Group 1 - The core point of the news is the accelerated pace of capital integration, with Kanghua Biological's major shareholder transferring a significant stake to Wankexin Biological, resulting in a change of control [1][2] - Kanghua Biological's major shareholder, Wang Zhentao, and his associates plan to transfer a total of 28.4666 million shares, representing 21.91% of the total share capital, for approximately 1.851 billion yuan at a price of 65.03 yuan per share [1][2] - Following the transfer, Wankexin Biological will hold 29.99% of the voting rights in Kanghua Biological, effectively making it the new controlling entity, while Wang Zhentao will retain 8.08% of the shares without control [1] Group 2 - Wankexin Biological will finance the acquisition through a combination of self-owned funds (700 million yuan) and bank loans (1.15 billion yuan), with a loan term of no less than 7 years [2] - The repayment of the acquisition loan is expected to come from contributions from Shanghai Biomedical M&A Private Equity Fund and Shanghai Pharmaceutical Group, along with Wankexin Biological's legal earnings [2] - Kanghua Biological has committed to a net profit of no less than 728 million yuan for the years 2025 and 2026, along with a minimum of 260 million yuan in R&D expenses during the same period [2] Group 3 - Kanghua Biological is engaged in the human vaccine business, with registered products including rabies vaccines and meningococcal polysaccharide vaccines, and is developing a six-valent norovirus vaccine [3] - The vaccine industry has seen significant changes since 2021, leading to a decline in Kanghua Biological's profits, although it remains profitable, with an estimated net profit of around 400 million yuan in 2024 [3] - Wankexin Biological's acquisition is based on recognizing the intrinsic value of Kanghua Biological and its future growth prospects in the industry [3]

Group 1 - The company, Chengdu Kanghua Biological Products Co., Ltd., has announced a suspension of trading due to the planned change of control involving its controlling shareholder, Wang Zhentao, which carries uncertainties [1][2] - The stock will resume trading on July 21, 2025, following the completion of the necessary agreements and regulatory approvals [3] - A share transfer agreement has been signed, where Wan Kexin Biological Technology Partnership intends to acquire a total of 28,466,638 shares from Wang Zhentao, Aokang Group, and Jinan Kangyue Qiming Investment Partnership, with a transfer price of 65.0266 yuan per share, totaling approximately 1.851 billion yuan [1][2] Group 2 - After the completion of the share transfer and voting rights delegation, Wan Kexin Biological will hold the voting rights of the company, effectively changing the actual controller from Wang Zhentao to no actual controller [2] - The company will continue to monitor the progress of the share transfer and ensure compliance with relevant laws and regulations, fulfilling its information disclosure obligations [3]

Core Viewpoint - The special verification opinion issued by Beijing Hankun Law Firm confirms that Shanghai Wankexin Biotechnology Partnership (Limited Partnership) does not have an actual controller, which is significant for its equity changes [2][9]. Group 1: Company Overview - Shanghai Wankexin Biotechnology Partnership (Limited Partnership) is registered in the China (Shanghai) Free Trade Zone with a total capital contribution of 763.01 million RMB [3][5]. - The executing partner of Wankexin is Shanghai Shanshi Biomedical Management Consulting Co., Ltd., which holds a 0.001% partnership share [4][6]. Group 2: Equity Structure - The partnership structure includes Shanghai Shanshi Biomedical Management Consulting Co., Ltd. (0.001%), Shanghai Biomedical M&A Private Fund Partnership (Limited Partnership) (80.209%), and Shanghai Pharmaceutical (Group) Co., Ltd. (19.790%) [5][6]. - The total capital contribution of the partnership is set to change to 763.01 million RMB following the entry of a new partner, Shanghai Pharmaceutical (Group) Co., Ltd., which will contribute 151 million RMB [5][6]. Group 3: Control Structure - The executing partner, Shanghai Shanshi Biomedical, has the authority to represent the partnership and make decisions regarding partnership affairs, indicating that it acts as the controlling entity [6][9]. - Shanghai Shanshi Biomedical is jointly owned by Shanghai Shanshi Capital Management Co., Ltd. and Lubuqa Enterprise Management Consulting Partnership (Limited Partnership), each holding 50% of the shares [7][9]. Group 4: Conclusion - The verification opinion concludes that there is no single shareholder capable of controlling the shareholder meeting or board of directors of Shanghai Shanshi Biomedical, thus confirming that both Shanghai Wankexin and Shanghai Shanshi Biomedical do not have an actual controller [9][10].

