China Traditional Chinese Medicine ends director's tenure

China Traditional Chinese Medicine Holdings (0570) announced that it will not renew the appointment of Zhou Bajun as an independent non-executive director after the end of his current term expires on February 4.

The company also replied to Zhou's letter to shareholders. Zhou sent a letter to shareholders yesterday stating that he would resign on January 28 since there are some obvious mistakes in the company's management, which need to be corrected. He said the letter aimed to protect small shareholders.

Zhou pointed out that the state-owned China National Pharmaceutical Group decided to merge the managers of China Traditional Chinese Medicine and the managers of its direct controller listed company China Traditional Chinese Medicine Holdings.

In the reply, the company said since its development strategy had been very clear, and has been in the stage of implementation, the board has considered there to have been no need to convene a strategy committee meeting without major strategic changes, and there has been no request by any member of the committee to convene such meetings.

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As for the allegation that the company never recorded a board meeting, it said it has tape-recorded the whole process and arranged for the directors to sign written resolutions on-site.

The company said on Friday that the appointment letter of Lo Wing-yat as an independent non-executive director has expired and Lo has decided not to renew because he wants to schedule his work in various aspects more efficiently.

Shares fell by 6.07 percent to HK$4.80.