Core Viewpoint - Changcheng Fund has lowered the valuation of Nohow Health to HKD 1.20 per share, representing a 91.51% decrease from the price before suspension [1] Group 1: Valuation Adjustments - This is the second time Changcheng Fund has adjusted its valuation for Nohow Health, following a previous adjustment to HKD 7.48 per share in July of last year [1] - Multiple fund companies have adjusted their valuations for Nohow Health since mid-last year, indicating a pessimistic outlook on its resumption prospects [1] Group 2: Industry Context - Nohow Health, once known as the "first stock for cancer early screening," has seen its valuation approach zero recently, highlighting potential compliance risks hidden beneath the high growth narrative of biotech companies [1]

Core Viewpoint - The valuation of Nohui Health has been drastically reduced by multiple fund companies, reflecting a pessimistic outlook on its prospects for resuming trading after a prolonged suspension [2][4][9]. Valuation Adjustments - On June 25, Changcheng Fund announced a new valuation of Nohui Health at 1.20 HKD per share, a 91.51% decrease from its last trading price of 14.14 HKD [7][12]. - Since mid-last year, over 40 valuation adjustments have been made by various fund companies, with Dachen Fund reducing its valuation from 10.12 HKD to 1.81 HKD [9][11]. - Shanghai Guangzheng Asset Management has also adjusted its valuation four times, from 12.73 HKD to 5.70 HKD [9]. Company Background - Nohui Health, once known as "China's first cancer screening stock," was listed on the Hong Kong Stock Exchange in February 2021 and focuses on the development and commercialization of screening products for colorectal, gastric, and cervical cancers [11]. - The company faced allegations of financial misconduct, with a report claiming its actual sales in 2022 were only 76.95 million, significantly lower than the reported 765 million [11]. Suspension and Future Risks - Nohui Health has been suspended from trading since March 28, 2024, due to its inability to publish its annual report on time [12]. - According to Hong Kong Stock Exchange regulations, if the suspension lasts for 18 months, the company may face mandatory delisting, leaving it with approximately three months before this deadline [13].

衡宇 发自 凹非寺 量子位 | 公众号 QbitAI AI新进展，救命的那种。 现在， 只需做一次体检时常规的CT检查，再用AI分析，就有可能在癌症还没有露出明显症状之前——比如提前半年——把它揪出来 。 今天，国内与之相关的一项成果登上国际顶级期刊《自然·医学》 （Nature Medicine） ： 咱们普通人，往往都是闻癌色变。 众多癌症中，胃癌不仅是我国最常见的恶性肿瘤之一，且导致的死亡人数还特别庞大——每年约26万例，在所有恶性肿瘤中居于第三。 不过患上胃癌并不一定等于死神降临。 如果在早期发现并切除，5年生存率可达95%～99%，甚至有完全治愈的可能 。 然而，早期胃癌没有区别于普通胃炎的特异性症状，我国胃癌早期发现率长期徘徊在20%-30%之间。 现在医学界主流的胃癌早筛方法是"问卷+胃镜" ，也就是先填标准化风险评估问卷，然后根据问卷结果，让筛选出的高/中危人群做胃镜筛 查。 全球首个利用平扫CT识别早期胃癌的AI模型DAMO GRAPE 。 它首次突破了传统影像学的限制，实现了用非增强的普通CT识别胃癌的可能性。 实际操作中，DAMO GRAPE在全国20个中心近10万人的大规模临床研究证明 ...

