天价离婚撕开A股公司治理隐忧：沃华医药“无主”之后路在何方？

Core Viewpoint - The divorce settlement between Zhao Bingxian and Lu Juan has resulted in a 50-50 ownership of Zhongzheng Wanrong Investment Group, leading to a governance vacuum for Wohuah Pharmaceutical, which now lacks a controlling shareholder [1] Group 1: Governance Issues - The equal distribution of shares means neither Zhao Bingxian nor Lu Juan can unilaterally control the board or strategic direction, potentially leading to decision-making deadlocks [2] - Key issues such as strategic transformation, major project investments, or executive appointments may become contentious, resulting in governance challenges [2] - Although the company claims that operational management remains unaffected, the dispersed control introduces uncertainty for future stability [2] Group 2: Performance and Growth Concerns - Wohuah Pharmaceutical reported a 179.34% year-on-year increase in net profit for the first three quarters of 2025, primarily driven by non-recurring income from land transfer payments [3] - The core business growth remains weak, with reliance on a limited range of proprietary products amidst increasing regulatory pressures and procurement challenges [3] - The company must address its growth bottlenecks and develop a second growth curve to ensure long-term sustainability [3] Group 3: Industry-Wide Implications - Wohuah Pharmaceutical is not an isolated case; several other companies have faced similar issues due to controlling shareholders' divorces, leading to significant ownership restructuring [4] - These events have raised concerns about the stability of shareholder structures and the management of risks associated with controlling shareholders' personal relationships [4] - As the capital market matures, it is crucial to implement measures such as corporate governance design, equity trusts, and voting rights arrangements to mitigate disruptions caused by personal relationship changes [4] Conclusion - The "no owner" status of Wohuah Pharmaceutical highlights broader governance challenges within A-share companies, emphasizing the need for strategic resilience and operational stability in the face of high volatility and uncertainty in ownership structures [5]