On June 11th, Ou Lin Bio (688319.SH) issued an announcement, replying to the inquiry letter of Shanghai Stock Exchange about the personnel changes of the company’s senior management.
The Red Star Capital Bureau previously reported that the nine-member senior management team of Ou Lin Bio was reduced to four after adjustment.(Please poke for details:"Five of the nine senior executives of Ou Lin Bio have left their posts, and the affiliated enterprises of one remaining senior executive still have related transactions with the company".)
For the departure of the other five former executives, Ou Lin Bio said in the reply announcement, "After the adjustment of the senior management team, Fan Fan, Chen Aimin, Li Hongguang and Chen Daoyuan did not serve as deputy general managers of the company, but they still held middle and high-level positions in the company and were responsible for the corresponding business."
However, the Red Star Capital Bureau noticed that in addition to responding to the announcement, he still served as the four former deputy general managers of the company’s middle and high levels.Ou Lin Bio did not disclose another former deputy general manager, Hu Cheng’s post after adjustment. Previously, three directors who opposed the composition of the new senior management all opposed the adjustment of Hu Cheng out of the company’s management team.
According to the announcement in reply, Hu Cheng himself said that he performed his duties seriously during his financial supervision post and completed the listing task of the company.Hu Cheng said: "I think the company’s 360 assessment system is fabricated by the company, which is seriously distorted and inaccurate, and cannot accept an assessment system that is not goal-oriented and task-oriented."
As of the close of June 10th, Ou Lin Bio rose 0.22% to 18.51 yuan/share, with a total market value of 7.501 billion yuan.
Four former deputy general managers were appointed as directors or general assistants.
Hu ChengKicked out,Previously responsible for the IPO listing of the company.
On the evening of June 10th, Ou Lin Bio disclosed the detailed reasons why the original nine-member senior management team was reduced to four.
The announcement pointed out that the reasons for the adjustment are: after listing, it is necessary to focus more on the development of the main business, strive to expand market sales channels, and return investors with better performance; Based on the consideration of the company’s development strategy, in order to cope with the rapid changes in the market, an agile decision-making mechanism is established; At the same time, the last senior management team of the company has expired and needs to be re-elected.
Screenshot from Ou Lin Biological Announcement
According to the post comparison of senior management before and after the adjustment, it can be seen that four former deputy general managers, Fan Fan, Li Hongguang, Chen Daoyuan and Chen Aimin, are now the directors or assistant general managers of Ou Lin Bio. Another former deputy general manager, Hu Cheng, was kicked out of the management leadership.
Ou Lin Bio said that although directors Hu Cheng, Yu Yunhui and independent director He Shaoping voted against the proposal, they did not oppose the appointment of Ma Hengjun as the executive deputy general manager and Tan Yong as the chief financial officer in essence, but opposed the proposal because they thought that the composition of the company’s senior management or talent structure was unreasonable.
However, it is worth mentioning that Hu Cheng, Yu Yunhui and He Shaoping are all opposed to adjusting Hu Cheng out of the management team.Among them, Yu Yunhui believes that Hu has made great contributions to the company’s financing and listing, and is also the direct person in charge of the company’s initial financing and listing, and has played a supervisory role in the company’s financial and corporate governance standard operation; He Shaoping believes that Hu Cheng, as the former financial supervision post, is not conducive to the transparency and effective operation of the company’s internal control system.
At the same time, according to Hu Cheng’s self-report, he was responsible for financial supervision and financing in the company, and was directly responsible for the IPO listing of the company, during which he earnestly performed his duties and completed the listing. “I think that the Company’s 360 assessment system is fabricated by the company, which is seriously distorted and inaccurate. It is unacceptable to accept an assessment system that is not oriented to goals and tasks. I object to using this assessment result as a reason for not renewing employment and excluding senior executives who can meet the post requirements from the new management team. "
The company’s executive compensation in 2021 was the highest in Hu Cheng.
More than 3.1 million yuan before tax
Ou Lin Bio was listed in science and technology innovation board on June 8, 2021 with an issue price of 9.88 yuan/share.
The Red Star Capital Bureau noted that the highest point of its share price of 48.66 yuan/share appeared on the first day of listing, which was more than 390% higher than the issue price. However, since then, the share price of Ou Lin Bio has been falling all the way, and the latest closing price has dropped by 53.61% compared with the closing price of 39.90 yuan/share on the first day of listing.
Ou Lin Bio’s share price trend (weekly K line)
The Red Star Capital Bureau looked through Ou Lin Bio’s 2021 Annual Report and found that during the reporting period, Hu Cheng served as the deputy general manager of the company and concurrently served as the vice chairman.At the same time, Hu Cheng’s total pre-tax compensation from the company is also the highest among the executive compensation in 2021, which is 3,101,600 yuan.
In addition to Hu Cheng, the pre-tax salaries of other senior executives of Ou Lin Bio, such as Fan Shaowen, Fan Fan, Chen Aimin, Ma Hengjun, Li Hongguang, Chen Daoyuan, Tan Yong and Wu Wei, were 1,201,300 yuan, 1,126,100 yuan, 879,300 yuan, 1,217,400 yuan, 1,017,300 yuan, 777,800 yuan and 1,151,100 yuan respectively in 2021.
Hu Cheng’s resume shows that he worked in the Chongqing Sales Department of Haitong Securities from 2008 to 2009 as the general manager of the sales department; Since 2013, he has worked for Ou Lin Bio, and served as Chairman, Deputy General Manager and Vice Chairman of the Board of Supervisors.
In addition, the Red Star Capital Bureau also noted that,In the relevant meeting documents of the second meeting of the Sixth Board of Directors disclosed by Ou Lin Bio, Hu Chengjun voted against the eighth Proposal on Adjusting the Organizational Structure of the Company.
Red Star Journalist Deng Lingyao
Editor ren Zhijiang
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