MicroPort Names Jonathan Chen CEO as Chang Leaves Board

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MicroPort Scientific has appointed Jonathan W. Chen as chief executive officer. Zhaohua Chang has resigned as a company director. Both changes were set out in a filing to the Hong Kong stock exchange on Sunday.

Chen is now an executive director, the CEO and an authorised representative of the medical devices manufacturer, effective October 22. He will run day-to-day management and report directly to the board.

Chang stays as chief scientific officer

Chang left the board and his related positions because of "other personal commitments", the company said. He remains MicroPort's chief scientific officer, and the filing states that he has no disagreement with the board.

The company said it will review its governance structure, move to a CEO-led management structure and set up a President's Office to assist the CEO. It also plans to tighten its internal rules and to spell out which matters need board approval.

Trading halt and the Shanghai leases

The change comes while MicroPort's shares and debt in Hong Kong are halted. Trading has been suspended since September 1, after the company postponed its mid-year report to address audit questions about its Shanghai premises.

The questions concern five-year leases that expired on July 31, 2026. They left 296 million yuan ($44 million) on deposit with the landlord, Shanghai BlueOrange Capital Corp. Three subsidiaries have renewed their leases through mid-2031. Eight others are still negotiating terms and deposit refunds, and they continue to occupy the properties.

The board is weighing whether the deposit can be recovered, whether renovation spending was reasonable, and what ties exist to the landlord. A Hong Kong charity with no ultimate controllers owns the landlord.

Source: Reuters