尽管港股的癌症早筛第一股黯然退市，但基金经理仍在抢购相关资产。 因财务风波及长期停牌，基金重仓的诺辉健康在10月27日被正式取消上市地位，此前有多家公募将该股估值调 整至0.01港元。作为AI医疗赛道的细分，诺辉健康的退市并未影响行业，反而使得癌症早筛赛道的竞争格局， 出现极大的优化，刺激基金经理在今年三季度开始重仓这一赛道，部分品种在短短两个月内为基金经理带来接 近1.8倍的个股收益。 优化行业格局？基金绕路抢购赛道竞品 值得一提的是，诺辉健康的退市使癌症早筛这个备受基金看好的赛道变得稀缺起来。 由于诺辉健康因财务数据问题长期停牌，以及最后的退市，看好癌症早筛的基金经理们，在港股市场一度难以 找到相关资产，不少基金经理不得不采取绕路美股的策略，布局美股的癌症早筛品种。 行业"明星"正式退市 在公募及QDII基金追捧全球癌症早筛股票之际，诺辉健康于10月27日正式被强制退市。 港交所宣布，自2025年10月27日上午9时起，诺辉健康（已委任共同临时清盘人）的上市地位将根据《上市规 则》第6.01A(1）条予以取消。诺辉健康的退市时机，是创新药与AI医疗资产备受公募青睐的元年，也是基金 经理在全球各大市场持续搜 ...

诺辉健康于2021年2月在港交所上市，其公开发售获超额认购约4133倍，冻结资金超过8500亿港元，创 下了港股历史上第二大超购纪录。上市首日，股价一度飙涨超200%，总市值突破300亿港元，可谓风光 一时。 10月27日，港交所正式取消诺辉健康(06606.HK)、浦江国际(02060.HK)、建中建设(00589.HK)、上坤地 产(06900.HK)四家公司的上市地位。在此次集体退市事件中，曾头顶"中国癌症早筛第一股"光环的诺辉 健康备受瞩目，成为港股2018年推出的18A生物科技板块以来，首家被强制退市的生物科技企业。 根据诺辉健康的公告，公司未能于2025年9月27日前履行复牌指引，最终交易日期为2025年10月24日， 股份将于2025年10月27日退市。诺辉健康称，自2025年10月24日起，股份虽仍可持有，但不再有公开市 场进行买卖。公司将不再受《上市规则》约束。股东及投资者被建议在处理股份时谨慎行事，并寻求适 当专业意见。 诺辉健康提醒，共同临时清盘人计划于2025年11月14日的呈请聆讯中，寻求法院对公司的清盘令。股东 如对清盘呈请有疑问，建议寻求独立法律意见。自2025年8月6日起，董事 ...

一场持续三年的财务罗生门，迎来新进展。 体外诊断行业自媒体"IVD资讯"创始人张洪华对《中国新闻周刊》指出，诺辉健康丑闻暴露的问题在于，体外诊断从设计、生产到市场销售，本就是慢生 意，很难单靠资本市场运作"快进"。 来源：诺辉健康官网 停牌18个月 诺辉健康创始人之一朱叶青曾在公开分享中提到，公司早期招人，他都会先问一句："公司每天和粪便打交道，你会觉得是很low的事情吗？"这句话吓跑了 许多面试者。 这一个细节或许能更直接认识这家公司。数据显示，国内约八成的结直肠癌患者确诊时已是中晚期。诺辉健康核心产品之一是结直肠癌早筛试剂"常卫清"， 用户只需在家采集粪便，无创、无痛，邮寄到公司检测，几天后就能拿到结果。 诺辉健康切入了一个在国内几乎空白的市场。2020年，"常卫清"成为国内首个正式获批上市的癌症早期筛查产品，次年被写进首部结直肠癌筛查指南，被认 定是肠癌早筛的重要手段之一。其他产品，如"噗噗管"是国内首个获批的便潜血自测器，"幽幽管"是国家药监局批准的幽门螺杆菌自测器。此外，诺辉健康 还布局了肝癌、鼻咽癌、宫颈癌等早筛产品线。 香港联交所近日发布公告称，诺辉健康于10月27日被取消上市地位。这个曾被誉为 ...

