记者丨韩利明 编辑丨季媛媛 公开资料显示，科兴生物的前身可追溯至2001年，彼时尹卫东与潘爱华共同成立北京科兴生物制品有限 公司（下称"北京科兴"），主营业务是人用疫苗及其相关产品的研究、开发、生产和销售。2003年，北 京科兴通过科兴控股生物技术有限公司，以反向收购的方式于2003年在美国纳斯达克OTCBB挂牌。 2004年，该公司转板美国证券交易所（AMEX）。2009年11月，科兴生物成功从AMEX转板至纳斯达克 全球市场。 控制权之争的序幕始于2016年。彼时科兴生物计划私有化并回归内地上市，创始人尹卫东与潘爱华分别 组建资本阵营提出私有化要约，尹卫东联合赛富基金、维梧资本等主张维持现有管理团队，潘爱华则联 合未名医药、强新资本（1Globe Capital LLC）等要求更换管理层，双方由此展开长期拉锯。 11月19日，科兴生物（Sinovac Biotech Ltd.,纳斯达克股票代码：SVA）发布公告称，公司已于11月12日 收到纳斯达克上市资格部门发出的退市决定函。核心原因是公司未能在延期截止日（2025年11月11日） 前提交2024年年度报告。根据函件内容，若未及时向纳斯达克听证委员会申请 ...

Core Viewpoint - Sinovac Biotech Ltd. faces delisting from NASDAQ due to failure to submit its 2024 annual report by the extended deadline of November 11, 2025, with plans to appeal the decision [1][2] Group 1: Company Background - Sinovac Biotech was founded in 2001 by Yin Weidong and Pan Aihua, focusing on the research, development, production, and sales of human vaccines [2] - The company went public in the U.S. through a reverse acquisition in 2003 and has since transitioned to NASDAQ [2] Group 2: Control Struggles - The control struggle began in 2016 when the company planned to privatize and return to mainland China, leading to a split between Yin Weidong and Pan Aihua over management [3] - The conflict escalated with extreme actions, including seizing company seals and production facilities, resulting in temporary vaccine production halts [3] - In 2025, the UK Privy Council's ruling led to the replacement of four board members, intensifying the control dispute [3][4] Group 3: Financial Implications - Sinovac announced significant dividend payouts in 2025, including $55 per share and additional special dividends, which are seen as attempts to stabilize shareholder confidence amid ongoing disputes [4] - High dividend payments may limit funds available for R&D and operational expansion, potentially affecting the company's long-term growth [5] - The company's sales peaked at $19.4 billion in 2021 due to the approval of its COVID-19 vaccine, but recent reports indicate a decline in sales to $121.3 million in the first half of 2024, a 13.6% decrease year-over-year [5]

21世纪经济报道记者 韩利明 11月19日，科兴生物（Sinovac Biotech Ltd.,纳斯达克股票代码：SVA）发布公告称，公司已于11月12日 收到纳斯达克上市资格部门发出的退市决定函。核心原因是公司未能在延期截止日（2025年11月11日） 前提交2024年年度报告。根据函件内容，若未及时向纳斯达克听证委员会申请听证，其证券将于11月21 日开盘时被暂停交易并摘牌。 对此，科兴生物明确表示，拟按程序提交听证申请以暂缓退市进程。按照纳斯达克规则，科兴生物需在 11月19日或之前向听证委员会提交申请，该申请将自动触发退市程序暂停，暂停期为提交之日起15天。 科兴生物同时表示，拟在听证过程中进一步申请暂停退市的相关措施。 此次年报逾期提交的诱因是审计机构变更。公告显示，致同会计师事务所（特殊普通合伙）于2025年4 月15日辞去科兴生物独立注册公共会计师事务所职务，导致年报无法按时提交。目前已聘请UHY LLP （优华扬会计师事务所）接任，双方正通力合作推进审计及年报编制工作。 而审计机构辞任背后，是科兴生物已持续近十年的公司控制权之争。 公开资料显示，科兴生物的前身可追溯至2001年，彼时尹卫东与潘 ...

登录新浪财经APP 搜索【信披】查看更多考评等级 炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 董事长宣布股东会延期，部分股东强烈反对，经过激烈争论，后者重启会议，罢免了离开会场的董事长 的职务。这样的场景，发生在ST路通（维权）（300555.SZ）11月7日的股东大会上。 在11月7日的股东大会上，ST路通原董事长邱京卫，以董事会已经表决通过为由，宣布当日的股东大会 延期举行，引发吴世春等多名股东反对。双方争论过程中，会议现场一度陷入混乱。之后，吴世春等重 新组织并召开了股东大会。 根据ST路通11月8日晚间公告，该次股东大会审议的议案一共12项，但仅有3项获得通过，即原董事长 邱京卫、原副总经理付新悦的董事职务被罢免；吴世春方面提名的谈文舒则当选非独立董事。会后紧急 召开的董事会，选举谈文舒担任该公司董事长，并调整了董事会各专门委员会构成，还解除了3名高管 职务。 ST路通原管理层与吴世春之间的拉锯，并未就此结束。11月9日凌晨，ST路通微信公众号发布声 明，"强烈谴责个别股东非法召开临时股东大会"。当晚，ST路通则公告反驳，称股东大会决议合法有 效，所有重大事项均以公告为准 ...

