Post-Holiday Executive Exodus: Sinovac Biotech, Boya Bio and Others Announce Leadership Reshuffles Amid IPO Filings

　　【Pharmaceutical Network - Industry Trends] Following the Mid-Autumn Festival and National Day holidays, a wave of executive resignations swept through the pharmaceutical industry, involving companies such as GRED, Sinovac Biotech, Boya Bio-pharmaceutical, and Luoxin Pharmaceutical. Among those departing were key senior executives, including chairmen.
 

Boya Bio: Chairman and Some Directors Resign
 

Boya Bio-pharmaceutical Group Co., Ltd. announced on October 9 that Tao Ran, the Chairman of the Company, has applied to resign from his positions as Chairman and Director due to job reassignment, and simultaneously resign from his relevant positions in the Strategy Committee and the Nomination, Remuneration and Appraisal Committee of the Seventh Board of Directors. Li Xingfa has also applied to resign from his positions as Director and member of the Strategy Committee of the Seventh Board of Directors due to job reassignment. Upon resignation, the aforementioned individuals will no longer hold any positions within the Company. Meanwhile, the Company proposes to elect Qiu Kai and Shen Jinfeng as candidates for non-independent directors.
 

 

Data shows that Boya Bio-pharmaceutical Group is a company primarily engaged in blood products, integrating biochemical drugs and chemical drugs,Active Pharmaceutical Ingredient (API)an integrated pharmaceutical industry group. As of press time, Boya Bio-pharmaceutical Group had a market capitalization of RMB 15.5 billion.
 

2023 Semi-Annual Report: The Company's operating revenue in the first half of the year was approximately RMB 1.541 billion, a year-on-year increase of 10.16%; the net profit attributable to shareholders of the listed company was approximately RMB 326 million, a year-on-year increase of 16.88%.
 

　　GRED: Resignation of Supervisor
 

On October 9, GRED announced that the Company had received resignation reports from Ms. Chen Jing, Supervisor, and Ms. Liang Jing, Employee Representative Supervisor. Their resignations will take effect on the date when the newly elected supervisors are elected by the Shareholders’ General Meeting. The aforementioned individuals resigned for personal reasons.
 

It is reported that GRED is primarily engaged in the research and development, production, and sales of pharmaceuticals, medical devices, health food products, foods for special medical purposes (FSMP), and fitness equipment.
 

The company’s disclosure of its 2023 semi-annual report shows that the net profit attributable to shareholders of the listed company in the first half of 2023 was RMB 12.0708 million, a year-on-year decrease of 19.75%.
 

　　Sinovac Biotech: Director Resigns
 

On October 8, Sinovac Biotech announced that Ms. Zhu Yumei, a director of the company, has resigned from her position as a director of the second Board of Directors due to personal reasons, and simultaneously stepped down from her roles as a member of the Audit Committee, Nomination Committee, and Remuneration and Appraisal Committee of the second Board of Directors.
 

According to available data, Sinovac Biotech is a subsidiary of Sinovac Pharmaceutical and is primarily engaged in the research and development, production, and sales of human vaccines.
 

According to Sinovac Biopharma’s disclosed 2023 semi-annual report, the company’s operating revenue for the first half of the year amounted to RMB 649 million; R&D investment reached RMB 195 million, accounting for 30.01% of operating revenue, an increase of RMB 115 million compared to the same period last year, representing a year-on-year growth of 145.28%.
 

　Luoxin Pharmaceutical: Director Resigns
 

Luoxin Pharmaceutical announced on the evening of October 9 that, due to work arrangements, Mr. Chen Ming has applied to resign from his positions as a director of the Fifth Board of Directors, a member of the Strategy Committee of the Fifth Board of Directors, the corresponding positions in the Group’s Internal Management Committee, and a director of the company’s controlled subsidiary, Shandong Luoxin Pharmaceutical Group Co., Ltd.
 

Following his resignation, Mr. Chen Ming will continue to serve as Chairman of Luoxin Health Technology Development Co., Ltd., a controlling subsidiary of the Company, and as a Director of Luoxin Pharmaceutical Co., Ltd.
 

According to available information, Luoxin Pharmaceutical is a large-scale pharmaceutical enterprise group integrating drug research and development, manufacturing, trading, and medical health services.
 

The 2023 semi-annual report shows that the company's operating revenue in the first half of the year was RMB 1.255 billion, a year-on-year decrease of 60.05%; the net profit attributable to shareholders of the listed company was -RMB 126 million, with losses increasing by 7.44%.
 

Disclaimer: Under no circumstances shall the information contained herein or the opinions expressed constitute investment advice to any person.