Well-Known Fujian Businessman Eyes 200 Billion Vaccine Leader! Century Jingyuan's Actual Controller Invests 2 Billion to Bottom-Fish, Can Watson Biologics Stage a Comeback?

On March 19, two days after the suspension, vaccine leader Watson Biotech (300142. SZ) announced the resumption of trading, and the intraday stock price rose more than 3%, and finally closed at 12.39 yuan per share, up slightly by 0.9%, with a total market value of 19.816 billion yuan.

On the news side, Watson Biotech announced that the company signed the “Conditional Effective Share Subscription Agreement” with Beijing Tengyun Xinwo Biotechnology Partnership (Limited Partnership) (hereinafter referred to as “Tengyun Xinwo”), intending to issue no more than 208 million A-share ordinary shares to specific targets, with an issue price of 9.63 yuan per share, a discount of 21.6% from the closing price (12.28 yuan per share) before the suspension, and a total fundraising of no more than 2.003 billion yuan to supplement the company’s liquidity.

According to the announcement, before the issuance, Watson Biotech had no controlling shareholders and shareholders holding more than 5% of the shares. After the completion of the offering, Tengyun Xinwo will directly hold 11.51% of the equity of Watson Biotech and become the controlling shareholder of the company, and Huang Tao, the actual controller of Tengyun Xinwo, will become the actual controller of the company. Li Yunchun, founder and shareholder of Watson Biotech, further declined from 1.70% to 1.50%.

Previously, on March 17, Li Yunchun and other relevant parties had signed a concerted action agreement with Huang Tao, and after this equity change, Tengyun Xinwo and its concerted actors will hold a total of 14.46% of the shares. The company’s board of directors will also be adjusted accordingly, and among the 9 board seats, Tengyun Xinwo plans to nominate 4 non-independent directors and 2 independent directors, more than half.

Times Finance learned that Tengyun Xinwo was established in February 2026, and although it has not yet carried out substantive business, behind it is the strong Fujian business capital century gold source. According to the announcement, Tengyun Xinwo is composed of Tengyun Biotechnology, Tengyun Health, Yuxi Zhengxinli and Xixing Management, with investment ratios of 0.01%, 79.99%, 12.00% and 8.00% respectively.

As of the signing date of this plan, Tengyun Health holds 100% of the shares of Tengyun Biotech, Century Jinyuan holds 100% of the shares of Tengyun Health, and Huang Tao, a natural person, holds 60% of the shares of Century Jinyuan, and is the actual controller of Tengyun Xinwo.

Founded in 1991, Century Jinyuan is a comprehensive cross-industry international group, founded by Huang Rulun, a well-known Fujian businessman, and Huang Tao and Huang Shiying are his sons. Among them, Huang Tao is the eldest son of Huang Rulun, born in 1976, graduated from the Department of Business Management of Xiamen University, joined Century Jinyuan Group in 1999, and is currently the president and executive director of Century Jinyuan.

In January 2018, Huang Rulun chose to retire and transferred his equity in Century Jinyuan to his two sons, of which Huang Tao took over most of the equity and became the controlling shareholder, and Huang Shiying was the second largest shareholder.

Since taking over, Huang Tao has been promoting the transformation of Century Jinyuan from traditional real estate to “industry + capital”. This time it entered Watson Biotech, which is its third son in the A-share market. Previously, he had won the Wantong Technology (002331. SZ), and acquired the “first children’s clothing share” Anel (002875. SZ) became the actual controller of the company. So far, Huang Tao’s A-share territory has expanded to three.

As a well-known Fujian businessman of the second generation, why did Huang Tao set his sights on the vaccine leader this time? According to public information, Watson Biotech was founded in 2001 and landed on the Shenzhen GEM in 2010, making it the first company in Yunnan Province to be listed on the GEM. Since its listing, Watson Biotech’s equity has been very dispersed and has been in a state of no controlling shareholder and actual controller for a long time.

In addition, affected by industry policies and intensified market competition, Watson Biotech’s revenue has continued to decline in the past two years, and Watson Biotech’s revenue has dropped from nearly 5.1 billion yuan in 2022 to 2.821 billion yuan in 2024. According to the 2025 performance forecast, this figure will decline further and is expected to be 2.400 billion ~ 2.430 billion yuan. In addition, the company’s stock price is also at a relatively low level. Now Huang Tao has won the control of a vaccine leader with a market value of about 20 billion yuan for only 2 billion yuan (9.63 yuan per share), which is also regarded by the market as an accurate “bottom-buying”.

On the other hand, in the eyes of the market, Century Jinyuan’s entry into Watson Biotech is not a simple financial investment, and the industrial synergy behind it is even more critical. It is understood that Watson Biotech currently has 8 independent vaccine products (14 product specifications) on the market, covering the product matrix from infants and young children to the elderly. In addition, Watson Biotech has also tried to expand its business territory from a single vaccine to the three core business segments of vaccine, nutrition and biomanufacturing in recent years.

According to the 2025 semi-annual report, in May and July 2025, Watson Biotech signed the “Exclusive Sublicense Agreement” and its amendments with Notitia of the United States to obtain the exclusive development rights of core microbiota analysis, targeted transplantation and nutritional formula technology in Chinese mainland, Hong Kong and Macau, marking its official entry into the field of intestinal flora and the implementation of the dual-track layout of “disease treatment intervention” and “chronic disease prevention and treatment + big health nutrition”. At the same time, the company has also laid out a product pipeline in the field of biomanufacturing, including nutrients, natural product active ingredients, functional proteins and other categories.

The big health sector of Century Jinyuan has an offline network and scenario that can undertake these products. According to the official website of Century Jinyuan, Tengyun Health is an investment and operation platform enterprise under Century Jinyuan that is committed to coordinating the layout of the big health industry system, integrating the big health ecological industry chain, building a big health industry ecosystem, and building the Tengyun TWing big health industry brand.

Although Century Jinyuan does not have much direct investment in the medical and health field, Tengyun Health’s investment field is very rich, covering five major fields: health management (Shengnuo Stomatology, ophthalmology, children’s health), medical services (Tengyun Omet, Guangliang Ophthalmology), innovative equipment (Guanlong Medical), and elderly care services (Anxin Garden Elderly Care Chain Institution, Qingmeng Elderly Care Service Station).

With Huang Tao’s official entry, the market is waiting to see whether Watson Biotech can regain its strength with the resources of Century Jinyuan.

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