2025.11. 10 本文字数：3893，阅读时长大约6分钟 作者 | 第一财经 黄思瑜 董事长宣布股东会延期，部分股东强烈反对，经过激烈争论，后者重启会议，罢免了离开会场的董事 长的职务。这样的场景，发生在ST路通（300555.SZ）11月7日的股东大会上。 在11月7日的股东大会上，ST路通原董事长邱京卫，以董事会已经表决通过为由，宣布当日的股东 大会延期举行，引发吴世春等多名股东反对。双方争论过程中，会议现场一度陷入混乱。之后，吴世 春等重新组织并召开了股东大会。 根据ST路通11月8日晚间公告，该次股东大会审议的议案一共12项，但仅有3项获得通过，即原董 事长邱京卫、原副总经理付新悦的董事职务被罢免；吴世春方面提名的谈文舒则当选非独立董事。会 后紧急召开的董事会，选举谈文舒担任该公司董事长，并调整了董事会各专门委员会构成，还解除了 3名高管职务。 ST路通原管理层与吴世春之间的拉锯，并未就此结束。11月9日凌晨，ST路通微信公众号发布声 明，"强烈谴责个别股东非法召开临时股东大会"。当晚，ST路通则公告反驳，称股东大会决议合法 有效，所有重大事项均以公告为准。 双方的冲突，源于今年3月份吴世春通过 ...

Core Viewpoint - The recent shareholder meeting and board decisions at ST Luton (300555.SZ) have led to significant changes in control, with the original chairman being removed and a new chairman appointed amid ongoing disputes between shareholders [1][5][8]. Group 1: Shareholder Meeting Developments - The shareholder meeting on November 7 was initially postponed by the original chairman, Qiu Jingwei, which faced strong opposition from shareholders including Wu Shichun, leading to a chaotic scene [1][3]. - After a heated debate, Wu Shichun and other shareholders successfully reconvened the meeting, resulting in the dismissal of Qiu Jingwei and former deputy general manager Fu Xinyue, while Wu's nominee, Tan Wenshu, was elected as a non-independent director [1][5]. - The board convened immediately after the meeting to elect Tan Wenshu as the new chairman and made significant changes to the board's committee structure, dismissing three senior executives [5][6]. Group 2: Control Dispute Background - The conflict originated in March when Wu Shichun acquired a 7.44% stake in ST Luton through a judicial auction, becoming the largest shareholder, which led to disagreements over the validity of his acquisition agreements [2][8]. - Wu Shichun's attempts to reorganize the board were repeatedly blocked by the original management, escalating tensions between the two parties [2][8]. - The original management, led by Qiu Jingwei, has claimed that Wu's acquisition and subsequent actions were not compliant with regulations, asserting that he must prove the legality of his funding sources and the legitimacy of his agreements [8][11]. Group 3: Legal and Regulatory Issues - The original management has raised concerns about the legality of Wu Shichun's actions, including allegations of unauthorized increases in voting rights and failure to disclose necessary information [10][11]. - The board's decision to dismiss the lawsuit against Wu Shichun was based on the conclusion that the agreements related to share transfers did not meet regulatory requirements and were therefore invalid [12]. - The ongoing disputes have led to a complex legal landscape, with both sides asserting their positions regarding the legitimacy of the shareholder meeting and the decisions made therein [7][12].

Core Viewpoint - The ongoing legal dispute regarding the dissolution of Guoteng Electronics, the controlling shareholder of Zhenxin Technology, has seen a recent development with the Sichuan High People's Court rejecting the shareholders' request for a retrial, affirming the company's current governance structure and control [1][3][5]. Group 1: Legal Proceedings - The Sichuan High People's Court has dismissed the retrial application from four shareholders of Guoteng Electronics, confirming the previous ruling that the company should not be dissolved [1][2]. - The legal battle began in February 2018 when the four shareholders filed a lawsuit seeking the dissolution of Guoteng Electronics, which led to a series of court rulings, including a first-instance judgment in September 2018 and a retrial decision in November 2021 [2][4]. - Following the dismissal of the retrial application, the four shareholders expressed their intention to continue pursuing the dissolution based on new facts [3][5]. Group 2: Company Control and Governance - The dispute is rooted in a control struggle over Zhenxin Technology, with the four shareholders claiming that Guoteng Electronics is in a governance deadlock and lacks an actual controller [4][5]. - The court ruled that there was insufficient evidence to prove that Guoteng Electronics was in a state of deadlock as defined by company law, allowing the company to continue operating under the control of He Yan, who holds a 51% stake [5]. - Despite the court's ruling, the current management of Zhenxin Technology maintains control over the board, leading to conflicts over governance proposals, including a rejected board expansion proposal from Guoteng Electronics [5][6].

