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 - 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。 ...

Group 1 - The core point of the article is that Nohow Health (06606) will have its listing status canceled by the Hong Kong Stock Exchange effective from October 27, 2025, at 9:00 AM [1] Group 2 - Nohow Health has appointed joint provisional liquidators as part of the process leading to the cancellation of its listing status [1] - The cancellation is in accordance with Listing Rule 6.01A(1) [1]

香港聯合交易所有限公司 (香港交易及結算所有限公司全資附屬公司) THE STOCK EXCHANGE OF HONG KONG LIMITED (A wholly-owned subsidiary of Hong Kong Exchanges and Clearing Limited) 聯交所宣布，由 2025 年 10 月 27 日上午 9 時起，該公司的上市地位將根據《上市規則》 第 6.01A(1)條予以取消。 該公司的股份自 2024 年 3 月 28 日起已暫停買賣。根據《上市規則》第 6.01A(1)條，若該 公司未能於 2025 年 9 月 27 日或之前復牌，聯交所可將該公司除牌。 該公司未能於 2025 年 9 月 27 日或之前履行聯交所訂下的復牌指引而復牌。於 2025 年 10 月 10 日，上市委員會決定根據《上市規則》第 6.01A(1)條取消該公司股份在聯交所的上市 地位。 聯交所已要求該公司刊發公告，交代其上市地位被取消一事。 聯交所建議，該公司股東如對除牌的影響有任何疑問，應徵詢適當的專業意見。 香港，2025 年 10 月 22 日 通告 關於 諾輝健康（已委任共同臨時清 ...

Core Viewpoint - The article discusses the fraudulent practices of Nohow Health, revealing how the company manipulated sales data and engaged in deceptive activities that led to its impending liquidation and delisting from the stock market [1][23]. Group 1: Fraudulent Practices - Nohow Health was accused of fabricating sales performance, with claims that 90% of its sales revenue was artificially inflated through various deceptive methods, including purchasing fecal samples from sanitation workers [4][8]. - The company utilized a network of third-party firms to facilitate these fraudulent transactions, creating a "virtual sale" environment where actual customer transactions were not necessary [9][11]. - The sales team expanded significantly, from about 100 employees in early 2021 to nearly 500 by 2022, which contributed to a 260% revenue increase, raising sales from 200 million to 760 million [12]. Group 2: Internal Knowledge and Accountability - Key executives, including the company's main leaders, were aware of and led the fraudulent activities, with only a select few high-ranking officials allowed to attend confidential sales strategy meetings [4][16]. - The company attempted to cover up its fraudulent activities by planning to falsify financial reports for 2024, which ultimately led to the withdrawal of Deloitte's audit support [4][18]. Group 3: Market Reaction and Consequences - Following the release of a short-selling report, Nohow Health's stock price plummeted from a peak of 38.95 HKD to 15.7 HKD, with trading volume surging to over 28 million shares on that day [18][19]. - The company is now undergoing a liquidation process, with the board of directors losing actual decision-making power, and the delisting appears inevitable [23]. Group 4: Investor Impact - Over 4,000 individual investors have registered to seek compensation, with total investments exceeding 700 million, highlighting the significant financial impact on public investors [24].

Core Insights - The article discusses the fraudulent practices of Nohui Health, revealing that the company engaged in significant sales performance falsification, leading to severe consequences including stock suspension and management turnover [1][2][10] Group 1: Fraudulent Practices - Nohui Health was found to have fabricated sales performance, employing methods such as purchasing fecal samples from sanitation workers and splitting samples among fake testing accounts [2] - The company's top management was aware of and led the fraudulent activities, with only a few executives allowed to attend confidential sales strategy meetings [2][8] - In 2022, Nohui Health's sales team reported a 260% revenue growth, with sales figures soaring from 200 million to 760 million yuan, despite adverse market conditions [7][10] Group 2: Consequences and Reactions - The release of a short-selling report by CapitalWatch triggered a series of events including Deloitte's refusal to sign off on financials, stock suspension, and the resignation of several executives [1][10] - Nohui Health's attempts to manipulate its financial reports in early 2024 led to Deloitte's withdrawal from the audit process, further exacerbating the company's troubles [2][10] - The company is now facing liquidation proceedings, with a court hearing scheduled for November 14, 2023, and over 4,000 individual investors seeking compensation for their losses [13][10] Group 3: Market Impact - Following the short-selling report, Nohui Health's stock price plummeted from a peak of 38.95 HKD to 15.7 HKD, with trading volume surging to over 28 million shares on the day of the report [10][11] - The fraudulent activities have been acknowledged in legal proceedings, with evidence presented that confirms the systematic nature of the sales fraud [10][12] Group 4: Future Outlook - The founders of Nohui Health have initiated a new venture, indicating a potential shift in focus while the original company faces inevitable delisting and liquidation [12][13] - Investors are left in a precarious position, with individual investors unable to recover their investments while awaiting the outcome of legal investigations [13]