NH Health, a biotech company, was listed on the Hong Kong Exchange in 2021. In August 2023, the news outlet CapitalWatch alleged that the company had inflated its revenue through round-tripping. NH Health denied the allegations and subsequently published its interim financial statements at the end of that month, which were reviewed by its auditor, Deloitte. However, just before the March 2024 filing deadline for full year results, the company announced a delay due to concerns raised by Deloitte. This led to a trading halt and the launch of an independent investigation. The Hong Kong Exchange set conditions for the resumption of trading, including the publication of all outstanding financial results and the completion of an appropriate independent forensic investigation. Although the forensic investigation has not yet been completed, the exchange’s resumption requirements suggest that the allegations may have been at least partially substantiated.

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