Core Viewpoint - The downfall of Nohui Health, once hailed as "China's first cancer early screening stock," highlights a broader crisis of capital frenzy, governance failure, and industry trust issues, culminating in its delisting from the Hong Kong Stock Exchange effective October 27, 2025 [1] Company Overview - Nohui Health was established in 2015 and went public on the Hong Kong Stock Exchange in 2021, quickly becoming a darling of investors with products for early screening of colorectal and gastric cancers [2] - At its peak, the company's stock price reached 89.65 HKD, with a market capitalization exceeding 40 billion HKD [2] - The company reported impressive financials, with 2022 revenue of 765 million CNY, a year-on-year increase of 259.5%, and 2023 H1 revenue of 823 million CNY, surpassing the previous year's total [2] Governance and Audit Issues - In March 2024, Deloitte, the auditing firm, unexpectedly refused to endorse Nohui Health's 2023 financial statements, raising concerns about the authenticity of sales data [3] - Following the audit controversy, the company faced significant management upheaval, with the CFO and other executives resigning, and the founder and CEO stepping down in December 2024 due to governance discrepancies [3] Fraud Allegations - In October 2025, media reports revealed shocking details of fraud, including the purchase of public toilet feces for testing samples and the creation of multiple fake accounts to inflate testing data [4] - These actions severely undermined the credibility of its core product, "Changweiqing," which is set to expire in November 2025 [4] Industry Impact - The Nohui incident has led to increased caution among investors in the early screening sector, with venture capitalists categorizing "non-blood early screening" as a "red light" area, effectively halting new investments [5] - In Q1 2025, private equity financing in the IVD sector plummeted by over 40%, indicating a chilling effect on the industry [5] Industry Reflection - Despite the potential of the early screening market, the collapse of Nohui Health serves as a warning that the medical industry requires genuine technological advancement rather than speculative capital games [6] - The industry is in urgent need of stricter regulatory mechanisms, more transparent data verification systems, and robust business models [6] - Nohui Health has entered temporary liquidation, with investors facing significant losses and the company's valuation nearing zero, marking a pivotal moment for the industry to return to rationality [6]

Core Insights - Nohui Health is set to be delisted from the Hong Kong Stock Exchange on October 27, 2023, after failing to meet the resumption guidelines by the September 27 deadline [2][3] - The company has faced significant scrutiny regarding its financial practices, including allegations of revenue inflation and sales authenticity issues [3][4] - The expiration of the National Medical Products Administration registration certificate for its main revenue-generating product, Changweiqing, is approaching on November 8, 2023 [5] Company Overview - Nohui Health was established in Hangzhou, Zhejiang in 2015 and became the first Chinese cancer early screening stock listed on the Hong Kong Stock Exchange in 2021 [3] - The company’s primary product, Changweiqing, received approval for domestic market launch in November 2020, amidst challenges faced by competitors in obtaining clinical product certifications [2] Financial and Market Performance - In August 2023, Nohui Health faced a short-selling report from Capitalwatch, which claimed that the company had inflated its sales revenue by 90% through inventory manipulation [3] - The company had projected its first profitable year in 2023, but subsequent negative developments led to a suspension of its stock and delays in financial reporting [3][4] - As of March 2024, Deloitte refused to endorse Nohui Health's financial statements, raising further concerns about the authenticity of its sales [4] Valuation Adjustments - Multiple fund companies have drastically reduced their valuations of Nohui Health, with some estimating the stock at nearly zero, such as Xinyi Fund and Ping An Fund, both adjusting their valuations to HKD 0.01 per share [6]

Core Viewpoint - Nohow Health is set to have its listing status canceled by the Hong Kong Stock Exchange effective October 27, 2025, due to failure to resume trading by the stipulated deadline [1][9]. Group 1: Company Overview - Nohow Health focuses on home early screening and genetic testing services for cancers prevalent among the Chinese population, covering three of the top ten cancers: colorectal cancer, gastric cancer, and cervical cancer [2]. - The company went public on the Hong Kong Stock Exchange in February 2021, raising a net amount of HKD 1.9 billion, with an opening price of HKD 76, representing a 185% increase from the issue price and a market capitalization exceeding HKD 30 billion [4]. Group 2: Financial Irregularities - In August 2023, Nohow Health faced allegations from short-seller CapitalWatch, claiming the company inflated revenues by over HKD 300 million in 2022 through practices such as pushing inventory to distributors and recognizing expired products as revenue [6]. - CapitalWatch estimated that Nohow Health's actual sales in 2022 were approximately HKD 76.95 million, nearly nine times lower than the reported HKD 765 million, suggesting a Ponzi-like scheme to maintain growth [6]. Group 3: Management Changes and Governance Issues - Following the financial irregularities, Nohow Health appointed independent non-executive directors and initiated an independent investigation, leading to the resignation of its auditor, Deloitte [10]. - The founder and CEO, Zhu Yeqing, resigned from his positions in December 2024 due to health reasons, and the board decided to hold a special meeting to remove him as an executive director, citing significant differences in management style [11][12]. Group 4: Market Impact - Nohow Health's shares have been suspended from trading since March 28, 2024, resulting in substantial losses for investors, with the last trading price at HKD 14.14 before suspension [9][13].

