On December 8 of this year, Watson biology made public its reply to the Shenzhen Stock Exchange. Five days ago, Watson bio announced that it would sell part of the equity of Shanghai Zerun Biotechnology Co., Ltd. (hereinafter referred to as “Shanghai Zerun”), causing a big stir. Watson biological subsequently announced the cancellation of the consideration of the sale of Shanghai Zerun at the extraordinary general meeting, that is, the cancellation of the transfer of the equity of Shanghai Zerun. < / P > < p > however, the disturbance of Watson biology has attracted the attention of Shenzhen Stock Exchange. In the reply letter, Watson biology used 16 “nonexistence” in succession, denying that it sold Shanghai Zerun cheaply, harmed the interests of listed companies and investors, and disclosed the equity penetration of the two transferees, indicating that there was no connection between the senior management and the transferees. < / P > < p > what is the truth? Through the intricate network of relationships, a combination of Watson biology, tiger medicine and former capital generals of the North University Department has gradually emerged. < / P > < p > according to the announcement, Watson biological intends to transfer 32.6% equity of Shanghai Zerun to Zibo Yunze and Yongxiu Guanyou, with a transfer price of 1.14 billion yuan, and the consideration of Shanghai Zerun is estimated at 3.5 billion yuan. After the completion of the transfer, Watson bio still holds 28.5% of the equity of Shanghai Zerun, but will lose its controlling interest. < / P > < p > Shanghai Zerun is mainly engaged in HPV vaccine, and its research drugs include bivalent HPV vaccine and nine valent HPV vaccine. In the capital market, as of December 9 this year, the market value of similar listed company Wantai biology has reached 80.989 billion yuan. < / P > < p > indignant and dissatisfied, in the subsequent institutional conference call, the organic organization questioned whether the transaction consideration of Watson bio seriously deviated from the value of the benchmarking enterprise, that is, Shanghai Zerun was “sold at a low price”. A storm of public opinion quickly attracted the attention of Shenzhen Stock Exchange. < / P > < p > Li Yunchun put his public statement on CCTV finance channel. In the interview, Li Yunchun took the initiative to talk about Shanghai Zerun’s valuation of 3.5 billion yuan, believing that the company anchored Beijing Kangle guard with a valuation of 2.8 billion yuan, Jiangsu Ruike with a valuation of 3 billion yuan, and Watson bio’s consideration for the sale of Shanghai Zerun by Wison bio. The implication is that Shanghai Zerun has not been “sold at a low price”. Li Yunchun also mentioned the strong opposition of the agency: “it’s a pity that the project was not pushed out and understood by some investors.” < p > < p > in June this year, Watson announced that the bivalent HPV vaccine developed by Shanghai Zerun was accepted by drug production, and the clinical trial of the nine valent HPV vaccine was launched. Tianfeng securities once predicted in the research report that the bivalent HPV vaccine will be on the market at the end of 2021 or early 2022, and is expected to achieve a peak sales of 2.458 billion yuan. < / P > < p > on the contrary, the websites of Beijing Kangle guard and Jiangsu Ruike show that the HPV vaccines developed by enterprises are in the clinical trial stage, and the listing schedule is not expected. < p > < p > according to the enterprise survey, Shanghai Zerun has 12 enterprises directly holding shares. Except for Watson bio, the rest are investment platforms. Every investment platform, holding institutions, natural persons, such as taowa, layer upon layer after layer after layer after layer of penetration. < / P > < p > according to the enterprise investigation, tiger medicine indirectly holds 2.55% of Shanghai Zerun through an investment platform. Zibo Yunze and Yongxiu Guanyou, the transferees of this round of turmoil, and tiger medicine also indirectly held 15.79% and 32.06% shares through the investment platform. < / P > < p > as one of the transferees of Shanghai Zerun, the ultimate beneficiary of Yongxiu Guanyou is Chen Yong. Chen Yong has a close relationship with tiger medicine. In 2016, tiger medicine acquired Taizhou Jietong Tairui Pharmaceutical Technology Co., Ltd., which is also represented by Chen Yong. < / P > < p > Watson biology, tiger medicine and Chen Yong, the revolving door of fate seem to constantly involve and bind them, so that they often appear together in many cases of the capital market. < p > < p > according to the enterprise investigation, Chen Yong has served as vice president of Founder Securities, vice