Core Points - Sinovac Biotech Ltd. received a delisting determination letter from Nasdaq due to the failure to submit its 2024 annual report by the extended deadline of November 11, 2025 [1][3] - The company intends to request a hearing to delay the delisting process, which must be submitted by November 19, 2025, to trigger a 15-day suspension of the delisting process [1][3] - The delay in submitting the annual report is attributed to a change in the auditing firm, with the previous firm resigning on April 15, 2025, leading to the appointment of UHY LLP to assist with the audit and report preparation [1][3] Company Background - Sinovac was founded in 2001 and has undergone several changes in its listing status, moving from OTCBB to AMEX and then to Nasdaq [4] - The company has been embroiled in a control dispute since 2016, with significant conflicts between founder Yin Weidong and co-founder Pan Aihua over management and privatization efforts [5][6] Financial Performance - Sinovac's sales peaked at $19.4 billion in 2021 due to the approval of its CoronaVac vaccine, up from $510.6 million in 2020 [7] - However, the company reported a sales decline of 13.6% year-on-year to $121.3 million in the first half of 2024, with a net loss of $68.6 million [7] - The company has a stable core business with several vaccines on the market, but internal control deficiencies remain unresolved [7]
科兴生物收到纳斯达克退市通知，最新回应