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On the evening of August 27, Sinopharm Modern Pharmaceuticals issued an announcement that the company’s chairman and president resigned on the same day.

Chairman and President resigned on the same day

The above announcement stated that on August 27, 2024, written resignation reports were received from the company's chairman, Mr. Dong Zenghe, and director and president, Mr. Lian Wanyong. Due to work arrangement adjustments, Mr. Dong Zenghe applied to resign from the positions of director and chairman, and Mr. Lian Wanyong applied to resign from the positions of director and president. After their resignation, the above two persons will no longer hold any positions in the company.

Sinopharm Modern Pharmaceuticals said that during their tenure at the company, Mr. Dong Zenghe and Mr. Lian Wanyong performed their duties diligently and conscientiously, and played an important role in continuously promoting the company's high-quality development and steadily improving operating efficiency. The company's board of directors expressed its sincere gratitude to Mr. Dong Zenghe and Mr. Lian Wanyong for their contributions to the company's development during their tenure!

at the same time,Sinopharm Modern Pharmaceuticals announced that the company's board of directors agreed to appoint Liu Yong as the company's president.During the vacancy of the chairmanship, Vice Chairman Liu Yong will perform the duties of the chairman, including but not limited to presiding over the shareholders' meeting, convening and presiding over the board of directors meeting, etc.

According to the information, Liu Yong, male, 55 years old, is a member of the Communist Party of China, a doctoral student, a chief pharmacist, and a practicing pharmacist. He has served as deputy manager of the marketing department of Sinopharm Group Shanghai Co., Ltd.; deputy general manager of Shanghai Guoda Pharmacy Chain Co., Ltd.; party secretary and general manager of Sinopharm Holding Shenyang Co., Ltd.; vice president, secretary of the board of directors, general legal counsel, executive director, and president of Sinopharm Holding Co., Ltd. He is currently the vice chairman of Shanghai Shyndec Pharmaceutical Co., Ltd.

Former chairman Zhou Bin is suspected of

Serious violations of discipline and law were investigated

According to China Fund News, Sinopharm Modern's senior management has changed frequently in recent years.

In June last year, after the resignation of former CFO Hao Chaofeng, Li Hao was appointed as the company's vice president and CFO. In March this year, Li Hao applied to resign from the position of CFO, and Wei Dongsong applied to resign from the position of secretary of the board of directors; in July, Li Hao also applied to resign from the company's vice president and other related positions; also in July, the company's vice president Gong Zhong applied to resign due to retirement age.

In addition, according to the website of the Central Commission for Discipline Inspection and the National Supervisory Commission, in January this year, the former chairman Zhou Bin was investigated for suspected serious violations of discipline and law. (Zhou Bin resigned from the positions of director and chairman of Sinopharm Modern on June 28, 2023 for personal reasons)

On February 1, a reporter from the Daily Economic News called Sinopharm Modern Pharmaceutical's securities affairs department as an investor. The staff responded that the company is not aware of any specific information regarding the investigation of former chairman Zhou Bin, and the company's overall operations are normal.

Zhou Bin served as the chairman of Sinopharm Modern twice, from August 2008 to August 2015 and from January 2016 to June 2023. During his two terms as chairman, Zhou Bin served a total of 14 years and 7 months.

According to the company's official website, Sinopharm Modern Pharmaceuticals was founded in 1996 by an academician of the Chinese Academy of Engineering. It is a high-tech pharmaceutical manufacturing company specializing in the research and development, production and sales of new pharmaceutical preparations. It was listed on the Shanghai Stock Exchange on June 16, 2004. In April 2010, it joined China National Pharmaceutical Group Corporation.

On August 27, Sinopharm Modern Pharmaceutical released its 2024 semi-annual report.

In the first half of this year, the company achieved operating income of 5.96 billion yuan, a year-on-year decrease of 7.52%; net profit attributable to the parent company was 718 million yuan, a year-on-year increase of 108.29%. The company plans to distribute a cash dividend of 1.00 yuan (including tax) for every 10 shares to all shareholders.

The company said that during the reporting period, through improving process technology, strengthening integrated management, and large-scale production, production costs decreased year-on-year; the company's overall gross profit margin increased by 0.46 percentage points year-on-year. At the same time, it continued to promote cost reduction and control, boost management efficiency, and the period expense rate decreased by 7.14 percentage points year-on-year.

As of the close of August 27, Sinopharm Modern Pharmaceuticals was trading at 11.76 yuan per share, up more than 20% this year. The company's latest market value is 15.8 billion yuan.

(The content and data of the article are for reference only and do not constitute investment advice. Investors act accordingly at their own risk.)

edit|||He Xiaotao Gai Yuanyuan

Proofreading|Wang Yuelong

Daily Economic News Comprehensive Public Information, China Fund News, Meijing APP

Daily Economic News