(Yicai) Nov. 27 -- Guangzhou Pharmaceutical Holdings, a leading manufacturer of traditional Chinese medicine, has appointed Li Xiaojun as its new chairman after its former chair quit due to alleged involvement in corruption cases, according to sources.

Li has government work experience and state-owned enterprise management experience, a source close to him told Yicai. He has a relatively rich resume and strong business handling and coordinating abilities, the person noted.

In September, Li Chuyuan, Guangzhou Pharmaceutical's former chairman, and several senior and middle-level executives resigned due to their involvement in corruption cases. They are subjects of an official investigation.

Li Xiaojun, 53, stepped in as the vice chairman and general manager of Guangzhou Public Transport Group in 2020 and was promoted to chairman in January last year. He has also worked at the Discipline Inspection Commission, the anti-corruption institution of the city's Huangpu district, and served as the secretary of the commission of local major retailer Guangbai Group.

Guangzhou Public Transport has five major business sectors, including urban public transport, taxis, modern logistics, intelligent transportation, and new energy transportation. It is China's largest road transport service company for public transportation by revenue.

Guangzhou Pharmaceutical, the largest pharmaceutical firm in South China, mainly focuses on Chinese medicine, health products, medical devices, biomedicine, and medical services. It holds a controlling stake in Baiyunshan Pharmaceutical Holdings, listed in Shanghai and Hong Kong, and a stake in another Shanghai-listed firm, Kangmei Pharmaceutical.

Editors: Tang Shihua, Martin Kadiev