Will Mirae, whose annual report is "delayed," become the next Nuohui Health?

How does the AI · Miri prepayment issue affect its financial reliability?

Jiemian News Reporter | Li Kewen

Jiemian News Editor | Xie Xin

Early-screening star company Miri suddenly ran into trouble with releasing its annual report, and was consequently suspended by the Hong Kong Stock Exchange.

On April 1, the Hong Kong Stock Exchange announced that, because Miri failed to publish its 2025 annual results report on time, trading in Miri was suspended from 9:00 a.m. that same morning.

On the same day, Miri responded to Jiemian News, saying that the company is doing everything it can to cooperate with its auditors—rushing to collect, organize, and provide all required materials—to help the audit be completed as soon as possible, aiming to publish its annual results and resume trading at an early date. The company will strictly comply with the Hong Kong Stock Exchange’s listing rules, and disclose subsequent progress in a timely, accurate, and complete manner to safeguard investors’ right to know.

Miri said that this audit matter has no direct connection with the company’s R&D, business operations, or its core technology platform. The company’s day-to-day operations, business advancement, and customer cooperation all remain normal and unaffected.

Even so, once this happened, it is still hard not to think of the past of another early-screening star company in Hong Kong—Nuohui Health.

Jiemian News found that the core problem behind the annual report delay this time lies in some of the company’s prepayments. According to the announcement, the auditors need more time to assess certain prepayments that Miri has made to service providers and suppliers.

In Hong Kong stock financial reports, prepayments and deposits are essentially assets. In other words, the company has already paid the money, but the corresponding goods, services, or other economic benefits have not yet been fully recognized.

Jiemian News noted that as of the first half of 2025, Miri’s prepayments and deposits were $2.1114 million, accounting for about 2% of current assets and about 1% of total assets. By itself, the scale is not large. The auditors’ raised concern may be because the relevant prepayments increased noticeably in the second half of 2025, prompting the scrutiny.

On April 1, Zhang Wenbo, Director of Beijing Jundu (Shanghai) Law Firm and Head of the Life Sciences and Healthcare Legal Department, told Jiemian News that this usually means the auditors still have substantial doubts about the authenticity, recoverability, and substance of the relevant payments, or whether the counterparties are involved in related-party relationships. As a result, the auditors are temporarily unable to obtain sufficient and appropriate audit evidence.

Zhang Wenbo said that this kind of trading suspension announcement conveys at least three layers of information:

1. The company and the auditors have not yet reached agreement on key issues in the annual report, so an audit opinion cannot be issued on time;
2. The related issues may be enough to affect the reliability of full-year performance, and are not just ordinary errors in a line item;
3. Management is currently unable to provide the market with audited financial data, or financial data that has already been recognized by auditors. Otherwise, the company is more likely to disclose unaudited results first rather than directly suspend trading.

Miri is an RNA technology company originating from Singapore. It develops and commercializes miRNA test kits for early detection of cancer and related diseases.

In May 2025, Miri officially listed on the Hong Kong Stock Exchange Main Board. The issue price was HK$23.30 per share, issuing 46.62 million shares, with the public offering receiving 25.51 times subscription. Cornerstone investors include Jiujiang State-owned Assets and Fosun International, with combined subscriptions of about HK$449 million. Net proceeds from the IPO were about HK$1.086 billion.

In September 2025, less than four months after listing, Miri was included in the Hong Kong Stock Connect.

In January 2026, Miri completed a new round of placement financing. The placement was priced at HK$32.50 per share, issuing 21.88 million new shares and raising about HK$711 million, accounting for about 7.34% of the enlarged issued share capital.

Miri currently has three commercialized products: the gastric cancer early screening product MiaoXiaoWei (English name: GASTROClear), the lung cancer early screening product LUNGClear, and the COVID-19 virus detection product Fortitude.

MiaoXiaoWei and LUNGClear are the main sources of Miri’s performance. According to the interim report, in the first half of 2025, Miri achieved revenue of $10.4715 million and a loss of $28.2282 million.

The most core product is MiaoXiaoWei, the “blood test for gastric cancer.” This product detects the relative levels of 12 types of microRNAs (microRNA) in human serum samples through in vitro testing, and, together with analytical software, computes a comprehensive risk value to enable screening of high-risk populations for gastric cancer.

On October 9, 2025, MiaoXiaoWei obtained China’s National Medical Products Administration (NMPA) registration certificate for Class III medical devices. This product is China’s first non-invasive test product for the early gastric cancer screening indication, and it is also the first in vitro diagnostic (IVD) registration certificate issued in China for gastric cancer screening.

MiaoXiaoWei has achieved phased results in commercialization in China. In March 2026, Miri successfully won the bid for the gastric cancer screening and early intervention project in Lianxi District, Jiujiang City, Jiangxi Province. The project budget was 8.1 million yuan, with a maximum bid price of 7.695 million yuan. It will provide gastric cancer early screening services to approximately 30,000 residents in Lianxi District. Based on the winning bid amount, the per-person price is about 256.5 yuan.

LUNGClear and Fortitude are not listed in China. Their current commercialization operations are in Southeast Asia. LUNGClear is mainly commercialized in Singapore in cooperation with local medical testing institutions. Fortitude has stopped sales due to a reduction in COVID-19 virus detection demand.