On the evening of May 26, Yunnan Baiyao issued an announcement. Directors Chen Fashu, Lu Hongdong, and Chen Yanhui recently submitted resignation reports and applied to resign as directors. The resignation report took effect when it was delivered to the board of directors. According to public information, Chen Fashu and Chen Yanhui are father and son. Among the departing directors, Chen Fashu is the most prominent. He is known as “China Buffett” due to his long and good manners in the investment community. In the 2009 Forbes list of China's richest people, Chen Fashu became the richest man in Fujian with a fortune of 21.85 billion yuan. As early as 2015, Chen Fashu began increasing its holdings of Yunnan Baiyao in the secondary market and entered the top ten shareholder list. In 2017-2019, Xinhuadu, under Chen Fashu's control, participated deeply in the mixed reform of Yunnan Baiyao, and is still the second largest shareholder of Yunnan Baiyao, with a shareholding ratio of 24.25% as of the end of the first quarter. At the governance level of Yunnan Baiyao Company, Chen Fashu also played an important role. Before leaving his job, he served as the company's co-chairman, and was authorized to lead the formation of an investment execution team, and had a certain voice in the company's securities investment field. (Securities Times)