Shineco, Inc. announced that on July 14, 2021 stockholders representing more than 50% of the outstanding shares of the its common stock entitled to vote in the election of members of the its board of directors acted by written consent and voted to remove both Ms. Mingye Wang and Mr. Lei Gao as directors of the Company's board of directors (the "Board"), effective immediately. Also Ms. Jennifer Zhan and Mr. Mike Zhao were elected as directors by stockholders effective July 14, 2021. Ms. Zhan was mainly responsible for the firm' daily operation, team building, business expansion, and its private equity investment in the medical and health field. From December 2017 to December 2018, Ms. Zhan served as Vice President of CEB International, an investment company under China Everbright Bank. Mr. Zhao will serve as the Chairperson of the Compensation Committee and a member of the Nominating Committee of the Board. Mr. Zhao is independent under the NASDAQ Marketplace Rules and the Company's criteria for determining director independence.
Shineco Inc is a holding company. The Company provides health and well-being focused plant-based products by using its subsidiaries' and variable interest entities' vertically and horizontally integrated production, distribution and sales channels. The Company operates through three segments. Developing, producing and distributing innovative rapid diagnostic products and related medical devices for the most common diseases (Rapid Diagnostic and Other Products) :This segment is conducted through Biowin, which specializes in the development, production and distribution of innovative rapid diagnostic products and related medical devices for the most common diseases; Producing, processing and distribution of agricultural products, such as silk and silk fabrics as well as fresh fruit s (Other agricultural products): This segment is conducted through Wintus, which specializes in producing, processing and distribution of agricultural products, such as silk and silk fabrics as well as tra
SHINECO, INC. 
