioned itself as a leading multi-brand fresh fruit group in China, claiming to be the largest distributor of durians and a significant player in the distribution of dragon fruit, mangosteen, and longan [9]. - The company went public on the Hong Kong Stock Exchange in September 2022, raising HKD 4.97 billion with an initial share price of HKD 40 [9][10]. Group 2: Financial Performance - The company experienced rapid revenue growth, achieving revenues of CNY 102.8 billion and CNY 150.81 billion in 2021 and 2022, respectively, with net profits of CNY 2.87 billion and CNY 14.52 billion [15]. - However, by the first half of 2023, revenue growth slowed to CNY 85.37 billion, a 19.37% increase, while net profit decreased by 6.26% to CNY 8.04 billion [15]. - The company has faced significant cash flow issues, with operating cash flow net outflows reaching CNY 18.23 billion in 2022 and CNY 3.14 billion in the first half of 2023 [15][16]. Group 3: Crisis Timeline - The crisis began in March 2024 when the company failed to release its annual report, leading to a trading suspension [10][11]. - In April 2024, several executives, including the chairman, were implicated in criminal investigations related to loan fraud and tax invoice issues, further exacerbating the company's troubles [4][13]. - As of March 20, 2024, the company's market capitalization plummeted to HKD 27.95 billion, down from a peak of HKD 670 billion, marking a loss of over HKD 640 billion [3][5]. Group 4: Governance and Compliance Issues - The Hong Kong Stock Exchange cited five main reasons for the potential delisting, including the company's failure to complete investigations, lack of evidence regarding management integrity, and failure to appoint independent directors [6][8]. - The company has not provided necessary documentation or completed internal control reviews, leading to significant governance concerns [7][8]. Group 5: Impact on Stakeholders - The financial turmoil has resulted in substantial losses for institutional investors, including Alibaba, which holds a 7.67% stake, and other notable investors [17][19]. - The founder's wealth has drastically decreased from CNY 168 billion at its peak to a significantly lower amount due to the company's decline [5][17].

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].

10月13日，公司发布公告称，10月3日接到香港联交所发出的函件，上市委员会决定取消洪九果品的上市地位。 曾被誉为"水果第一股"的洪九果品（06689.HK）站到了退市悬崖边。 上市委员会也给出了原因：洪九果品尚未完成调查，并采取适当补救措施；无法证明公司管理层及（或）对公司管理及运营 有重大影响的任何人士的诚信、能力及品牌并无合理的监管问题；尚未完成内部控制审查，未纠正内部控制缺陷；尚未公布任何 未完成的财务业绩；并无委任任何独立执行董事、公司秘书或授权代表。 对于联交所这一决定，洪九果品表示遗憾，认为上市委员会并未充分考虑公司所提交的证据。其已于10月13日向上市复核委 员会提交书面请求，要求进一步复核除牌决定。 自2024年3月因无法按时披露财报停牌至今，洪九果品在500余天内接连经历审计师辞任、高管被查、债务重整等多重危机， 昔日明星企业的光环褪去，留下一串待解的谜团。 年报"难产" 资料显示，洪九果品成立于2002年，是一家多品牌鲜果集团。 灼识咨询数据指出，2022年，洪九果品成为中国最大的水果分销商，但由于市场较为分散，份额仍不足2%。同年9月，洪九 果品登陆港股，成为国内水果行业第一家上市公司 ...

Core Viewpoint - The article discusses the downfall of Hongjiu Fruit (06689.HK), highlighting issues related to financial mismanagement, high-level criminal investigations, and the impact on employees and investors [1][7][49]. Group 1: Company Background and Growth - Hongjiu Fruit was once considered the "first stock of fruits" in China, achieving remarkable revenue growth, with 2022 revenue reaching 15 billion yuan, six times that of 2019 [3][15]. - The company was backed by prominent investors and had a strong market presence, particularly in tropical fruits, being the largest distributor of durians in China [15][16]. - Despite its rapid growth, the company faced scrutiny over its financial practices, particularly concerning a significant increase in prepayments to suppliers and receivables [5][11]. Group 2: Financial Irregularities and Investigations - In March 2024, Hongjiu Fruit announced a temporary suspension of trading due to audit concerns raised by KPMG regarding its financial statements, particularly the surge in prepayments [5][11]. - By April 2025, several top executives, including founder Deng Hongjiu, were detained as part of a police investigation into loan fraud and potential tax invoice irregularities [7][8][31]. - The company faced allegations of inflating its financial performance through questionable transactions with newly established clients and suppliers, raising doubts about the authenticity of its revenue [40][42]. Group 3: Employee Impact and Shareholding Plans - The company initiated an employee stock ownership plan in late 2023, which required employees to invest significant amounts, with over 600 employees contributing nearly 60 million yuan [10][19]. - Many employees later reported that their investments were misappropriated, with funds being transferred out of designated accounts shortly after collection [30][51]. - Following the suspension of trading, the company implemented measures such as layoffs and salary cuts, further straining employee morale and financial stability [26][35]. Group 4: Attempts at Recovery and Future Outlook - In response to financial difficulties, Hongjiu Fruit sought to raise funds through various means, including pledging shares and receivables for loans, totaling over 14 billion yuan [38][39]. - The company announced plans for debt restructuring and sought to negotiate with creditors to alleviate its financial burden [49]. - Despite the challenges, some believe that Hongjiu Fruit still holds investment potential due to its established supply chain capabilities in the fruit industry [50].

Core Viewpoint - Chongqing Hongjiu Fruit Co., Ltd. is facing an unprecedented crisis due to the involvement of its chairman and six key executives in loan fraud and tax invoice issues, leading to significant operational disruptions and potential delisting risks [1][2]. Group 1: Company Background - Hongjiu Fruit was founded in 2002 and is a comprehensive fruit supply chain management company, known for its "end-to-end" business model, which led to its peak market valuation of HKD 670 billion in September 2022 [3]. - The company specializes in sourcing tropical fruits from overseas, including Thailand and Vietnam, and distributing them across China [3]. Group 2: Financial Crisis - The company has been in a financial crisis, with its stock suspended since March 2024 due to the inability to publish its 2023 annual report, resulting in a 95% drop in stock price and a market cap decline from HKD 600 billion to HKD 28 billion [4]. - KPMG, the company's auditor, resigned after discovering irregularities, including a suspicious increase in prepayments to new suppliers amounting to CNY 34.2 billion, which raised concerns about potential shell companies [4][5]. - The company has reported negative operating cash flows for several years, with figures of -CNY 4.5 billion, -CNY 8.04 billion, -CNY 9.82 billion, and -CNY 18.23 billion from 2019 to 2022, and a cash flow of -CNY 3.14 billion in the first half of 2023 [7]. Group 3: Legal and Operational Issues - Multiple executives, including the chairman, have been subjected to criminal measures due to investigations into loan fraud and tax issues, severely impacting the company's operations [2]. - The company is currently embroiled in numerous lawsuits related to financial disputes, with 90 court announcements and 17 court orders against it [9]. - The company faces a potential delisting from the Hong Kong Stock Exchange if it remains suspended for more than 18 months, with less than six months remaining before this rule could be triggered [9]. Group 4: Governance and Control Risks - The company's ownership structure is heavily concentrated within the founder's family, with over 40% control, which raises concerns about governance and oversight [7]. - To alleviate financial pressure, the chairman and his wife have pledged 65% of their shares, amounting to approximately 14% of the total share capital, which poses risks of losing control if share prices continue to fall [8].