Lanfan Medical Announces Leadership Transition as CEO Li Bingrong Retires; New Generation of 70s/80s Executives Takes the Helm

VCBeat has learned that on January 10, 2020, Bluesail Medical Co., Ltd. issued an announcement regarding adjustments to senior executive positions. Mr. Li Bingrong, the company’s CEO, resigned from his roles as Director, President, and member of the Board Strategy Committee due to retirement upon reaching the age of 70. He also stepped down from all positions held within the company’s subsidiaries. The Board of Directors reviewed and approved the appointment of Ms. Liu Wenjing as President of Bluesail Medical, adjusted the responsibilities of Mr. Yang Fan, Vice President of Bluesail Medical, and additionally appointed Mr. Qian Keqiang as Vice President of Bluesail Medical. The announcement stated that the Board expressed its “sincere gratitude for Mr. Li Bingrong’s contributions to the company.”

Mr. Li Bingrong

Mr. Li Bingrong, a “veteran” of the medical device industry, was born in 1949 and is currently 70 years old. His resignation marks his retirement upon reaching the statutory retirement age, as he officially embarks on his retired life.

Mr. Li Bingrong graduated from the University of Hong Kong with a degree in Social Sciences and earned an MBA from Henley Management College in the United Kingdom. He also holds an EMBA from the Wharton School of the University of Pennsylvania. Since entering the medical device industry in 1976, Mr. Li has accumulated over 40 years of experience in the field. He has served as General Manager of Y.C. Woo & Co., Ltd., Chairman of the Asia-Pacific Division of Bristol-Myers Squibb’s Convatec business, Chairman and Greater China President of Johnson & Johnson (China) Medical Devices Co., Ltd., and International Vice President for North Asia.

In 2006, Mr. Li Bingrong joined Medtronic, serving as President of Medtronic Greater China and International Vice President, among other roles. Starting in 2013, he successively served as Chairman of Guangzhou Pharmaceutical Holdings Limited and CEO of Perfit Medical. In June 2014, Mr. Li Bingrong joined Biosensors International Group Ltd. (hereinafter referred to as “Biosensors International”) and assumed the roles of Chairman and Chief Executive Officer of Jiwei Medical.

In 2018, Bluesail Medical completed the largest cross-border merger and acquisition of a medical device company in the history of China’s A-share market that year, acquiring Biosensors International, the world’s fourth-largest coronary stent manufacturer. Following the completion of the acquisition, Lee Byung-yong, CEO of Biosensors International, assumed the role of CEO at Bluesail Medical.

According to Bluesail Medical, after assuming the role of CEO, Li Bingrong played a significant role in facilitating the integration of the two companies and promoting the mutual assimilation of their respective management teams. He actively contributed his extensive management experience by leading the executive team in conducting multiple internal management training sessions, fostering cultural exchange, and stimulating synergy and shared passion for business development among employees.

On the occasion of Mr. Li Bingrong’s departure, Ms. Liu Wenjing, Chairwoman, expressed Bluesail Medical’s heartfelt gratitude: “You have been comprehensively involved in the development of healthcare in New China. You are a participant, a witness, and a contributor. Through decades of trials and hardships, you have forged ahead with unwavering commitment to your original aspirations, and your name will always be remembered by the market. Your diligence, dedication, and passion have continually inspired everyone around you. All employees of Bluesail Biosensors take great pride in having worked alongside you.”

Mr. Li Bingrong also stated, “I am grateful for Bluesail’s trust. Being part of the development of Bluesail’s great cause is a source of pride and honor in my life. I firmly believe that under the wise leadership of Chairman Liu Wenjing and the Board of Directors, Bluesail Medical will undoubtedly become a world-class, successful medical enterprise, alleviating suffering and restoring health for patients worldwide. Although I have stepped down from the frontline, I will continue to pay close attention to Bluesail’s development and extend my heartfelt best wishes.”

