“温州鞋王”卖掉亲手打造的疫苗企业

Core Viewpoint - The transfer of control in Kanghua Biological (康华生物) to Shanghai Wankexin Biological Technology Partnership has raised concerns, particularly regarding the company's declining performance and stock price following the announcement [1][2][3]. Company Summary - Kanghua Biological's major shareholders, including Wang Zhentao and Aokang Group, plan to transfer a total of 28.4666 million shares, representing 21.91% of the total share capital, to Wankexin Biological at a price of 65.03 yuan per share, totaling 1.851 billion yuan [2]. - After the transfer, Wankexin Biological will hold 29.99% of the voting rights, effectively making it the controlling shareholder, while Wang Zhentao will relinquish management control [2]. - The company has faced significant financial challenges, with a projected revenue of 1.432 billion yuan in 2024, down 9.23% year-on-year, and a net profit of 399 million yuan, down 21.71% [3]. - In the first quarter of 2025, Kanghua's revenue further declined by 55.70% to 138 million yuan, with a net profit drop of 86.14% to 20.71 million yuan [3]. Industry Summary - Wankexin Biological, established just over ten days prior to the announcement, is backed by significant state-owned enterprises, including Shanghai Pharmaceuticals, which holds a 19.79% stake [4]. - The acquisition of Kanghua Biological marks the first transaction for the Shanghai Biomedical Industry M&A Fund, indicating a trend of increasing collaboration between state-owned and private capital in the industry [6]. - The ongoing trend of mergers and acquisitions is seen as a strategy for accelerating industrial integration across various regions in China, with multiple local governments establishing related funds to acquire quality assets within their industrial chains [6].