7月21日，康华生物（300841.SZ）股票开市起复牌。前一日，康华生物发布关于公司控制权变更进展的相关公告，公告指出，7月18日，公司收到控股股 东、实际控制人王振滔及其一致行动人奥康集团、持股5%以上股东康悦齐明与万可欣生物签订的《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》，万可欣生物拟使用自有资金和自筹资金以协议转让的方式受让王振滔、奥康集团、康悦齐明合计持有的2846.66万股公司股份。 本次转让价格为每股65.03元，股份转让价款合计为18.51亿元。根据《表决权委托协议》，股份转让后，王振滔将其个人持有的剩余1050.35万股公司股份 （占剔除公司回购账户股份后总股本的8.0829%）对应的表决权、提名和提案权、参会权独家、无偿且不可撤销地委托给万可欣生物行使。 本次股份转让完成及表决权委托后，万可欣生物拥有公司表决权的比例为29.99%，公司控股股东将由王振滔变更为万可欣生物，因万可欣生物无实际控制 人，公司实际控制人将由王振滔变更为无实际控制人。 7月21日复牌首日，康华生物股票报收67.06元/股，下跌6.87%。而在停牌前的最后交易日即7月11 ...

Core Viewpoint - Chengdu Kanghua Biological announced a significant share transfer and voting rights delegation agreement, resulting in a change of control to Wankexin Biological, which will now hold approximately 29.99% of voting rights in the company [1][4]. Share Transfer Details - The share transfer involves approximately 28.47 million shares, representing 21.9064% of the total share capital after excluding repurchased shares, at a price of 65.0266 yuan per share, totaling around 1.85 billion yuan [1][2]. - Post-transaction, Wang Zhentao will hold about 10.50 million shares (8.0829% of total shares) and delegate voting rights to Wankexin Biological [1][2]. Change in Control - The controlling shareholder of Kanghua Biological will shift from Wang Zhentao to Wankexin Biological, which is part of the Shanghai Biomedicine M&A Fund, with no ultimate controller [4][6]. - The Shanghai Biomedicine M&A Fund aims to support mergers and acquisitions in the biomedicine sector, with a total fund size of 10 billion yuan [6]. Business Outlook and Strategy - Kanghua Biological plans to leverage Shanghai's high-end research resources and talent to enhance its industrialization, manufacturing capabilities, and market share [7]. - The acquisition is expected to facilitate collaboration with leading universities and improve supply chain capabilities through access to advanced production facilities [7]. Financial Performance and Commitments - Kanghua Biological has set performance commitments, requiring a total net profit of no less than 728 million yuan and R&D expenses of at least 260 million yuan during the commitment period from 2025 to 2026 [7]. - The company has experienced a decline in revenue since reaching a peak of 1.577 billion yuan in 2023, with a significant drop in net profit [8]. Market Dynamics - The domestic rabies vaccine market is slowing down, with Kanghua Biological's main product facing increased competition since 2024 [8][13]. - The company’s production and batch release of its high-end rabies vaccine have decreased significantly, reflecting adjustments in production plans based on inventory and sales forecasts [13].

Core Viewpoint - Kanghua Biotech's controlling shareholder will change to Wankexin Biotech, leading to a significant stock price increase of 16.2% prior to the announcement [1][4]. Group 1: Shareholder Change - Kanghua Biotech announced on July 20 that its controlling shareholder will be transferred to Shanghai Wankexin Biotech, with a total of 28.4666 million shares, accounting for 21.91% of the total share capital, being sold at approximately 65.03 yuan per share, totaling about 1.851 billion yuan [4][5]. - After the transfer, Wankexin Biotech will hold 29.99% of the voting rights in Kanghua Biotech, while the previous controlling shareholder, Wang Zhentao, will retain 8.08% of the shares but delegate voting rights to Wankexin Biotech [4][5]. Group 2: Financial Commitments - Wang Zhentao and Aokang Group have committed that the net profit attributable to the parent company, after deducting non-recurring gains and losses, will not be less than 728 million yuan for the years 2025 to 2026, with R&D expenses not less than 260 million yuan [6]. Group 3: Wankexin Biotech Structure - Wankexin Biotech was established on July 8, 2025, with a total capital contribution of 763 million yuan, where the main controlling entity is Shanghai Shenshi Pharmaceutical Management Consulting Co., which holds 0.001% of the partnership shares [8][12]. - The Shanghai Biopharmaceutical M&A Fund holds 80.209% of the partnership shares in Wankexin Biotech, indicating significant involvement from this fund in the transaction [8][10]. Group 4: Background of Partners - The partners of Lubu Ka, which is involved in Wankexin Biotech, include individuals with significant roles in the Shanghai Biopharmaceutical M&A Fund, suggesting potential overlaps in management and strategic direction [12][16]. - Key figures such as Jiang Junhang and Liu Dawei have held prominent positions in both Wankexin Biotech and the Shanghai Biopharmaceutical M&A Fund, indicating a strong connection between the two entities [16].

Core Viewpoint - The control change of Kanghua Biotech has been revealed, with Shanghai Wankexin Biotechnology Partnership taking over from founder Wang Zhentao, marking a new strategic phase for the leading domestic innovative vaccine company [1][2] Group 1: Share Transfer Details - Kanghua Biotech announced the transfer of approximately 28.46 million shares, accounting for 21.9% of the total share capital after excluding repurchased shares, to Shanghai Wankexin for a consideration of 1.851 billion yuan [1] - After the transfer, Wang Zhentao will delegate voting rights for 10.5 million shares (8.08% of total shares) to Wankexin, resulting in Wankexin holding approximately 29.99% of voting rights [1] Group 2: Strategic Intent of the Acquisition - The acquisition by Wankexin reflects the strategic intent of Shanghai state-owned assets in the biopharmaceutical sector, emphasizing the importance of innovative vaccine assets [2] - The Shanghai Biopharmaceutical M&A Fund, which has significant backing from various state and private investors, aims to enhance Shanghai's position in the global biopharmaceutical industry [2] Group 3: Company Performance and Market Position - Kanghua Biotech has shown steady growth, achieving a revenue of 1.432 billion yuan and a net profit of 457 million yuan in 2024, supported by its innovative rabies vaccine [3][4] - The company has successfully transitioned from a technology breakthrough to capitalized operations since its listing on the Growth Enterprise Market in 2020, marking a significant milestone in its development [4][5] Group 4: Industry Context and Future Prospects - The Chinese vaccine industry is undergoing a transformation, shifting from scale expansion to innovation-driven growth, which presents both challenges and opportunities [4] - The integration and acquisition trends in the pharmaceutical industry are intensifying, with a focus on pipeline layout, technology platform integration, and global operational capabilities [4][5] - The collaboration between Kanghua Biotech and Wankexin is expected to unlock the company's research potential and market value, facilitating its transition from a vaccine powerhouse to a vaccine leader on the global stage [5]