21st Century Business Herald Reporter Zhang Wang

Yunnan Baiyao (000538.SZ) suddenly developed major personnel changes.

According to the announcement on the evening of March 6, the board of directors of Yunnan Baiyao received a resignation report from the company's chairman Wang Minghui recently. Due to personal reasons, Wang Minghui applied to resign from the chairman of the company's tenth board of directors and everything in Yunnan Baiyao and its holding subsidiaries.Position.

Yunnan Baiyao said that before the board elected the new chairman, the director and CEO (president) Dong Mingdai was the duty of the chairman.

The announcement shows that Wang Minghui holds 108,000 shares of Yunnan Baiyao. Within 6 months from the date of actual departure, he will not transfer his own and new Yunnan Baiyao shares.

As of the close of March 6, Yunnan Baiyao's stock price was 57.77 yuan/share, and the market value of the stock held by Wang Minghui was as high as 58.222 million yuan.

Only 1/9

Wang Minghui's resignation was quite sudden.

The 21st Century Economic Herald reporter noticed that the 10th board of directors of Yunnan Baiyao was elected by the shareholders' meeting on November 7, 2022. On the same day, Wang Minghui, the 1022 of the 1022 board of directors of Yunnan Baiyao, was held.And member of the Strategic Commission, with a term of 3 years.

This shows that Wang Minghui took office as chairman of the 10th board of directors of Yunnan Baiyao for only 4 months, only 1/9 of his term.

However, at the time of the chairman of the 10th board of directors of Yunnan Baiyao, Wang Minghui was over 60 years old.According to Yunnan Baiyao's previous announcement, Wang Minghui was born in April 1962.

Wang Minghui has been in charge of Yunnan Baiyao for more than 20 years.

Public information shows that in June 1999, Wang Minghui, who served as vice president of Kunming Pharmaceutical Sales, was transferred to Yunnan Baiyao as the general manager. At this time, he was only 37 years old.

After Wang Minghui entered Baiyao, Yunnan, the latter developed phenomenal products such as Yunnan Baiyao Chuangke Patch and Yunnan Baiyao toothpaste. The company's performance has also risen.

In 1999, Yunnan Baiyao's revenue was 232 million yuan and net profit was 33.506 million yuan. By 2021, Yunnan Baiyao's revenue and net profit reached 36.374 billion yuan and 2.804 billion yuan, respectively.

Wang Minghui's treatment in Yunnan Baiyao also rose high.

Yunnan Baiyao's 2001 annual report shows that the top three of its senior management personnel in that year, with the annual annual remuneration of 100,000 yuan to 130,000 yuan. Wang Minghui, who was a director and president and received remuneration in Yunnan Baiyao, should be among them.

Since May 2004, Wang Minghui has served as chairman and president of Yunnan Baiyao.The 2006 annual report showed that Wang Minghui's total remuneration from the company during the reporting period was 333,700 yuan.

Since then, Wang Minghui's income and position have changed. From 2009, he stepped down as president. He only served as chairman, and in 2010, his salary reached 673,000 yuan.However, since 2011, Wang Minghui has been rewarded from the position of president of Yunnan Baiyao Holdings Co., Ltd., the controlling shareholder of Yunnan Baiyao, who is also part -time.

After the mixed reform of Yunnan Baiyao, Wang Minghui still obtained compensation at the affiliated parties, but his salary in Yunnan Baiyao was greatly improved. The total pre -tax remuneration from Yunnan Baiyao in 2020 was 1.2556 million yuan, and 10.536 million yuan in 2021.

Two major capital operations

Wang Minghui was most noticeable during the period when he was in charge of Yunnan Baiyao. This well -known listed company implemented a mixed reform.

In 2016, Yunnan Baiyao set foot on a new journey of mixed ownership reform.In 2017, through capital increase and share expansion, strategic investors Xinhua Metropolis and Jiangsu Yueyue has been introduced.

Subsequently, Yunnan Baiyao launched the overall listing work in 2018, absorbing the combined controlling shareholder Bai Yao Holdings, and realizing the transformation of state -owned asset supervision from the state assets of Yunnan Province from the management assets to the capital.

After the mixed reform, the Yunnan Provincial SASAC and Xinhua Dadu and its consistent actions held 25.14%of Yunnan Baiyao, and were listed as the largest shareholders of listed companies. Jiangsu Yuyue held 5.95%of Yunnan Baiyao.

Due to the implementation of mixed reforms, in April 2017, the Yunnan Provincial Government exempted Wang Minghui's president of Baiyao Holdings, and no longer retained the identity and related treatment of the leaders of the provincial state -owned enterprise.

Wang Minghui took charge of the second major capital operation of Yunnan Baiyao, which was Yunnan Baiyao invested 11.229 billion yuan in May 2021 as a strategic investor, and subscribed to Shanghai Pharmaceutical (601607.SH, 02607.HK) non -publicly issued 666 billion shares.It makes it the second largest shareholder holding 18.02%of Shanghai Medicine.

Wang Minghui also won overly in the capital operation of Baiyao in Yunnan. According to the 2021 report of Yunnan Baiyao, his individual obtained a total of 1.08 million shares of stocks and held 720,000 shares at the end of the period, all of which were incentives for equity.

Yunnan Baiyao's half -annual report also showed that Wang Minghui's shareholding in the employee holding plan was 1.68 million shares.

However, during his tenure, Yunnan Baiyao also fell into a huge vortex of stocks.

The annual report of 2021 shows that the profit or loss of the fair value of white medicine in Yunnan decreased by about 1.929 billion yuan.In a sharp decline, it lost 1.401 billion yuan in investing in Xiaomi Group alone.

At that time, Yunnan Baiyao's net profit decreased by 49.17%year -on -year, and the largest historical performance declined since its listing.

The semi-annual report of 2022 also showed that the fair value of the fair value of white medicine in Yunnan was -417 million yuan.The company said that this was due to the changes in net worth holding by the company and fund units held.In the first half of 2022, Yunnan Baiyao's performance continued to decline, and net profit decreased by 16.72%year -on -year.

By the end of 2022, Yunnan Baiyao Announcement stated that the second -level market stock investment will no longer conduct new investment, and the original stock investment of the original stock market shares investment will gradually withdraw.

Yunnan Baiyao received the administrative supervision measures issued by the Yunnan Securities Regulatory Bureau on November 10, 2022, which pointed out that it had issues such as non -standard corporate governance, incomplete internal control, and irregular financial accounting.Rectification.

What was the reason for Wang Minghui's sudden resignation this time, and it still needs time to give the answer.