Core Viewpoint - Chongqing Hongjiu Fruit Co., Ltd. has faced a significant crisis following the detention of its chairman and several executives for alleged loan fraud and tax invoice irregularities, leading to a halt in trading and a potential delisting from the Hong Kong Stock Exchange [1][18][20]. Company Overview - Hongjiu Fruit, established in 2002, was recognized as the "first fruit stock" in China, competing with other major players in the fruit industry [3][17]. - The company initially focused on expanding its fruit business across various regions and later ventured into high-end imported fruits, becoming a leading distributor of durians in China [4][5][6]. Financial Performance - The company reported significant sales growth in its core fruit products, with revenues from six key fruits reaching RMB 15.6 billion, RMB 39.4 billion, and RMB 34.4 billion in 2019, 2020, and the first half of 2021, respectively [6][7]. - However, the company has faced severe cash flow issues, with operating cash flow showing negative figures from 2019 to 2023, culminating in a cash flow deficit of RMB 18.23 billion in 2022 [22][23]. Supply Chain and Business Model - Hongjiu Fruit adopted an "end-to-end" supply chain model, focusing on high-quality imported and domestic fruits, which involved direct sourcing from over 100 global fruit origins [12][13]. - The company utilized a high-leverage strategy to maintain cash flow, relying on prepayments to suppliers while facing long receivable periods from customers [21][22]. Recent Developments - The company disclosed a troubling financial situation in March 2024, revealing a significant increase in prepayments to new suppliers, many of which were suspected to be shell companies [18][19]. - Following the suspension of trading, major shareholders and board members resigned, and the company has faced multiple lawsuits related to financial disputes [20][26]. Market Position and Challenges - Hongjiu Fruit's market position deteriorated rapidly, with its stock price plummeting 95% from its peak, leading to a market capitalization drop from HKD 670 billion to HKD 28 billion [17][20]. - The company has struggled with high operational costs and extended sales receivable periods, exacerbated by increased competition from e-commerce and changing consumer preferences [25][26]. Lessons Learned - The collapse of Hongjiu Fruit highlights the critical importance of cash flow management, corporate governance, and the risks associated with high leverage in low-margin industries [27][28][30]. - The case serves as a cautionary tale for family-owned businesses regarding the need for checks and balances to prevent governance failures and financial misconduct [27][28].

"现在榴莲明显便宜了，像这种金枕榴莲，现在只要20多元，上个月要30多元。"5月12日，成都玉林路上一家水果店内，正在挑选榴莲的郑女士 告诉红星新闻记者，最近正是榴莲成熟期，买4斤左右重量的金枕榴莲只要100多元。 5月12日，红星新闻记者走访了成都部分商超、市场了解到，进入5月中旬，榴莲、山竹等热带水果逐渐进入销售旺季，价格也出现了明显回落。 ▲进口榴莲 榴莲价格下降约30%，销量增长明显 在成都武侯区一家盒马鲜生店内，金枕榴莲销售标价为29.9元/斤，现场销售人员告诉红星新闻记者，"5月以来，售价下降明显，销量非常大。我们店每天都 会进200多斤的金枕榴莲，除了一小部分没有熟透的，其余的基本全部卖完。" 在淘宝平台上，总销量超过万单的商家比比皆是，销量超过10万单的商家也不在少数。一家累计销售超过14万单的榴莲销售商家表示，"目前一天有300多名 顾客购买我们家榴莲，咨询量就更大了。我们销售的榴莲是泰国进口的金枕榴莲，单果重量如果是3斤-3.5斤，售价是113元。接下来的一段时间内，我们预 计销售量还会增长。" ▲盒马鲜生榴莲销售摊位 在位于宽窄巷子东广场的益民菜市长顺街店，榴莲售价为28元/斤。店员介绍 ...