买公厕粪便造假，明星公司栽了

Core Viewpoint - The recent announcement by the Hong Kong Stock Exchange regarding the delisting of Nohow Health marks a significant development in a three-year financial controversy surrounding the company, which was once hailed as a leader in cancer early screening in China [1][4]. Company Overview - Nohow Health was founded in 2015 in Hangzhou, focusing on at-home early screening for high-incidence cancers such as colorectal and gastric cancer, allowing users to collect stool samples without hospital visits [1][3]. - The company went public on the Hong Kong Stock Exchange in 2021, achieving a market capitalization exceeding HKD 30 billion on its first day, representing a pivotal moment for the cancer early screening industry in China [1][3]. Financial Performance - In the first half of 2023, Nohow Health reported a revenue of CNY 770 million for 2022, reflecting a year-on-year increase of 259.5%, with its core product "Changweiqing" contributing CNY 360 million, a growth of 266.2% [3][4]. Controversy and Allegations - In August 2023, a short-selling report accused Nohow Health of financial fraud, claiming discrepancies between reported revenues and actual sales figures, with the report suggesting that the company's sales were inflated by nearly nine times [4][5]. - Following the allegations, the auditing firm Deloitte raised concerns about the authenticity of Nohow Health's sales, leading to the company's suspension from trading in March 2024 [4][5]. Market Challenges - Despite being a leading company in the early screening sector, Nohow Health's aggressive tactics may be linked to its business model, which aims to position cancer screening products as "fast-moving consumer medical products" [5][6]. - The market for cancer early screening in China remains underdeveloped, with a lack of public awareness and acceptance, compounded by high costs and limited access to hospitals [6][7]. Product and Market Position - Nohow Health's flagship product "Changweiqing" is the first officially approved colorectal cancer screening product in China, yet it has only penetrated approximately 26 hospitals, serving around 6,000 patients, with less than 6% of sales coming from public hospitals [6][7].