SHINECO, INC. (NASDAQ:TYHT) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
Item 5.02
Effective August 4, 2020, the Board of Directors (the “Board”) of Shineco, Inc. (the “Company”) accepted the resignation of Mr. Yuying Zhang, the Company’s Chief Executive Officer. The resignation was not because of any disagreement with the Company known to the Board of on any matter related to the Company’s operations, policies, or practices. In connection with Mr. Zhang’s resignation there is no arrangement or understanding between Mr. Zhang and the Company.
Effective August 4, 2020, the Board of Directors unanimously appointed Mr. Fengming Liu, as the Chief Executive Officer (“CEO”) and Chief Scientist (“CS”). There is no arrangement or understanding between Mr. Liu and any other person to which Mr. Liu was selected as CEO and CS, there is no family relationship between Mr. Liu and any director or officer of the Company, and Mr. Liu is not party to any transaction in which the Company is a participant. Mr. Liu will continue to be entitled to participate in all employment benefit plans and policies of the Company generally available. Mr. Liu’s compensation will initially be $1. The Company and Mr. Liu and discussing his future compensation and upon finalization will file a Form 8-k to disclose the agreed upon compensation.
Mr. Liu, age 60, has been the Chief Executive Officer and the Director of R&D for Changzhou Biowin Pharmaceutical Company in Changzhou, China since year of 2012 and was responsible for the development of new products in in-vitro diagnostics and overall management of the company. Mr. Liu was the Executive Director of Beijing Yili Biotech Institute Company in Beijing, China from 2000 to 2010 and he was responsible for the research and development of pharmaceutical products and overall management of the company. Mr. Liu has made great contributions in many fields, including pharmaceuticals, diagnostic products and medical devices, and successfully led or joined in 43 biomedical related market approvals by the Chinese FDA so far. Due to his great achievement in biomedical sciences, Mr. Liu has been approved as the Principle Investigator for five of the national key projects from the Chinese National Development and Reform Commission and Ministry of Science and Technology of China. Mr. Liu is a national leading expert in this field and received several national awards including the Chinese Scientific Person of the Year in 2014, 2016 Overseas Chinese Innovation Talent Award, 2018 Industry University Cooperation Innovation Award and Top 10 Innovators of the Chinese Health Industry 2019. Mr. Liu was a medical doctor prior to 1992 and Mr. Liu received his medical degree from the Peking Union Medical College, the most prestigious medical college in China. Mr. Liu received his post-doctoral training at Creighton University and Dartmouth College from 1992-1997. Mr Liu served as assistant professor and research investigator at Creighton University, Dartmouth College and Millennium Pharmaceutical Inc. in the USA from 1997 to 1999. Mr. Liu is a business focused and profitability-driven management executive with a track record of success at biomedical and pharmaceutical companies.
About SHINECO, INC. (NASDAQ:TYHT)
Shineco, Inc. is a holding company. The Company provides health and well-being focused plant-based products by using its subsidiaries’ and variable interest entities’ vertically- and horizontally-integrated production, distribution and sales channels. The Company operates through three segments: developing, manufacturing and distributing of specialized fabrics, textile products and other by-products derived from an indigenous Chinese plant called Apocynum Venetum, known as Bluish Dogbane (Luobuma); planting, processing and distributing of traditional Chinese medicinal herbal products, as well as other pharmaceutical products (Herbal products), and planting, processing and distributing of green and organic agricultural produce, as well as growing and cultivating of Chinese Yew trees (Agricultural products). It utilizes engineering technologies and biotechnologies to produce, among other products, Chinese herbal medicines, organic agricultural produce and specialized textiles.
