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Zhejiang Wolwo Bio-Pharmaceutical Chairman Resigns Following Divorce

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Zhejiang Wolwo Bio-Pharmaceutical (SHE:300357) chairman and actual controller Hu Gengxi resigned after his divorce with his wife and co-actual controller Yanni Chen, according to a Wednesday filing with the Shenzhen bourse.

Following their divorce, Chen will become the sole actual controller. Hu will retain personal ownership of his directly held 43.7 million shares, equivalent to 8.35% of the stock of the drug manufacturer.

Chen is the sole owner of Haory (Hong Kong), which holds 40% of controlling shareholder Zhejiang Wolwo Management Consulting, which holds 38.86% of the listed drugmaker.

The drugmaker for allergic diseases will soon elect Hu's successor.

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