(Yicai Global) Aug. 24 -- Sino Biopharmaceutical has appointed a former chairman of J.P. Morgan Chase Securities China as its chief executive with an attractive remuneration package after the previous CEO was named vice-chair.
The drugmaker gave Li Yi a generous offer as the signing bonus was over HKD15 million (USD1.9 million) and the annual salary exceeds HKD50 million, the Beijing-based company said in a statement on Aug. 21. Ex-CEO Xie Bing was named vice-chair on Aug. 19.
Li, 59, used to serve UBS China as its chairman before joining J.P. Morgan Chase Securities.
The senior investment banker will enrich the company with his efficient leadership, wide capital market experience, and a more international perspective, the statement added.
Founded in 1997, Sino Biopharmaceutical ranks 1,656 on the 2020 Forbes Global 2000 list.
The company's operating income rose 16 percent to CNY24.2 billion (USD3.5 billion) last year from a year ago. But its net profit slid 70 percent to CNY2.7 billion (USD390.2 million) due to an unusual gain from its non-core business in 2018, according to its earnings report.
J.P. Morgan Chase Securities China has filled the void by appointing Pu Xueqian as the chairman and CEO of the brokerage giant.
Sino Biopharmaceutical's [HKG: 1177] stock price rose 1.9 percent to HKD9.35 (USD1.20) by noon after falling 0.1 percent on Aug. 21.
Editor: Emmi Laine