登录新浪财经APP 搜索【信披】查看更多考评等级 根据港交所上市委员会的决定，今天上午9点，曾经的"早筛第一股"诺辉健康（06606.HK）将正式从港 交所退市。 退市，并不意味着诺辉健康这家公司的终结。 《健闻咨询》独家获悉，诺辉健康大幅裁撤了原销售线，但保留了医学部门，这或许旨在续旧证、申新 证。有内部消息称，诺辉健康的HPV筛查产品"宫证清"已被药监部门拒审，而将于今年11月8日到期 的"早筛第一证"常卫清，仍在续证流程当中。 维权，或许是这个时间点上，关于诺辉健康唯一还有讨论空间的部分。 11月14日，也就是17天后的深夜，诺辉健康寻求清盘令的聆讯将在公司注册所在地的开曼群岛大法院进 行。对于诺辉健康来说，这或许只是其强制退市流程中的固定环节，但对于被"闷杀"的一般股东（即个 人投资者）而言，一旦进入清盘程序，就几乎意味着四个字——"血本无归"。 据了解，4000多名诺辉健康的个人投资者已经形成维权共同体，发起者朱江（此前做空诺辉健康的幕后 人物），聘任了一个8-9人的律师团队，希望在内地、香港双线作战，以尽可能追讨损失。 面对港股中因财报造假而被强制退市的公司，内地投资者该如何维权？ 近日，《健闻咨 ...

Core Viewpoint - The article reveals the extensive financial fraud at Nohui Health, a leading cancer early screening company in China, which has led to its impending delisting and potential bankruptcy due to systematic data falsification [1][5][10]. Group 1: Company Background and Operations - Nohui Health was established in November 2015, focusing on home early screening products for high-incidence cancers, with significant market potential projected to grow from $18.4 billion in 2019 to $28.9 billion by 2030 [12]. - The company's core product, Changweiqing, received approval in November 2020, claiming a sensitivity of 95.5% for colorectal cancer detection [12][14]. - Nohui Health went public on February 18, 2021, raising HKD 2 billion, with its stock price soaring over 200% on the first day, reaching a market capitalization of over HKD 30 billion [14]. Group 2: Fraudulent Practices - The company engaged in fraudulent practices by purchasing fecal samples from sanitation workers and splitting samples among multiple fake testing accounts to inflate sales figures [1][7]. - Sales personnel were encouraged to provide test kits to distributors without upfront payment, leading to a cycle of falsified sales reports and inflated revenue [7][8]. - A report indicated that Nohui Health's actual sales for 2022 were only CNY 76.95 million, a staggering 90% less than the reported CNY 765 million, highlighting the extent of the deception [8]. Group 3: Financial Consequences and Market Impact - Following the exposure of the fraud, Nohui Health's stock was suspended for 18 months, leading to a forced delisting announcement on October 22, 2025 [2][5][10]. - The company's valuation plummeted, with estimates dropping to HKD 0.01, nearly reaching zero, as major investors were forced to repeatedly downgrade their valuations [9]. - The fraudulent activities not only harmed investors but also jeopardized the future of the entire cancer early screening industry in China, potentially raising barriers for other companies seeking to enter the market [18].

