LIVZON PHARMA (01513.HK): Zhu Baoguo resigns as Chairman on retirement; President Liu Daping appointed
- Mr. Liu Daping, aged 39, graduated from China Pharmaceutical University with a bachelor's degree in pharmaceutics, served as a vice president of the Company from January 2024 to February 2026, has served as president since February 2026 and as an executive director since May 2026.
- His remuneration as chairman comprises a basic salary and a performance-based salary, with the performance-based portion accounting for in principle not less than 50% of the aggregate, and he will no longer receive remuneration under the standards for executive directors.
- The roles of chairman and president are held by the same individual, deviating from code provision C.2.1 of the Corporate Governance Code in Appendix C1; the Board considers the arrangement ensures continuity in strategy formulation and execution without undermining the balance of power and authority between the Board and management, and will consider separating the roles as appropriate.
NewTimeSpace News: On 11 September 2026, Livzon Pharmaceutical Group Inc. (stock code: 01513) announced that Mr. Zhu Baoguo resigned as the chairman of the Company, a non-executive director, the chairman of the strategy committee and the chairman of the environmental, social and governance committee, and ceased to act as the legal representative of the Company, all with effect from 11 September 2026 due to retirement. The Company will change its legal representative and complete the industrial and commercial registration of the change in accordance with the relevant requirements in a timely manner, and upon the resignation taking effect Mr. Zhu will cease to hold any position in the Group. Mr. Zhu has confirmed that he has no disagreement with the Board and that there are no other matters relating to his resignation that need to be brought to the attention of The Stock Exchange of Hong Kong Limited or the shareholders of the Company. The Company and the Board stated that during his tenure as chairman, Mr. Zhu led the Board in planning the industrial layout with foresight and continuously improving the governance system, driving breakthroughs in innovative research and development, product pipeline and internationalisation, and that after resigning as chairman and director he will continue to support the Company's development as its actual controller.
The Board also announced that, on the recommendation of the nomination committee, Mr. Liu Daping has been appointed as the chairman of the Company, the chairman of the strategy committee and the chairman of the environmental, social and governance committee, for a term commencing on 11 September 2026 and ending on the date of expiry of the term of the twelfth session of the Board. Mr. Liu, aged 39, is currently the president of the Company, graduated from China Pharmaceutical University with a bachelor's degree in pharmaceutics, served as a vice president of the Company from January 2024 to February 2026, has served as president since February 2026 and has served as an executive director since May 2026. He has entered into service contracts with the Company in respect of his roles as an executive director and as president respectively.
On remuneration, Mr. Liu's remuneration as chairman will be determined in accordance with the remuneration standards for the chairman under the Directors' Remuneration Management System approved by the Company's 2025 general meeting, comprising a basic salary and a performance-based salary, with the performance-based salary accounting for in principle not less than 50% of the aggregate of the basic salary and the performance-based salary, and the specific amount to be determined after assessment under the Company's remuneration and performance assessment management systems. Mr. Liu will no longer receive remuneration under the remuneration standards for executive directors, and his remuneration as president will be determined in accordance with the resolution on the 2025 remuneration of senior management and the 2026 remuneration plan approved at the 33rd meeting of the eleventh session of the Board.
The announcement noted that, under code provision C.2.1 of the Corporate Governance Code in Appendix C1 to the Listing Rules, the roles of chairman and chief executive officer should be separate and should not be performed by the same individual. The Board considers that Mr. Liu has a deep understanding of the Group's business structure, development strategy and industry environment, and that his concurrent service as chairman and president will ensure a high degree of continuity in the Company's leadership in strategy formulation and execution, facilitate rapid decision-making and efficient advancement of the Company's long-term development plans, and the Board is satisfied that this arrangement is in the overall best interests of the Company and its shareholders. The Board further considers that the structure will not undermine the balance of power and authority between the Board and the Company's management, as any decision of the Board requires the approval of at least a majority of the directors, all directors are aware of and undertake to discharge their fiduciary duties as directors, and the Board comprises experienced and capable individuals who meet regularly to discuss matters affecting the Company's operations. The Company will continue to review and consider the separation of the roles of chairman and president as appropriate in light of the overall circumstances of the Group and market conditions.
Following Mr. Zhu's resignation and Mr. Liu's appointment, the chairmen of the Company's strategy committee and environmental, social and governance committee have both been changed to Mr. Liu with effect from 11 September 2026, while the composition of the other members of these two committees remains unchanged. As at the date of this announcement, the executive directors of the Company are Mr. Liu Daping (Chairman and President) and Mr. Tang Yanggang (Vice Chairman); the non-executive directors are Mr. Lin Nanqi and Mr. Qiu Qingfeng; the employee director is Ms. Ran Yongmei; and the independent non-executive directors are Mr. Luo Huiyuan, Ms. Cui Lijie, Ms. Wang Zhiyao and Ms. Kang Li.
NewTimeSpace Disclaimer: All content herein is the original work of NewTimeSpace. Any reproduction, reprinting, or use of this content in any other manner must clearly indicate the source as "NewTimeSpace". NewTimeSpace and its authorized third-party information providers strive to ensure the accuracy and reliability of the data, but do not guarantee the absolute correctness thereof. This content is for reference only and does not constitute any investment advice. All transaction risks shall be borne by the user.
