Shineco (TYHT) Announces Appointment of New CEO

May 7, 2021 9:01 AM EDT

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Shineco, Inc. (“Shineco” or the “Company”; NASDAQ: TYHT), a producer and distributor of Chinese herbal medicines, organic agricultural and hemp products, today announced that Mr. Guocong Zhou had step down as CEO of the Company, effective May 5, 2021. He was succeeded by Ms. Ou Yang, who has extensive experience in the capital market and the healthcare industry, on May 6, 2021.

Ms. Ou Yang has served as a partner of Wuhan Sinopharm Optical Valley Capital Management Co., Ltd., a subsidiary of China National Pharmaceutical Group Corporation and an equity investment institution focusing on the medical and healthcare field, since January 2020 and has been responsible for the investment and post-investment management of the funds managed by the company. From May 2014 to December 2019, Ms. Yang worked at multiple fund management companies and investment companies under Northeast Securities Co., Ltd (SHE: 000686), in various roles, including general manager, deputy general manager, director, and member of investment committee, and was in charge of or participated in the investment of buyout funds in the United States and Europe. Ms. Yang obtained her bachelor’s degree and master’s degree in Finance from Jilin University School of Economics in 2006 and 2008, respectively.

Mr. Yuying Zhang, Chairman of Shineco, commented, “We want to extend our heartfelt gratitude to Mr. Guocong Zhou for his contribution to our company and we welcome Ms. Ou Yang to join us. The change we make at this moment is significant to the growth of Shineco. We believe that Ms. Yang will bring the Company new opportunities for its future development.”

Ms. Ou Yang, CEO of Shineco, stated, "I am very grateful for this opportunity. I look forward to building on the great foundation and the growth potential of Shineco’s business and working with the team. Looking forward, we will focus on the extension, transformation and upgrade of our industry chain, and investing in certain business segments with higher R&D capabilities and industry value to create value for our shareholders."

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