Issuing Authority (e. G. Hong Kong Examinations and As...(New Horizon Health Denies Accusations in a

大家好，关于Issuing Authority (e. G. Hong Kong Examinations and As...很多朋友都还不太明白，今天小编就来为大家分享关于New Horizon Health Denies Accusations in a Short Selling Report的知识，希望对各位有所帮助！

OnWednesday,NewHorizonHealthLimited(06606.HK)fellmorethan20%intrading,thebiggestdeclineamonghealthcarecompaniesontheHongKongStockExchange.ThestocknarroweditsdeclineinthelasttradingandclosedatHK$18.42,down6.88%.

Areporttitled"InvestigationonFinancialDataFraudofNewHorizonHealth”hasbeencirculatingonline.ItallegesthatNewHorizonHealthstockedupgoodsand90%ofitssalesrevenuewasfalse.Thecompany'sactualbusinessvolumewasfarlessthanitsdisclosedfinancialdata,withitsactualsalesof76.95millionyuanin2022,whichwasaboutonetenthofthe765millionyuandisclosedinitsfinancialreport.

NewHorizonHealthhasrespondedtwice,statingthattheaccusationsinthereportarenotoriouslyfalseandtheinformationdistortsthefacts.Thecompanywilltakelegalactiontoholdthefalseaccuseraccountableandprotectitslegitimaterightsandinterests.

TheissuerofthereportisCapitalwatch.

Accordingtopubliclyavailableinformation,CapitalwatchisalocalfinancialnewsoutletbasedintheUnitedStates,withahistoryofover20years.Startingin2022,JPublicRelationsGroup,Capitalwatch'sparentcompany,launchedChineseservicesonCapitalwatch.cominHongKong,China.

ItisworthnotingthatinMarch2022,Capitalwatchpublishedashort-sellingreportentitled"AIMythologyExposed:NineQuestionsforSenseTime".

Thistime,Capitalwatchclaimsthatittook16monthstoconductinvestigationsacrossthecountry,collectinformationfrome-commerceplatforms,governmentpublicprojects,andotherrelatedsources,andcompiledthisreportaftercarefulcalculation.

Inresponsetotheshort-sellingreport,NewHorizonHealthstated,"Theinformationinthereportdistortsthefactsandintendstoharmthereputationofourcompany.Wewilltakelegalactiontoholdthemaccountableandprotectthelegitimaterightsandinterestsofourcompany.TheinformationwehavedisclosedontheHongKongStockExchangeistrueandcompliant."

AftertheHongKongstockmarketclosedonWednesday,NewHorizonHealthonceagainrespondedbyissuingaclarificationannouncementontheHongKongStockExchange.Theannouncementstated,"OnAugust16,2023,aso-calledshort-sellinginstitutionissuedareportcontainingnumerousfalse,baseless,andmisleadingallegationsagainstourcompany.Thepurposeofthereportistonegativelyimpactourstockpriceandservetheprivateinterestsoftheinstitution.Theallegationsinthereportareblatantlyfalse."

Duringameetingwithinvestorsonthesameday,ZhuYeqing,theChairmanofNewHorizonHealth,alsoclarifiedtheissuesraisedinthereport.Hestatedthateverypublicannualreportanddataofthecompanycanwithstandresearchandverification,andthecompanyhaspaidover75millionyuaninvalue-addedtaxtotheBinjiangTaxBureauinthefirsthalfoftheyear.

"Theshort-sellinginstitutionhassoughtcooperationwithourcompanymultipletimesthroughpublicrelationscompanies,butwehaverejectedthem,"ZhuYeqingsaidatthemeeting.

Atthesametime,asnapshotofallegedremarksfromNewHorizonHealth'sIRsocialplatformisalsocirculating,mentioning"extorting3millionyuanfromthecompany"andotherinformation.

Currently,NewHorizonHealthhasthreecommercializedproductsaboutcancerscreening:ColoClearbyCircleandPupuTubeforcolorectalcancerscreening,andUUTubeforHelicobacterpyloriscreening.Inaddition,thecompanyisworkingonthreetube-basedproductsforlivercancer,cervicalcancer,andnasopharyngealcancerscreening.

AccordingtoNewHorizonHealth's2022annualreport,thecompany'sannualrevenuewas765millionyuan.Amongthem,thetotalsalesrevenueofColoClearbyCircledomesticallyandinternationallywas357millionyuan,ayear-on-yeargrowthof266%.PupuTube'srevenuewas201millionyuan,ayear-on-yeargrowthof74%.ThesalesrevenueofUUTube,launchedinJanuaryofthatyear,was208millionyuan.In2022,thesalesrevenueofthethreeproductsaccountedfor46.61%,26.22%,and27.16%,respectively.

Thereportraisedmultiplequestionsregardingthesalesdataoftheaforementionedthreeproducts.

