Second-Generation Fujian Entrepreneur Takes Control with 2 Billion Yuan! Wosen Biopharma to Welcome First Actual Controller, Vaccine Total Revenue Declined 8% Last Year

Listed for 16 years, China’s leading private vaccine company Watson Bio welcomes its first actual controller.

On the evening of March 18, Yunnan Watson Biotechnology Co., Ltd. (Watson Bio, 300142) announced plans to issue no more than 208 million A-shares to specific investors, Beijing Tengyun Xinwo Biotechnology Partnership (Limited Partnership) (referred to as “Tengyun Xinwo”). The issuance price is 9.63 yuan per share, with a total subscription amount of no more than 2.003 billion yuan.

Watson Bio Equity Change

Founded in 2001, Watson Bio went public on the Shenzhen Stock Exchange in 2010 and has long operated without a controlling shareholder, actual controller, or shareholders holding over 5%. After this issuance, assuming no other factors change the share capital, Tengyun Xinwo will hold 11.51% of the shares and become the company’s controlling shareholder. Huang Tao, the actual controller of Tengyun Xinwo, will become the company’s actual controller, marking the first clear actual controller since Watson Bio’s listing.

Additionally, the announcement shows that, aside from Tengyun Xinwo and its concerted parties holding 14.46% of voting rights, the remaining shareholders’ voting rights are relatively dispersed. After this issuance, the company’s board of directors will have nine members, including three independent directors. Tengyun Xinwo will nominate four non-independent directors and two independent directors, constituting more than half of the board.

Tengyun Xinwo was established on February 12, 2026. Tengyun Health holds 79.99% of its shares, and Century Golden Source fully owns Tengyun Health, with Huang Tao holding 60% of Century Golden Source.

Watson Bio Shareholding Structure of Major Shareholders

According to official information, Century Golden Source Group was founded in 1991 and is a comprehensive cross-industry international enterprise group. By 2025, it has invested 400 billion RMB in mainland China and operates in four main sectors: consumer goods, cultural tourism, healthcare, and new technology. In the healthcare sector, Tengyun Health, a subsidiary of Century Golden Source, manages three service platforms: Tengyun Family Medical, Tengyun Specialty, and Tengyun Elderly Care. Tengyun Family Medical focuses on healthcare services, investing in or operating Tengyun Family Medical Hospitals, Neighbor Good Doctor, Sennuo Health, Weikai Health Management, and Songyang Medical, which provide community general or specialized medical services.

Public information shows that Huang Tao, born in 1976, is the eldest son of Huang Rulun, founder of the well-known Min merchant group Century Golden Source. After taking over in 2018, he has been pushing for the company’s transformation. In June 2025, Huang Tao acquired a 13.03% stake in Anniel, known as the “first stock of children’s clothing,” for 422 million RMB, becoming its actual controller. His becoming the actual controller of Watson Bio also indicates Century Golden Source’s entry into the vaccine business.

In terms of business, Watson Bio currently independently develops and produces eight vaccine products with 14 specifications, covering pneumonia vaccines, meningitis vaccines, HPV vaccines, Hib vaccines, and DTaP vaccines. The 2024 financial report states that Watson Bio is currently the only Chinese vaccine company with its own products covering the top three global vaccine varieties. The 2025 earnings forecast shows that Watson Bio expects to achieve operating revenue of 2.4 to 2.43 billion RMB in 2025, compared to 2.821 billion RMB in the same period last year; net profit attributable to shareholders of the parent company is projected to be 160 million to 190 million RMB, a year-on-year increase of 13%-34%; non-recurring net profit is estimated at 85 million to 99 million RMB, down 9%-22% year-on-year; non-operating gains and losses are about 80 million RMB, compared to 33.76 million RMB in the previous year.

Regarding the changes in 2025 performance, Watson Bio states that during the reporting period, the overall domestic and international vaccine markets remain in a downward cycle. The company’s total vaccine revenue decreased by about 8% year-on-year. Revenue from domestic vaccine products narrowed and stabilized, while overseas vaccine revenue continued to grow, with export vaccine revenue increasing by about 35% compared to the previous year. The company has continuously strengthened cost reduction and efficiency improvement measures, enhancing operational management, leading to a year-on-year increase in net profit attributable to shareholders of the listed company.

Watson Bio has been suspended from trading since March 17. On March 19, when trading resumed, the stock price rose more than 3% intraday. At the close that day, Watson Bio was trading at 12.39 RMB per share, up 0.9%, with a market capitalization of 19.816 billion RMB. As of midday March 20, Watson Bio was up 0.32%.