起底买环卫工粪便造假的“癌症早筛第一股”，幸亏中国医保没买单

Core Viewpoint - The article reveals the extensive financial fraud at Nohui Health, a leading cancer early screening company in China, which has led to its impending delisting and potential bankruptcy due to systematic data falsification [1][5][10]. Group 1: Company Background and Operations - Nohui Health was established in November 2015, focusing on home early screening products for high-incidence cancers, with significant market potential projected to grow from $18.4 billion in 2019 to $28.9 billion by 2030 [12]. - The company's core product, Changweiqing, received approval in November 2020, claiming a sensitivity of 95.5% for colorectal cancer detection [12][14]. - Nohui Health went public on February 18, 2021, raising HKD 2 billion, with its stock price soaring over 200% on the first day, reaching a market capitalization of over HKD 30 billion [14]. Group 2: Fraudulent Practices - The company engaged in fraudulent practices by purchasing fecal samples from sanitation workers and splitting samples among multiple fake testing accounts to inflate sales figures [1][7]. - Sales personnel were encouraged to provide test kits to distributors without upfront payment, leading to a cycle of falsified sales reports and inflated revenue [7][8]. - A report indicated that Nohui Health's actual sales for 2022 were only CNY 76.95 million, a staggering 90% less than the reported CNY 765 million, highlighting the extent of the deception [8]. Group 3: Financial Consequences and Market Impact - Following the exposure of the fraud, Nohui Health's stock was suspended for 18 months, leading to a forced delisting announcement on October 22, 2025 [2][5][10]. - The company's valuation plummeted, with estimates dropping to HKD 0.01, nearly reaching zero, as major investors were forced to repeatedly downgrade their valuations [9]. - The fraudulent activities not only harmed investors but also jeopardized the future of the entire cancer early screening industry in China, potentially raising barriers for other companies seeking to enter the market [18].