ThereportclaimsthattherearethreemainsaleschannelsforcancerscreeningtestsintheChinesemarket,namelymedicalandphysicalexaminationinstitutions,governmentprojects,ande-commerce.Amongthem,publichospitalsarethelargestchannelforthesalesvolumeofinvitrodiagnosticmedicaldevices.

Thereportstatesthatthereareabout655hospitalswithhighactivityandalargenumberofpeopletestedinthetumorearlyscreeningbusiness.NewHorizonHealth'sColoClearbyCirclehasenteredapproximately26hospitals,withasalesvolumeofabout6,000.Optimisticallyestimating,basedonthesupplypriceof500yuan/personinhospitals,theconfirmedsalesrevenueofColoClearbyCircleintheprofessionalmedicalmarketin2022isabout3millionyuan.

Thereportfurther"speculatesingoodfaith"thatifthesalesvolumeoftheproductdoublesintheclinicalend,itwillbeonly6millionyuan.

Inthepublichealthprojectaboutcolorectalcancerscreening,thereportusesPupuTubeastheparticipatingproductandassumesthattheprojectin2020willoccursynchronouslyin2022.ThesalesdataofNewHorizon'sPupuTubeinthegovernmentprojectsthathavebeenpubliclydisclosedisapproximately650,000yuan.

ThereportcombinestheinformationobtainedfromNewHorizon'sinternalsalespersonnelandspeculatesthatthesupplyvolumeofNewHorizon'sPupuTubein2022wouldbeapproximately2.95million.Calculatedbasedonauniformsupplypriceof10yuanperperson,thesalesamountwillbe29.5millionyuan.

Inthesaleschannelofprivatephysicalexaminationinstitutions,thereportstatesthatNewHorizon'sproductsmainlyrelyonIkangHealthcare'sphysicalexaminationinstitutionsfortiedselling.Duetotheimpactofpandemiccontrol,thenumberofpeopleundergoingphysicalexaminationsin2022hassignificantlydecreased.Therefore,NewHorizoncanhardlyachievea266%growthinsalesofColoClearbyCirclesolelyrelyingononeortwocloseprivatephysicalexaminationinstitutions.

Thereportpointsoutthataccordingtoaninsiderintheindustry,thesellingpriceofNewHorizon'sproductstoIkangHealthcareGroupis260yuanperperson(includingtestinganddeliveryfees).

BasedontheassumptionthatthesupplyamounttoIkangHealthcaredoublesandallproductssoldareretested,thereportspeculatesthattheconfirmedincomeofNewHorizon'sColoClearbyCirclein2022isabout20.8millionyuan.

Thereportclaimsthate-commerceplatformsareahotbedforsalesdatafraudbyNewHorizonCompany.Thesalesdataofitsproductsine-commerceplatformsviolatesthenormalrulesofpromotioninChinesee-commerceplatforms.In2022,thesalesrevenueofColoClearbyCircleone-commerceplatformswas12.6millionyuan,PupuTubewas3.42millionyuan,andUUTubewas3.98millionyuan,withacombinedsalesrevenueofabout20millionyuan.

ThereportstatesthatthedatapublishedbyNewHorizonfortheNovember11th,2022was60millionyuan,twicemorethantheactualdata.Inaddition,thereportalsoclaimsthattherearefakeordersone-commerceplatforms,withsaleslinksforanaveragetransactionvalue(ATV)of9,200yuan.

Inresponsetothefourmajorquestionsraisedinthereport,NewHorizonHealthsaidthatacomparisoncanbemadewiththepreviousdataregardingthesupplypriceofColoClearbyCircleinthehospital.

OnJuly12th,NewHorizonHealth'ssupplementarydisclosureannouncementontheHongKongStockExchangeshowedthatinthefirsthalfofthisyear,thesalesrevenueofColoClearbyCircleintertiarypublichospitals,secondarypublichospitals,andprivatehospitalswere12.2millionyuan,2.3millionyuan,128millionyuan,and80.7millionyuanrespectivelyandthecorrespondingsalesunitswere9,600,1,700,79,500,and54,200.

Accordingly,therevenueconfirmedbyNewHorizonHealthfromeachunitofColoClearbyCircleintheabove-mentionedfourmedicalscenarioswas1,270.08yuan,1,352.94yuan,1,606.29yuan,and1,488.93yuanrespectively.

ThepriceofColoClearbyCircleobtainedfromtheabovecalculationdifferssignificantlyfromthe"optimisticestimateofasupplypriceofupto500yuanperperson"mentionedinthereport.

Accordingtothereport,thepriceofColoClearbyCirclesoldtoIkangHealthcareis260yuanperperson(includingtesting,deliveryfees,etc.)",almosthalfofthe"supplypriceofupto500yuan/person"onthehospitalsidementionedinthereport.Therationalityofthedataisquestionable,butthetruthisstillunknown.

