ST Jingfeng has entered a phase of complete takeover by the CSPC Pharma group. On April 3, ST Jingfeng announced the completion of its ninth board of directors election and the appointment of senior management. The new board consists of nine directors, including six non-independent directors and three independent directors. Non-independent directors include Zhang Yiwei, Liu Shulin, Ma Xuehong, Zhang Li, Ye Gaojing, and Xie Shuqing. Independent directors are Xu Yimin, Li Xiaoguang, and Du Guocheng. Zhang Yiwei was elected chairman, replacing Zhang Li, who had been acting in the role. The new core management team is now in place, with personnel from the CSPC group forming the dominant force. Several directors, such as Zhang Yiwei and Liu Shulin, have backgrounds at CSPC. Zhang Yiwei has over 17 years of experience in investment banking and currently serves as an executive director and executive president of CSPC Pharma, responsible for securities affairs, while also holding the position of executive president at CSPC Holding Group. From a capital market perspective, replacing the chairman and deploying a core management team are essential steps for an acquirer to establish stable control and pursue operational improvements. As a strategic investor, CSPC's appointment of a new leadership core lays the groundwork for future business operations. With the board reshuffle, former non-independent director Lian Qizhi and independent directors Zhong Shaoxian and Liu Ting from the eighth board have stepped down and will no longer hold any positions. ST Jingfeng also disclosed its new senior management team, with Liu Shulin appointed as president, Ma Xuehong as financial chief, and Guo Ce as board secretary. The current management team is as follows. Prior to the board election, ST Jingfeng completed a change in its controlling shareholder. CSPC Holding Group became its controlling shareholder, and Cai Dongchen was designated as the actual controller. To align with CSPC's strategic positioning, ST Jingfeng announced on March 18 plans to change its company name to "CSPC Jingfeng Pharmaceutical Co., Ltd." Additionally, Jingfeng Pharmaceutical's restructuring plan has been fully implemented, and the Shenzhen Stock Exchange approved the removal of the delisting risk warning related to the restructuring. Trading resumed on March 26, with the stock abbreviation changing from "*ST Jingfeng" to "ST Jingfeng," though other risk warnings remain in effect. With the complete overhaul of governance and solidified control, ST Jingfeng has officially entered a new phase of business integration, asset revitalization, and operational improvements under CSPC's leadership.
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