Core Viewpoint - The article discusses a control battle at SVA Holdings (科兴控股), highlighting the legal disputes surrounding the legitimacy of the new board proposed by the Sequoia Fund and the ongoing litigation regarding the validity of shares held by Weiwang Capital and Shangcheng Capital [1][5][6]. Group 1: Company Background - SVA Holdings is the parent company of Beijing Kexing Biological Products, a major supplier of COVID-19 vaccines, with revenues exceeding 130 billion yuan and net profits over 96 billion yuan from 2021 to 2022 [3]. - The special shareholder meeting on July 9 was held in Antigua and Barbuda, where the company is registered, to vote on two proposals: the dismissal of the current board and the election of ten new board members [3][4]. Group 2: Control Battle - The current board, led by Chairman Li Jiaqiang, faces opposition from the founding chairman Yin Weidong's camp, which includes the Sequoia Fund, a private equity firm focused on high-tech investments in China and India [3][5]. - Following the announcement of court rulings, Li Jiaqiang decided to suspend the meeting, but board member Lu Yulin later restarted it [4][5]. Group 3: Legal Proceedings - The Sequoia Fund claimed that the proposals were approved during the meeting, suggesting that Li Jiaqiang's faction would lose control of SVA Holdings [5]. - Li Jiaqiang's camp contended that the meeting was suspended based on a court ruling that prohibited Weiwang Capital and Shangcheng Capital from exercising their voting rights at the meeting [6][8]. - Weiwang Capital and Shangcheng Capital, part of Yin Weidong's camp, claimed they had received court approval to temporarily lift the ban, allowing them to participate in the meeting [7]. Group 4: Future Plans - Li Jiaqiang's faction plans to continue governing the company, execute a special cash dividend of $55 per share, and explore listing on the Hong Kong Stock Exchange to enhance liquidity and shareholder returns [8].
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