What’s new: Li Chuyuan, chairman of Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd. (600332.SH), has resigned from all his duties, the Shanghai-listed arm of state-owned healthcare giant Guangzhou Pharmaceutical Holdings Ltd. said Monday.
The company received Li’s resignation Monday and named vice chairman Yang Jun to temporarily assume Li’s responsibilities until a new chairman is elected by the board, Guangzhou Baiyunshan said in a filing.
Li also serves as chairman and Communist Party chief of the parent Guangzhou Pharmaceutical.
Caixin learned that Li has been recently taken away by provincial authorities for questioning. His family members are being investigated.
Background: Li, 59, is a veteran executive at Guangzhou Pharmaceutical. In 2013, he was appointed to head Guangzhou Pharmaceutical and the listed unit Guangzhou Baiyunshan.
Wholly owned by the Guangzhou city government, Guangzhou Pharmaceutical is the country’s largest Chinese medicine producer and among the Fortune Global 500 for three consecutive years since 2021.
In 2023, Guangzhou Baiyunshan posted 6.68% increase in revenue to 75.5 billion yuan ($10.4 billion), with net profit rising 2.25% to 4.1 billion yuan.
Contact reporter Han Wei (weihan@caixin.com)
