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Walvax Biotechnology to See Change in Control Following Private Placement

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Walvax Biotechnology (SHE:300142) is looking to raise up to 2.20 billion yuan from the sale of nearly 208 million shares to Beijing Tengyun Xinwo Biotechnology Partnership under a private placement plan, according to a Tuesday disclosure to the Shenzhen Stock Exchange.

Following the sale, Tengyun will hold 14.46% of the voting rights in the vaccine manufacturer and will become the controlling shareholder.

Huang Tao, Tengyun's actual controller, will also become Walvax's actual controller.

Proceeds will help replenish working capital.

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