Shineco, Inc. Announces CEO Change for Strategic Transformation

Dr. Fengming Liu to Become New CEO and Chief Scientist

BEIJING, Aug. 04, 2020 (GLOBE NEWSWIRE) -- Shineco, Inc. ("Shineco" or the "Company"; Nasdaq: TYHT), a producer and distributor of Chinese herbal medicines, organic agricultural and hemp products, as well as various health and well-being-focused plant-based products in China, announced today that the Board of Directors (the “Board”) has appointed Dr. Fengming Liu as the new CEO and Chief Scientist to serve the Company’s strategic transformation, effective August 3, 2020. Mr. Yuying Zhang will continue to serve as the Chairman of the Board.

As previously disclosed in a press release on July 27, 2020, the Company entered into a non-binding letter of intent (the “Letter of Intent”) to acquire controlling interest in Changzhou Biowin Pharmaceutical Co., Ltd (“CBP”), a Chinese biotechnology company focusing on on-site diagnostic product R & D and high-tech biomedical products manufacturing, to enter the market of COVID-19 nucleic acid detection.

Dr. Fengming Liu is very knowledgeable in basic scientific research and applied scientific research. He is an interdisciplinary and prolific scientist as well as an academic entrepreneur. Lately, he has taken charge of 5 national science and technology industrialization projects and 8 local projects. He has made outstanding contributions in the fields of biopharmaceuticals, clinical diagnostic reagents and functional food development, and has applied for more than 60 patents. He earned 48 certificates from the China Food and Drug Administration including the second-class new drug certificates and in-vitro diagnostic reagent registration certificates, filling many domestic and foreign market gaps.

Mr. Yuying Zhang, Chairman of Shineco, commented, “Shineco, Inc. has long been operating in traditional industries such as Chinese herbal medicines, agricultural and hemp products. We are facing many difficulties such as low technology and added value, and poor market competitiveness. In the past two years, the Company has transformed to be part of the industrial hemp industry and has initially completed the industrial planning and industrial chain construction. However, we need bio-high-tech talents in the research and development of industrial hemp biotechnology and biological products, especially a leading figure. Mr. Fengming Liu holds a doctoral degree in cardiovascular internal medicine from Peking Union Medical College, the most prestigious medical college in China, and he received post-doctoral training at Dartmouth College in the United States. He is a leading expert in China’s biomedical industry and has rich research and development achievements of biotechnology products and extensive experience in corporate management. He is absolutely the right leader of Shineco we are looking for. I believe that, under the leadership of Dr. Liu, Shineco will see more efficient and rapid development.”