Exclusive: PKU Healthcare Chief Xu Xiren Detained in Criminal Probe
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Xu Xiren
Xu Xiren, chairman and president of PKU Healthcare Corp. Ltd., has been criminally detained and is under investigation, less than a year after taking control of the company.
In a stock exchange filing Wednesday, the company said it was notified by authorities that Xu had been detained and is cooperating with the probe. He is currently unable to perform his duties.
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- Xu Xiren, chairman and president of Pku Healthcare, was criminally detained in October 2025 for alleged embezzlement after gaining control via a complex acquisition in late 2024.
- The company’s financial outlook is dire, expecting to lose over 1.6 billion yuan in revenue and 108.7 million yuan in profit through 2026 after losing key brand rights and its largest client.
- Internal conflicts intensified after Xu’s acquisition, further destabilizing operations.
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Who’s Who
- Pku Healthcare Corp. Ltd.
- Pku Healthcare Corp. Ltd. is a company that recently lost the right to use the "Peking University" brand. Its chairman and president, Xu Xiren, was criminally detained and is under investigation for alleged embezzlement. The company is facing significant financial challenges, projecting substantial revenue and profit losses in 2025 and 2026 after its major contract with Peking University International Hospital was not renewed.
- Southwest Synthetic Pharmaceutical Corp. Ltd.
- Southwest Synthetic Pharmaceutical Corp. Ltd. is a legacy drugmaker based in Chongqing. Xu Xiren led its acquisition in November 2024. The acquisition was finalized in December 2024, transferring 100% of its equity and 2.39 billion yuan in debt to a firm where Xu held a stake. This transaction gave Xu control of Pku Healthcare through Southwest Synthetic.
- New Founder Development Co. Ltd.
- New Founder Development Co. Ltd. was involved in the acquisition of Southwest Synthetic Pharmaceutical Corp. Ltd. In December 2024, New Founder and its subsidiaries transferred 100% of Southwest Synthetic's equity and related debt to New Advantage International Business Management (Hangzhou) Partnership, a firm in which Xu Xiren held a stake. Following this transaction, Pku Healthcare severed ties with New Founder.
- New Advantage International Business Management (Hangzhou) Partnership
- New Advantage International Business Management (Hangzhou) Partnership (新优势国际商务管理(杭州)合伙企业) is the firm that acquired 100% of Southwest Synthetic's equity and associated debt. Xu Xiren held a stake in this partnership. Initially, Zhejiang Zhongbei Jiuzhou Group Co. Ltd. held 80% and Xu 20%. In January 2025, Zhongbei was replaced by a firm 60% owned by Xu, increasing his control.
- Zhejiang Zhongbei Jiuzhou Group Co. Ltd.
- Zhejiang Zhongbei Jiuzhou Group Co. Ltd. initially held an 80% stake in New Advantage International Business Management (Hangzhou) Partnership, which was instrumental in Xu Xiren's acquisition of Southwest Synthetic Pharmaceutical Corp. Ltd. However, Zhongbei exited the partnership in January 2025, being replaced by a firm 60% owned by Xu, thereby consolidating his control.
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What Happened When
- November 2024：
- Xu Xiren drew attention by leading the acquisition of Southwest Synthetic Pharmaceutical Corp. Ltd.
- December 2024：
- Acquisition of Southwest Synthetic was finalized; equity and debt transferred to New Advantage International Business Management (Hangzhou) Partnership.
- January 2025：
- Zhejiang Zhongbei Jiuzhou Group Co. Ltd. exited the partnership, replaced by a firm 60% owned by Xu Xiren.
- May 2025：
- Pku Healthcare's contract with Peking University International Hospital expired and was not renewed.
- June 2025：
- Nearly 100 retired or former employees of Southwest Synthetic staged protests at Pku Healthcare's office.
- 2025-10-17：
- Xu Xiren was detained by Chongqing police at a Shanghai airport while attempting to leave the country.
- Before 2025-10-29：
- Xu was announced to be stepping aside temporarily for 'personal reasons.'
- 2025-10-29：
- Pku Healthcare disclosed in a stock exchange filing that Xu Xiren was detained and under investigation.
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