Anhui Tongtong Technology Capital Increase: Well-known Second-generation Fujian Businessman Plans to Invest 600 Million Yuan to Increase Holdings, Also Plans to Take Control of Vaccine Leader Watson Biotech

Daily Economic News Reporter | Zhang Baolian
Daily Economic News Editor | Dong Xing Sheng

Renowned Min merchant and Century Golden Source Investment Group Co., Ltd. (hereinafter referred to as Century Golden Source) founder Huang Rulun’s son, Huang Tao, has made another major investment move.

On the evening of March 18, Wantong Technology (SZ002331, stock price 8.51 yuan, market value 3.646 billion yuan) disclosed a revised plan for a private placement of shares in 2025, proposing to issue shares to two related parties, Tibet Tengyun Investment Management Co., Ltd. (hereinafter Tibet Tengyun) and Beijing Jingyuan Huizhi Enterprise Management Consulting Partnership (Limited Partnership) (hereinafter Jingyuan Huizhi), with a total fundraising cap of no more than 600 million yuan, all to be used for working capital. After the issuance, the actual controller Huang Tao will hold 173 million voting shares, accounting for 33.93% of the company’s equity.

On the same day, vaccine leader Watson Bio (SZ300142, stock price 12.39 yuan, market value 19.816 billion yuan) announced plans to issue no more than 208 million shares to Beijing Tengyun Xinwo Biotechnology Partnership (hereinafter Tengyun Xinwo), raising no more than 2.003 billion yuan. After the issuance, the company’s controlling shareholder will change to Tengyun Xinwo, and the actual controller will become Huang Tao, ending the company’s previous no-controller status. In total, Huang Tao’s two equity moves are expected to involve an investment of no more than approximately 2.6 billion yuan.

Compared to the previous plan, Wantong Technology’s revised private placement plan has reduced the amount of funds to be raised. In November 2025, Wantong Technology disclosed a related proposal for a private placement, estimating to raise no more than 920 million yuan from Tibet Tengyun and Jingyuan Huizhi.

According to the latest private placement plan, Tibet Tengyun is a wholly owned subsidiary of Tibet Jingyuan Enterprise Management Co., Ltd. (hereinafter Tibet Jingyuan), the company’s controlling shareholder, which plans to subscribe for 460 million yuan, corresponding to 64.26 million shares; Jingyuan Huizhi’s executive partnership is Tibet Jingyuan, which plans to subscribe for 140 million yuan, corresponding to 19.53 million shares.

The company states that there are three reasons for the fundraising need: first, to strengthen the company’s financial capacity and seize industry development opportunities; second, to consolidate the actual controller’s control rights, boost market confidence, and protect the interests of small and medium shareholders; third, to ease operational capital pressure and support business development.

“Currently, at the national level, there is a top-down systematic push for digital transformation and upgrading of transportation infrastructure. The ‘vehicle-road-cloud integration’ pilot applications have moved from technical verification to large-scale construction. Fields such as smart ports and ecological environment monitoring are also entering a fast development stage driven by a series of major policies, opening broad market space for the company’s core track,” Wantong Technology said.

From the perspective of ownership structure, as of the announcement date, Huang Tao indirectly holds 21.01% of the company’s shares through Tibet Jingyuan, making him the actual controller. If the maximum issuance is completed, and Huang Tao further subscribes through Tibet Tengyun and Jingyuan Huizhi, his voting shares will increase to 33.93%.

Wantong Technology stated that Tibet Tengyun and Jingyuan Huizhi will subscribe for the company’s shares using their own or self-raised funds. Data shows that in the first three quarters of 2025, Tibet Tengyun’s revenue was only 4.4518 million yuan, with a loss of over 60 million yuan, but its net assets at the end of the period exceeded 6 billion yuan. Jingyuan Huizhi is a newly established entity with no financial data available.

Public information indicates that Huang Tao is the eldest son of well-known Min merchant and Century Golden Source founder Huang Rulun, and serves as the president of Century Golden Source.

In February 2022, Huang Tao won the final victory in the control rights battle for Wantong Technology, becoming the actual controller. In recent years, Huang Tao has accelerated his equity investment layout. In 2025, he took control of “the first children’s clothing stock” Annil (SZ002875, stock price 19.58 yuan, market value 4.171 billion yuan).

It is understood that Annil has been losing money for five consecutive years since 2020, with total losses exceeding 500 million yuan. From 2020 to 2024, the company’s revenue declined from 1.257 billion yuan to 639 million yuan. On June 9, 2025, Annil’s controlling shareholders and actual controllers Cao Zhang and Wang Jianqing signed a “Share Transfer Agreement” with Shenzhen Xinchuangyuan Investment Partnership (Limited Partnership). The total transfer price was 422 million yuan, and the registration transfer was completed in August, with Huang Tao becoming the new actual controller.

On March 18, Watson Bio announced that after the completion of the private placement, assuming no other factors affecting share capital, Tengyun Xinwo’s shareholding ratio would be 11.51%. To secure control, Tengyun Xinwo also signed a unanimous action agreement with multiple shareholders, including Watson Bio founder Li Yunchun, to maintain consistent actions on major company decisions. Tengyun Xinwo was established on February 12, 2026, relatively recently, and has not yet engaged in business operations.

It is reported that Huang Tao is focusing on the Tengyun Healthcare platform, continuously expanding in the biopharmaceutical and healthcare sectors. Through Tengyun Xinwo’s acquisition of Watson Bio, he is officially expanding his capital footprint into the core vaccine sector. Holding relevant health industry platforms and participating in Watson Bio’s private placement are key strategic moves in his healthcare sector transformation.

According to Century Golden Source’s official website, the company was founded in 1991, starting with real estate projects in Fuzhou, gradually expanding into markets in Beijing, Kunming, and other cities. It has grown into a comprehensive, cross-industry international enterprise group.

By 2025, Century Golden Source has invested 400 billion yuan in mainland China and paid nearly 60 billion yuan in taxes. Its capital footprint is rapidly expanding, demonstrating a transformation from a real estate giant to a capital player.

Currently, Century Golden Source’s main industries include real estate development, hotels and tourism, commercial operations, lifestyle services, health, and smart mobility. It also invests in children’s products, education, financial services, AI technology, new energy, and mining, forming four main business tracks: “big consumption, big culture and tourism, big health, and new technology.”

Cover image source: AIGC