Wantai BioPharm

“Water and vaccines are the two industries in which I intend to put down roots. Both will be decisive for people's health and longevity in the future. The highest ambition for a company is not to be big, but to endure.”

— Zhong Shanshan, controlling shareholder of Wantai Bio and founder of Nongfu Spring

01 / The Company Story

Tea Eggs and Atomic Bombs
The Business Logic

In Zhong Shanshan's business portfolio, Nongfu Spring is the “tea egg”: a fast-moving consumer goods business. Wantai Bio is his real “atomic bomb”: a biopharmaceutical company built on the potential for breakthroughs. He acquired the then-struggling Wantai Bio for RMB 17.1 million in 2001. Today, its market value exceeds RMB 100 billion, a testament to his commitment to innovation and the long term.

1991.4

Wantai Bio was founded in Beijing's Changping district, initially focusing on the development of in vitro diagnostic reagents. Its founding team established a core belief: “Details determine success or failure.”

2001

Zhong Shanshan acquired a 95% stake in the struggling Wantai Bio for RMB 17.1 million. Little known at the time, the company offered a foothold in the high-barrier, high-risk, high-reward vaccine industry. Zhong chose the HPV vaccine as its focus.

2002

Work began on an HPV vaccine. To find the right researchers, Zhong spent time observing teams at Xiamen University. His criterion was simple: “I don't care who they are or whether they're professors. If their lights are on every night, I'll fund them.” He ultimately chose Xia Ningshao's team.

2007

After countless experiments, Wantai Bio developed its first vaccine candidate, Cecolin. But that was only the beginning: a longer process of regulatory review and clinical trials lay ahead.

2010

Wantai Bio received approval to begin clinical trials. Its Phase III trial alone lasted seven years.

2019.12.31

As the new year approached, Wantai Bio reached a historic milestone: Cecolin, China's first domestically developed bivalent HPV vaccine, was approved for market. It had taken 18 years from development to launch. China became the third country, after the United States and the United Kingdom, capable of supplying its own HPV vaccine.

2020.4

Wantai Bio listed on the Shanghai Stock Exchange and recorded 26 consecutive daily limit-up gains, setting a record for a newly listed stock that year. Its market value passed RMB 100 billion within three months. With Nongfu Spring and Wantai Bio, Zhong Shanshan became China's richest person.

2021

Zhong Shanshan stepped down as chair of Wantai Bio, succeeded by Qiu Zixin. A 1984 chemistry graduate of Xiamen University and one of Wantai Bio's founders, Qiu had served as general manager since 1997 and led its key joint research projects with the university.

2025.6

Wantai Bio's nine-valent HPV vaccine was approved for market, becoming the first domestically developed vaccine of its kind. China became the second country after the United States capable of independently supplying a high-valency HPV vaccine.

02 / Mission and Vision

Our Mission and Ambition

Mission

Advancing Human Health

Wantai Bio turns advances in biotechnology into high-quality products for the public. From developing China's first domestic HPV vaccine to entering international markets, the company has remained committed to human health.

Our Philosophy

Business Philosophy

Grounded in Science, Focused on Health

Wantai Bio brings scientific rigour to every stage of research and development. It responds to health needs worldwide, using technological innovation to benefit society.

Objectives

Our Approach to Growth

Quality Sustains Us. Innovation Moves Us Forward.

Quality is essential to survival; innovation drives growth. Wantai Bio treats quality management and technological innovation as the twin engines of its development.

Core Principle

Core Philosophy

Details Determine Success or Failure

Since its founding in 1991, this belief has guided every stage of Wantai Bio's development. Attention to detail and a commitment to excellence define how its people work.

03 / Research Culture

Research Culture
Committed to the Long Term

Wantai Bio's research culture is built on patience and persistence. The 18-year journey from initiating its HPV vaccine project to bringing the product to market captures its willingness to stay the course.

