- Billionaire Zhong Shanshan gives away 2.61% of Wantai Biopharm as the vaccine maker navigates a business transition
- Proceeds will fund research, talent development and scientific exchanges in public health and biomedical science
Zhong Shanshan (钟睒睒), founder of Chinese bottled-water giant Nongfu Spring, has donated 33 million shares of Wantai Biopharm (万泰生物) worth about 927 million yuan ($138 million) to a foundation supporting biomedical research, as the vaccine maker seeks to shift toward higher-value products.
Wantai, a Beijing-based A-share firm founded in 1991, said in a filing on August 25 that Zhong, its controlling shareholder, had transferred the shares to the technology development fund of the Fujian Xiang’an Innovation Laboratory.
The donated shares represent 2.61% of Wantai’s total outstanding stock and were valued at 28.10 yuan ($4.18) each, the company’s closing price on August 25.
Shares fund science
The roughly $138 million donation is a rare example of China’s second-richest person using personal shares, rather than cash, to fund basic biomedical research, offering a different model of wealth distribution at a time when founder share sales are drawing increasing scrutiny.
The donation will reduce Zhong’s direct stake in Wantai from 17.71% to 15.10%. Together with Yangshengtang (养生堂), the controlling shareholder he founded, Zhong will continue to control 70.92% of the company, down from 73.53%.
The foundation has agreed not to sell the donated shares for six months. Any future sales will also be counted toward Zhong’s disposal quota.
The foundation is an independent charitable organization with no affiliation to Wantai or its shareholders.
Proceeds from the donation, including any future gains from selling the shares, will be earmarked for scientific research, talent development, awards and academic exchanges related to public health and biomedical research.
The donation comes as Wantai undergoes a difficult transition. The company reported revenue of 1.05 billion yuan for the first half, up 24.3% from a year earlier.
Vaccine maker in transition
Revenue growth was driven by rising sales of its Cecolin 9 nine-valent HPV vaccine, China’s first domestically developed nine-valent HPV vaccine.
But the company remains under pressure from vaccine procurement programs and intensifying competition.
Wantai posted its first annual loss in 2025, and its attributable net loss stood at 128 million yuan in the first half.
For Zhong, the donation is also a continuation of his philanthropic activities. He donated 100 million yuan to establish an education fund at Zhejiang’s Zhuji High School last November.
Born in 1954 to a family of intellectuals living in Hangzhou, Zhong traces his ancestry to Zhuji.
Over the past few years, the journalist-turned-billionaire has also made donations totaling hundreds of millions of yuan to universities including Tsinghua University, Peking University, Zhejiang University, Westlake University and Xiamen University through the Zhong Ziyi Education Fund (钟子逸教育基金).
Zhong’s public profile
The latest donation stands out because Zhong is giving away shares rather than cash, effectively transferring about $138 million of personal wealth into biomedical research while retaining control of Wantai.
For investors, the move offers a different perspective at a time when founder share sales are closely watched.
Zhong is reducing his economic stake in Wantai, but the transfer is directed toward scientific research rather than monetizing his holdings.
The donation also comes amid renewed scrutiny of Zhong, who has drawn controversy in recent years for his outspoken views, including criticism of e-commerce platforms.