Inaddition,TiPostAppfoundinitsanalysisofthereportthataccordingtothedatalisted,thesalesdataofNewHorizonHealthfromOctober1sttoNovember1st,includingtheperiodofNovember11th(October20th,2022,20:00-November11th,2022,23:59),shouldbe8.249millionyuan,buttheconclusionofthe"fabricatedperformanceexceedingtwicetheactualperformance"mentionedinthereportdoesnotmatchthedata.

DuringtheexchangemeetingonWednesdayafternoon,NewHorizonHealthstatedthatthesalesdataobtainedfromthethird-partyplatformsisnotaccurate.ZhualsoexplainedthattheincomeconfirmationprocessofColoClearbyCircleinthee-commercechanneliscomplex,includingpurchase,examination,confirmationofexamination,invoiceverification,etc..Fraudofordersandstockingarenotbeneficialtotheincomesystem,butwillincreasetheimpairmentriskcausedbyunexaminedcases.

Inaddition,thereportthattargetedNewHorizonHealthalsoquestionedthetestingabilityofColoClearbyCircle:Qichacha,aChinesecompanythatdeliversbusinessdataandcreditinformation,showsthatNewHorizon'ssubsidiaryincludesGuangzhouNewHorizonMedicalLaboratoryCo.,Ltd.with8registeredpersonnel,HangzhouNuokangMedicalLaboratoryCo.,Ltd.with18registeredpersonnel,andHangzhouNuokangMedicalLaboratoryCo.,Ltd.(specificnumberofregisteredpersonnelunknown).

Thereportstated,"Byagenerousestimate,thenumberoftestingpersonnelinthethreethird-partymedicallaboratoriesestablishedinBeijing,Hangzhou,andGuangzhoudoesnotexceed40."

NewHorizonHealthstatedintheexchangemeetingthatthenumberofregisteredpersonnelofthecompanyisincompliancewiththeminimumrequirementandisnotthesameastheactualnumberofpersonnel,andthenumberoflaboratorypersonnelfarexceedsthatofregisteredpersonnel.

Regardingtestingcapabilities,ZhustatedthatthetestingcapabilitiesoftheirlaboratoriesinHangzhou,Beijing,andGuangzhouwillnotbeaprobleminthenextthreeyears.Theycancompletetestingvolumesof2to4millionthroughshiftwork,andtheyarealsolookingforautomatedsolutionstofurtherimprovetestingcapabilities.

Thereportalsopointedoutthefollowingfindingsbasedonindustryfeedback:

1.NewHorizonHealthanddistributorsandpartnersmutuallypurchaseequivalentproductsandservices.

2.InternalemployeesofNewHorizonHealthareworriedaboutbeingimplicatedinapotentialscandal.

3.NewHorizonHealthrepeatedlyprovidestestingsamplesthroughinternalemployees.

4.NewHorizonHealthexpandsthenumberofsamplesforretestingthroughdistributors.

5.TherevenuefromphysicalexaminationsinmostGrade-Atertiaryhospitalsinmanyregionshasdecreasedbyaboutone-thirdin2022.

6.UUTubehasnoactualsalesinhighlyactiveprofessionalmedicalinstitutionswithlargetestingvolumes.

7.UUTubeisnotpopular,withlessthan100unitssoldinsixmonths.

8.TheadvertisementsforUUTubeandPupuTubearesignificantlydifferentfromreality.

9.NewHorizonHealthconstantlyclaimsfalsesalesfigurestothepublic.

10.PupuTube'sannualproductioncapacityof5millionunitsissignificantlydifferentfromactualproductionandsales.

11.ColoClearbyCircle'stestinginthemainsaleschannelinthehealthmarketiscompletedinNewHorizonHealthMedicalLaboratory.

Inaddition,thereportraisesmanyquestionsaboutNewHorizonHealth'saccountsreceivable,intellectualpropertyrights,andpromotion.

Inresponsetotheaccusationsof"fabricateddata"inthereport,NewHorizonHealthalsostatedthatalmostnofigurescanwithstandscrutiny.

NewHorizonHealthstatedthatafterthequietperiodfollowingtheHongKongStockExchange'stradingonMonday,thecompanywillholdaseriesofinvestorandmediaexchangemeetingstoopenlyandtransparentlydiscussthecompany'sdevelopmentandperformance.OnAugust21,NewHorizonHealthwillreleaseitsinterimperformancereportforthefirsthalfof2023aftertheHongKongstockmarketcloses.

Previously,NewHorizonHealthreleasedaprofitforecast,statingthatitisexpectedtorecordanadjustednetprofitofover45millionyuaninthefirsthalfof2023,comparedtoanadjustednetlossof106.2millionyuaninthesameperiodlastyear.Thecompany'sturnaroundismainlyattributedtothecommercializationofitsproductsandcostcontrolofmarketing,management,andresearchanddevelopmentcosts.(ThisarticlewasfirstpublishedontheTiPostApp.Author:YangYaru,Editor:SunCheng)

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