A new watermarking scheme having the ability of sharing secret with multi-users is proposed. It splits the original watermark into two shares and embeds one share into the cover image to increase the security. A polarization procedure is performed to establish a polarity stream from the cover image. The second share and the polarity stream are used to generate a master key and several normal keys. In this system, only the super-user can reveal the genuine watermark directly. Other users possess the normal keys can obtain shadow watermarks merely. By combining the shadow watermarks together, the real watermark can be recovered.