From a flourishing presence to financial mysteries, and internal conflicts, NH HEALTH has witnessed a rapid decline over more than four years, leading the company to the end of its capital journey. On the morning of October 27, the company will officially lose its listing status from the Hong Kong Stock Exchange, dimming the glow of being the "first stock in cancer early screening."

As the first prominent enterprise in the domestic cancer early screening sector, its products met users' convenience requirements and attracted significant capital interest. However, two years ago, a report from a short-seller ignited allegations of financial fraud against the company. After Deloitte resigned as the auditor and amidst internal turmoil, NH HEALTH found it increasingly difficult to escape the quagmire.

**Forced Delisting** October 24 marked NH HEALTH's (06606.HK) last day on the Hong Kong stock market; in three days, its listing status will officially be revoked. On October 10, the Listing Committee of the Hong Kong Stock Exchange issued a notification stating that the company would be delisted for failing to comply with resumption guidelines by September 27.

Different from other listed companies in Hong Kong, NH HEALTH is particularly noteworthy as it was included in the Hong Kong Stock Exchange's Chapter 18A listing, targeting biotech firms. This category allows unprofitable companies with at least one core product having passed the conceptual phase to apply for listing, requiring a "B" to signify risk in the stock abbreviation.

Seizing this opportunity, NH HEALTH successfully listed on the Hong Kong stock market in 2021. That same year marked the peak of Chapter 18A companies in Hong Kong, reaching a historical high of 20, significantly contributing to Hong Kong becoming Asia’s largest biotech financing hub. However, just four years later, NH HEALTH became the first company in this sector to face forced delisting.

Once a leader in cancer early screening, the company exhibited substantial business resilience. The biggest challenge in this field is obtaining licenses for clinical products and advancing product commercialization. However, as early as 2020, it overcame these obstacles—its colon cancer screening product “Changweiqing” became the first approved product in the industry, subsequently pursuing commercialization through diverse channels and showing promising business development initially.

In 2021, the flagship product “Changweiqing” for high-risk colorectal cancer screening recorded revenues of 97.216 million yuan, a year-on-year increase of 158.8%, with a gross margin of 76%. The “Pupugan” targeting medium-risk colorectal cancer screening generated revenues of 116 million yuan, growing 262.7% year-on-year with a gross margin of 71.5%. The combined revenue from these two products accounted for 100% of the company’s income.

In 2022, revenues from “Changweiqing”, “Pupugan”, and “Youyouguan” (used for Helicobacter pylori screening) were 356 million yuan, 201 million yuan, and 208 million yuan respectively, making up 99.9% of the company’s total income.

By August 2023, the company faced accusations of financial fraud from a short-seller, thrusting it into the public spotlight. Nevertheless, based on subsequent financial disclosures, NH HEALTH did not suffer significant disruption in operations for 2023.

According to a positive profit warning disclosed on January 22, 2024, sales revenue for "Changweiqing," "Youyouguan," and "Pupugan" reached between 1.177 billion to 1.210 billion yuan, 454 million to 473 million yuan, and 347 million to 366 million yuan respectively for 2023, reflecting year-on-year growth rates of 230.6% to 239.9%, 118.3% to 127.5%, and 72.9% to 82.4%.

Despite the strong sales figures, skepticism about their authenticity persisted, laying the groundwork for future audit disputes.

**Personnel Overhaul** As the compilation of the 2023 annual report progressed, NH HEALTH faced challenges in producing its annual report. The company attributed the blame to Deloitte's failure to commit to the audit. However, Deloitte argued that completing the internal investigation was crucial for the audit, leading to mutual accusations.

In March 2024, Deloitte expressed doubts regarding the authenticity of the company’s sales and refused to sign the 2023 annual report, resulting in the company’s suspension of trading. On September 9, 2024, without receiving the independent investigation results regarding the audit disclosures, Deloitte resigned as the company’s auditor. On the same day, CFO and co-secretary Gao Yu announced their resignation.

With both resignations occurring at a critical juncture in the internal investigation, it drew considerable public attention. Subsequently, the company underwent a personnel overhaul. On October 30, 2024, Cai Yaozhong was appointed as the new CFO. Cai previously assisted in the successful listings of Four Seasons MedTech in Hong Kong and Singapore and was expected to play a vital role in NH HEALTH's potential resumption.