A Long-Term View

18 Years in the Making

Wantai Bio began developing its HPV vaccine in 2002, produced a candidate in 2007, received approval for clinical trials in 2010, completed Phase III trials in 2017 and secured market approval in 2019. Eighteen years of commitment delivered China's first domestically developed HPV vaccine.

Sustained Investment

Significant Investment in R&D

In 2020, Wantai Bio invested RMB 314 million in R&D, or 13.35% of revenue, far above the industry average of RMB 14 million. Its 1,066 R&D employees accounted for 27.74% of its workforce.

TALENT

A Concentration of Specialist Talent

Its research team included 29 PhD holders and 321 master's degree holders, together accounting for 32.83% of R&D staff. Wantai Bio also worked closely with leading Chinese researchers, including Xia Ningshao's team at Xiamen University.

Connecting Research and Industry

Wantai Bio and Xiamen University established the Xiamen University–Yangshengtang Joint Laboratory for Biopharmaceuticals, creating a partnership spanning research and product development. This model keeps the work at the forefront of science while helping turn discoveries into practical products.

Wantai Bio has built long-term partnerships with Xiamen University, the University of Hong Kong, the Chinese Academy of Sciences and other research institutions, collaborating on innovations in Epstein–Barr virus testing, rotavirus vaccines and more.

Technological Breakthroughs

Wantai Bio was the first to use an E. coli production platform for an HPV vaccine, challenging the assumption that such vaccines could only be produced in eukaryotic systems and overcoming patent barriers held by overseas companies.

The breakthrough reduced production costs, allowing the vaccine's price to fall from more than RMB 1,000 to RMB 329 and then RMB 86. It also helped make China the third country, after the United States and the United Kingdom, capable of supplying its own HPV vaccine.

04 / Our Approach to Talent

Taking the Search for Talent to the Streets
A Distinctive Logic

Zhong Shanshan's approach to finding talent is singular: “Go find scientists. Anyone whose lights are still on after midnight, every night, no matter who they are or what they're researching, walk right in and ask if they need funding. We can give them money.” Behind this disarmingly simple criterion lies a profound regard for focus and passion.

Valuing Focus and Passion

Not degrees, not pedigree, not titles: only a genuine love of research. Zhong found Xia Ningshao's team by “walking the streets” of Xiamen University's labs, seeking out those still lit late into the night.

Investing Generously in Talent

Zhong has never been sparing when it comes to funding a vision. Scientists receive ample R&D budgets and the time to concentrate on their work. Across 18 years of HPV vaccine development, the company's support never wavered.

Respecting the Pace of Science

Recognizing that research runs on long cycles, the company never rushes results. From project launch in 2002 to approval in 2019, the 18-year wait reflects respect for the laws of science and trust in the R&D team.

Shared Talent Across Industry and Academia

Joint laboratories with Xiamen University and other research institutions enable a two-way flow of talent, bringing academic research to market while giving in-house R&D staff access to cutting-edge science.

Team Building

Team Stability

The core R&D team has remained remarkably stable. Qiu Zixin has served as General Manager since 1997, offering 27 years of unwavering leadership. A stable team underpins the success of long-term projects.

Knowledge Continuity

A robust knowledge management system, supported by modern tools such as Feishu, ensures that R&D experience and technical know-how are preserved and built upon.

Collaboration

Cross-Functional Collaboration

R&D, manufacturing, marketing, and international teams work in concert, breaking down departmental silos. A unified workplace platform keeps information flowing efficiently.

05 / People Development

Employee Growth
and Team Building

Wantai BioPharm places great value on employee growth and team building, offering a strong platform and ample room to develop. Since its founding in 1991, the company has cultivated a stable, professional, and highly driven team.

Stability

A Stable Core Team

Qiu Zixin has served as General Manager since 1997, offering 27 years of steady leadership. Long-term stability among core management and key R&D staff provides a solid foundation for sustained growth.

