Core Viewpoint - The article discusses the recent developments in the control struggle of Sinovac Biotech Ltd. (科兴生物), highlighting the approval of new board members and a significant dividend payout plan amidst ongoing disputes among shareholders [1][2]. Group 1: Board Changes and Dividend Plans - On July 9, 2023, Sinovac Biotech's special shareholder meeting approved the removal of current directors and the election of ten highly qualified candidates nominated by Sequoia Capital [1] - The newly elected board members have committed to supporting the announced dividend distribution plan and collaborating closely with management to restore trading of common shares, aiming to unlock the company's potential and create long-term value for shareholders [1] - Sinovac Biotech's recent dividend plan could reach up to $7.5 billion (approximately 53.8 billion RMB), representing about 73% of its cash balance, with an initial dividend of $55 per share to be paid before the special shareholder meeting [1][13] Group 2: Historical Context of Control Struggles - The control struggle over Sinovac Biotech began in 2016, involving various parties and legal disputes, including accusations of forgery and demands for the return of company documents [2] - The conflict escalated in 2018 when the board elections led to lawsuits and aggressive tactics, including a "poison pill" strategy initiated by one of the founders to dilute opposing shareholders' stakes [6][7] - The ongoing disputes have resulted in significant operational disruptions, including a temporary halt in vaccine production due to conflicts over company governance [7] Group 3: Financial Implications and Market Reactions - The proposed dividends are seen as a strategy to boost shareholder confidence amid ongoing governance issues, but they also raise concerns about the company's future financial flexibility and ability to invest in growth [14] - As of June 2024, Sinovac Biotech had accumulated $10.3 billion in cash and cash equivalents, with the dividend payout representing a substantial portion of its financial resources [13] - The high dividend payout ratio, exceeding 70% of cash reserves, is unusual and may indicate underlying tensions within the company's governance structure [14]
董事会大换血,将落实最高500多亿天价分红!科兴内斗新进展
21世纪经济报道·2025-07-09 14:47