Just as Mr. Sun Chuanzhi voluntarily stepped down from his position as General Manager of the listed company in favor of Mr. Li Bingrong during the merger between Bluesail and Biosensors International in 2018, Mr. Li Bingrong is now passing the baton to a new team of young executives. This transition, marking another instance of generational succession, is driven by a shared commitment to their common cause and embodies the inheritance of Bluesail’s corporate culture characterized by openness, inclusiveness, and standardization.

According to the announcement, following Mr. Li Bingrong’s retirement, Bluesail Medical will be succeeded by a new executive team. Ms. Liu Wenjing, the Chairwoman, will assume the role of President of Bluesail Medical. Ms. Liu founded Bluesail Medical in 2003. She holds an MBA from Cheung Kong Graduate School of Business and an Executive EMBA from PBC School of Finance, Tsinghua University. Over the past 16 years, she has steadily grown Bluesail Medical from a startup into a multinational medical device platform enterprise driven by dual engines: the medical protection segment and the cardiovascular and cerebrovascular segment, as well as low-to-mid-value consumables and high-value consumables. She possesses extensive experience in industry, capital, and management.

Notably, a “new face” has emerged in this year’s senior management team: Mr. Qian Keqiang has been additionally appointed as Vice President of the Company and concurrently serves as General Manager of Shandong Jiwei Medical Products Co., Ltd. (hereinafter referred to as “Jiwei Medical”), with overall responsibility for the operation and management of the Cardiovascular and Cerebrovascular Business Unit in Greater China.

According to industry insiders, Mr. Qian Keqiang is a seasoned professional specializing in cardiovascular and cerebrovascular diseases. With years of extensive experience in the medical device and consumables sector, he possesses both the specialized expertise and global perspective of management executives at large multinational medical device companies, as well as practical operational and management experience in local medical device enterprises. He previously served as Business Director for Greater China in Medtronic’s Structural Heart business, Business Director for Greater China in Medtronic’s Peripheral Vascular business, General Manager of Abbott’s Vascular business in China, and Vice President and General Manager for China at Covidien. Prior to his current appointment as Vice President of Bluesail Medical, he also held the positions of Vice President at Biosensors International and Vice President of Marketing at Jiwei Medical. Mr. Qian’s addition will bring further innovation and vitality to Bluesail Medical’s cardiovascular and cerebrovascular segment.

The Board of Directors also adjusted the position of Mr. Yang Fan, Vice President. While serving as Vice President of Bluesail Medical, Mr. Yang concurrently holds the positions of General Manager of the Company’s Cardiovascular and Cerebrovascular Business Unit and Chief Executive Officer of Biosensors International. He is fully responsible for the operations and management of the Cardiovascular and Cerebrovascular Business Unit. Having worked at Biosensors International for many years, Mr. Yang has participated in the formulation and implementation of numerous strategic decisions and is well-versed in the daily operations and team dynamics of Biosensors International. His appointment as General Manager of Bluesail Medical’s Cardiovascular and Cerebrovascular Business Unit and Chief Executive Officer of Biosensors International makes him a suitable candidate for these roles.

Following this round of adjustments, the new executive team at Bluesail Medical consists entirely of dynamic professionals born in the 1970s and 1980s, all holding master’s degrees. The team comprises seasoned industry veterans, “founding” members who have grown with the company, and industry experts well-versed in business management and tempered by market challenges.

Bluesail Medical stated that a younger, more professional management team would enable the company to maintain strategic focus and decisiveness while enhancing innovation and vitality in response to future market changes. The new executive team, characterized by strong innovative capabilities, high professionalism, and extensive experience, will lead Bluesail Medical in leveraging its existing industrial base and the Biosensors International platform to establish a cross-departmental industrial layout covering high-, medium-, and low-value medical device consumables. This strategy aims to transform the company into a multinational medical device platform enterprise with China as its core and a global orientation, thereby sustaining high-quality development.