Growth

Career Pathways

Clear career paths lead from research assistant to project lead and from staff member to manager, supported by a well-established internal promotion system.

Learning

A Culture of Continuous Learning

Employees are encouraged to keep learning and growing. University partnerships provide continuing education opportunities, and more than 30% of the R&D team hold master's or doctoral degrees.

Collaboration Platform

A Unified Collaboration Platform

Feishu serves as the single workplace hub for all staff, enabling thousands of employees across R&D, manufacturing, marketing, and international operations to collaborate efficiently. Initiatives such as the “Efficiency Pioneers” productivity challenge bring fresh energy and innovation to the team.

Incentives

A comprehensive incentive system lets key talent share in the company's success. Well-structured management incentives and a stable framework keep employees motivated and engaged.

Work-Life Balance

Wantai respects employees' work-life balance. While it celebrates the dedication of scientists working late in the lab, it places even greater emphasis on a sustainable pace and healthy working habits.

Team Culture

Wantai fosters an open, inclusive, and collaborative team culture. Close cooperation across departments and disciplines has shaped a distinctive ecosystem that integrates industry, academia, research, and application.

06 / Quality Culture

Details Determine Success or Failure
A Culture of Quality

“Details determine success” is more than Wantai BioPharm's core philosophy. It is a principle ingrained in every member of the team. From R&D to manufacturing and from quality control to market, every step pursues excellence.

Uncompromising Standards in R&D

Phase III clinical trials for the HPV vaccine spanned seven years (2010–2017), enrolling tens of thousands of participants with rigorous, meticulous data tracking. Since its 2020 launch, nearly 2 million doses have been administered with no unexpected or product-related serious adverse reactions identified.

This relentless pursuit of safety and efficacy reflects Wantai BioPharm's deep sense of responsibility for public health.

Rigorous Manufacturing Quality Control

A comprehensive quality management system subjects every batch to stringent QC testing. The bivalent HPV vaccine's 92% gross margin reflects both an uncompromising commitment to quality and a clear technological edge.

As a leading production base for HIV diagnostic reagents in the Asia-Pacific region, Wantai BioPharm saw its HIV diagnostic series rank first in China by market share for eight consecutive years (2003–2010). The series is valued for its high sensitivity, strong specificity, and consistent quality.

Certifications

International Recognition

Wantai's products are recognized by the World Health Organization (WHO), and its bivalent HPV vaccine is exported to Angola and other countries, carrying Chinese biopharma onto the world stage.

Innovation

Innovation Leadership

In 2020, Wantai was named a National Technology Innovation Demonstration Enterprise by the Ministry of Industry and Information Technology (MIIT). It ranked 244th on the 2022 China Top 500 Brands list.

Product Portfolio

A Broad Product Portfolio

Over the past 30 years, Wantai has launched more than 300 innovative products spanning enzyme immunoassays, colloidal gold, chemiluminescence, nucleic acid testing, biochemistry, vaccines, and quality control materials.

07 / Spirit of Innovation

Innovation DNA
and a Breakthrough Spirit

A Technological Breakthrough

Wantai pioneered an E. coli-based production platform for HPV vaccines, breaking through foreign patent barriers. Its bivalent HPV vaccine, the first developed in China, made China the third country capable of independently supplying HPV vaccines.

Cost Innovation

Through technological innovation, Wantai cut the price of the HPV vaccine from over RMB 1,000 for imported products to RMB 329, and later to RMB 86 through scaled production. This put the vaccine within reach of far more women.

Product Pipeline

R&D Pipeline

Dozens of projects are in development. The 9-valent HPV vaccine has been approved for market, and programs for a varicella vaccine, a next-generation varicella vaccine, an intranasal COVID-19 vaccine, and a rotavirus vaccine are advancing in parallel.

Rapid Response

During the COVID-19 pandemic, Wantai rapidly launched test kits and an intranasal vaccine in support of the public health response. In 2025, it successfully developed nucleic acid test kits for Zika, dengue, and chikungunya viruses.

