Nohon Health to Delist Next Monday, Becoming the First Biotech Company Forcibly Delisted Under HKEX Chapter 18A

　　On January 22, 2024, Nohon Health released its 2023 performance forecast, anticipating its first-ever annual profit. However, this positive news lasted only slightly over two months before a series of negative developments ensued, including a trading suspension of the company's shares and a delay in the release of its 2023 financial report.

　　In March 2024, its auditing firm, Deloitte, refused to endorse Nohon Health's financial report and issued a letter expressing concerns, including doubts about the authenticity of its sales.

　　Suspicions regarding Nohon Health's financial misconduct resurfaced. On March 28, 2024, the Hong Kong Stock Exchange forcibly suspended trading of Nohon Health's shares, which were frozen at HK$14.14—nearly halved from their IPO price of HK$26.66.

　　To date, Nohon Health has struggled to release its annual performance reports for both 2023 and 2024. During the suspension period, changes also occurred in the company's management. On December 31, 2024, one of its founders, Zhu Yeqing, resigned from his positions as Chairman of the Board and Chief Executive Officer.

　　Amid the delisting, the National Medical Products Administration registration certificate for "Chang Wei Qing," Nohon Health's key revenue-generating product, is set to expire on November 8.

　　Since the beginning of this year, multiple fund companies have successively downgraded their valuations of Nohon Health, nearly reducing them to zero.

　　For instance, Xingyin Fund decided that, starting September 26, 2025, it would value the Nohon Health shares held by the Xingyin CSI Hong Kong Stock Connect Technology Exchange-Traded Open-End Index Securities Investment Fund at HK$0.01 per share.

　　Similarly, Ping An Fund also decided that, starting September 30, 2025, it would adjust the valuation of Nohon Health shares held by its securities investment funds to HK$0.01 per share.