Core Viewpoint - The ongoing internal conflicts at Sinovac Biotech, highlighted by legal disputes and significant dividend announcements, reflect deeper governance issues and shareholder rights concerns within the company [1][3][4]. Group 1: Internal Conflicts and Legal Disputes - Sinovac Biotech has been embroiled in internal disputes for nearly a decade, with multiple lawsuits filed by various capital firms, including Weiwang Capital and Shangcheng Capital [1][6]. - The recent special shareholder meeting on July 9, 2025, resulted in the approval of proposals to remove current directors and elect a new board nominated by Sequoia Capital, indicating a shift in control [1][15]. Group 2: Dividend Announcements - Sinovac announced a massive dividend payout potentially reaching $7.5 billion (approximately 53.8 billion RMB), which constitutes about 73% of its cash reserves, aimed at appeasing shareholders amid governance concerns [3][16]. - The first phase of the dividend, set at $55 per share, was scheduled for distribution prior to the special shareholder meeting, raising questions about the motivations behind such a large payout [3][17]. Group 3: Governance and Shareholder Rights - The company faces significant governance challenges, with calls for correcting past mistakes related to shareholder rights and board composition [4][18]. - The ongoing disputes over board elections and the legitimacy of the "poison pill" strategy highlight the complexities of shareholder rights and management control within Sinovac [11][12][14]. Group 4: Future Directions - The management aims to restore credibility in the capital markets and ensure fair treatment of shareholders, with plans for a secondary listing on the Hong Kong Stock Exchange to enhance liquidity and address the prolonged trading suspension [17][18]. - The new board, if elected, is expected to consist of members with experience in managing NASDAQ biotech companies and familiarity with international compliance [18].
“疫苗之王”内斗9年,分红538亿
21世纪经济报道·2025-07-17 00:07