Shanghai Rightongene Biotechnology Co., Ltd Executives Under Investigation by Chinese Authorities

Shanghai Rightongene Biotechnology Co., Ltd (SHA: 688217), a Chinese biopharmaceutical company, has announced that key executives, including Ms. Xiong Hui, the actual controller, chairman, and general manager, Mr. Xiong Jun, the actual controller, director, and deputy general manager, and Mr. Xue Yuwei, the deputy general manager, have been placed under designated residential surveillance by public security organs on suspicion of illegal business operations. Additionally, Mr. He Junyan, the deputy general manager, has been criminally detained on the same suspicion. The company specializes in in vitro diagnostic (IVD) solutions, focusing on the oncology field with a range of products including testing instruments, reagents, and third-party laboratories that address conditions such as hematological diseases, solid tumors, and infectious diseases. Previously tasked with COVID-19 testing, the company has experienced a decrease in net profit for several consecutive years despite its contributions to the pandemic response.- Flcube.com