Asianfin -- AstraZeneca confirmed on Wednesday that its China President, Leon Wang, had been detained by Chinese authorities. While the company is unaware of the specific reason for his detention, it does not believe it is connected to a major health insurance fraud investigation involving the company.

Just one week prior, the Anglo-Swedish pharmaceutical company disclosed that Wang was under investigation, and it pledged full cooperation with the authorities. Wang, a native of China, has been with AstraZeneca for over a decade.

To address concerns following media reports, AstraZeneca’s Chief Financial Officer, Aradhana Sarin, reassured analysts on Wednesday that the investigation would not lead to the expansion of the fraud probe. This came after financial media outlet Yicai reported the case, causing AstraZeneca’s shares to drop more than 8%.

The company’s investor relations team also held briefings with shareholders to provide clarity on the issue.

AstraZeneca has made significant investments in China, the world’s second-largest pharmaceutical market, and considers its operations there a critical part of its revenue strategy for the coming years.