Invested 1.6 billion yuan to acquire Watson Biotech, "capital tycoon" Huang Tao owns three listed companies.

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A-shares leading vaccine company Watson Biotech has experienced a major equity restructuring, ending its 16-year period of dispersed ownership and lack of a controlling shareholder. Huang Tao of Century Jinyuan secured control through a private placement subscription and an agreement with concerted actors, gaining the main board leadership. This means that within just a few years, this “capital expert” has established three listed capital platforms in A-shares.

On the evening of March 18, Watson Biotech, a leader in vaccines, officially disclosed a change of control plan. Huang Tao of Century Jinyuan invested heavily, potentially ending the company’s long-standing “ownerless” situation since its listing.

In this transaction, Century Jinyuan’s Tengyun Xinwo will fully subscribe to 208 million shares at a price of 9.63 yuan per share, raising up to 2.003 billion yuan. After the transaction, Tengyun Xinwo will directly hold 11.51% of the shares. Combined with agreements with other shareholders, total voting rights will reach 14.46%. Additionally, the new controlling shareholder will secure two-thirds of the board seats, achieving absolute control of the company.

For Century Jinyuan, after Huang Tao took over, the company has been active in the capital market, from Wan Tong Technology to Annor, and now expanding into biopharmaceuticals, further enlarging the Huang family’s capital footprint in A-shares.

Century Jinyuan’s Acquisition of Watson Biotech

On the evening of March 18, Watson Biotech announced a control change, along with plans for targeted issuance, signing of concerted action agreements, and board re-election.

The announcement states that the acquirer Tengyun Xinwo will fully subscribe with cash for the company’s private placement shares, issuing no more than 208 million shares at 9.63 yuan per share, raising up to 2.003 billion yuan. The net proceeds, after issuance costs, will be used entirely for working capital.

Regarding the funding structure, Century Jinyuan contributed 1.6 billion yuan, its founder Li Yunchun invested 240 million yuan, and Xi Shen Assets, which has long cooperated with Watson Biotech, invested 160 million yuan.

After the private placement, Tengyun Xinwo will directly hold 11.51% of the shares, becoming the company’s sole controlling shareholder. Additionally, it will sign a seven-year concerted action agreement with Li Yunchun, Chengdu Xiyun, Guangzhou Yingwo, and other old shareholders, bringing total shareholding to 14.46%.

In terms of corporate governance, the new controlling shareholder will have the right to nominate four non-independent directors and two independent directors, accounting for two-thirds of the board.

As a benchmark enterprise in China’s vaccine industry, Watson Biotech once ranked among the top with core products like HPV vaccines and 13-valent pneumococcal conjugate vaccines, reaching a market value of over 100 billion yuan.

However, long-term dispersed ownership led to frequent internal conflicts. In November 2024, during a board meeting to approve the acquisition of minority equity in Yuxi Watson, director Fan Yongwu abstained from voting on two proposals. In mid-December, a shareholder meeting rejected a plan to transfer part of Yuxi Biotech’s equity to founder Li Yunchun with a high vote of 62.21%.

Watson Biotech’s governance issues also drew regulatory attention. By December 2025, due to failure to submit executive compensation for 2023 and 2024 for shareholder or board review, the company received regulatory notices from Yunnan Securities Regulatory Bureau and Shenzhen Stock Exchange.

Furthermore, the vaccine industry has been in a period of adjustment in recent years, worsening Watson Biotech’s performance. Financial reports show that the company’s revenue declined from a peak of 5.086 billion yuan in 2022 to 2.821 billion yuan in 2024, nearly halving. In the first three quarters of 2025, revenue was 1.719 billion yuan, down 19.73% year-on-year.

Huang Tao Controls Three Listed Companies

With the control of Watson Biotech settled, Huang Tao of Century Jinyuan has further expanded his capital footprint.

Since taking over in 2018, Huang Tao has been actively deploying in the A-share market, starting with Wan Tong Technology.

As early as 2016, Huang Tao, leveraging classmate Zheng Yu’s De Hui Group, made early moves by holding shares in Wan Tong Technology’s core subsidiary Sai Ying Technology through indirect holdings, and continuously accumulated shares through related parties as retail investors, quietly laying the groundwork.

After officially taking over in 2018, Huang Tao’s controlled Tibet Jingyuan also began to act. In 2020, Tibet Jingyuan made its first stake, reaching 5%. It continued to increase holdings, narrowing the gap with the largest shareholder, Nanfang Yingu (a management holding platform), leading to a standoff.

In March of that year, directors nominated by De Hui Group’s related parties, along with some defectors, successfully ousted Zhou Fazhan, then chairman of Wan Tong Technology, gaining control of the board. Facing defeat, Nanfang Yingu began reducing holdings from May 2021, widening the gap to over 11%. In February of the following year, Wan Tong Technology announced Tibet Jingyuan as the actual controller, marking Huang Tao’s first successful platform in A-shares.

