Walvax Biotechnology has released a revised draft of its 2026 A-share private placement plan, proposing to raise up to 2.203 billion yuan from Beijing Tengyun Xinwo Biotechnology Partnership. The proceeds will be used entirely to replenish working capital. Upon completion of the issuance, Tengyun Xinwo will hold an 11.51% stake in the company, and together with parties acting in concert with its ultimate controller, the combined shareholding will reach 14.46%. Tengyun Xinwo will nominate more than half of the board members, becoming the controlling shareholder, and its ultimate controller Huang Tao will become the company's ultimate controller. Previously, the company had a dispersed ownership structure with no controlling shareholder. Tengyun Xinwo was established on February 12, 2026, and has not yet commenced business operations. The company's cumulative cash dividends from 2023 to 2025 amounted to 352 million yuan, representing 142.87% of the average annual net profit attributable to the parent over the past three years. In 2025, the company reported revenue of 2.418 billion yuan, down 14.29% year-on-year, while net profit attributable to the parent rose 25.03% to 177.7 million yuan. As of the end of 2025, the company's cash and cash equivalents stood at 1.353 billion yuan, a significant decrease from 4.365 billion yuan at the end of 2023.
Walvax BioTechPrivate placement brings new controlling shareholder and capital injection to replenish working capital.
Tengyun Xinwo becomes controlling shareholder through the placement, gaining control of Walvax.