Core Viewpoint - Nohow Health, once hailed as "China's first cancer early screening stock," is set to be delisted from the Hong Kong Stock Exchange due to failure to comply with resumption guidelines, marking a significant collapse in both capital and industry trust [1][4]. Company Summary - Nohow Health was established in 2015 and went public in February 2021, initially seeing its stock price soar to 89.65 HKD, with a market capitalization exceeding 40 billion HKD [2]. - The company reported impressive financials, with 2022 revenue at 765 million CNY, a 259.5% year-on-year increase, and 2023 H1 revenue at 823 million CNY, surpassing the previous year's total [2]. - A short-selling report in August 2023 accused Nohow Health of inflating revenue through "channel stuffing," revealing that the actual sales for 2022 were only 76.95 million CNY, nearly nine times lower than reported [2][3]. - Following management's strong denial of the allegations, the auditing firm Deloitte withdrew its endorsement of the 2023 financial statements, leading to a suspension of trading [3]. - The company faced significant management upheaval, with key executives resigning, including the founder and CEO due to health reasons [3][4]. - Nohow Health's fraudulent practices included purchasing human waste for testing samples, severely undermining the credibility of its core product [4]. Industry Summary - The colorectal cancer screening market in China is expanding, with a market size reaching approximately 2.954 billion CNY in 2023, driven by factors such as an aging population and increased health awareness [5]. - The market for molecular screening technologies is also growing, with a size of about 596 million CNY in 2023, indicating a broad potential for development in this sector [5]. - The fallout from Nohow Health's scandal has exposed vulnerabilities in the industry, such as the lack of sustainable funding and the premature commercialization of clinical technologies [6]. - The investment landscape for non-blood early screening technologies has become increasingly cautious, with a significant decline in private equity financing for the IVD sector, dropping over 40% year-on-year in Q1 2025 [6].

Core Viewpoint - The article discusses the downfall of Nohui Health, once hailed as "China's first cancer early screening stock," which faced delisting from the Hong Kong Stock Exchange due to fraudulent activities, including the purchase of human waste for testing samples, leading to a significant loss of investor trust and impacting the entire IVD industry negatively [5][11]. Company Summary - Nohui Health was established in 2015 and went public in February 2021, initially achieving a market capitalization exceeding 40 billion HKD with a peak stock price of 89.65 HKD [8]. - The company reported impressive revenue growth, with 2022 revenue at 765 million CNY, a 259.5% increase year-on-year, and 2023 H1 revenue at 823 million CNY, surpassing the previous year's total [8]. - However, a short-seller report in August 2023 revealed that the actual sales figures were significantly lower, with a reported sales figure of only 76.95 million CNY for 2022, indicating potential systematic fraud [8][11]. - Following the report, Nohui Health faced a series of management upheavals, including the resignation of its CEO due to health reasons, and ultimately failed to submit a revival plan, leading to its delisting on October 22, 2025 [9][10][11]. Industry Impact - The scandal surrounding Nohui Health has cast a shadow over the entire IVD industry, highlighting vulnerabilities such as the lack of sustainable funding and the premature commercialization of clinical technologies [6][14]. - The colorectal cancer screening market in China is projected to grow, with a market size of approximately 2.954 billion CNY in 2023, driven by factors like aging population and increased health awareness [13]. - However, the negative fallout from Nohui's actions has led to a significant decline in venture capital investment in non-blood early screening technologies, with a reported over 40% drop in private financing in the first quarter of 2025 [14].

