Guangzhou Baiyunshan Chairman Steps Down Amid Investigation

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Li Chuyuan

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.

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Li Chuyuan resigned from his roles at Guangzhou Baiyunshan Pharmaceutical Holdings and Guangzhou Pharmaceutical Holdings, with Yang Jun temporarily assuming his duties.
Li is being questioned by provincial authorities, and his family is also under investigation.
Guangzhou Baiyunshan posted a 6.68% revenue increase to 75.5 billion yuan and a 2.25% net profit rise to 4.1 billion yuan in 2023.

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Who’s Who

Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd.: Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd. is a Shanghai-listed subsidiary of Guangzhou Pharmaceutical Holdings Ltd., a major Chinese medicine producer owned by the Guangzhou city government. It reported a 6.68% revenue increase to 75.5 billion yuan ($10.4 billion) and a 2.25% rise in net profit to 4.1 billion yuan in 2023. Recently, its chairman, Li Chuyuan, resigned, and vice chairman Yang Jun is temporarily assuming his responsibilities.

Guangzhou Pharmaceutical Holdings Ltd.: Guangzhou Pharmaceutical Holdings Ltd. is a state-owned healthcare giant wholly owned by the Guangzhou city government. It is the country’s largest Chinese medicine producer and has been among the Fortune Global 500 for three consecutive years since 2021. In 2023, its listed unit Guangzhou Baiyunshan Pharmaceutical posted a 6.68% revenue increase to 75.5 billion yuan ($10.4 billion) and a net profit rise of 2.25% to 4.1 billion yuan.

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What Happened When

2013：: Li Chuyuan was appointed to head Guangzhou Pharmaceutical and its listed unit Guangzhou Baiyunshan.

Since 2021：: Guangzhou Pharmaceutical has been among the Fortune Global 500 for three consecutive years.

In 2023：: Guangzhou Baiyunshan posted a 6.68% increase in revenue to 75.5 billion yuan, with net profit rising 2.25% to 4.1 billion yuan.

July 22, 2024：: Li Chuyuan, chairman of Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd., resigned from all his duties.

July 22, 2024：: Guangzhou Baiyunshan received Li’s resignation and named vice chairman Yang Jun to temporarily assume Li’s responsibilities.

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