Group 1: Industry Overview - The global cancer early screening market has surpassed $50 billion and is growing at an annual rate of 18% [1] - Despite advanced technology, over 80% of domestic early screening products in China remain confined to the local market due to stringent regulations and high approval barriers in international markets [1] - The European IVDR regulations and the U.S. FDA's classification of early screening products as high-risk Class III devices contribute to the challenges faced by Chinese companies in entering international markets [1] Group 2: Company Profile - Mirxes - Mirxes, established in 2014 and headquartered in Singapore, specializes in RNA technology and aims to provide disease screening solutions globally [3] - Its core product, GASTROClear™, is the first and only approved molecular diagnostic IVD product for gastric cancer screening, having received various international certifications including EU CE and U.S. FDA breakthrough device designation [3][6] - The company plans to leverage its successful IPO on the Hong Kong Stock Exchange to enhance its technology development, market expansion, and international collaborations [5] Group 3: Strategic Initiatives - Post-IPO, Mirxes aims to invest in research for new cancer screening technologies and explore multi-cancer screening products to improve accuracy and detection range [5][6] - The company intends to attract top global research talent and deepen collaborations with international medical institutions to advance its miRNA technology in liquid biopsy applications [6] - Mirxes' strategy includes forming partnerships with renowned pharmaceutical companies and research institutions to enhance its technical capabilities and market competitiveness [6]

Core Viewpoint - Bayzed Health Group successfully listed on the Hong Kong Stock Exchange on June 23, with a strong market debut, reflecting investor confidence in the high-growth cancer medical service sector in China [1] Company Overview - Bayzed Health Group's IPO price was HKD 4.22, with 133 million shares issued, raising approximately HKD 562 million [1] - The cornerstone investor, Harvest Oriental, subscribed for HKD 149 million, accounting for 26.5% of total fundraising and 2.7% of the post-issue equity [1] - The company is positioned as a leader in China's full-cycle cancer medical services, marking a significant milestone in the private specialty medical service sector [1][4] Market Potential - The cancer medical service market in China grew from RMB 337.1 billion in 2018 to RMB 495.1 billion in 2022, with a CAGR of 10.1% [2] - The private cancer medical service market is expected to grow at a CAGR of 19.8% from 2022 to 2026, potentially exceeding RMB 109.2 billion by 2026 [2] - The early cancer screening market presents significant potential, with over 500 million people in China aged 45-74 eligible for screening, indicating a substantial supply-demand gap [2] Business Strategy - Bayzed Health has established a comprehensive service system covering "screening-diagnosis-treatment-rehabilitation," addressing the shortcomings of public healthcare systems [3] - By the end of 2024, the company plans to complete the infrastructure for early cancer screening across all its hospitals [3] - The proportion of revenue from cancer-related services is projected to increase from 39.3% in 2022 to 49.4% in 2024, demonstrating significant commercial success [3] Competitive Position - Bayzed Health ranks third among private cancer medical groups in China based on cancer screening revenue and fourth based on tumor service revenue from its own hospitals [4] - The company leads in the number of early cancer screening centers and gastrointestinal examination cases among private cancer medical groups in China [4] Financial Performance - The company has shown strong growth, with revenue increasing from RMB 803 million in 2022 to RMB 1.189 billion in 2024, reflecting a CAGR of 21.7% [7] - Gross profit rose from RMB 79.56 million to RMB 208 million during the same period, with a CAGR of 61.8%, indicating improved cost control and operational efficiency [7] - In 2024, the company achieved an adjusted net profit of RMB 12.5 million, marking a turnaround from previous losses [8] Future Outlook - The successful IPO and positive financial indicators suggest a robust growth trajectory for Bayzed Health, with expectations of double-digit revenue and profit growth in the coming years [9] - The company plans to utilize IPO proceeds for strategic acquisitions, hospital management, and digital upgrades to enhance business expansion and operational efficiency [9]

Core Insights - The DECIPHER-Omnia study, led by the company, has been published in the prestigious journal Nature Medicine, highlighting advancements in cancer early screening technology [1] - The company has developed a non-invasive blood test, MERCURY, which can screen for nine common cancers using a single blood sample, addressing significant limitations in current cancer screening methods [1] Group 1: Cancer Screening Technology - The current cancer screening methods are invasive, have low compliance, and poor accuracy, primarily covering a limited range of cancers such as lung, breast, and colorectal cancers [1] - The MERCURY technology utilizes ultra-low depth whole genome sequencing combined with AI models to analyze cfDNA fragments in blood, identifying unique tumor signals [1] Group 2: Research and Community Impact - The "Jinling Cohort" project, initiated by the company in collaboration with Nanjing Jiangbei New Area and Nanjing Medical University, has provided free comprehensive health checks to nearly 15,000 residents, totaling 25,000 tests [2] - The study shows a specificity (true negative rate) of 98.1% and a sensitivity (true positive rate) of 53.8%, with 91% of detected positive cases being in the early stages of cancer, significantly improving treatment opportunities [2] Group 3: Future Directions - The company plans to deepen collaboration with Nanjing Jiangbei New Area to promote the widespread application of cancer early screening technologies using genomics and big data analysis [2]

