明星IPO的背后：重大财务造假退市！

Company Background and Highlights - Nohow Health, founded in 2015, positions itself as a leader in cancer early screening in China, with its core product, Changweiqing, receiving approval in November 2020 as the first colorectal cancer early screening medical device in China [1] - The company went public on the Hong Kong Stock Exchange in February 2021, raising over HKD 2 billion with an initial share price of HKD 26.66, peaking at HKD 89.65 and achieving a market capitalization exceeding HKD 40 billion [1] Core Team and Decision-Making - The CEO and Chairman, Zhu Yeqing, is identified as the orchestrator of fraudulent activities, promoting a "performance-first" strategy that pressured sales teams to meet KPIs at any cost [3] - The organizational culture is highly closed, with sales meetings deemed "top secret" and non-sales staff prohibited from participation [4][5] - There is a prevailing belief in prioritizing loyalty over capability, leading to a culture where questioning the company's practices could result in marginalization or dismissal [6][7] Business Model and Market Performance - The product's logic is flawed, requiring users to collect and send stool samples, resulting in low compliance rates [8] - The high cost of testing, at CNY 1,996, exceeds the willingness to pay for the average consumer, and the lack of insurance coverage has hindered hospital adoption [9][10] - Actual market performance is poor, with total sales for three products in 2022 falling below CNY 20 million, despite claims of significant single-day sales during promotional events lacking third-party verification [11][12] Financial Fraud - The scale of financial fraud is significant, with reported revenues vastly overstated; for instance, in 2021, reported revenue was CNY 211 million, while estimated real revenue was around CNY 30 million, indicating an inflation rate of approximately 85% [14][15] - The fraudulent process involves a four-step closed loop, including shipping products without actual sales, fabricating sample collection, recognizing revenue based on false reports, and recycling funds through various means [15][19][21] Ethical and Regulatory Issues - Claims of having the "world's largest fecal sample library" are misleading, as many samples were collected without consent or proper identification, leading to data contamination [24][26] - The company’s practices have turned medical testing into a tool for financial deception, undermining public trust in cancer screening [27][29] - Regulatory oversight has been inadequate, with the Hong Kong Stock Exchange lacking stringent review processes for biotech companies, and auditors failing to verify the authenticity of samples and user identities [30][32] Timeline of Collapse - Key events leading to the company's downfall include a short-seller report in August 2023 alleging significant revenue fraud, Deloitte's questioning of sales authenticity in March 2024, and subsequent leadership changes culminating in the company's delisting in October 2025 [36][37][40] Investor Challenges - Over 4,000 individual investors have registered for compensation, facing significant losses, with collective litigation being difficult due to the lack of a group lawsuit mechanism in Hong Kong [38][39] - The company's cash has been used to repay priority creditors, complicating asset recovery for ordinary shareholders [39][40] Industry Implications - The collapse of Nohow Health serves as a warning for the Chinese medical technology industry, emphasizing that technological innovation must align with genuine market needs and ethical standards [41][42] - The case highlights the risks of prioritizing rapid growth without validating product-market fit, as well as the necessity for robust regulatory frameworks to prevent exploitation of revenue recognition practices [44]