Core Viewpoint - Nohui Health, once hailed as the "first stock for cancer early screening," has been forcibly delisted from the Hong Kong Stock Exchange due to financial fraud allegations, marking a significant collapse in both capital and industry trust [1][2]. Company Overview - Founded in 2015 in Hangzhou, Nohui Health aimed to provide at-home early screening for colorectal and gastric cancers, allowing users to collect stool samples without hospital visits [2]. - The company went public on the Hong Kong Stock Exchange in 2021, with its stock price peaking at 89.65 HKD and a market capitalization exceeding 40 billion HKD [2]. Financial Performance - Nohui Health reported impressive financial figures, with 2022 revenue at 765 million CNY, a year-on-year increase of 259.5%, and 2023 H1 revenue at 823 million CNY, surpassing the entire revenue of 2022 [4]. - However, a short-selling report in August 2023 revealed significant discrepancies, claiming the actual sales for 2022 were only 76.95 million CNY, a ninefold difference from reported figures [4]. Management and Governance Issues - Following the allegations, Nohui's management denied the claims, but by March 2024, Deloitte refused to endorse the financial statements, leading to a critical loss of credibility [5]. - The company faced a series of executive departures, including the resignation of founder Zhu Yeqing as CEO, and was ultimately placed into liquidation by the Cayman Islands court in 2025 [5][6]. Investor Impact - Over 4,300 investors have reported losses exceeding 700 million HKD, with many seeking legal recourse against the company [6]. - The stock's value plummeted from 14.14 HKD at the time of suspension to effectively zero, reflecting significant investor losses [5][6]. Industry Implications - The scandal has raised concerns about the integrity of the cancer early screening industry, which has the potential to reduce mortality rates significantly if conducted ethically [7]. - Nohui's fraudulent practices, including purchasing fecal samples from sanitation workers to inflate testing volumes, have severely undermined trust in the sector [7][8].
“癌症早筛第一股”强制退市！被曝向环卫工人购买公厕粪便，虚增检测量；市值曾达400亿港元，创始人等高管已辞职，投资者损失惨重