Core Viewpoint - Hong Kong Stock Exchange announced the cancellation of Nohui Health's listing status due to its failure to meet the resumption guidelines by the deadline of September 27, 2025, marking the end of a two-year saga for the company [2][3][7]. Company Summary - Nohui Health, once hailed as "China's first cancer early screening stock," is set to have its listing status canceled effective October 27, 2025, after failing to resume trading since March 28, 2024 [2][7]. - The company faced severe allegations of financial misconduct, including fabricating revenue figures and using fake testing samples, which led to a significant decline in its credibility and market value [7][9][13]. - Nohui Health's stock price peaked at 89.65 HKD, with a market capitalization exceeding 40 billion HKD at its height, but has since plummeted, with current valuations nearing zero [9][13]. - The company reported a revenue of 765 million CNY in 2022, a 259.5% increase year-on-year, but a short-seller report revealed that the actual sales were only 76.95 million CNY, indicating a massive discrepancy [9][10]. Industry Impact - The downfall of Nohui Health has raised concerns about the integrity of the In Vitro Diagnostics (IVD) industry, particularly in the cancer screening sector, which is characterized by intense competition and low barriers to entry [8][15]. - The scandal has led to a significant reduction in venture capital investment in non-blood early screening technologies, with a reported decline of over 40% in private financing for IVD in the first quarter of 2025 [15]. - The market for colorectal cancer screening in China is projected to grow, with an estimated size of 2.954 billion CNY in 2023, driven by factors such as aging population and increased health awareness [14][15]. - The incident has highlighted critical issues within the industry, including the lack of sustainable funding models and the premature commercialization of clinical technologies without sufficient validation [15][16].

Group 1 - The Hong Kong Stock Exchange announced the cancellation of Nohow Health's listing status effective October 27 [3] - Nohow Health, known as the first cancer early screening stock, was listed in February 2021 and faced allegations of financial fraud following a short report by Capital Watch in August 2023 [3] - The founder of Nohow Health, Zhu Yeqing, was removed from all positions, including executive director, on December 30, 2024 [3] Group 2 - Nohow Health's products, including Changweiqing, Youyouguan, and Pupu Guan, allow consumers to test for colorectal and stomach cancer at home [3] - Early detection of cancer is crucial for timely treatment, but the commercialization of cancer screening products has faced challenges [3] - Nohow Health's stock price peaked at 89.65 HKD per share in June 2021, with a total share capital of 448.8 million shares, leading to a market capitalization of 40 billion HKD [3]

Core Viewpoint - Nohow Health (06606.HK) has received a letter from the Hong Kong Stock Exchange indicating that the company failed to meet the resumption guidance by September 27, 2025, leading to the decision to cancel its listing status [1] Group 1 - The last trading date for the company's shares is set for October 24, 2025, with the listing status to be canceled on October 27, 2025, at 9:00 AM [1] - Joint provisional liquidators will report the latest developments and preliminary investigation results to the Grand Court of the Cayman Islands [1] - The company will seek a winding-up order during a hearing scheduled for November 14, 2025, due to its delisting [1]

諾輝健康 （已 委 任 共 同 臨 時 清 盤 人） （於 開 曼 群 島 註 冊 成 立 的 有 限 公 司） （股 份 代 號：6606） 上市委員會決定取消本公司上市地位 本 公 告 由 諾 輝 健 康（「本公司」或「公 司」，連 同 其 附 屬 公 司 及 合 併 聯 屬 實 體，統 稱「本集團」或「集 團」）根 據 香 港 聯 合 交 易 所 有 限 公 司（「聯交所」）證 券 上 市 規 則（「上市規則」）第13.09(2)(a)條及第13.24A條，及 證 券 及 期 貨 條 例 （香 港 法 例 第571章）第XIVA部 項 下 之 內 幕 消 息 條 文（定 義 見 上 市 規 則）而 作 出。 茲提述(i)本公司日期為2024年3月28日 的 公 告，內 容 有 關 本 公 司 股 份（「股 份」）於 聯 交 所 暫 停 買 賣；(ii)本公司日期為2024年5月28日 的 公 告，內 容 有 關 聯 交 所 初 步 復 牌 指 引；(iii)本公司日期為2025年1月9日 的 公 告，內 容 有 關 聯 交 所 額 外 復 牌 指 引；(iv)本公司日期為2025年3月10日 的 公 告 ...

智通财经APP讯，诺辉健康(06606)发布公告，香港联合交易所有限公司(联交所)宣布，由2025年10月27 日上午9时起，诺辉健康(已委任共同临时清盘人)(该公司)的上市地位将根据《上市规则》第6.01A(1)条 予以取消。 ...