Chinese Vaccine Maker Changchun Changsheng Life Sciences Declares Bankruptcy
On the evening of November 7, Chinese vaccine maker, Changsheng Bio-technology issued a notice stating that its wholly-owned subsidiary Changchun Changsheng Life Sciences was unable to pay off its debt due to insolvency. With no possibility of reorganization and reconciliation, the company has declared bankruptcy.
Changchun Changsheng, a major Chinese vaccine maker, was involved in a defective vaccine case last year, resulting in authorities revoking their pharmaceutical production license and imposing a fine of more than 9.1 billion yuan for the illegal production of vaccines.
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The company listed in Shenzhen made a public apology in July 2018, recalling all of their rabies vaccines previously dispatched to the market. It is estimated that the recall cost the company over 200 million yuan.
The company entered the delisting period from the Shenzhen Stock Exchange on October 16. Having delisted, Changchun Changsheng is also expected to withdraw from the market by the end of November 2019.
