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Core Viewpoint - Nohui Health, once hailed as "China's first cancer early screening stock," has announced its delisting after over 500 days of suspension due to failure to meet resumption guidelines, reflecting severe issues within the IVD industry [1] Company Overview - Nohui Health was founded in 2015 by three graduates from Peking University, focusing on the early screening market for high-incidence cancers [2] - The company's core products include "Changweiqing" and "Pupuguan," specifically designed for China's 120 million high-risk colorectal cancer population [2] - In November 2020, Nohui Health achieved a significant milestone by obtaining the first approval for cancer early screening products in China [2] Financial Performance - Nohui Health raised over $100 million through seven rounds of investment from various VC/PE firms between 2015 and 2021 [3] - The company went public on the Hong Kong Stock Exchange in February 2021, with a market value exceeding HKD 30 billion at its peak [3] - In 2022, Nohui Health reported revenue of CNY 765 million, a year-on-year increase of 259.5%, and in the first half of 2023, revenue reached CNY 823 million, surpassing the total for 2022 [3] Downfall and Controversies - Allegations of financial data fraud surfaced in August 2023, claiming that the actual sales figures were significantly lower than reported [4][5] - Reports indicated that Nohui Health engaged in unethical practices, such as purchasing human waste for testing samples and falsifying data [4] - Following the fraud allegations, the company's market value plummeted to HKD 6.345 billion, leading to a suspension of trading [5] Industry Implications - Nohui Health's downfall highlights critical vulnerabilities in the IVD industry, including unsustainable business models and unverified clinical value [6][7] - The IVD sector is currently facing a "winter" characterized by supply-demand imbalances, intensified competition, and a retreat of capital investment [6][7] - The first half of 2025 saw a dramatic decline in private financing for IVD companies, with a drop of over 40% year-on-year [7]