Snow Valley Bio fires CEO and board secretary; two directors vote against, citing need for further review

Source: Blue Whale News | Reporter: Dai Ziting | Date: September 24, 2025

Image source: Visual China

On September 23, SnowRong Bio (雪榕生物) announced that its board of directors had simultaneously dismissed General Manager Long Peng (龙鹏) and Board Secretary Gu Yongkang (顾永康). Both individuals will no longer hold any positions within the company following their dismissal. The relevant motions did not receive unanimous board support, with two directors casting dissenting votes, arguing that the reasons for the dismissals require further evaluation.

Board Vote and Transition Arrangements

According to the announcement, SnowRong Bio held the 12th meeting of its 6th Board of Directors on September 21. Three motions were approved with 5 votes in favor, 2 against, and 0 abstentions:

• Dismissal of Long Peng as General Manager
• Dismissal of Gu Yongkang as Board Secretary
• Appointment of Chairman Jiang Zhi (蒋智) as acting General Manager

Until new appointments are made, Jiang Zhi will also serve as acting Board Secretary.

Company Rationale

SnowRong Bio stated that the personnel adjustments were made to "further improve and enhance corporate governance levels and adapt to the company's new strategic development needs." The company noted that the dismissals took effect immediately upon board approval and would not materially impact daily production or business operations, nor affect the board's work. The company will promptly initiate the selection and appointment process for a new General Manager and Board Secretary.

Board Dissent

The personnel changes did not receive unanimous board support. Directors Zheng Weidong (郑伟东) and Li Jie (李杰) voted against both dismissal motions, citing the same reason: "The grounds for dismissal require further evaluation." They also voted against the motion appointing Chairman Jiang Zhi as acting General Manager, explicitly stating that "the General Manager must possess industry experience."

Profiles of Dissenting Directors

• Zheng Weidong: Currently serves as Executive Deputy General Manager of SnowRong Bio. Previously held roles including Equipment Director and Director of multiple bases in Northeast, North, and Southwest China.
• Li Jie: Formerly Contract Manager, currently serves as Director, Engineering Director, Equipment Director, and Supply Chain Procurement Director.

Both directors have extensive internal production and base management experience at SnowRong Bio, lending weight to their opposition. Their concerns center on two points: first, that the stated reasons for dismissal require further scrutiny; and second, that Chairman Jiang Zhi may lack the industry-specific experience needed to oversee operations during the transition.

Background of Dismissed Executives

Both Long Peng and Gu Yongkang had long tenures at SnowRong Bio.

Long Peng

• Born April 1975; holds a bachelor's degree
• Previously served as General Manager of Weining SnowRong, Lintao SnowRong, and Guangdong SnowRong
• Held positions as Northeast Base Director, Weining Base Director, and South China Base Director
• Appointed General Manager on July 4, 2025; reappointed after the November 2025 board election, with term originally set to expire at the end of the 6th Board term
• According to the 2025 annual report, Long Peng received pre-tax total compensation of RMB 853,500
• As of the dismissal announcement, held 27,900 company shares directly and was granted 2.5 million unvested Class II restricted shares under the 2026 equity incentive plan

Gu Yongkang

• Born April 1987; holds a bachelor's degree
• Joined SnowRong Bio in May 2013
• Served as Assistant to the Board Secretary and Securities Affairs Representative
• Appointed Board Secretary in December 2018
• According to the 2025 annual report, received pre-tax total compensation of RMB 607,700
• As of the announcement, held 29,250 shares directly and held 2 million unvested Class II restricted shares

The company stated that neither Long Peng nor Gu Yongkang has any outstanding commitments that should have been fulfilled, and that work handover, pending matters, and exit audits will be conducted in accordance with relevant procedures.

Timing and Context

The executive shake-up comes less than a year after SnowRong Bio's control change. On November 5, 2025, the company's controlling shareholder changed to Shanghai Wanzi Qianhong Intelligent Technology Co., Ltd., with Jiang Zhi becoming the actual controller. Jiang Zhi was subsequently elected Chairman of the 6th Board, while Long Peng and Gu Yongkang were reappointed by the new board. Less than a year later, both core executives have been dismissed.

Company Performance

SnowRong Bio specializes in the R&D, factory cultivation, and sale of fresh edible mushrooms, including enoki, shimeji, king oyster, and shiitake mushrooms.

• 2025: Revenue of RMB 1.988 billion (down 8.09% YoY); net profit attributable to shareholders of RMB 29.79 million (compared to a loss of RMB 617 million in 2024)
• H1 2026: Revenue of RMB 1.156 billion (up 46.24% YoY); net profit attributable to shareholders of RMB 17.85 million (compared to a loss of RMB 103 million in the same period last year); net cash flow from operations of RMB 221 million (up 59.79% YoY)

Media Inquiry

On September 23, Blue Whale News sent written inquiries and made phone calls to SnowRong Bio regarding the specific reasons for the dismissals, board opposition, and future personnel arrangements. As of press time, the company had not responded.