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

What are the unique strategies behind AI Huang Tao’s expansion of his capital empire?

Leading A-share 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 Jin Yuan secured control through private placement subscriptions and an agreement with concerted action partners, gaining the dominant position on the board. This means that in just a few years, this “capital powerhouse” has established three listed capital platforms in the A-share market.

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

In this transaction, Century Jin Yuan’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 completion, it will directly hold 11.51% of the shares. Combined with other concerted action agreements with shareholders, total voting rights will reach 14.46%. Additionally, the new controlling shareholder will secure two-thirds of the board seats, achieving absolute control over the company.

For Century Jin Yuan, Huang Tao’s succession has been marked by continuous moves in the capital market. From Wantong Technology to Annor, his foray into the biopharmaceutical sector further expands the Huang family’s capital footprint in the A-share market.

Century Jin Yuan Takes Control of Watson Biotech

On the evening of March 18, Watson Biotech announced a control change and simultaneously advanced a series of actions including targeted private placement, signing of concerted action agreements, and board re-election.

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

From the funding structure, Century Jin Yuan contributed 1.6 billion yuan, 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%.

On the governance side, after the acquisition, 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 has led to frequent internal management 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 proposal to transfer part of Yuxi Biological’s equity to founder Li Yunchun with a 62.21% vote against.

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

Furthermore, the vaccine industry has been adjusting in recent years, further impacting 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-over-year.

Huang Tao Controls Three Listed Companies

With the control of Watson Biotech settled, Huang Tao’s capital empire in the A-share market has expanded further.

Since officially taking over in 2018, Huang Tao has been actively deploying in the A-share market, with his first target being Wantong Technology.

As early as 2016, Huang Tao used classmate Zheng Yu’s De Hui Group to pre-position, through nominee holdings in core subsidiaries Saiying Technology and continuous share accumulation by related parties as retail investors, quietly laying the groundwork.

After taking over in 2018, Huang Tao’s control of Tibet Jingyuan also gained momentum. In 2020, Tibet Jingyuan first made a share pledge, reaching 5%; subsequently, it increased holdings, narrowing the gap with the largest shareholder, Nanfang Yingu (a management holding platform), leading to a standoff.

In March of that year, a director nominated by De Hui’s related parties and some defectors from Nanfang Yingu successfully ousted Zhou Fazhan, then chairman of Wantong Technology, taking control of the board. Facing setbacks, Nanfang Yingu began reducing holdings from May 2021, widening the gap with Tibet Jingyuan to over 11%. In February of the following year, Wantong Technology announced Tibet Jingyuan as the actual controller, marking Huang Tao’s first successful control of an A-share platform.

While battling with Wantong’s management, Huang Tao also planned to list Century Jin Yuan 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.

But the plan was short-lived. In November of that year, Huang Tao initiated a share swap, exchanging 8% of Century Jin Yuan Service for a 20.88% stake in another Hong Kong-listed company, First Service Holdings, becoming its second-largest shareholder and gaining the right to appoint a non-executive director.

They also signed a three-year options agreement, giving Huang Tao the right to buy more shares at HKD 0.68 per share from First Service Holdings, which could also repurchase at the same price. This move was interpreted by the market as a “virtual listing” of Century Jin Yuan Service.

In 2025, Huang Tao made another move, targeting Annor, the first children’s clothing company in China to report continuous losses for five years. He acquired 13.03% of the founders Cao Zhang and Wang Jianqing 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 on branding. This marked Huang Tao’s control of his second A-share platform.

This move 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

Century Jin Yuan’s frequent moves in the capital market 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 grew up in a small fishing village. His family had been fishermen for generations. Due to poverty, he dropped out after sixth grade to support his family.

After dropping out, Huang Rulun engaged in small trades and construction work, working his way up over many years. Early on, in Luoyuan, he undertook construction projects but was swindled out of all funds by partners, leaving him heavily in debt. Nonetheless, he maintained a good reputation through integrity, winning trust in the industry, and used new projects to pay off debts, earning his first significant startup capital.

In 1986, at age 35, Huang Rulun 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 the environment. He faced language barriers at customs. In the Philippines, he started from the bottom in trade, seizing the land development boom.

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

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

In 1999, seeking broader influence, Huang Rulun moved north to Beijing with 400 million yuan.

At that time, Beijing’s real estate market favored pre-sale, with high leverage and delivery risks. Huang Rulun adopted a contrarian approach, insisting on “ready-to-move-in sales and high volume at low prices,” quickly breaking through. His first project, Century Garden, sold pre-constructed units 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). It sold over 600 units in four months and topped Beijing’s sales charts in 2001 with 2.3 billion yuan in sales, maintaining the top spot for four consecutive years.

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

At its peak, Century Jin Yuan expanded nationwide, owning 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 leading Fujian businessman.

However, controversies also arose. In June 2017, Huang Rulun was removed from the standing committee of the Fujian Provincial Political Consultative Conference for suspected bribery, and his membership was revoked. During this turmoil, he decisively stepped back, transferring 60% of Century Jin Yuan’s shares to his eldest son Huang Tao in January 2018, relinquishing control.

With Huang Tao at the helm, the group shifted from traditional real estate to capital operation strategies.

责任编辑 | 陈斌