# fair value gains

China CRO ‘Hoards Monkeys, Sells Shares’: Major Holders Exit as Zhaoyan’s Earnings Mask Weak Core Business

Zhaoyan New Drug saw its shares tumble after major shareholders announced plans to sell their entire holdings, triggering a market rout. The company’s improved 2025 net profit projection is driven largely by non‑cash fair‑value gains on biological assets, while its core CRO business faces revenue decline and negative operating profit amid sector overcapacity and price competition.