Core Viewpoint - The recent events surrounding Sinovac Biotech, including a significant dividend payout of 39.5 billion RMB and board disputes, have drawn attention to corporate governance issues and potential legal implications in similar scenarios in China [2][3]. Group 1: Corporate Governance and Board Disputes - Sinovac Biotech's governance struggles date back to 2016, involving a contentious privatization attempt and competing factions among shareholders [5][6]. - The company has faced a prolonged legal battle regarding the legitimacy of its board, culminating in a ruling by the UK Privy Council that recognized a new board proposed by a major shareholder [5][6][12]. - The recent special shareholder meeting resulted in the removal of existing directors and the election of a new board, highlighting ongoing governance conflicts [8][9]. Group 2: Financial Performance and Dividend Distribution - Sinovac Biotech reported revenues exceeding 130 billion RMB and net profits over 96 billion RMB from 2021 to 2022, indicating strong financial performance [3]. - The company initiated a substantial dividend distribution, with the first round amounting to 39.5 billion RMB, and plans for further distributions totaling over 500 billion RMB [3][6]. Group 3: Legal and Regulatory Context - Sinovac is registered in Antigua and Barbuda, a jurisdiction known for its favorable tax conditions, which raises questions about the legal framework governing its operations [4]. - The ongoing legal disputes and governance issues reflect broader challenges in corporate governance practices, particularly in jurisdictions with less transparent legal systems [4][12].
科兴生物法律战复盘：两轮双头董事会七年之争