Core Viewpoint - Hongjiu Fruit has been delisted from the Hong Kong Stock Exchange effective December 30, following its failure to resume trading by September 19, leading to the exchange's decision on October 3 to cancel its listing status [1] Group 1: Company Background - Hongjiu Fruit specializes in the full industry chain operation of high-quality fruits and was listed on the Hong Kong Stock Exchange in September 2022, reaching a peak market value of HKD 67 billion [1] - In 2022, Hongjiu Fruit was the largest fruit distributor in China by sales revenue, as well as the largest distributor of durians and imported dragon fruits [1] Group 2: Financial and Operational Issues - The company was suspended from trading in March 2024 due to its inability to disclose financial reports on time, with KPMG raising concerns about a prepayment balance of approximately CNY 4.47 billion as of the end of 2023 [1] - In the fourth quarter of 2023, Hongjiu Fruit made payments of about CNY 3.42 billion to several suppliers, most of whom were new trading partners without historical transaction records [1] - KPMG recommended the establishment of an independent investigation committee to assess the commercial rationale of the prepayments and consider hiring a third party for assistance [1] Group 3: Legal and Governance Challenges - In April 2024, KPMG resigned as the company's auditor, and Hongjiu Fruit has not disclosed its 2023 annual report or subsequent periodic reports [2] - The company’s chairman and several executives are under criminal investigation for alleged loan fraud and issuing false VAT invoices, with some executives facing different forms of criminal coercive measures [2] - Hongjiu Fruit has applied for reorganization and pre-reorganization in May 2024, following the resignation of all independent non-executive directors, leaving the company without any independent board members or audit committee members [2]

Group 1 - Hongjiu Fruit's H-share listing status will be canceled by the Hong Kong Stock Exchange effective December 30, following the company's failure to resume trading by September 19 [1] - The company was once valued at a peak market capitalization of HKD 67 billion and was the largest fruit distributor in China in 2022, specializing in durians and imported dragon fruits [1] - The company faced suspension in March 2024 due to its inability to disclose financial reports on time, with KPMG raising concerns over a prepayment balance of approximately CNY 4.47 billion as of the end of 2023 [1] Group 2 - In April 2024, KPMG resigned as the company's auditor, and the company has not disclosed its 2023 annual report or subsequent periodic reports [2] - The chairman and several executives of Hongjiu Fruit are under criminal investigation for alleged loan fraud and issuing false VAT invoices, with some executives facing different levels of criminal coercive measures [2] - The company applied for reorganization and pre-reorganization in May 2024, following the resignation of all independent non-executive directors, leaving the company without an audit committee [3]

Core Viewpoint - Hong Jiu Fruit (06689.HK), once hailed as the "first stock of fruits," is set to be delisted from the Hong Kong Stock Exchange on December 30, marking the end of its journey as a major player in the fruit distribution industry after facing severe financial disclosure issues [1][2]. Group 1: Company Overview - Hong Jiu Fruit was recognized as the largest fruit distributor in China by sales revenue in 2022, particularly dominating the durian and imported dragon fruit markets [4]. - The company was founded by Deng Hong Jiu in 1987 and achieved significant wealth, ranking 85 billion yuan on the Hurun Rich List in 2022 [4]. Group 2: Financial Issues - The company has been suspended from trading since March 2024 due to failure to disclose financial reports, resulting in a market value decline from a peak of 67 billion HKD (approximately 60.3 billion RMB) to 2.795 billion HKD, a drop of over 95% [1][2]. - KPMG, the auditing firm, discovered irregularities, including a prepayment balance of approximately 4.47 billion yuan, with 3.42 billion yuan paid to new suppliers in the fourth quarter, raising concerns about the financial authenticity [2]. Group 3: Governance and Legal Challenges - In April 2024, the chairman Deng Hong Jiu and several board members were taken into custody for alleged loan fraud and issuing false VAT invoices, leading to a collapse in the company's governance structure [2][4]. - Despite attempts to restructure in May 2024, the resignation of three independent non-executive directors rendered the audit committee non-functional, further deteriorating the company's governance [4].

因为无法按时披露财报，停牌超过一年半，市值缩水640亿港元的"水果第一股"洪九果品(06689.HK)即 将迎来"退市时刻"。 12月24日，香港联合交易所发布取消重庆洪九果品股份有限公司上市地位的通告。通告宣布，从2025年 12月30日上午9点起，根据《上市规则》第6.01A(1)条，予以取消洪九果品的H股上市地位。 通告显示，该公司自2024年3月20日起已暂停买卖。根据上述《上市规则》，若洪九果品未能在9月19日 或之前复牌，联交所有权将该公司除牌。该公司曾于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。 1987年，17岁的邓洪九只身一人来到重庆朝天门码头挑担创业卖水果。当时，他发现朝天门一带红桔的 零售价格普遍偏高，一斤要卖七八角，而自己老家长寿的价钱比这儿要便宜得多。于是，邓洪九通过在 家乡收购桔子，直接拉到重庆来卖，获得了人生的第一桶金，让他看到了"端到端"模式的巨大优势，坚 定了创业的想法。 2002年，邓洪九创办了洪九果品的前身——重庆洪九果品有限公司。2009年被获评"中国果品行业优秀 企业家"，2012年获评"中国经济十大新闻人物"。 随着危机发酵，洪九 ...