08 / Cultural Character

Wantai Culture
A Distinctive DNA

An Open, Inclusive Research Culture

Wantai recruits talent beyond convention, valuing ability over credentials and passion over titles. This open, inclusive culture has attracted a wealth of outstanding researchers.

Open collaboration platforms with universities and research institutions unite academic freedom with industry needs. Leading research forces, including Xia Ningshao's team, Xiamen University, and the University of Hong Kong, have helped build Wantai's distinctive innovation ecosystem.

Information Security and Collaborative Culture

With Feishu as its unified workplace platform, Wantai has built an integrated three-in-one collaboration system that combines information exchange, business management, and secure collaboration.

Thousands of employees across R&D, manufacturing, marketing, and international operations collaborate efficiently across departments. The “Efficiency Pioneers” productivity challenge embeds a culture of efficiency in everyday work, and product and commercial information security remain top priorities.

Social Responsibility and Accessible Healthcare

Technological innovation has brought the price of the HPV vaccine down from over RMB 1,000 to the low hundreds, making domestic vaccines affordable for more women. Exports of the bivalent HPV vaccine to Angola and other developing countries are advancing women's health worldwide.

“Contributing to the cause of human health” is not a slogan but a commitment backed by action. During the COVID-19 pandemic, Wantai quickly delivered test reagents to support the response. It continues to serve public health through diagnostics for rare and infectious diseases.

Prudent Management and Long-Term Value

Rather than maximizing short-term gains, Wantai stays committed to long-term value creation. Its 18-year dedication to HPV vaccine development is a testament to that conviction.

As Zhong Shanshan puts it: “The highest goal for a company is not size, but longevity. Every product I consider now, I consider over a hundred-year horizon.” This long-term mindset runs through Wantai's entire history.

09 / Key Achievements

Milestones

China's First Domestic HPV Vaccine
In 2019, Cecolin, Wantai's bivalent HPV vaccine, was approved. This made China the third country, after the United States and the United Kingdom, able to independently supply HPV vaccines.

Breaking the Global Monopoly
Wantai broke into a market dominated by global giants such as GSK and MSD, bringing domestic vaccine prices down from over RMB 1,000 to the low hundreds.

China's First Domestic 9-Valent HPV Vaccine
In 2025, Wantai's 9-valent HPV vaccine was approved for market. This made China the second country after the United States capable of independently supplying a higher-valent HPV vaccine.

Going Global
Cecolin, the bivalent HPV vaccine, is exported to Angola and other countries and has earned recognition from the World Health Organization, carrying Chinese biopharma onto the world stage.

Technology Innovation Exemplar
In 2020, Wantai was named a National Technology Innovation Demonstration Enterprise by MIIT and was listed in both the Hurun China 500 and the China Top 500 Brands.

From RMB 17.1 Million to Hundreds of Billions
Wantai was valued at just RMB 17.1 million when it was acquired in 2001. After its 2020 IPO, its market capitalization peaked at RMB 180 billion, a nearly 10,000-fold increase in 20 years and a legendary investment story.

10 / Founder's Wisdom

Zhong Shanshan's
Business Philosophy

From journalist to China's richest man, Zhong Shanshan has used two companies, Nongfu Spring and Wantai BioPharm, to illustrate the business logic of “tea eggs” and “atomic bombs.” His words reflect plain-spoken commercial wisdom and an enduring commitment to long-term value.

"Water and vaccines are the two industries where I intend to put down roots. Both will be decisive for people's health and longevity in the years ahead."

"The highest aspiration for a company isn't size, it's longevity. I began studying corporate longevity before 2000. Every product I consider today, I think about on a hundred-year horizon."

"A company that never makes noise is a mummy. But only technological innovation lets you compete. Marketing without technology just gets you killed faster."

"I don't care who they are, professor or not. If their lights are on every night, I'll fund them." — on finding an R&D team at Xiamen University