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].
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