Core Viewpoint - After being suspended for over 500 days, Nohui Health, known as "China's first cancer early screening stock," has been forced to delist from the Hong Kong Stock Exchange due to failure to comply with resumption guidelines, marking it as the first biotech company to be delisted since the launch of the 18A board in 2018 [1] Group 1: Company Background and Initial Success - Nohui Health was established in Hangzhou, Zhejiang in 2015 and gained approval for its colorectal cancer screening product, Changweiqing, in November 2020, amidst challenges faced by peers in obtaining clinical product certifications and commercialization [2] - The company successfully listed on the Hong Kong Stock Exchange in 2021, becoming the first cancer early screening stock in China [2] Group 2: Financial Fraud Allegations - In August 2023, a report alleging financial data fraud by Nohui Health was circulated, claiming the company inflated sales revenue through inventory manipulation, with actual sales for 2022 estimated at 76.95 million yuan, significantly lower than the reported 765 million yuan [2] - The fraud involved both the "demand side" and "revenue side," with extreme measures taken by the sales team to fabricate demand by collecting public restroom fecal samples and splitting them into multiple fake accounts [2] - The company constructed a financial loop through third-party platforms, disguising fund transfers as "marketing expenses" and then returning the funds as "procurement," thereby inflating sales revenue [3] Group 3: Path to Delisting - Nohui Health faced multiple crises leading to its delisting, with audit obstacles and trading suspension being critical factors [4] - In January 2024, the company projected a total revenue of 2.01 billion yuan for the year, a 164% increase from 2022, but high accounts receivable raised industry concerns, leading Deloitte to refuse to sign off on the financial report [4] - The company announced a trading suspension on March 28, 2024, with its stock price frozen at 14.14 HKD per share, and it failed to resume trading thereafter [4] Group 4: Current Challenges and Future Risks - As delisting approaches, the registration certificate for Nohui Health's core product, Changweiqing, is set to expire on November 8, posing a risk to its main business operations [5] - The company is facing liquidation risks, with a hearing scheduled for November 14 in the Cayman Islands [5] - As of September 24, 2025, over 4,000 registered investors are seeking legal recourse to recover losses [5]

Core Viewpoint - The downfall of Nohui Health, once hailed as "China's first cancer early screening stock," highlights a broader crisis of capital frenzy, governance failure, and industry trust issues, culminating in its delisting from the Hong Kong Stock Exchange effective October 27, 2025 [1] Company Overview - Nohui Health was established in 2015 and went public on the Hong Kong Stock Exchange in 2021, quickly becoming a darling of investors with products for early screening of colorectal and gastric cancers [2] - At its peak, the company's stock price reached 89.65 HKD, with a market capitalization exceeding 40 billion HKD [2] - The company reported impressive financials, with 2022 revenue of 765 million CNY, a year-on-year increase of 259.5%, and 2023 H1 revenue of 823 million CNY, surpassing the previous year's total [2] Governance and Audit Issues - In March 2024, Deloitte, the auditing firm, unexpectedly refused to endorse Nohui Health's 2023 financial statements, raising concerns about the authenticity of sales data [3] - Following the audit controversy, the company faced significant management upheaval, with the CFO and other executives resigning, and the founder and CEO stepping down in December 2024 due to governance discrepancies [3] Fraud Allegations - In October 2025, media reports revealed shocking details of fraud, including the purchase of public toilet feces for testing samples and the creation of multiple fake accounts to inflate testing data [4] - These actions severely undermined the credibility of its core product, "Changweiqing," which is set to expire in November 2025 [4] Industry Impact - The Nohui incident has led to increased caution among investors in the early screening sector, with venture capitalists categorizing "non-blood early screening" as a "red light" area, effectively halting new investments [5] - In Q1 2025, private equity financing in the IVD sector plummeted by over 40%, indicating a chilling effect on the industry [5] Industry Reflection - Despite the potential of the early screening market, the collapse of Nohui Health serves as a warning that the medical industry requires genuine technological advancement rather than speculative capital games [6] - The industry is in urgent need of stricter regulatory mechanisms, more transparent data verification systems, and robust business models [6] - Nohui Health has entered temporary liquidation, with investors facing significant losses and the company's valuation nearing zero, marking a pivotal moment for the industry to return to rationality [6]