Core Viewpoint - Chengdu Kanghua Biological Products Co., Ltd. is undergoing a change in control as its controlling shareholder, Wang Zhentao, and other significant shareholders have signed a share transfer agreement with Shanghai Wankexin Biotechnology Partnership, which will result in Wankexin becoming the largest shareholder of the company [1][2][3] Summary by Sections Transaction Overview - The share transfer involves a total of 28,466,638 shares, representing 21.9064% of the company's total share capital after excluding repurchased shares [1][2] - The transfer price is set at CNY 65.0266 per share, totaling approximately CNY 1.851 billion [2][19] Shareholding Changes - Post-transaction, Wang Zhentao will hold 10,503,517 shares (8.0829%) and will delegate voting rights for these shares to Wankexin [3][5] - Wankexin will hold 28,466,638 shares (21.9064%) and will have a voting power of 29.9893% after the transfer [5][3] Financial Arrangements - Wankexin plans to finance the acquisition through a combination of self-funding (CNY 701 million) and bank loans (CNY 1.15 billion), with a portion of the acquired shares potentially pledged to secure financing [16][19] - The payment for the shares will be made in four installments, with the first payment of CNY 50 million due shortly after the agreement is finalized [19][20] Performance Commitments - The sellers, including Wang Zhentao and Aokang Group, have committed to a performance guarantee, ensuring that the company's net profit for 2025 and 2026 will not be less than CNY 728 million [23][24] - If the performance targets are not met, the sellers are obligated to compensate Wankexin [24][25] Governance Changes - Following the transaction, the board of directors will consist of nine members, with Wankexin entitled to nominate a majority of the directors [26] - The company will not have a supervisory board, and the functions will be taken over by the audit committee of the board [26]

证券代码：300841 证券简称：康华生物 公告编号：2025-039 成都康华生物制品股份有限公司 关于控股股东、实际控制人及其一致行动人、持股 5%以上 股东签署《股份转让协议》及实际控制人签署《表决权委 托协议》暨公司控制权拟发生变更的提示性公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 特别提示： 1、2025 年 7 月 18 日，成都康华生物制品股份有限公司（以下简称"公司"、 "目标公司"、"上市公司"）收到控股股东、实际控制人王振滔先生及其一致行动 人奥康集团有限公司（以下简称"奥康集团"）、持股 5%以上股东济南康悦齐明 投资合伙企业（有限合伙）（以下简称"康悦齐明"）与上海万可欣生物科技合伙 企业（有限合伙）（以下简称"万可欣生物"）签订的《股份转让协议》，及王振 滔与万可欣生物签订的《表决权委托协议》。根据《股份转让协议》，王振滔、 奥康集团、康悦齐明拟合计向万可欣生物转让所持有的公司 2,846.6638 万股股 份，占剔除公司回购账户股份后总股本的21.9064%（以下简称"本次股份转让"）。 根据《表决权委托协议》，王振滔在本 ...

北京市汉坤律师事务所 关于上海万可欣生物科技合伙企业（有限合伙） 无实际控制人 的 专项核查意见 汉坤（证）字[2025]第 34888-21-O-1 号 中国北京市东长安街 1 号东方广场 C1 座 9 层 100738 电话：(86 10) 8525 5500；传真：(86 10) 8525 5511 / 8525 5522 北京 上海 深圳 香港 海口 武汉 新加坡 纽约 硅谷 www.hankunlaw.com 北京市汉坤律师事务所 专项核查意见 释义 | 本所 | 指 | 北京市汉坤律师事务所 | | --- | --- | --- | | 贵公司、收购人、万可欣生 | 指 | 上海万可欣生物科技合伙企业（有限合伙） | | 物 | | | | 康华生物、上市公司 | 指 | 成都康华生物制品股份有限公司 | | 奥康集团 | 指 | 奥康集团有限公司 | | 济南康悦 | 指 | 济南康悦齐明投资合伙企业（有限合伙） | | 上海上实医药 | 指 | 上海上实生物医药管理咨询有限公司 | | 《股份转让协议》 | 指 | 《成都康华生物制品股份有限公司股份转让 | | | | 协议》 | | 《表 ...

证券代码：300841 证券简称：康华生物 公告编号：2025-040 成都康华生物制品股份有限公司 关于筹划公司控制权变更进展暨复牌的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 特别提示： 1、成都康华生物制品股份有限公司股票（证券代码：300841，证券简称： 康华生物）自 2025 年 7 月 21 日（星期一）开市起复牌。 2、本次控制权变更事项能否最终实施完成及实施结果存在不确定性，敬请 广大投资者理性投资，注意投资风险。 一、停牌情况概述 成都康华生物制品股份有限公司（以下简称"公司"）因控股股东、实际控 制人王振滔先生正在筹划公司控制权变更相关事宜且该事项存在不确定性，为保 证公平信息披露，避免公司股价异常波动，维护广大投资者利益，根据《深圳证 券交易所上市公司自律监管指引第 6 号——停复牌》相关规定，经公司向深圳证 券交易所申请，公司股票（证券代码：300841，证券简称：康华生物）自 2025 年 7 月 14 日（星期一）开市起停牌，具体内容详见公司于巨潮资讯网 （www.cninfo.com.cn）披露的《关于筹划控制权变更暨 ...

