AstraZeneca's China Executive Seeks Loyalty to "Love the Communist Party" In China

During an event held in the city of Wuxi to commemorate its 30th year in China, AstraZeneca Plc's AZN China president, Wang Lei, said the company will seek to be a patriotic company in China that "loves the Communist Party." 

Wang, who also holds the position of global executive vice president, commented at the event, Reuters reported citing a person familiar with the matter and photos shared.

Also Read: One More Quits US Pharma Lobby Group: AstraZeneca Follows Teva, AbbVie Footsteps.

Although it has become common for local companies to align themselves with the ruling Chinese Communist Party publicly, it is less customary for foreign companies to do so. AstraZeneca declined to provide any further comments regarding this matter.

AstraZeneca's recent endeavors in China include a $450 million investment to construct a factory to produce inhalers. In 2022, China accounted for 13% of the company's overall sales.

Since China lifted its three-year zero-COVID policy and began reopening its borders earlier this year, numerous foreign corporate leaders, including AstraZeneca's CEO Pascal Soriot and Apple's Tim Cook, have visited the country to emphasize their commitment to China. 

However, a recent crackdown by Chinese authorities on consulting and due diligence firms has caused unease among foreign companies, as many relied on these consultancies for market research and potential business ventures.

Price Action: AZN shares are up 0.53% at $74.60 during the premarket session on the last check Friday.