On September 27, NH HEALTH, once hailed as the "first cancer screening stock," has been suspended from trading on the Hong Kong Stock Exchange for 18 consecutive months. According to Hong Kong Stock Exchange regulations, the company may face forced delisting as a result.

On September 30, a reporter contacted NH HEALTH's customer service hotline, and the representative confirmed this is currently the company's only external contact method, primarily responsible for product inquiries, with no clarity on the company's trading suspension or delisting situation. When asked whether the expiration of the core product "Changweiqing" registration certificate in November would affect sales, the representative did not provide a clear answer, only stating to follow official company announcements, adding that "relevant information will be published on the official website and official WeChat account."

As of press time, the latest news on NH HEALTH's official website was published in April last year, titled "NH HEALTH Releases New Colorectal Cancer Early Screening Liquid Biopsy Technology at the 2024 American Association for Cancer Research." The WeChat public account "Nuohui" continues to regularly update educational articles, while "NH HEALTH's" latest message remains at August 7, with neither addressing the two issues raised by the reporter.

Currently, just over four years since the company's listing in February 2021, NH HEALTH has presented a dramatic case on the Hong Kong stock market of trading suspension and delisting due to financial fraud, with this crisis beginning in August 2023.

At that time, short-selling firm CapitalWatch published "Investigation Report on NH HEALTH's Financial Data Fraud," alleging that NH HEALTH created 90% false sales revenue through continuous inventory stuffing, with the company's actual business volume far below its published financial data. The report claimed, "Based on our conservative estimates, NH HEALTH's actual sales for the full year 2022 were 76.95 million yuan, differing by 9 times from its announced 765 million yuan."

Although NH HEALTH's management strongly denied the allegations at the time, responding to revenue questions with "three checkpoints: bilateral confirmation, third-party audit firms, and drug regulatory authority flying inspections," in March 2024, audit firm Deloitte refused to endorse the company's financial statements and issued a letter of concern questioning the authenticity of sales, becoming the decisive blow that brought down NH HEALTH.

On March 28, 2024, the Hong Kong Stock Exchange forcibly suspended NH HEALTH's trading, with the share price frozen at HK$14.14, nearly halved from the IPO price of HK$26.66. In September 2024, senior executives including CFO Gao Yu resigned consecutively. At the end of 2024, founder Zhu Yeqing resigned as CEO, and in February 2025, he was removed from his executive director position by shareholders with a 79.89% approval vote. In August 2025, the Cayman Grand Court appointed professionals from three institutions as joint provisional liquidators of NH HEALTH, with the board of directors' powers fully suspended and the company's assets and affairs management officially transferred to the liquidators.

To date, NH HEALTH's investors have suffered heavy losses. For example, Everbright Sunshine Smart Manufacturing once listed NH HEALTH as its largest holding, but since NH HEALTH's trading suspension, Everbright Securities Asset Management has issued six announcements downgrading its valuation, from HK$14.14 at the time of suspension down to HK$12.73, HK$10.18, HK$8.50, HK$5.70, HK$1.57, and finally to the current HK$0.01, essentially "zeroed out."

Currently, the only remaining question is where NH HEALTH's core product "Changweiqing" registration certificate will go. As China's first colorectal cancer early screening product approved by the National Medical Products Administration, Changweiqing's registration certificate will expire in November 2025.

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