昔日疫苗之王科兴生物发布巨额分红计划 10年股东缠斗能否画上休止符？

Core Viewpoint - The recent dividend plan by Sinovac Biotech has drawn significant attention, with a potential payout of up to $7.5 billion, raising questions about the company's financial strategy amidst ongoing shareholder disputes [1][2]. Dividend Plan - Sinovac Biotech announced three special cash dividends: $55 per share for the first phase, $19 for the second, and a planned $20 to $50 for the third phase, aiming to return cash to shareholders [2][3]. - The first phase of the dividend is set to be paid before a crucial shareholder meeting on July 9, 2025, where board member elections will take place [2][3]. Financial Performance - In 2021, Sinovac reported a net profit of $8.46 billion, but revenues and profits plummeted in 2022, with revenue at $1.493 billion and net profit at $114 million, both down over 90% year-on-year [3][8]. - The company has faced losses in 2023 and the first half of 2024, raising concerns about its ability to sustain such high dividend payouts [3][8]. Shareholder Disputes - The ongoing conflict between the two founding members, Yin Weidong and Pan Aihua, has persisted for nearly a decade, with both sides vying for control of the company [4][5]. - The board's current composition has been challenged, with allegations of governance issues and the legitimacy of board members being questioned [7][9]. Strategic Implications - The board, led by 1Globe, is perceived to be using the dividend strategy as a means to secure shareholder support ahead of the upcoming vote, while also potentially depleting the company's cash reserves [8][9]. - Sinovac's cash and cash equivalents amount to approximately $10.3 billion, and the proposed dividend could consume over 70% of these funds, raising concerns about future operational viability [8][9].