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Straits Times
7 days ago
- Business
- Straits Times
Aoxin Q&M Dental CEO resigns after whistleblower report is lodged
Find out what's new on ST website and app. SINGAPORE - Catalist-listed Aoxin Q&M Dental announced the resignation of its executive director and chief executive officer Shao Yongxin in a bourse filing on July 22. This comes after the company's audit committee (AC) received a whistleblower report against Dr Shao on July 21. The committee has launched an investigation into the matter, it said. 'The board, on the recommendation of the AC, will update shareholders as soon as (the) investigation is complete,' said Aoxin. Aoxin cited 'differences in views and opinions' with its parent, mainboard-listed Q&M Dental, regarding the strategic direction of the dental business as the reason for Dr Shao's resignation. Aoxin's general manager Dr Bai Yi and deputy general manager Huang Zhenxing will subsume the role and scope of the CEO. Dr Shao has held his positions since 2017, and will now work together with his successors to hand over his duties. The Chinese spin-off of Singapore's Q&M Dental Group had requested a trading halt on the morning of July 22, pending the release of an announcement. Top stories Swipe. Select. Stay informed. Business Singapore's digital banks finding their niche in areas like SMEs as they narrow losses in 2024 World Trump says US will charge 19% tariff on goods from Philippines, down from 20% Singapore Two found dead after fire in Toa Payoh flat Singapore 2 foreigners arrested for shop theft at Changi Airport Opinion Most companies onboard wrong – here's how to get it right Life Ozzy Osbourne, Black Sabbath's bat-biting frontman turned reality TV star, dies aged 76 Singapore Singaporeans continue to hold world's most powerful passport in latest ranking Singapore Ports and planes: The 2 Singapore firms helping to keep the world moving Aoxin operates dental hospitals and polyclinics in four different cities in Liaoning province in Northern China. It also distributes dental equipment and supplies. Q&M Dental had issued a letter of demand to Dr Shao in April for about 72.3 million yuan (S$12.9 million). It had cited an October 2016 circular, where it said Dr Shao 'had provided certain profit guarantees' in relation to an acquisition made by its subsidiary. This followed Shanghai Q&M Investment Management & Consulting's acquisition of Shenyang Xinao Hospital Management from Dr Shao. In May, Q&M Dental made a mandatory unconditional cash offer for all the shares in Aoxin Q&M it did not already own.
Business Times
22-07-2025
- Business
- Business Times
Aoxin Q&M Dental CEO resigns as whistle-blower report lodged
[SINGAPORE] Catalist-listed Aoxin Q&M Dental announced the resignation of its executive director and CEO Shao Yongxin in a bourse filing on Tuesday (Jul 22). This comes after the company's audit committee (AC) received a whistle-blower report against Dr Shao on Monday (21 Jul). The committee has launched an investigation into the matter, it said. 'The board, on the recommendation of the AC, will update shareholders as soon as (the) investigation is complete,' said Aoxin. Aoxin cited 'differences in views and opinions' with its parent, mainboard-listed Q&M Dental, regarding the strategic direction of the dental business as the reason for Dr Shao's resignation. Aoxin's general manager Dr Bai Yi and deputy general manager Huang Zhenxing will subsume the role and scope of the CEO. Dr Shao held his positions since 2017, and will now work together with his successors to hand over his duties. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up The Chinese spin-off of Singapore's Q&M Dental Group had requested a trading halt on Tuesday morning, pending the release of an announcement. Aoxin operates dental hospitals and polyclinics in four different cities in Liaoning province in Northern China. It also distributes dental equipment and supplies. Q&M Dental had issued a letter of demand to Dr Shao in April for about 72.3 million yuan (S$12.9 million). It had cited an October 2016 circular, where it said Dr Shao 'had provided certain profit guarantees' in relation to an acquisition made by its subsidiary. This followed Shanghai Q&M Investment Management & Consulting's acquisition of Shenyang Xinao Hospital Management from Dr Shao. In May, Q&M Dental had made a mandatory unconditional cash offer for all the shares in Aoxin Q&M it did not already own. Shares of Aoxin Q&M Dental were 8 per cent or S$0.004 lower at S$0.046 on Monday, before it called for a trading halt in the morning. The company requested to lift the trading halt in the afternoon, following Dr Shao's resignation.
