上海国资出手！拟18.51亿元入主康华生物

Core Viewpoint - The article discusses the transfer of control of Kanghua Biological (300841.SZ) to Wanke Xin Biological Technology Partnership, highlighting the implications of this change in ownership and the financial struggles faced by Kanghua Biological [1][3]. Group 1: Share Transfer Details - Kanghua Biological's controlling shareholder, Wang Zhentao, along with associated parties, plans to transfer a total of 28.47 million shares, representing 21.91% of the total share capital, to Wanke Xin Biological at a price of 65.03 yuan per share, totaling 1.851 billion yuan [1]. - After the transfer, Wanke Xin Biological will hold 29.99% of the voting rights in Kanghua Biological, effectively changing the controlling shareholder from Wang Zhentao to Wanke Xin Biological [1]. Group 2: Background of Wanke Xin Biological - Wanke Xin Biological was established on July 8, 2025, and is indirectly controlled by the Shanghai State-owned Assets Supervision and Administration Commission (SASAC) through a series of nested equity relationships [3]. - Shanghai Pharmaceutical Group holds a 19.79% stake in Wanke Xin Biological, while a private equity fund holds 80.2%, with significant contributions from Shanghai Guotou and Shanghai Pharmaceutical [3][6]. Group 3: Financial Performance of Kanghua Biological - Kanghua Biological has faced declining performance, with a 9.23% decrease in revenue to 1.432 billion yuan in 2024 and a 21.71% drop in net profit to 399 million yuan [8]. - In Q1 2025, the company reported a 55.70% decline in total revenue to 138 million yuan and an 86.14% decrease in net profit to approximately 20.71 million yuan [8][9]. Group 4: Shareholder Dynamics - Wang Zhentao and his associated parties have high levels of pledged shares, with 89.20% of Wang's shares and 71.91% of Aokang Group's shares pledged, indicating a pressing need for liquidity [9]. - Following the control change, Wang will retain 8.08% of Kanghua Biological's shares, but the voting rights will be entrusted to Wanke Xin Biological, marking his exit from management [9].