president of Founder medical and pharmaceutical business department of Peking University, and President of China Hi tech. since 2013, he has established a private investment platform and wholly controlled Shihezi Ruidexin equity investment (hereinafter referred to as “Ruidexin equity”). < p > < p > in 2015, Watson announced that it plans to set up a merger and acquisition fund with tiger medical, but the daily operation of the fund is entrusted to Ruidexin equity, which is Chen Yong’s investment platform. In 2018, the cooperative M & A fund was officially established as Jiaxing guanyouxingwo equity investment partnership (hereinafter referred to as “guanyouxingwo”). < / P > < p > according to the equity penetration chart checked by enterprises, the investment platforms of Watson biology, tiger medicine and Chen Yong hold 15.29%, 15.29% and 1% of the equity of Guanyou xingwo respectively, and the subsidiary of Xingye fund, Xingye wealth, holds 44.71%, as well as a number of natural person shareholders. < / P > < p > although the shareholding ratio is very small, enterprise search still uses big data analysis to set Chen Yong as the suspected actual controller of M & A fund. So far, the M & A fund has only invested in one company, Jiahe bio, which is listed in Hong Kong this year. < / P > < p > in this regard, investor.com asked Watson biology whether it was transferring Shanghai Zerun to Chen Yong and whether it was transferring benefits, but the other side did not comment. < p > < p > in April 2012, Chen Yong resigned as president of China Hi tech. China Hi tech is an important industry of Peking University. Before that, Chen Yong successively held high positions in Founder Securities and Founder group of Peking University, and was responsible for investment operation. < / P > < p > after that, Li you storm broke out in Peking University Department, but Chen Yong left Peking University Department and began to cooperate with tiger medicine. In July 2014, tiger medicine announced that it planned to set up a merger and acquisition fund with Ruidexin equity held by Chen Yong. < / P > < p > in the announcement, Chen Yong’s EMBA master’s experience in Peking University was also made public. Coincidentally, in the “outstanding alumni” column of the website, Yangzhou University, the alma mater of Ye Xiaoping, chairman of tiger medicine, also introduced that ye Xiaoping has an EMBA degree from Peking University. < / P > < p > the EMBA of Peking University has become the common ground of Chen Yong and ye Xiaoping. Although it can’t be proved that they met in boyata, the fact that they accumulated the Bureau in the name of capital is enough to prove their friendship. < / P > < p > the capital Bureau changed from two to three in one year. In 2015, Watson announced the joint establishment of M & A fund with tiger pharmaceutical. Previously, the plan of Chen Yong and tiger medical plan was revised. Finally, in 2018, it was decided to set up xingwo, which was jointly held by the three parties. < / P > < p > in 2015, Watson biological announced that its subsidiary, Jiahe biological, launched a strategic cooperation with tiger medicine, which will help the former in clinical research. Three years later, the cooperation was upgraded, and Jiahe bio started the biggest equity change. < p > < p > in 2018, Watson bio sold the equity of Jiahe bio to a number of institutions (such as highland capital and huaxingkang equity), and Jiahe bio also started a round of capital increase and share expansion. After a series of changes, Watson bio lost its controlling interest in Jiahe bio and only retained part of its equity. However, tiger Pharma invested in Jiahe bio through capital increase. At the same time, the buyout fund Guanyou xingwo also held 5.2% equity in Jiahe bio. < p > < p > in October this year, Jiahe bio was listed in Hong Kong, and tiger pharmaceutical and Chen Yong flashed the list of shareholders. After a capital operation, Watson bio, which lost its controlling interest, has become the target of criticism by the holding institutions. < / P > < p > Disclaimer: the purpose of this article reprinted by CNFC is to convey more information, and it does not represent the opinions and positions of CNFC. The content of this article is for reference only, and does not constitute an investment proposal. Investors operate on this basis at their own risk. < p > < p > Chinanet is a state key news website under the leadership of the Information Office of the State Council and the management of China foreign language publishing and Distribution Bureau. Through 11 versions in 10 languages, the website publishes information 24 hours a day. 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