A three-year financial saga has taken a new turn. On October 27, NH HEALTH (referred to as "NH") was delisted from the Hong Kong Stock Exchange for failing to meet reinstatement requirements. Once hailed as "China's first cancer early-screening stock," the company will undergo liquidation in the Cayman Islands on November 14.

Founded in 2015 in Hangzhou by a team from Peking University's School of Life Sciences, NH specialized in at-home early screening for colorectal and gastric cancers. Its flagship product, "Chang Wei Qing," allowed users to collect stool samples at home for cancer risk assessment. NH went public in Hong Kong in 2021, reaching a market cap of HKD 30 billion on its debut.

However, the glory was short-lived. In 2023, NH was accused of financial fraud in a short-seller report by CapitalWatch, which alleged a nearly ninefold discrepancy between reported 2022 revenue and estimated sales. The report claimed NH inflated sales through phantom orders, including purchasing public toilet waste from sanitation workers to fabricate test samples.

NH initially dismissed the allegations, with founder Zhu Yeqing presenting tax payment records as proof. But in March 2024, auditor Deloitte refused to sign off on NH's financials, citing concerns over sales authenticity. Trading was suspended at HKD 14.14 per share, and key executives, including Zhu and CFO Gao Yu, resigned.

Despite forming an independent investigation committee, NH failed to produce audited financial statements. On October 27, 2025, the exchange formally delisted NH, with its valuation nearing zero. Over 4,300 retail investors, reporting losses exceeding HKD 700 million, are now seeking legal recourse through collective action.

Industry experts point to NH's aggressive commercialization strategy as a root cause. While its products gained regulatory approval and were included in national screening guidelines, high pricing (e.g., Chang Wei Qing at RMB 1,996) and limited insurance coverage hindered hospital adoption. The company's reported 259.5% revenue growth in 2022—during strict COVID-19 controls—raised further skepticism.

Legal challenges remain complex due to NH's cross-jurisdictional presence (incorporated in the Cayman Islands, operating in mainland China, and listed in Hong Kong). Investors hope the case will prompt stronger protections for minority shareholders in Hong Kong, though outcomes remain uncertain.

(Note: Zhou Manqi is a pseudonym at the request of the interviewee.)