Core Viewpoint - The article discusses the downfall of Nohui Health, once hailed as "China's first cancer early screening stock," which faced delisting from the Hong Kong Stock Exchange due to fraudulent activities, including the purchase of human waste for testing samples, leading to a significant loss of investor trust and impacting the entire IVD industry negatively [5][11]. Company Summary - Nohui Health was established in 2015 and went public in February 2021, initially achieving a market capitalization exceeding 40 billion HKD with a peak stock price of 89.65 HKD [8]. - The company reported impressive revenue growth, with 2022 revenue at 765 million CNY, a 259.5% increase year-on-year, and 2023 H1 revenue at 823 million CNY, surpassing the previous year's total [8]. - However, a short-seller report in August 2023 revealed that the actual sales figures were significantly lower, with a reported sales figure of only 76.95 million CNY for 2022, indicating potential systematic fraud [8][11]. - Following the report, Nohui Health faced a series of management upheavals, including the resignation of its CEO due to health reasons, and ultimately failed to submit a revival plan, leading to its delisting on October 22, 2025 [9][10][11]. Industry Impact - The scandal surrounding Nohui Health has cast a shadow over the entire IVD industry, highlighting vulnerabilities such as the lack of sustainable funding and the premature commercialization of clinical technologies [6][14]. - The colorectal cancer screening market in China is projected to grow, with a market size of approximately 2.954 billion CNY in 2023, driven by factors like aging population and increased health awareness [13]. - However, the negative fallout from Nohui's actions has led to a significant decline in venture capital investment in non-blood early screening technologies, with a reported over 40% drop in private financing in the first quarter of 2025 [14].
从早筛第一股到粪便造假，昔日400亿巨头退市在即