港股最大造假？4000名投资者血本无归

Core Viewpoint - The article discusses the rise and fall of Nohui Health, a company once celebrated as a leader in cancer early screening, which ultimately faced severe financial and governance issues leading to its delisting from the Hong Kong Stock Exchange [4][6][64]. Group 1: Company Background and Growth - Nohui Health was founded in 2015 by three Peking University alumni, focusing on cancer early screening, particularly for colorectal cancer, addressing a significant market need in China [42][44]. - The company launched its first product, "Changweiqing," in 2016, which was a non-invasive home testing kit for colorectal cancer, gaining attention in the industry [44]. - By 2021, Nohui Health went public on the Hong Kong Stock Exchange, raising approximately HKD 20 billion, with a market valuation exceeding HKD 410 billion at its peak [45][46]. Group 2: Financial Misconduct and Crisis - In August 2023, a short-selling report from Capital Watch accused Nohui Health of inflating its revenue by over HKD 300 million in 2022 through questionable sales practices [13][14]. - The report suggested that the actual sales revenue for 2022 was only HKD 76.95 million, a stark contrast to the reported HKD 765 million, indicating a potential Ponzi scheme-like operation [14][15]. - Deloitte, the company's auditor, raised concerns about the authenticity of Nohui Health's sales data and eventually resigned, which intensified scrutiny and led to the company's suspension from trading [21][24]. Group 3: Governance Issues and Leadership Changes - Following the financial scandal, Nohui Health's internal governance began to crumble, culminating in the resignation of CEO Zhu Yeqing in December 2024 due to health reasons, which was later followed by his removal from the board [34][38]. - The board's decision to remove Zhu highlighted significant differences in management style and philosophy, indicating deeper issues within the company's leadership structure [35][39]. Group 4: Investor Impact and Market Reaction - The company's delisting on October 27, 2023, resulted in a dramatic loss of value, with its market capitalization plummeting from HKD 400 billion to just HKD 0.01, leaving many investors with substantial losses [49][51]. - Over 4,000 individual investors have registered to seek compensation, with total investments exceeding HKD 700 million, reflecting the widespread financial damage caused by the company's collapse [57][58]. - The case has raised concerns about the risks associated with high-growth narratives in the capital market, particularly regarding governance and financial integrity [59][60].