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科兴生物天价分红背后:两个创始人及第三方资本的争权战
2 1 Shi Ji Jing Ji Bao Dao·2025-07-09 13:10

Group 1 - The core point of the article is the recent shareholder meeting of Sinovac Biotech, where a proposal by Sequoia Capital to remove current directors and elect new ones was approved, indicating a significant shift in corporate governance [1][2] - The newly elected board members have committed to supporting the announced dividend distribution plan, which could reach up to $7.5 billion, representing approximately 73% of the company's cash reserves [1][11] - The ongoing control struggle over Sinovac has been a focal point for nearly a decade, with various legal disputes and governance issues impacting the company's operations and stock performance [2][6] Group 2 - The company has faced a tumultuous history since its founding in 2001, primarily due to conflicts between its founders over control and governance, leading to a protracted battle that has affected its market presence [3][4] - The control struggle intensified in 2016 when Sinovac announced plans for privatization, leading to competing offers from different factions, including Sequoia Capital and other investment groups [4][5] - Legal disputes have escalated, with various parties involved in lawsuits over governance issues, including a recent ruling by the UK Privy Council that has further complicated the board's composition [8][10] Group 3 - The company has announced a series of special dividends, with the first phase set at $55 per share, which has raised concerns about the sustainability of its financial health given that it represents a significant portion of its cash reserves [11][12] - The high dividend payout is seen as a strategy to bolster shareholder confidence amid ongoing governance disputes, but it may limit the company's ability to invest in research and development or other growth initiatives [12] - The financial implications of such a large dividend distribution could affect the company's long-term viability, as it reduces cash reserves and may necessitate future debt financing [12]