科兴“宫斗”背后，第一大股东的算盘→

Core Viewpoint - The ongoing equity dispute at Sinovac Biotech is highlighted, with current chairman Li Jiaqi aiming to resolve the conflict while ensuring fair treatment for all shareholders [1][3]. Group 1: Company Background - Li Jiaqi controls approximately one-third of Sinovac Biotech's shares through his company, Strong New Capital, making him the largest shareholder [1]. - Strong New Technology, founded by Li Jiaqi in 2011, is a Chinese biotech company focused on developing innovative drugs without foreign investors [2]. - The company aims to achieve a breakthrough in innovative drug development led entirely by Chinese nationals [2]. Group 2: Market Context - The global capital market is closely watching China's innovative drug development, contrasting with the less exciting vaccine sector, as exemplified by Moderna's market cap dropping to about $12 billion, less than one-tenth of its peak [2]. - The development and clinical investment in innovative drugs require substantial funding, and winning the equity battle at Sinovac could enhance Li Jiaqi's capital positioning for Strong New Technology [2]. Group 3: Equity Dispute Dynamics - The equity struggle at Sinovac Biotech intensified in 2018, leading to the company's suspension from NASDAQ [3]. - Initially a conflict between founders Yin Weidong and Pan Aihua, it evolved into a confrontation between buyer groups led by Yin Weidong and Pan Aihua, with Strong New Capital involved after Pan Aihua's imprisonment in 2022 [3].