On March 16, 2023, YS Biopharma merged with Summit Healthcare. Previously, the Company failed to disclose that Summit intended from its inception to merge with YS Biopharma, or Yishengbio, a low-quality Chinese biopharma running at a loss, damaging Summit public shareholders’ interests.
On this news, YS Biopharma’s stock price fell $2.60, or 20%, to close at $10.14 per share on March 17, 2023.