58-Year-Old Vice President "Benched," Casts Three Abstention Votes at Board Meeting, Abstains on Own Dismissal Resolution! Nanjing Pharma's Foreign Shareholder Exits After 10-Year Hold, Guangzhou Baiyun Mountain Officially Takes Position

As foreign shareholders completely exit, the core management of Nanjing Pharmaceutical (600713.SH) has also undergone changes.

On March 17, Nanjing Pharmaceutical announced that the board of directors agreed to remove Marco Kerschen and Luo Xunjie from their director positions, dismissed Luo Xunjie from his vice president role, and approved the addition of Chen Guangyan as a non-independent director candidate.

Red Star Capital Bureau notes that Luo Xunjie cast abstain votes on all three proposals mentioned above.

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Nanjing Pharmaceutical dismisses Vice President

Vice President casts three abstain votes in a row

According to Nanjing Pharmaceutical’s announcement, on March 16 and 17, the company held two consecutive board meetings, during which three personnel proposals were approved through voting.

First, the removal of Marco Kerschen and Luo Xunjie from their director roles, along with the removal of Marco Kerschen from the Nomination and Human Resources Planning Committee and the Compensation and Performance Evaluation Committee; and the removal of Luo Xunjie from the Strategy Decision and Investment Management Committee and the Audit and Risk Control Committee. Second, the board dismissed Luo Xunjie from his vice president position.

The removal from director positions still requires approval at the shareholders’ meeting. After approval, Luo Xunjie and Marco Kerschen will no longer hold any positions.

Third, the addition of Chen Guangyan as a non-independent director candidate, with a term aligned with the 10th board of directors.

Red Star Capital Bureau notes that Luo Xunjie cast an abstain vote on all three proposals; Marco Kerschen was absent from the board meeting.

Biographical details show Luo Xunjie, aged 58, holds an MBA. He has previously worked as a financial analyst at US-based XinAn Financial Group, financial planning and analysis manager at Emerson Electric, and vice president of Dajiang Water Dumpling Catering Group.

Marco Kerschen, aged 53, a Luxembourg national with a master’s degree in law, has held senior leadership roles at L’Oréal, Ralph Lauren, and Procter & Gamble.

Foreign shareholders exit after 10 years

Guangzhou Baiyunshan enters the scene

This personnel change is related to the departure of foreign shareholders.

The announcement shows that Marco Kerschen and Luo Xunjie’s original terms were set to end in June 2028, but they left due to the termination of the “Strategic Cooperation Agreement” signed between the company and the former second-largest shareholder, Alliance Healthcare.

Nanjing Pharmaceutical also disclosed that its corporate type should change from “Joint Stock Limited Company (Hong Kong, Macau, Taiwan, and domestic joint ventures, listed)” to “Joint Stock Limited Company (listed),” with the change to be filed with the market supervision department.

Since December 2014, the internationally renowned pharmaceutical and health product retailer Wobbling (which has delisted from NASDAQ), has held shares in Nanjing Pharmaceutical through its subsidiary Alliance Healthcare. Until September 2025, Alliance Healthcare signed an agreement with Guangyao Phase II Fund under Baiyunshan (600332.SH; 00874.HK) to transfer 11.04% of Nanjing Pharmaceutical’s shares to the fund, totaling 749 million yuan.

In February this year, the transfer was registered, making Guangyao Phase II Fund the second-largest shareholder of Nanjing Pharmaceutical. Alliance Healthcare no longer holds shares in the company.

The newly nominated director candidate, Chen Guangyan, comes from Guangzhou Pharmaceutical, a subsidiary of Baiyunshan (874839.NQ).

Biographical details show Chen Guangyan, aged 59, holds a bachelor’s degree and is a licensed pharmacist. He previously worked as a process technician at Guangzhou Pharmaceutical Factory, head of the Quality Inspection Department, and manager of the Quality Control Department; and as a registration and clinical affairs manager at Shenzhen Yuanzheng Pharmaceutical. He is currently chairman of Guangzhou Pharmaceutical and director of Guangzhou Baiyunshan Yixintang Pharmaceutical Investment Development Co., Ltd.

Public information indicates that Nanjing Pharmaceutical mainly operates in four categories: medicines, medical devices, chemical reagents, and glass instruments.

In recent years, the company’s revenue has continued to grow, but net profit has declined for two consecutive years, with 2023 and 2024’s net profits attributable to shareholders decreasing by 2.99% and 1.25%, respectively. In the first three quarters of 2025, the company achieved operating revenue of 41.135 billion yuan, up 0.48% year-on-year; net profit attributable to shareholders was 402 million yuan, down 9.03% year-on-year.

(This article does not constitute any investment advice; operate at your own risk.)

Editor: Tao Yueyang

Sources: Shenzhen Business Daily, China News Agency Jingwei, company announcements, etc.

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