(Yicai) Sept. 4 -- Shares of Shanghai Pharmaceuticals Holding slid after China’s biggest drugmaker said today that a number of its former executives are being investigated by the authorities.

Shanghai Pharma [HKG: 2607] closed 2.2 percent lower at HKD12.62 (USD1.61) a share in Hong Kong today, while its Shanghai-traded stock [SHA: 601607] fell 0.3 percent to end at CNY17.79 (USD2.45).

Regulators are probing Pan Deqing, former vice president at Shanghai Pharma, and three former general managers at SPH No. 1 Biochemical & Pharmaceutical and a unit of that subsidiary, for suspected breaches of discipline and the law, the company said in stock exchange filings yesterday and today.

China launched a big anti-corruption crackdown targeting the pharmaceutical industry in July. Nationwide, more than 180 hospital chiefs and party secretaries had been probed as of the middle of last month, with cases including bribery being exposed.

The specific reasons for the investigations into Shanghai Pharma’s former executives are unknown at the moment, it said, adding that Pan had resigned recently, and the others no longer hold any posts at the Shanghai-based company.

Shanghai Pharma’s net profit sank 29 percent to CNY2.6 billion (USD357.6 million) in the first half from a year ago, while revenue jumped 19 percent to CNY132.6 billion. Last year, it was the only Chinese drugmaker to have annual revenue of over CNY200 billion (USD27.5 billion), following a 7.5 percent increase to CNY232 billion.

Editors: Zhang Yushuo, Tom Litting