While battling with Wan Tong Technology’s management, Huang Tao also planned to list Century Jinyuan Services in Hong Kong. However, due to heavy reliance on the parent company and uncertain profitability, the second filing in January 2022 was invalidated, and the listing was temporarily suspended.

The plan was revived in November of the same year, when Huang Tao initiated a share swap, exchanging 8% of Century Jinyuan Services for a 20.88% stake in First Service Holdings, another Hong Kong-listed company, becoming its second-largest shareholder and gaining the right to appoint a non-executive director.

They also signed a three-year option agreement, allowing Huang Tao to buy more shares at HKD 0.68 per share from First Service Holdings, with the option to repurchase at the same price. This move was seen as a “virtual listing” for Century Jinyuan Services.

In 2025, Huang Tao made another move, targeting Annor, the first apparel company to have been loss-making for five consecutive years. He acquired 13.03% of the founder Cao Zhang and Wang Jianqing’s shares for 422 million yuan, while the founders waived voting rights. Huang Tao’s new entity, Chuangyuan, also committed to increasing holdings by 3% via block trades, reaching at least 16.03% voting rights.

In October 2025, during a special board meeting, Huang Tao pushed for management restructuring, appointing Yang Wentao, the largest investor of Chuangyuan, as chairman and CEO, while founder Cao Zhang resigned as chairman, focusing solely on branding. This marked Huang Tao’s control of his second A-share platform.

This entry into Watson Biotech not only grants Huang Tao another listed platform but also marks his first foray into the biopharmaceutical sector, completing a cross-sector layout.

Fujian Businessman Huang Rulun

The frequent strategic moves of Century Jinyuan are rooted in the foundation laid by Huang Tao’s father, Huang Rulun.

Born in 1951 in Chenshan Village, Manbi Town, Lianjiang County, Fuzhou, Fujian, Huang Rulun hails from a small fishing village with ancestors who made a living from fishing. Due to poverty, he dropped out after sixth grade and took on family responsibilities early.

After dropping out, Huang Rulun engaged in small trades and construction work, working his way up over many years. Early in his career, while undertaking construction projects in Luoyuan, he was forced into debt after a partner embezzled all project funds but maintained his reputation through integrity, gradually paying off debts by securing new projects.

In 1986, at age 35, he made a pivotal decision to go to the Philippines alone to start a business. At that time, he didn’t speak English and was unfamiliar with international procedures, often struggling with fully English documents at customs. In the Philippines, he started from scratch in trade, seizing the land development boom.

Through local contacts, Huang persuaded Chinese entrepreneurs to jointly bid for the Subic Bay former U.S. naval base land, and after winning, he split and sold the land, quickly accumulating initial capital.

In 1991, he returned to China with hundreds of millions of yuan to start his own business, founding Jinyuan Real Estate Co., Ltd. (the predecessor of Century Jinyuan) in Fuzhou, riding the wave of reform and opening-up. He then focused on urban renewal projects in Fuzhou, developing landmark properties like Guotai Building and Jinyuan Plaza, quickly becoming the largest private real estate developer in Fuzhou.

In 1999, seeking a broader market, Huang moved north to Beijing with 400 million yuan, aiming to expand.

At that time, Beijing’s real estate market was dominated by pre-sale sales, with high leverage and delivery risks. Huang insisted on “selling ready houses at low prices,” quickly breaking through. His first project, Century Garden, offered near-complete ready houses, with monthly sales exceeding 200 million yuan, becoming one of Beijing’s top ten hot-selling projects.

He then developed Century City, covering 56 hectares with over 1.2 million square meters, priced at 5,000 yuan per square meter (much lower than the surrounding 8,000 yuan). Four months after opening, over 600 units sold, and by 2001, with sales of 2.3 billion yuan, it topped Beijing’s sales charts for four consecutive years.

Huang expanded into commercial real estate, investing 3.8 billion yuan to build the 680,000-square-meter Century Jinyuan Shopping Center, known as “Asia’s largest single commercial mall.” Even amid e-commerce competition, it remains a key commercial landmark in Beijing.

At its peak, Century Jinyuan had a nationwide presence, with 20 five-star hotels and 10 large shopping centers, forming a real estate, hotel, and commercial empire. Huang Rulun also ranked among Fujian’s richest and on the Hurun Rich List, becoming a prominent Fujian businessman.

However, controversies also arose. In June 2017, Huang Rulun was removed from the standing committee of Fujian Provincial CPPCC and disqualified as a member for suspected bribery. During this turmoil, he chose to step back, and in January 2018, transferred 60% of Century Jinyuan’s shares to his eldest son Huang Tao, officially relinquishing control.

With Huang Tao at the helm, Century Jinyuan began shifting from traditional real estate to capital operations.