Shares of Zhejiang Wolwo Bio-Pharmaceutical Co.,Ltd. (300357.SZ) have drawn market attention after the company announced a leadership transition tied to the personal affairs of its founder. Chairman Hu Gengxi has resigned from all positions at the company, including his roles as chairman, director, and legal representative, following the dissolution of his marriage. His resignation takes effect immediately, and he will no longer hold any position within the company or its subsidiaries, according to an official announcement released on September 9. The company stated that Hu will facilitate a proper handover of responsibilities, ensuring that the transition will not disrupt normal operations.
While a new chairman is being elected, director YANNI CHEN will temporarily assume the chairman's duties to maintain the smooth functioning of the board. The announcement revealed that Hu and YANNI CHEN, who were previously married, have completed divorce procedures as of September 8, and have reached an agreement on the division of their property. Under the divorce settlement, Hu retains 43,698,370 shares of the company, representing 8.35% of the total share capital. Additionally, his 100% equity stake in Deqing Mingchen Investment Consulting Co., Ltd. will be transferred to their grandson, Niu Chen'an, a transfer that is still pending administrative registration.
Where the control lies
YANNI CHEN retains full ownership of the 100% equity in HAORY COMPANY LIMITED, which holds a 40% stake in the company's controlling shareholder, Zhejiang Wolwo Management Consulting Co., Ltd. Prior to the change, the controlling shareholder held 203,454,131 shares, or 38.86% of the company's total share capital. The shareholding structure of Wolwo Consulting is split, with Hong Kong Haorui holding 40% and Mingchen Investment holding 33.87%. Following the divorce arrangement, YANNI CHEN, as the largest shareholder of Wolwo Consulting through Hong Kong Haorui, now has significant influence.
According to Wolwo Consulting's articles of association, the entity operates without a board of directors, instead having a single executive director who serves as the legal representative and exercises full board authority. Amendments to the company's charter or changes to the executive director require approval from shareholders representing more than two-thirds of voting rights. YANNI CHEN, who serves as the executive director, general manager, and legal representative, manages the daily operations of Wolwo Consulting and leads investment decisions.
As Hong Kong Haorui holds more than one-third of the voting rights in Wolwo Consulting, any resolution to modify the charter or replace the executive director cannot pass without her consent. This structural arrangement guarantees her position and governance authority. Consequently, the actual controller of Zhejiang Wolwo Bio-Pharmaceutical Co.,Ltd. has shifted from Hu Gengxi and YANNI CHEN jointly to YANNI CHEN as the sole controller, while the controlling shareholder remains Wolwo Consulting.
The change in control is attributed to the property division arising from the dissolution of their marriage and is classified as a non-trading transaction. Hu will no longer exert influence over Wolwo Consulting through Mingchen Investment or other channels.
Financial performance highlights
Wolwo Bio-Pharma, a high-tech biopharmaceutical firm listed on the Shenzhen Stock Exchange, specializes in allergen immunotherapy products. Its portfolio includes dermatophagoides farinae drops, artemisia pollen sublingual drops, and skin prick test diagnostic kits. In the first half of 2026, the company reported revenue of 514 million yuan, a 6% increase year-on-year, and net profit of 213 million yuan, up 20.59%. Non-GAAP net profit stood at 183 million yuan, reflecting a 6% growth. At the close of trading, the company's share price was 20.01 yuan, giving it a market capitalization of approximately 10.5 billion yuan.
This leadership change marks a pivotal moment for the company, as YANNI CHEN takes the helm with consolidated control, steering Zhejiang Wolwo Bio-Pharmaceutical Co.,Ltd. through its next phase of development.
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