每经记者｜林姿辰 许立波 每经编辑｜董兴生 从巅峰坠落谷底，"癌症早筛第一股"诺辉健康只用了2年零2个月。 2023年8月，Capital Watch（资本观察）发布做空报告，指控诺辉健康营收造假近九成；2024年3月，审计机构德勤因无法核实财务数 据而拒签公司年报，公司股票应声停牌；2025年10月27日，这家明星公司正式被港交所强制退市。 "这只是冰山一角。"有诺辉健康前员工向《每日经济新闻》记者透露了这样一句话后，就不愿再多言。 每日经济新闻 杭州总部多处大门紧锁，北京新程部分区域清空 近日，记者兵分两路，分别前往位于杭州的诺辉健康中国总部以及位于北京的北京诺辉新程健康科技有限公司（以下简称北京新程） 及其旗下北京诺安实验室进行实地探访。尽管从股权关系上看，两家公司已无关联，但从现有业务来看，二者关系依然密切。 杭州总部多处大门紧锁 目前仅剩1楼仍在使用 公开资料显示，2013年10月，杭州滨江区和瑞科技园T1楼13层，诺辉健康共1100平方米的实验办公室工程完工。此后，诺辉健康基本 将这一处办公场所作为公司的中国总部以及主要营业地点。这里也是诺辉健康在内地的运营主体——杭州诺辉健康科技有限公司（以 下 ...

Core Viewpoint - The rapid decline of Nohui Health, once a leading company in cancer early screening, is attributed to allegations of financial fraud, leading to its forced delisting from the Hong Kong Stock Exchange within a span of just over two years [1][21][24]. Company Overview - Nohui Health was accused by CapitalWatch in August 2023 of inflating its revenue by nearly 90%, which led to a halt in trading after Deloitte refused to sign off on the company's annual report due to unverifiable financial data [1][21]. - The company was officially delisted on October 27, 2025, after failing to meet the Hong Kong Stock Exchange's resumption guidelines [1][24]. Operational Status - The headquarters in Hangzhou is largely abandoned, with multiple locked doors and a significant decrease in sample reception volume, indicating a decline in operational activity [3][4][6]. - The main operational site, located in the Hehui Technology Park, has seen its office space largely vacated, with only a small portion still in use [4][6][12]. Financial Performance - Nohui Health's financial troubles were highlighted by a significant discrepancy between reported sales and actual performance, with a claimed revenue of 765 million yuan in 2022 versus an estimated actual sales figure of only 76.95 million yuan [21]. - The company's promotional activities have diminished, with drastic price variations observed across different e-commerce platforms, raising concerns about potential inventory liquidation [20][22]. Legal and Regulatory Challenges - The company is facing a complex legal landscape as it seeks to navigate potential liquidation proceedings, with over 4,000 individual investors forming a coalition to pursue claims against the company [23][24][26]. - Legal experts indicate that the challenges for investors include establishing a clear evidence chain of financial misconduct and navigating the complexities of cross-border legal frameworks due to the company's registration in the Cayman Islands and listing in Hong Kong [26][27].

Core Viewpoint - Aiming to provide early cancer screening services, Wuhan Aimesen Life Technology Co., Ltd. has submitted its IPO application to the Hong Kong Stock Exchange, highlighting its innovative cancer detection products and significant market potential in China [1][2]. Company Overview - Founded in 2015, Aimesen specializes in early cancer detection, with a mission to become a "munitions depot" for tumor screening [1]. - The company has developed two core products: Aixin Gan for liver cancer and Aiguang Le for urinary tract cancer, utilizing advanced technologies for non-invasive testing [2]. Product Details - Aixin Gan is the world's first liver cancer detection reagent based on methylation and qPCR technology, achieving a sensitivity of 84.43% for stage I liver cancer [2]. - Aiguang Le allows for non-invasive detection of urinary tract cancer using just 1 milliliter of urine, enhancing efficiency and convenience [2]. - Aimesen has launched over 20 early screening products covering various cancers, including colorectal, liver, esophageal, and gastric cancers [4]. Market Context - In China, digestive system cancers account for 50% of cancer-related deaths, with colorectal cancer alone having 560,000 new cases annually and an early diagnosis rate below 20% [2]. - The early screening market for cancer in China is projected to grow from $18.4 billion in 2019 to $28.9 billion by 2030, with a compound annual growth rate of 4.2% [5]. Financial Performance - Aimesen reported revenues of 6.23 million yuan, 7.24 million yuan, and 6.51 million yuan for the first half of 2023, 2024, and 2025, respectively, with net losses of 67.92 million yuan, 38.63 million yuan, and 13.91 million yuan during the same periods [4]. - Research and development expenditures were 22.74 million yuan, 15 million yuan, and 4.52 million yuan for the same periods, while sales expenses were 25.17 million yuan, 15.10 million yuan, and 6.39 million yuan [4]. Customer Base - Aimesen's primary customers include testing laboratories, with the top three clients in 2024 being Wuhan Aino Medical Laboratory, KingMed Diagnostics, and Guangdong Capbio, contributing 52.1%, 9.3%, and 5.2% to total sales, respectively [5].