However, as the company sought to push for resumption through personnel adjustments, conflicts between the board and founder Zhu Yeqing escalated. The board believed Zhu’s management style and philosophy significantly differed from other members and that his participation in governance was not in the overall best interests of the company and other shareholders.

By the end of December 2024, Zhu Yeqing resigned as chairman and CEO yet retained his executive director position. In February 2025, at a special shareholders' meeting, he was overwhelmingly voted out as an executive director, marking his complete exit from the decision-making level.

After Zhu Yeqing stepped down, his Peking University alumnus Yao Naxin was appointed chairperson. However, the company was already entrenched in multiple crises, including annual report delays, prolonged trading suspension, and a loss of investor confidence.

In August 2025, due to management and governance crises, the Grand Court of the Cayman Islands appointed joint provisional liquidators after reviewing related matters. Thus, the company officially entered provisional liquidation, suspending all powers of the board, with assets and related affairs taken over by the liquidators. This signified the company’s inability to meet the Hong Kong Stock Exchange’s resumption requirements, inevitably leading to forced delisting.

**The Star’s Glow** The first half of NH HEALTH’s entrepreneurial history reflects a notable journey. Founders Zhu Yeqing, Chen Yiyou, and Lü Ning, all alumni of the Class of ’88 from the Department of Biochemistry at Peking University, embarked on their separate paths after graduation.

By 2013, Zhu was an executive at GE Capital while Lü and Chen pursued their PhDs in experimental pathology and biology in the U.S. Meeting in Silicon Valley, they sparked a collaboration in cancer prevention and control, entering the billion-dollar domestic early cancer screening market.

In 2014, they founded NH HEALTH in Hangzhou, establishing the first professional biotech firm focused on home-based early screening for high-incidence cancers in China. The trio divided their roles—Zhu focused on strategic management and operations, Lü assumed the role of CTO, overseeing technology development, while Chen served as chief scientist, steering research direction.

The founders' overseas backgrounds and the promising market potential in cancer early screening attracted significant investment from 16 cornerstone institutions, including GIC. Additionally, the Zheng family’s Dingpei Investment heavily invested in the company.

The backing of strong capital not only provided funding but also enhanced market confidence—upon its 2021 listing, the company saw a staggering 4,133 times oversubscription, creating the second largest oversubscription record in Hong Kong’s history. On its first trading day, the total market value surpassed 30 billion Hong Kong dollars.

NH HEALTH positioned itself as a leader in the cancer early screening industry and a pioneer in home testing. According to its official website, the company has three star products on the market: "Changweiqing," "Pupugan," and "Youyouguan," corresponding to early screening for colorectal cancer, stomach cancer, and other digestive system cancers, respectively.

In addition, three products for screening liver cancer, cervical cancer, and nasopharyngeal cancer are under development. The company also initiated the PANDA research project on early screening and early diagnosis of various cancers in collaboration with Peking University’s medical school in November 2022.

The company's screening products are sold at premium prices; at NH HEALTH's flagship store on Tmall, "Changweiqing," "Youyouguan," and "Pupugan" are priced at 1,996 yuan, 149 yuan, and 99 yuan per box (before discounts).

To promote cancer early screening products, the company has developed diversified sales channels: reaching clinical demand through hospitals across the country and collaborating with chain health examination institutions, insurance companies, chain pharmacies, and internet medical platforms, thereby covering various demand scenarios and enhancing product purchase convenience to drive sales growth.

As disclosed on the company’s website, from 2021 to June 2023, cumulative sales reached over 1.45 million boxes for "Changweiqing," over 6.46 million boxes for "Youyouguan," and over 1.786 million boxes for "Pupugan," positioning NH HEALTH as a market leader in cancer early screening in China, reflecting significant market recognition.

Previously, Zhu Yeqing and his partners forecasted a billion-dollar potential market for cancer early screening, and the success of their products affirmed this. Unfortunately, controversies regarding financial misconduct, disrupted audits, internal strife, and loss of key team members hindered the company’s business progress, leading to lost investor trust and culminating in the abrupt halt of its rapid growth trajectory.