On October 29, 2025, Beijing Pharmaceutical Co., Ltd. (referred to as Beijing Pharmaceutical) made a sudden announcement that the Chairman and CEO, Xu Xiran, has been criminally detained to assist with investigations by relevant authorities, causing him to temporarily unable to perform his duties.
The announcement stated that the company has made proper arrangements for the relevant work, there has been no change in control, the board of directors is operating normally, and the financial and production management is proceeding as usual.
As of the disclosure date of the announcement, the company is not yet aware of the progress and conclusions of the investigation. They will continue to monitor the situation and promptly fulfill their disclosure obligations and alert to related risks.
Previously on the evening of October 24, Beijing Pharmaceutical announced that they had received a written “Authorization Letter” from Xu Xiran, stating that due to personal reasons, he is temporarily unable to perform his duties. As a result, the company’s director, Chen Yuezhong, was authorized to act on behalf of the Chairman, while the company’s Executive Vice President, Yu Mengchuan, was authorized to act on behalf of the CEO and legal representative.
Xu Xiran took over Beijing Pharmaceutical less than a year ago.
According to reports from mainland Chinese media, in December 2024, Xu Xiran’s New Advantage International Business Management (Hangzhou) Partnership Enterprise (Limited Partnership), acquired 100% equity of the Synthetic Group under the Ping An Group for 1 yuan, indirectly controlling Beijing Pharmaceutical. At the same time, they paid 33 million yuan to acquire approximately 2.392 billion yuan in debt, thereby obtaining a 22.22% equity stake in Beijing Pharmaceutical. Since then, the Ping An Group has exited, and Xu Xiran became the new controlling shareholder.
Red Star News stated that Xu Xiran managed to gain control of a listed company worth nearly 4 billion yuan with just over 30 million yuan. In contrast, in December 2022, the Ping An Group gained control of Beijing Pharmaceutical indirectly through Ping An Life Insurance by participating in the bankruptcy restructuring of the Founder Group with 48.2 billion yuan.
The report mentioned that after Xu Xiran took over Beijing Pharmaceutical, there were swift management changes within the company.
Starting from January this year, there was a continuous departure of former directors, supervisors, and senior management members. The CEO, Yuan Pingdong, who had been in charge for 9 years, resigned in June, followed by most of the original team. Xu Xiran took over as Chairman and CEO in April and July respectively. With these appointments, Xu Xiran now holds the positions of controlling shareholder, Chairman, and CEO simultaneously.
Public records show that Xu Xiran, born in April 1979 in Taizhou, Zhejiang Province, holds a master’s degree and currently serves as the Chairman and General Manager of New Advantage Industrial Group Co., Ltd., Chairman and CEO of Beijing Pharmaceutical. He previously served as the Director of the Zhejiang Business Department at Standard Chartered Bank Shanghai Puxi Branch before founding the New Advantage Industrial Group in 2006.
Data from the Tianyancha app indicates that Xu Xiran controls 59 enterprises spanning various sectors including investment management, cultural performances, electromechanical equipment, public relations consulting, and transportation technology.
According to the company’s official website, Beijing Pharmaceutical Co., Ltd. was founded in 1965 as the Southwest Synthetic Pharmaceutical Factory and went public on the Shenzhen Stock Exchange in 1997. In 2022, China Ping An acquired the New Founder Group through Ping An Life, with Beijing Pharmaceutical becoming one of its member companies.
It is worth noting that the current Beijing Pharmaceutical is not directly affiliated with Peking University.
On the evening of August 8, Beijing Pharmaceutical announced that after two rounds of changes in controlling shareholders in December 2022 and December 2024, Peking University is no longer the actual controlling shareholder of the company. The company has no equity relationship with Peking University. The actual controlling shareholder is now Xu Xiran, and they plan to gradually change the company’s name to achieve the “de-PKU-ification” of the company and its subsidiaries.