Cancer Screening Star New Horizon Health to Delist in Hong Kong Amid Fraud Claims
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New Horizon Health Ltd., a once-lauded cancer screening company, will be delisted from the Hong Kong Stock Exchange on Oct. 27, marking a stunning collapse for a firm once valued at around HK$40 billion ($5.1 billion).
The company announced on Oct. 22 that the exchange would cancel its listing after it failed to meet the conditions for resuming trading, following a suspension of more than 18 months.
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- New Horizon Health Ltd. is being delisted from the Hong Kong Stock Exchange on Oct. 27, 2025, after trading was suspended for over 18 months due to auditor concerns.
- The company, once valued at HK$40 billion, faces liquidation, leadership changes, auditor resignation, and a workforce reduction from 1,000 to 200.
- Allegations of inflated 2022 revenue, uncertain asset futures, and complex legal challenges leave investors facing significant risks and difficulties seeking compensation.
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Who’s Who
- New Horizon Health Ltd.
- New Horizon Health Ltd. is a cancer screening company that will be delisted from the Hong Kong Stock Exchange on Oct. 27. Once valued at HK$40 billion, its stock was suspended in March 2024 after auditor Deloitte raised concerns about sales transaction validity. Founded in 2013, the company gained prominence with ColoClear, China's first at-home cancer screening product. It's now seeking liquidation, with a winding-up petition hearing scheduled for November 14, 2025.
- Qiming Venture Partners
- Qiming Venture Partners is an investor in New Horizon Health Ltd., a cancer screening company. New Horizon Health, also backed by Goldman Sachs and GIC, had a successful market debut in 2021, with shares surging 185% on the first day of trading.
- Goldman Sachs
- Goldman Sachs was one of the prominent investors that backed New Horizon Health Ltd., a cancer screening company. The company had a successful market debut in February 2021, with its shares surging significantly on the first day of trading.
- GIC
- GIC, also known as Singapore's sovereign wealth fund, was a prominent investor in New Horizon Health Ltd. GIC, along with other high-profile investors like Qiming Venture Partners and Goldman Sachs, backed the company's market debut in February 2021.
- Deloitte
- Deloitte (德勤) was the auditor for New Horizon Health Ltd. They refused to sign off on New Horizon's 2023 annual report, citing concerns about the "validity," "commercial substance and business rationale" of certain sales transactions. Deloitte subsequently resigned as the company's auditor in September 2024.
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What Happened When
- November 2020：
- ColoClear received landmark approval as China’s first at-home cancer screening product.
- February 2021：
- New Horizon Health Ltd. made its market debut; shares surged 185% on the first day of trading.
- August 2023：
- Capitalwatch published a report alleging New Horizon inflated its 2022 sales revenue by 90%.
- March 2024：
- Trading suspension began after auditor Deloitte refused to sign off on New Horizon’s 2023 annual report.
- September 2024：
- Deloitte and the CFO of New Horizon both resigned.
- July 2025：
- New Horizon applied to a Cayman Islands court to appoint joint provisional liquidators.
- October 22, 2025：
- New Horizon announced the Hong Kong Stock Exchange would cancel its listing.
- October 23, 2025：
- New Horizon’s workforce reported to have shrunk to around 200.
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