Core Viewpoint - Nohui Health, once hailed as "China's first cancer early screening stock," has announced its delisting after over 500 days of suspension due to failure to meet resumption guidelines, reflecting severe issues within the IVD industry [1] Company Overview - Nohui Health was founded in 2015 by three graduates from Peking University, focusing on the early screening market for high-incidence cancers [2] - The company's core products include "Changweiqing" and "Pupuguan," specifically designed for China's 120 million high-risk colorectal cancer population [2] - In November 2020, Nohui Health achieved a significant milestone by obtaining the first approval for cancer early screening products in China [2] Financial Performance - Nohui Health raised over $100 million through seven rounds of investment from various VC/PE firms between 2015 and 2021 [3] - The company went public on the Hong Kong Stock Exchange in February 2021, with a market value exceeding HKD 30 billion at its peak [3] - In 2022, Nohui Health reported revenue of CNY 765 million, a year-on-year increase of 259.5%, and in the first half of 2023, revenue reached CNY 823 million, surpassing the total for 2022 [3] Downfall and Controversies - Allegations of financial data fraud surfaced in August 2023, claiming that the actual sales figures were significantly lower than reported [4][5] - Reports indicated that Nohui Health engaged in unethical practices, such as purchasing human waste for testing samples and falsifying data [4] - Following the fraud allegations, the company's market value plummeted to HKD 6.345 billion, leading to a suspension of trading [5] Industry Implications - Nohui Health's downfall highlights critical vulnerabilities in the IVD industry, including unsustainable business models and unverified clinical value [6][7] - The IVD sector is currently facing a "winter" characterized by supply-demand imbalances, intensified competition, and a retreat of capital investment [6][7] - The first half of 2025 saw a dramatic decline in private financing for IVD companies, with a drop of over 40% year-on-year [7]

伴随着退市，诺辉健康营收支柱"常卫清"的国家药监局注册证即将于11月8日到期。 已停牌超过18个月的诺辉健康（06606.HK），上市地位将于下周一（10月27日）上午九时被取消。 10月24日早间，该公司公告了这一消息。 此前的10月10日，诺辉健康已收到港交所上市委员会的通知，后者认为公司未能在9月27日前履行复牌 指引，并决定根据上市规则第6.01A（1）条，取消该公司的上市资格。 诺辉健康由此成为港股18A板块2018年开板以来，首家被强制退市的Biotech（生物科技企业）。 2023年8月，诺辉健康曾遭遇机构Capitalwatch做空，后者发布做空报告质疑诺辉健康通过不断压货的方 式，虚构九成销售收入，诺辉健康真实业务量远不及公司公布的财务数据。当时诺辉健康的管理层矢口 否认业绩造假。 2024年1月22日，诺辉健康发布2023年度业绩预告，预计2023年业绩首次实现盈利，但这个好消息仅持 续了两个多月，公司股价停牌、2023年财报延迟发布等系列负面消息接踵而至。 2024年3月，审计机构德勤拒绝为诺辉健康财报背书，并发出关于质疑销售真实性等问题的关注函。 诺辉健康的业绩造假疑云再起。2024年 ...

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 近日，武汉艾米森生命科技股份有限公司（下称"艾米森"）正式向港交所递交招股书，联席保荐人为建 银国际与交银国际。艾米森成立于2015年、专注于癌症早期筛查的体外诊断公司，愿景是成为全球肿瘤 早筛的领先者。 然而，在其宏大叙事的背后，是十年仍未突破千万元的年营收、持续高企的亏损、高度依赖关联交易的 销售结构，以及一个尚未被完全验证的商业化赛道。艾米森的上市尝试，恰逢行业标杆企业诺辉健康因 财务造假停牌18个月、面临退市危机。被誉为中国癌症早筛第一股的企业坠落神坛，让整个行业笼罩在 阴影之中。艾米森能否在资本寒冬中成功闯关港交所？ 营收额不足千万靠缩减费用减亏 关联方或股东贡献超6成营收 财务数据显示，2023年、2024年及2025年上半年，艾米森的收入分别为623.3万元、723.8万元和651.3万 元。尽管2025年上半年同比增长103%，但整体营收规模仍不足千万元。若以其检测产品单价约800元估 算，年检测量尚不足万例。 从产品角度看，艾米森的产品线并不单薄。公司布局了超过20款癌症早筛产品，其中5款已在中国获批 为第三类医疗器械 ...