Summary by Moomoo AI
China Pharmaceutical Holdings Limited announced that Mr. Cheng Shu Yan and Mr. Yang Wenming have resigned from their senior management positions and will be appointed as non-executive directors effective March 21, 2024. On the same day, the Executive Director and Chairman of the Board Mr. Chen Yinglong will serve as acting President. Mr. Cheng and Mr. Yang will continue to serve as members of the Nominating Committee and Strategic Committee of the Board. In addition, the Company refers to the Joint Announcement previously issued on 21 February 2024 regarding the privatization proposal made by Kongyue Yue Co., Ltd., and an independent committee has been set up to evaluate the proposal. Mr. Cheng and Mr. Yang will not be members of the Independent Committee due to their affiliation with the controlling shareholders.