Group 1 - The cancer prevention and treatment situation in China remains severe, with 4.82 million new cancer cases and 2.57 million deaths reported in 2022, indicating a diagnosis every minute and a death every 15 seconds [1] - The top five cancers in terms of new cases are lung cancer, colorectal cancer, thyroid cancer, liver cancer, and stomach cancer, which together account for 57.42% of new cases, highlighting key areas for cancer prevention [1] - Early detection significantly improves cure rates for cancers, particularly colorectal cancer, where the five-year survival rate is 91.8% if detected early, but drops to 10.8% if treatment is delayed [1] Group 2 - Nohui Health's Changweiqing is a non-invasive colorectal cancer screening product that requires only a stool sample, utilizing triple detection technology with a negative predictive value of 99.6% [3] - All commercialized products from Nohui Health are supported by extensive clinical data, ensuring their professionalism, compliance, reliability, and high recognition [3] - Changweiqing is the only product included in all national colorectal cancer screening and treatment guidelines in China, underscoring its significance in the market [3]

Core Viewpoint - The article discusses the challenges faced by Mirxes Holding Company Limited (referred to as "Mirxes Group") in commercializing its blood-based cancer screening product GASTROClear, highlighting issues related to technology maturity, market education, and financial sustainability [3][4][24]. Group 1: Product Technology and Market Challenges - Mirxes Group's core technology is based on the detection of microRNA (miRNA), which plays a crucial role in gene regulation and is linked to various diseases, including cancer [5]. - GASTROClear, designed for early gastric cancer screening, claims a sensitivity of 87.5% for stage I gastric cancer, requiring only 5ml of blood for testing [5][6]. - Despite the promising technology, GASTROClear has not yet been commercialized in China, leading to a 16.14% decline in revenue to $2.028 million and a 32.55% increase in losses to $92.2147 million in 2024 [6][24]. Group 2: Pricing and Market Acceptance - GASTROClear is priced between $150 and $250, which is higher than traditional gastroscopy priced at $80 to $200, raising concerns about its competitiveness in the market [8]. - The specificity of GASTROClear is only 68.4%, meaning a significant number of false positives could lead to consumer skepticism and reluctance to adopt the product [9][10]. Group 3: Financial Needs and Investment Landscape - The company has relied heavily on external funding, with significant investments from various entities, including a $87 million C round financing in 2021 [15][16]. - As of March 31, 2025, Mirxes Group had only $2.6125 million in cash and cash equivalents, indicating a pressing need for capital to sustain operations [18]. - The company has not demonstrated the ability to generate revenue independently, with R&D expenses accounting for 94.19% of revenue in 2024, leading to a cumulative loss of $218 million since 2022 [20][23]. Group 4: Regulatory and Market Entry Barriers - Even if GASTROClear receives regulatory approval, the lack of a comprehensive cancer screening system in China poses significant challenges for market penetration [22]. - The Chinese healthcare system is primarily government-driven, and without support from public insurance, widespread adoption of cancer screening products like GASTROClear is unlikely [22].

