The entry of Shaoguan Gaoteng has brought new opportunities to Chengda Bio, but whether it can break through still needs time to test.

Recently, Chengda Bio issued an announcement stating that the Liaoning Provincial State-owned Assets Supervision and Administration Commission officially withdrew and the company changed to a "no actual controller" status. The change began with the reorganization of the board of directors of its controlling shareholder Liaoning Chengda. Shaoguan Gaoteng took control of Liaoning Chengda by nominating four non-independent directors (more than half of the seats), and indirectly held 54.67% of Chengda Bio's shares.

Shaoguan Gaoteng is a wholly-owned subsidiary of Guangdong Private Investment Co., Ltd. (Guangdong Private Investment), which was established by the Guangdong Provincial Government and focuses on strategic areas such as new energy and life sciences. In 2019, Guangdong Private Investment increased its holdings in Liaoning Chengda through Shaoguan Gaoteng, and became the largest shareholder with a 12.46% stake in 2020.

In February 2025, Shaoguan Gaoteng became the controlling shareholder of Liaoning Chengda through the board of directors' election, indirectly controlling 54.67% of Chengda Bio's shares, triggering this tender offer. This tender offer is a general offer to acquire the unrestricted tradable shares of Chengda Biotechnology from other shareholders except Liaoning Chengda, with a price of RMB 25.51 per share. The planned acquisition number of shares is 184 million shares, accounting for 44.18% of the total issued shares of Chengda Biotechnology, and the total capital limit is RMB 4.693 billion.

For Shaoguan Gaoteng, this acquisition has important strategic significance. First, by holding a controlling stake in Chengda Biotechnology, Shaoguan Gaoteng has obtained scarce resources in the vaccine field. Chengda Biotechnology is one of the domestic vaccine companies with high overseas export volume, with rich product lines and R&D capabilities. Shaoguan Gaoteng can use the platform of Chengda Biotechnology to further expand its strategic layout in the field of life sciences.

Secondly, as a diversified enterprise, Liaoning Chengda's business covers multiple fields such as biopharmaceuticals, financial investment, supply chain services, and energy development. After Shaoguan Gaoteng takes over, it can use Liaoning Chengda as the core carrier of its capital operation, expand the industrial chain through mergers and acquisitions, and achieve optimal allocation of resources.

In addition, by holding a controlling stake in Liaoning Chengda and Chengda Biotechnology, Shaoguan Gaoteng's influence in the capital market will be significantly enhanced. This will not only help it to enhance its brand awareness, but also provide stronger support for its future financing and development.

For Liaoning Chengda and Chengda Biotechnology, Shaoguan Gaoteng's entry has brought new opportunities. First, Liaoning Chengda will focus on its business, with biopharmaceuticals (Chengda Biotechnology) as the core, and strengthen vaccine research and development and international layout. This will help Liaoning Chengda enhance its core competitiveness and achieve sustainable development.

Secondly, Shaoguan Gaoteng's entry has brought new funds and resources to Liaoning Chengda and Chengda Biotechnology. Through capital injection and resource integration, the research and development process of Chengda Biotechnology's products under development can be accelerated and new products can be launched as soon as possible. At the same time, Shaoguan Gaoteng can also use its experience in the capital market to help Liaoning Chengda optimize resource allocation and improve operational efficiency.

In addition, the addition of the new controlling shareholder has injected new vitality into the future development of Liaoning Chengda and Chengda Biotechnology. This will help to enhance market confidence in the company, stabilize the stock price, and protect the interests of shareholders.

Conclusion: In summary, Shaoguan Gaoteng has taken control of Liaoning Chengda by nominating four non-independent directors, and indirectly holds 54.67% of Chengda Bio's shares. This event has important strategic significance for both parties. In the future, with the in-depth cooperation and resource integration of the two parties, it is expected to achieve mutual benefit and win-win results and promote the sustainable development of enterprises.

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