Watson Bio announces new actual controller; Century Golden Source's "second generation" Huang Tao has acquired three listed companies over eight years

Everyday Economic News Reporter | Chen Xing Everyday Economic News Editor | Huang Sheng

On the evening of March 18, Watson Biotech (300142.SZ) announced a control change, marking the beginning of a new chapter.

According to the announcement, the company plans to issue no more than 208 million shares to Beijing Tengyun Xinwo Biotechnology Partnership (referred to as “Tengyun Xinwo”), raising no more than 2.003 billion yuan. After the issuance, Tengyun Xinwo will hold an 11.51% stake, and together with its concerted parties, will hold 14.46%. The company’s controlling shareholder will change to Tengyun Xinwo, and the actual controller will become Huang Tao.

This means that for the first time since its listing in 2010, this vaccine company valued at over 100 billion yuan has a clear actual controller.

The reporter notes that the new actual controller is not only the son of Huang Rulun, founder of the comprehensive cross-industry group Century Golden Source, but in recent years, he has also repeatedly gained control of listed companies through capital operations.

On March 18, Watson Biotech announced that Tengyun Xinwo and the company signed a “Conditional Share Subscription Agreement” regarding the issuance of A-shares to specific investors. The company plans to issue no more than 208 million A-shares to Tengyun Xinwo.

After this issuance, assuming no other factors affect the share capital, Tengyun Xinwo’s stake will be 11.51% based on the issued shares.

On March 17, the company’s shareholders Li Yunchun, Chengdu Xiyun Enterprise Management Partnership (Limited Partnership), Guangzhou Yingwo Enterprise Management Partnership (Limited Partnership), Huang Tao, Tengyun Huizhi (Beijing) Biotechnology Co., Ltd., Tengyun Health Management Co., Ltd., Ren Xuhong, Zhong Bin, Beijing Xixing Enterprise Management Co., Ltd., and Yuxi Zhengxinli Enterprise Management Partnership (Limited Partnership) signed a “Joint Investment and Consistent Action Agreement,” agreeing to act in concert on production, operations, corporate governance, and other major decisions. If there is disagreement on voting rights, the opinions of Huang Tao, Tengyun Biotech, and Tengyun Health will prevail.

Based on the issuance amount, after this issuance, Tengyun Xinwo will directly hold 11.51% of the company’s equity, and together with its concerted parties, will hold 14.46%.

Apart from Tengyun Xinwo and its concerted parties holding 14.46% of voting rights, other shareholders’ voting rights are relatively dispersed. After this issuance, the company’s board will have 9 directors, including 3 independent directors. Tengyun Xinwo will nominate 4 non-independent directors and 2 independent directors, more than half of the board.

Following this equity change, Watson Biotech’s controlling shareholder will be Tengyun Xinwo, with Huang Tao as the actual controller.

From the announcement, Tengyun Xinwo was established on February 12 this year. Just over a month after its founding, it officially announced itself as Watson Biotech’s new controlling shareholder.

According to the Tengyun Xinwo Partnership Agreement, Tengyun Biotech is the general partner and executive partner of Tengyun Xinwo, with Tengyun Health, Xixing Management, and Yuxi Zhengxinli as limited partners. As of the signing date of this plan, Tengyun Health holds 100% of Tengyun Biotech, Century Golden Source owns 100% of Tengyun Health, and individual Huang Tao holds 60% of Century Golden Source, making him the actual controller of Tengyun Xinwo.

The “Daily Economic News” reporter notes that the disclosed relationship between Huang Tao and Century Golden Source reveals Huang Tao’s true identity as the “second generation” leader of Century Golden Source.

A report from “Xiamen Evening News” states that Huang Tao, born in 1976, is the eldest son of Huang Rulun, founder of Century Golden Source. He graduated from Xiamen University’s Business Management Department and joined Century Golden Source in 1999. He is currently the group’s president.

The Century Golden Source official website shows that the group was founded in 1991 and is a comprehensive cross-industry international enterprise group. By 2025, it has invested 400 billion yuan in China, paid nearly 60 billion yuan in taxes, and has core industries including real estate development, hotels and tourism, commercial operations, lifestyle services, health, and smart mobility. It has also invested in fields such as children’s education, financial services, AI technology, new energy, and mining.

In addition to originating from Century Golden Source, Huang Tao has also repeatedly gained control of listed companies through capital operations in recent years. As early as 2018, he used Tibet Jingyuan Investment Management Co., Ltd. (“Tibet Jingyuan”) as a vehicle to acquire Anhui Tong Technology, ultimately taking control of the company in 2022, marking his first control of an A-share listed company.

In November 2025, Anhui Tong Technology again initiated capital operations, planning to issue shares to Huang Tao-controlled Tibet Tengyun Investment Management Co., Ltd. and others, raising no more than 920 million yuan. After the issuance, Huang Tao’s stake will increase from 21.01% to 39.24%, further consolidating control.

In June 2025, Huang Tao’s capital reach extended again. At that time, “the first children’s clothing stock” Anniel announced that founders Cao Zhang and his wife transferred shares to Shenzhen Xinchuyuan Investment Partnership (Limited Partnership), making Xinchuyuan the controlling shareholder and Huang Tao the new actual controller. Notably, Xinchuyuan was established specifically for this acquisition, only three days before paying an 80 million yuan earnest money, demonstrating a swift and aggressive approach similar to the current Watson Biotech takeover.

According to Anniel’s June 2025 disclosure, Huang Tao also holds strategic stakes in several companies across different fields: 6.29% of Tuo Lu Zhe, 10.84% of Xinming Life Technology, 12.53% of First Service Holdings, and 9.11% of China Financial International.

Additionally, his controlled Tibet Tengyun Investment Management Co., Ltd. has long maintained a holding of 110 million shares, ranking among CITIC Securities’ top ten tradable shareholders. Platforms like Tibet Jingyuan and Tibet Wanquing have also appeared among the top ten tradable shareholders of Oriental Zhongke.

Since 2018, when he began investing in Anhui Tong Technology, Huang Tao has been active in capital markets for eight years. Now, with Watson Biotech’s entry, this “second generation” leader of Century Golden Source is expanding his strategic chessboard.

Cover image source: AIGC