Company Overview - The company, founded by three medical doctors in Singapore, is preparing for an IPO on the Hong Kong Stock Exchange, planning to issue 46.62 million shares at a price of HKD 23.30 per share [1][2] - The founders have extensive backgrounds in biotechnology, with over 23 years of research experience in biochemistry and over a decade in the biopharmaceutical field [2][8] - The company specializes in developing and commercializing blood-based miRNA testing kits for cancer and other disease screenings [2][7] Financial Performance - The company has reported significant losses over the past three years, with losses of approximately USD 56.2 million, USD 69.6 million, and USD 92.2 million from 2022 to 2024, totaling nearly 1.4 billion RMB [3][12] - Despite multiple rounds of financing totaling USD 167 million, the company has faced cash flow challenges, with expenditures significantly exceeding revenues [12][14] Market Potential - The cancer screening market in regions such as China, Japan, Southeast Asia, and the United States has grown from USD 13 billion in 2019 to USD 15.2 billion in 2023, with projections to exceed USD 25 billion by 2033 [3][6] - The company operates in the liquid biopsy sector, with its flagship product, GASTROClear™, being the first molecular gastric cancer screening product to receive regulatory approval [7][14] Product Details - GASTROClear™ requires only 1 milliliter of blood for testing, offering a less invasive alternative to traditional endoscopic procedures [7][14] - The product has shown a sensitivity of 87.5% for stage I gastric cancer, but its specificity is only 68.4%, which may lead to a higher rate of false positives [14][15] Competitive Landscape - The company faces competition from other cancer screening firms, including Galleri, which offers a broader range of cancer detection through a single blood test [15][19] - The pricing of GASTROClear™ is positioned between USD 150 to USD 250, which may be less competitive compared to traditional endoscopic procedures that are often covered by insurance [15][16] Industry Challenges - The cancer early screening industry has seen significant investment but also faces scrutiny due to past failures and high-profile scandals, leading to a cautious investment environment [19][20] - The industry is characterized by high operational costs, with the company’s administrative expenses significantly outpacing its research and development spending [12][13][22]

Core Insights - The global cancer early screening market is experiencing rapid expansion, particularly in the gastric cancer screening sector, which has grown from $13 billion in 2019 to $15.2 billion in 2023, with projections to exceed $25 billion by 2033 [1][3] - Mirxes, a pioneer in miRNA technology, has developed GASTROClearTM, the world's first approved miRNA gastric cancer early screening kit, which offers a non-invasive, cost-effective, and convenient alternative to traditional screening methods [1][6] Market Growth - The gastric cancer screening market in China, Japan, Southeast Asia, and the U.S. is expected to see a compound annual growth rate (CAGR) of 4.1% from 2019 to 2023, accelerating to a projected CAGR of 6.8% from 2023 to 2028 [3][4] - The penetration rate of gastric cancer screening in high-risk populations in China has increased from 21.6% in 2019 to 27.8% in 2023, with expectations to rise to 67% by 2033 [4] Technological Advancements - Mirxes has successfully commercialized miRNA early screening products, overcoming significant challenges in the industry related to the detection of subtle differences between miRNAs [5][7] - GASTROClearTM has demonstrated a high sensitivity of 87% for overall gastric cancer detection, with specific sensitivities of 87.5% for stage I cancer and 75% for lesions smaller than 1 cm [9] Business Strategy - Mirxes plans to initially offer GASTROClearTM as a laboratory-developed test (LDT) to build brand awareness before transitioning to in vitro diagnostic (IVD) product sales [2] - The company has submitted an IPO application to the Hong Kong Stock Exchange, aiming to leverage its unique miRNA technology for rapid market expansion [1][10] Financial Performance - In 2024, GASTROClearTM generated $6.278 million in revenue, accounting for 30.9% of total revenue, with a gross profit of $1.9234 million and a gross margin of 70.6% [10][11] - The detection volume for GASTROClearTM doubled in 2024 compared to 2023, reaching 106,600 tests, indicating strong market demand and operational efficiency [10] Future Outlook - Mirxes is set to launch GASTROClearTM as an IVD product in China by mid-2025, following the completion of clinical trials and submission of registration applications [11] - The company has secured $40 million in strategic financing to support the commercialization of GASTROClearTM in the Asia-Pacific market and accelerate clinical validation of other product lines [11]