Fosun International, one China’s largest private-sector investment and pharmaceutical concerns, has elevated a top pharmaceutical executive as co-CEO as the coronavirus outbreak damages the world’s No. 2 economy, cripples global supply chains, and threatens to wreak even more havoc on business globally.
Chen Qiyu, the current chairman of Shanghai Fosun Pharmaceutical – Fosun International’s main pharmaceutical industry arm — has been promoted to be co-CEO of Fosun International from a previous post of Fosun International co-president. Xu Xiaoliang, whose posts have covered real estate to mining, was also named co-CEO of Fosun International and ceased to be a co-president there, Fosun International said in a statement on Friday.
Wang Chunbin, a billionaire co-founder of Fosun International, will cease to be its CEO; instead he will become the company’s co-chairman with Fosun International’s controlling shareholder and fellow co-founding billionaire Guo Guangchang. Wang became Fosun International’s CEO in February 2017 after the exit of Liang Xinjun, another Fosun International co-founder and billionaire.
Chen, 47, has held leadership posts at many Fosun International-backed pharmaceutical and healthcare businesses, including Shanghai Fosun Pharmaceutical, Shanghai Henlius Biotech, Sinopharm, New Frontier Health, Dian Diagnostics Group and Maxigen Biotech. He has been the chairman of China Medical Pharmaceutical Material Association and the vice chairman of the China Pharmaceutical Innovation and Research Development Association, Fosun International said.
Xu, also 47, has held board seats at Hainan Mining, Zhaojin Mining Industry, Shanghai Resource Property Consulting, and Shanghai Foyo Culture & Entertainment, among others.
In addition to its expansion in pharmaceuticals and healthcare, Fosun International has been one of China’s most active international investors in the past decade, with ties to Thomas Cook, Cirque du Soleil and Club Med, among many others.
Hong Kong-listed Fosun International’s shares have lost about 14% of their value in the past year; its market capitalization was HK$89 billion, or $11 billion, on Friday. Shanghai Fosun Pharmaceutical, whose shares trade in Shanghai and Hong Kong, was worth about 64 billion yuan, or $9 billion, on Friday.