1、成都康华生物制品股份有限公司（以下简称"公司"）本次注销回购股 份数量为 3,000,000 股，占注销前公司总股本的 2.26%。本次回购股份注销完成 后，公司总股本由 132,946,899 股减少至 129,946,899 股。 2、经中国证券登记结算有限责任公司深圳分公司确认，公司本次回购股份 注销手续已于 2025 年 7 月 17 日完成。 证券代码：300841 证券简称：康华生物 公告编号：2025-038 成都康华生物制品股份有限公司 关于回购股份注销完成暨控股股东、实际控制人及其一致行 动人权益变动触及 1%整数倍的公告 本公司及董事会全体成员保证信息披露内容的真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 特别提示： 公司于 2024 年 1 月 22 日召开的第二届董事会第十八次会议和第二届监事会 第十五次会议审议通过了《关于回购公司股份方案的议案》，公司拟使用自有资 金或自筹资金以集中竞价交易的方式回购公司部分人民币普通股（A 股）股票， 回购的公司股份将用于实施股权激励或员工持股计划。本次回购股份的资金总额 不低于人民币 10,000 万元（含），且不超过人民币 20 ...

Core Viewpoint - The actual controller of Kanghua Biological (300841.SZ), Wang Zhentao, is planning to transfer control of the company, marking a significant turning point for the once-prominent vaccine enterprise that had a market value exceeding 50 billion yuan [1][2]. Company Overview - Kanghua Biological was established in 2004 by Wang Zhentao and a core vaccine research team, and it went public in 2020, reaching a peak market value of over 50 billion yuan [5][6]. - The company achieved revenue of 1.04 billion yuan and a net profit of 410 million yuan in 2020, with its stock price peaking at 414 yuan [6]. Financial Performance - Since 2022, Kanghua Biological has experienced declining revenues and profits, with 2024 revenue reported at 1.432 billion yuan, a year-on-year decrease of 9.23%, and net profit at 399 million yuan, down 21.71% [6]. - The first quarter of 2025 showed continued poor performance, with total revenue of 138 million yuan, a year-on-year decline of 55.7%, and net profit of approximately 20.71 million yuan, down 86.14% [6]. Shareholder Actions - Prior to the announcement of the control change, Kanghua Biological faced significant shareholder reductions, with two venture capital firms planning to reduce their holdings by up to 316,580 shares, representing 2.44% of the total shares [7]. Wang Zhentao's Business Challenges - Wang Zhentao has faced multiple failures in cross-industry investments, including a significant loss of over 200 million yuan in a cross-border e-commerce platform and a failed semiconductor acquisition in 2024 [3][12]. - The financial strain on Wang Zhentao is evident, with cumulative pledges of shares in both Kanghua Biological and Aokang International reaching 89.2% and 71.91% respectively [16][17]. Regulatory Issues - Wang Zhentao and related companies faced regulatory penalties in 2024 for non-operational fund occupation, with amounts involved reaching 1.67 billion yuan and 950 million yuan over two years [17].

Core Viewpoint - The control change at Kanghua Biotech, led by its actual controller Wang Zhentao, signifies the potential disintegration of the vaccine empire he built, as both of his listed companies face significant challenges [1][8]. Group 1: Company Performance and Challenges - Kanghua Biotech, once a high-flying stock, saw its share price peak at 996 yuan, with a market cap exceeding 17.8 billion yuan, but has since faced a decline due to falling performance and increased competition [2]. - The company's core product, the human diploid rabies vaccine, accounts for over 97% of its revenue, but its market position is being eroded by competitors like Kangtai Biotech, which achieved a first-year issuance of 3.37 million doses, nearly matching Kanghua's 3.89 million doses, a year-on-year drop of 43.83% [4]. - In 2024, Kanghua Biotech's revenue is projected to decline by 9.23%, while sales expenses are expected to rise by 10.68% to 547 million yuan, and R&D investment has been cut by 47.81% [5]. Group 2: Financial and Governance Issues - The net profit attributable to the parent company plummeted from 829 million yuan in 2022 to 20.7 million yuan in Q1 2025, a staggering year-on-year drop of 86.14% [6]. - Wang Zhentao's other business, Aokang International, has also faced significant losses, with cumulative losses exceeding 670 million yuan from 2022 to 2024, and a projected loss of 87 million yuan in the first half of 2025 [6]. - High equity pledge rates are concerning, with Wang Zhentao's stake in Kanghua Biotech pledged at 89.20%, and Aokang Group's stake at 71.91%, indicating financial strain [2][3]. Group 3: Strategic Moves and Future Outlook - To address its reliance on a single product, Kanghua Biotech is attempting to expand internationally by licensing the development of a six-valent norovirus vaccine, with a potential transaction value of 270 million USD, although clinical trials have not yet commenced [7]. - The transition of control at Kanghua Biotech reflects broader trends in the industry, where the lack of core competitive advantages leads to the unraveling of previously successful cross-industry ventures [8].