Core Viewpoint - The control battle over Sinovac Biotech (NASDAQ: SVA) has intensified, with a special shareholders' meeting held in Antigua and Barbuda to vote on the removal of the current board led by Chairman Li Jiaqi and the election of a new board proposed by the Yin Weidong camp, backed by the private equity firm Sequoia Capital [2][3]. Group 1: Company Background - Sinovac Biotech is the parent company of Beijing Sinovac Biotech, which is a major supplier of COVID-19 vaccines. From 2021 to 2022, Sinovac Biotech generated over 130 billion yuan in revenue and over 96 billion yuan in net profit [3]. Group 2: Shareholder Meeting Details - The special shareholders' meeting on July 9 was primarily to vote on two proposals: the dismissal of the current board and the election of ten new board members [3]. - The meeting was held in the capital of Antigua and Barbuda, where Sinovac Biotech is registered [3]. Group 3: Control Battle Dynamics - Li Jiaqi, who has been the actual largest shareholder since 2013, faces opposition from the original founder and former chairman, Yin Weidong, whose camp includes Sequoia Capital [3]. - Following the announcement of two court rulings from Antigua, Li Jiaqi decided to suspend the meeting, but board member Lu Yulin later reconvened it [4]. Group 4: Legal Proceedings and Claims - Sequoia Capital claimed that the proposals for the new board were approved during the meeting, indicating that Li Jiaqi's faction would lose control of Sinovac Biotech [3]. - Li Jiaqi's camp contended that the meeting was not valid due to ongoing litigation regarding the validity of shares held by Weiwu Capital and Shangcheng Capital, which are also part of Yin Weidong's faction [4][5]. Group 5: Future Plans and Governance - Li Jiaqi's faction asserted that they would continue to govern the company and execute a previously announced special cash dividend of $55 per share, with the distribution process already initiated [6]. - Plans to restore common stock trading on NASDAQ and explore a listing on the Hong Kong Stock Exchange to enhance liquidity and shareholder returns were also mentioned [6].
科兴控股董事长李嘉强回应自己被罢免：所谓新董事会不合法