4000名投资者血本无归，港股最大造假？

Core Viewpoint - The article discusses the downfall of Nohui Health, once hailed as the "first stock in cancer early screening," culminating in its delisting after over 500 days of suspension due to financial fraud allegations and internal conflicts [4][5][6]. Group 1: Company Background and Rise - 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 [23][24][25]. - The company launched its first product, "Changweiqing," a non-invasive home testing kit for colorectal cancer, in 2016, which gained attention and led to multiple rounds of financing, achieving a valuation exceeding $500 million by 2020 [25][26]. - Nohui Health went public on the Hong Kong Stock Exchange in February 2021, raising approximately HKD 2 billion and reaching a market capitalization of over HKD 41 billion on its debut [26][27]. Group 2: Financial Fraud Allegations - In August 2023, a short-selling report by CapitalWatch accused Nohui Health of inflating revenues by over CNY 300 million in 2022 through questionable sales practices, revealing that actual sales might have been only CNY 76.95 million [8][6]. - The report detailed that Nohui Health's revenue recognition practices involved recognizing sales from expired products, creating a misleading picture of sales growth [8][10]. - Deloitte's refusal to endorse Nohui Health's financial statements in March 2024 raised further concerns, leading to the company's suspension from trading [12][13][15]. Group 3: Internal Conflicts and Leadership Changes - Following the financial scandal, Nohui Health's internal power structure began to collapse, culminating in the resignation of CEO Zhu Yeqing in December 2024 due to health reasons and subsequent removal from the board [19][20][22]. - The board's decision to remove Zhu Yeqing indicated significant disagreements regarding management style and corporate governance [19][21]. Group 4: Investor Impact and Market Reaction - Nohui Health's delisting on October 27, 2023, resulted in a market capitalization loss of over HKD 33.6 billion, leaving investors with a valuation of just HKD 0.01 [30][31][32]. - The complex corporate structure of Nohui Health, registered in the Cayman Islands and listed in Hong Kong, has complicated the legal recourse for investors seeking compensation [32][34]. - Over 4,000 individual investors have registered for potential claims, with total investments exceeding CNY 700 million, highlighting the widespread financial damage caused by the company's collapse [34][35].