New Horizon Health's crisis intensifies as chairman and CEO resign amid allegations of sales inflation

Economy

1 year ago

News sources:

Credited from: SCMP

New Horizon Health, a Hong Kong-listed biotech company, announced the resignation of its chairman and CEO, Zhu Yeqing, amid ongoing company turmoil.
The resignation comes after accusations from a short seller that the firm inflated its sales figures nearly ninefold for 2022.
Following Zhu's departure, Yao Naxin has been appointed as the new chairman, while trading of the firm's shares remains suspended.
New Horizon's shares have plummeted by over 80% since reaching a peak in 2021, severely affecting its market value.
The company started trading in February 2021 and focuses on early detection products for cancers, but its viability is now in question due to recent events.

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