(Yicai Global) Jan. 22 -- One of China's best-known businessmen is lined up to join BGI Tech Solutions Co. as co-chairman after resigning as an independent director of parent company BGI Genomics Co., China's biggest genome sequencing firm.
Wang Shi, the high-profile former chairman and founder of the world's biggest commercial property developer, China Vanke Co., would focus on the business management side of Shenzhen-based sequencing services firm BGI Tech in his new position, BGI Genomics President Wang Jian said in a statement on Jan. 19.
Wang quit Vanke last June following a long-running boardroom power struggle with Baoneng Group Co. for control of the real estate developer.
If Wang moves to BGI Tech, he could no longer serve as an independent director at BGI Genomics due to regulatory rules on conflict of interest. He had cited personal reasons for his departure. Rules state that persons who hold positions in entities directly or indirectly owned by a listed company (with a shareholding of at least five percent) may not hold the position of independent director in that listed company.
BGI Genomics owns just over 41 percent of BGI Tech, and is its largest shareholder, the company's listing prospectus states. Wang would need to resign his position as independent director of listed company BGI Genomics, if he was to serve as BGI Tech's co-chairman.