Wolwo Bio's Controlling Owner Changes to Yanni Chen
Wolwo Bio announced on September 8 that its controlling owner will change from co-controllers Hu Gengxi and Yanni Chen to Yanni Chen alone, following the couple's divorce and property division. Hu has resigned from all positions, including chairman and legal representative. The controlling shareholder remains Zhejiang Wolwo Management Consulting Co. , holding 38.86%, while Hu retains 8.35% individually. The company said the change will not materially affect operations.
Wolwo Bio announced on September 8 that, due to arrangements including the dissolution of marriage and property division between co-controlling owners Hu Gengxi and Yanni Chen, the company's actual controller will change from joint control by Hu Gengxi and Yanni Chen to sole control by Yanni Chen. The controlling shareholder remains Zhejiang Wolwo Management Consulting Co. , Ltd. , with a shareholding of 38.86%; Hu Gengxi individually holds 8.35%.
According to the announcement, Hu Gengxi has submitted a resignation application to the company for his positions as chairman, director, and legal representative, in accordance with the divorce agreement, and will no longer hold any position at the company after resigning. The company stated that this change in actual controller will not have a material impact on its production and operating activities.