Core Viewpoint - The delisting of Nuohui Health from the Hong Kong Stock Exchange marks a significant event, but it does not signify the end of the company, as it is undergoing restructuring and legal actions related to investor rights [1][2]. Company Developments - Nuohui Health has significantly reduced its sales team while retaining its medical department, possibly to renew existing certifications and apply for new ones [2]. - The company's HPV screening product "Gongzhengqing" has been rejected by the drug regulatory authority, while the renewal process for its "early screening first certificate" is ongoing [2]. Investor Rights and Legal Actions - Over 4,000 individual investors have formed a rights protection community, led by Zhu Jiang, to pursue legal action in both mainland China and Hong Kong to recover losses [3][21]. - The upcoming hearing for a winding-up petition in the Cayman Islands court is a critical step in the forced delisting process, which could lead to significant financial losses for individual investors [3][17]. Legal Framework and Challenges - The ideal path for investor rights protection involves prior administrative investigations confirming financial fraud, which is not currently available in the Nuohui case [4][6]. - The lack of official conclusions from regulatory bodies complicates the legal recourse for investors compared to similar cases in mainland China [6][9]. - The complexity of pursuing legal action across different jurisdictions (Hong Kong and mainland China) introduces uncertainties regarding evidence acceptance and jurisdictional authority [19][20]. Financial Accountability - In cases of large-scale financial fraud, accountability typically falls on those who executed the actions, but the frequent turnover of company personnel raises questions about long-term responsibility [13][14]. - Auditors may face liability if they fail to detect fraud despite following proper auditing procedures, but proving negligence can be challenging [14][15]. Market Context - The delisting of Nuohui Health highlights broader concerns for mainland investors in Hong Kong stocks, especially as more investors enter the market [21].