Core Viewpoint - The control dispute over Mengke Pharmaceutical has been resolved with the approval of a capital increase plan, allowing Hai Jing Pharmaceutical to become the controlling shareholder, ending the company's three-year period without a controlling entity [1][2]. Group 1: Capital Increase Plan - On October 9, Mengke Pharmaceutical held its second extraordinary general meeting of shareholders in 2025, where the approximately 1.033 billion yuan capital increase plan was approved with a high voting rate [2][6]. - Key proposals, including the issuance plan and the introduction of strategic investors, received over 81% approval, with the proposal for issuing shares to specific targets achieving a 81.73% approval rate [2][4]. Group 2: Shareholder Dynamics - The proposal to dismiss the chairman and three directors put forth by the largest shareholder, Genie Pharma, was rejected, with nearly 80% voting against it [4][6]. - The meeting saw a high participation rate, with 438 shareholders and proxies representing 60.41% of the total shares [6]. Group 3: Company Financials and Future Prospects - Mengke Pharmaceutical has been in a state of loss, with cumulative losses exceeding 1.3 billion yuan from 2021 to 2024, although revenue increased by 10.26% in the first half of 2025 [7]. - The introduction of Hai Jing Pharmaceutical is expected to provide financial support and enhance the company's development capabilities, particularly in commercializing its core product, Kangti Zuoan tablets [12]. Group 4: Hai Jing Pharmaceutical Overview - Hai Jing Pharmaceutical is a research-driven modern pharmaceutical company, with steady revenue growth from 486 million yuan in 2022 to 648 million yuan in 2024, and a net profit of 104 million yuan in 2024 [8][9]. - The strategic partnership aims to leverage Hai Jing's established sales network and production capabilities to enhance Mengke's market penetration and production efficiency [12].

Group 1 - The investigation of core executives from a well-known mixed-ownership enterprise in Hangzhou has attracted significant attention from various sectors [3] - Control disputes in important Chinese enterprises are primarily determined by factors beyond capital and market forces, focusing instead on the resources and strategies employed by the parties involved [3] - The essence of control disputes is a comprehensive game of resources, strategies, and the resulting distribution of interests among the parties [3] Group 2 - The current era is characterized as a time of great transformation and profound change, with historical business battles often revealing clear trends even before their outcomes are finalized [4] - Company governance is viewed as a microstructure of national governance, emphasizing the importance of actively participating in the protection of rights [4] - The concept of "legal intelligence" is introduced as a critical dimension of life, alongside emotional and financial intelligence, highlighting the integration of civic legal awareness and self-regulation [6]

Core Viewpoint - The control dispute of Mengjie Co., Ltd. has reached a significant turning point as founder Jiang Tianwu regains voting rights and becomes the largest shareholder, yet the company enters a state of having no actual controller, indicating ongoing internal conflicts despite the change in shareholding structure [2][3]. Group 1: Control Change - The control change stems from a debt crisis in 2022, where Jiang Tianwu and other shareholders transferred a total of 77 million shares to Jin Sen New Energy, while Jiang Tianwu relinquished voting rights for 13.36% of his shares for three years [3]. - Following the termination of the voting rights delegation agreement, Jin Sen New Energy's voting rights share dropped to 10.30%, losing its status as the largest shareholder, while Jiang Tianwu and his concerted parties hold a total of 13.53% of shares, becoming the new largest shareholder [3]. - The company is now in a state of having no controlling shareholder or actual controller due to the dispersed shareholding [3]. Group 2: Governance Issues - Jin Sen New Energy, which entered as a "white knight" in 2022, has been a focal point of controversy in Mengjie Co., Ltd.'s governance, with its recommended director voting against or abstaining from multiple proposals, raising concerns about the company's financial data disclosure and lack of control over key operations [3]. - Jin Sen New Energy is facing its own challenges, including a warning letter from the Hunan Securities Regulatory Bureau and a judicial freeze on its 77 million shares, preventing it from exercising voting rights until rectification is completed [3]. Group 3: Shareholding Dynamics - The entry of Wu Shichun, a prominent figure in the venture capital circle, adds complexity to the shareholding structure, as Wu's company Qingyun Data Science is set to acquire 10.65% of shares from Jiang Tianwu's ex-wife, potentially leading to a "tripartite" shareholding structure among Jiang Tianwu (13.52%), Qingyun Data Science (10.65%), and Jin Sen New Energy (10.30%) [4]. - This new shareholding dynamic suggests that no single party can dominate the company, leaving the control dispute unresolved [4]. Group 4: Financial Performance - Mengjie Co., Ltd. reported a revenue of 734 million yuan in the first half of 2025, a year-on-year decrease of 14.83%, while the net profit attributable to shareholders increased by 26.27% to 25.415 million yuan, and the net profit after deducting non-recurring gains and losses rose by 53.46% to 23.9754 million yuan [4].