Company’s share price had plunged 95 per cent since it was first listed
Fresh produce distributor Hongjiu Fruit has been delisted from Stock Exchange of Hong Kong (HKEX) effective 30 December 2025, less than four years after its IPO.
According to China’s Economic Observer, less than four years after its IPO, Hongjiu Fruit officially delisted from the Hong Kong Exchange (HKEX) on 30 December 2025.
Founded in 2002, Hongjiu was once a fully vertically integrated fruit enterprise, focused on premium imported and domestically produced fruit.
According to data from China Insights Consultancy, it was China’s largest fruit distributor in 2022, and also the country’s largest distributor of durians and imported dragon fruit at that time. Its high-profile IPO on HKEX in September 2022 earned it the title of ‘China’s first listed fruit company’.
According to a report from China’s Economic Observer, Hongjiu’s delisting is due to its failure to publish its full-year 2023 results and interim results for 2024. As a result, the company’s shares were suspended from trading on 20 March 2024.
After failing to meet the resumption guidelines within the prescribed timeframe, the listing committee decided on 3 October 2025 to cancel the company’s listing status.
Hongjiu applied for a review on 13 October, but the decision was upheld, and the company was officially delisted on 30 December 2025.
From its peak when its market capitalisation once exceeded HK$67bn, to just about HK$2.795bn before trading was suspended, the company’s share price plunged by more than 95 per cent.
While the shares were still suspended, Hongjiu’s senior management also became embroiled in criminal investigations.
On 16 April 2025, the company announced that several senior executives, including chairman Deng Hongjiu, had been placed under criminal coercive measures by public security authorities on suspicion of loan fraud and issuing false VAT invoices.
As a result, from 6 January 2025, one of the company’s main office premises was placed under access restrictions by the authorities, preventing normal operations. As of 20 May, apart from Deng Hongjiu, Peng He and two other management members who remained under arrest, other restrictive measures imposed on company personnel had been lifted or relaxed, and those under investigation were allowed to continue participating in company operations.
Although the company applied for debt restructuring and pre-restructuring in May 2025 and attempted to bring in strategic investors, three independent non-executive directors resigned collectively in the same month, leading to a complete collapse of its corporate governance structure.
