Clarification on Bo YU’s Departure
Recently, there are Internet rumors about Jiuding Capital partner Bo YU’s departure. For this, we hereby state the following:
1. Jiuding Capital Pharmaceutical investment team, as a complete investment system, currently is comprised by the following parts: local project development teams, pharmaceutical industry assistant development team, PE pharmaceutical investment department, pharmaceutical V/C investment department, risks control department, investment committee and after-investment department. Bo YU is mainly in charge of managing the pharmaceutical industry assistant development team and coordinating after-investment department and coordinating the after-investment department for pharmaceutical variety screening, and the remaining works are all responsible by other partners.
2. Jiuding Capital is an investment management institute focusing on equity investment business, the firm’s business model is totally centered on the core business of equity investment, and any business that conflicts with this core competitiveness will not be considered by our firm at this stage. Due to his own need of starting up a business, Bo YU has communicated with our firm recently about departure to start up his own business, and several colleagues of the pharmaceutical industry assistant development team are planning to follow him to start up the business.
3. Since the beginning of this year, we have always been upgrading and optimizing the current team according to demand of upgrading and transformation of the investment business, as well as strengthening talent cultivation and introduction works. In order to strengthen the pharmaceutical investment team, our firm has put our firm partner Wu Qiang in charge of Jiuding Pharmaceutical’s investment. Wu Qiang was in charge of pharmaceutical investments in Jiuding Pharmaceutical Phase I Fund and led in completing the investment works of most projects in Jiuding Pharmaceutical Phase I Fund. Currently, Jiuding Pharmaceutical investment system operates normally, and Bo YU’s departure will not impact the investment projects followed by our firm and the after-investment management works of the portfolio pharmaceutical companies.
4. To meet the requirement of transformation and upgrading of the equity investment business, in pharmaceutical investment field, our firm has established full-around strategic cooperation relationships with many Chinese companies in pharmaceutical industry, as well as proactively expanded team members, optimized team structure and strengthened internal competitive mechanism. In the next few days industry experts and high management in pharmaceutical industry will also join in Jiuding Capital to promote the transformation and upgrading of our investment business.
5. The construction concept of the investment institution that we have been always sticking to is: to strengthen institute capacity, promote system building, optimize divisions of processing and team coordination, and integrate gradually personal abilities and resources into the institute, to realize systemization and institutization of investment capacities, without being largely impacted by personal changes, so as to further improve stability of the institute and consistent increase of our value and ensure that our firm can provide consistent and increasing value-created capacity to our fund-providers and portfolio companies.
6. At present, Bo YU has not proceeded his departure procedure, and if he resigns formally at last, he will assist in handover of relevant projects and continuous service works and strictly comply with the signed non-compete agreement. We fully respect and understand each person’s desire for starting up a business, which is the most important driving force for China’s economic development in the past several dozens of years. We also highly praise Bo YU for his contributions to our firm’s pharmaceutical investments in the past several years and express our thanks to him. We also express thanks to our friends from every walk of life for their attentions.
Jiuding Capital Co., Ltd.
July 22nd, 2013