Core Viewpoint - Hong Jiu Fruit (06689.HK), once known as "China's first fruit stock," is set to be delisted from the Hong Kong Stock Exchange after failing to resume trading for over a year and a half, marking the end of its listing status [2][4]. Group 1: Company Performance and Financials - Hong Jiu Fruit was listed on the Hong Kong Stock Exchange in September 2022, reaching a peak market value of HKD 67 billion (approximately CNY 60.3 billion) [2]. - The company's revenue surged to CNY 15 billion in its first year of listing, six times that of 2019, establishing it as the largest fruit distributor in China by sales revenue in 2022 [2]. - As of the last trading day before suspension, the stock price had plummeted to HKD 1.74, with a total market value of only HKD 2.795 billion, representing a decline of over 95% from its peak [4]. Group 2: Audit and Compliance Issues - The company was suspended from trading in March 2024 due to its inability to disclose financial reports on time, with KPMG raising concerns about a prepayment balance of approximately CNY 4.47 billion as of the end of 2023 [2][3]. - KPMG noted that in Q4 2023, the company made payments of about CNY 3.42 billion to several suppliers, most of whom were new trading partners without historical transaction records [2]. Group 3: Management and Legal Challenges - In April 2025, the company announced that its founder, Deng Hong Jiu, along with five other executives, were taken into custody as part of a police investigation into allegations of loan fraud and the issuance of false VAT invoices [9][11]. - Following the suspension of trading and operational halt, the company began to implement salary cuts and layoffs, with reports indicating that nearly CNY 60 million from an employee stock ownership plan had been misappropriated [11][13]. - The company has applied for restructuring and pre-restructuring in May 2025, and has lost all independent non-executive directors, leaving it without an audit committee [13].

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].

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][4]. Group 1: Company Background - Hong Jiu Fruit specializes in the full industry chain operation of high-quality fruits and was listed on the Hong Kong Stock Exchange in September 2022, reaching a peak market value of HKD 67 billion [2][5]. - In 2022, the company was the largest fruit distributor in China by sales revenue, as well as the largest distributor of durians and imported dragon fruits [2][5]. 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][5]. - 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][5]. - KPMG recommended the establishment of an independent investigation committee to assess the commercial rationale of the prepayments and consider hiring a third party for assistance [2][5]. Group 3: Legal and Governance Challenges - In April 2024, KPMG resigned as the company's auditor, and as of now, the company has not disclosed its 2023 annual report or subsequent periodic reports [3][6]. - The company announced in April that the Chongqing Public Security Bureau had initiated an investigation into allegations of loan fraud and the issuance of false VAT invoices, resulting in various board members being subjected to criminal measures [3][6]. - Since January 2024, the company's headquarters has been restricted by public security authorities, hindering normal operations [3][6]. - In May 2024, Hong Jiu Fruit applied for restructuring and pre-restructuring in court, while three independent non-executive directors resigned, leaving the company without independent directors or audit committee members [3][6].

Core Viewpoint - Chongqing Hongjiu Fruit Co., Ltd. ("Hongjiu Fruit", 06689.HK), known as the "first fruit stock," is set to be delisted from the Hong Kong Stock Exchange after failing to resume trading for over a year and a half [1][4]. Group 1: Company Overview - Hongjiu Fruit was established in 2002, focusing on high-end imported fruits and high-quality domestic fruits through a comprehensive digital supply chain [2][6]. - The company was listed on the Hong Kong Stock Exchange in September 2022, reaching a peak market capitalization of HKD 67 billion [3][7]. Group 2: Financial Performance - In March 2024, Hongjiu Fruit was suspended from trading due to its inability to disclose financial reports on time, with a market value of approximately HKD 2.795 billion at the time of suspension, reflecting a decline of over 95% from its peak [3][7]. - As of the end of 2023, the company reported a prepayment balance of approximately CNY 4.47 billion, with significant payments made to new suppliers lacking historical transaction records [3][7]. Group 3: Legal and Regulatory Issues - In April 2025, the company announced that its chairman and others were under criminal investigation for loan fraud and issuing false VAT invoices, leading to operational restrictions at its headquarters [4][8]. - The company has multiple legal issues, including 39 enforcement actions totaling over CNY 80 million and 10 instances of being untrustworthy, with a total amount involved of nearly CNY 1 million [8].

Core Viewpoint - Hongjiu 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][4]. Group 1: Company Background - Hongjiu Fruit specializes in the full industry chain operation of high-quality fruits and was listed on the Hong Kong Stock Exchange in September 2022, reaching a peak market value of HKD 67 billion [2][5]. - In 2022, Hongjiu Fruit was recognized as the largest fruit distributor in China by sales revenue, as well as the largest distributor of durians and imported dragon fruits [2][5]. Group 2: Financial and Operational Issues - The company was suspended from trading in March 2024 due to its failure to disclose financial reports on time. As of the end of 2023, the group had a prepaid balance of approximately CNY 4.47 billion [6]. - In the fourth quarter of 2023, Hongjiu Fruit made payments of about CNY 3.42 billion to several suppliers, most of whom were new trading partners without historical transaction records. Some suppliers had registered capital lower than the prepaid amounts, and certain suppliers had zero social insurance coverage [6]. Group 3: Legal and Governance Challenges - In April 2024, the auditing firm KPMG resigned from its role, and the company has not disclosed its 2023 annual report or subsequent periodic reports [3][6]. - In April 2024, Hongjiu Fruit announced that its chairman and several board members were under criminal investigation for loan fraud and issuing false VAT invoices, leading to various restrictive measures against the company [3][7]. - In May 2024, the company applied for restructuring and pre-restructuring in court, and all three independent non-executive directors resigned, leaving the company without independent directors or audit committee members [7].

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].