Core Viewpoint - The company, Sinovac Biotech, is facing a delisting crisis from NASDAQ due to its failure to submit the 2024 annual report on time, which has raised concerns about its future as a publicly traded entity [2][3]. Group 1: Delisting Crisis - Sinovac received a delisting notice from NASDAQ on November 12, 2025, after failing to submit its annual report by the deadline [2]. - The company has been suspended from trading since 2019 due to governance issues and is now facing a second delisting threat [2][3]. - Sinovac has hired a new auditing firm, UHY LLP, and plans to apply for a hearing to delay the delisting process, asserting that its core business remains unaffected [2][3]. Group 2: Governance Issues - The company has a history of governance problems, stemming from a power struggle between its founders, Yin Weidong and Pan Aihua, which has led to significant internal conflicts [3][4]. - The governance issues peaked in 2018, resulting in chaotic management practices, including attempts to dilute each other's shares [4][5]. Group 3: Financial Performance - Sinovac experienced a significant financial boost during the COVID-19 pandemic, reporting a net profit of $8.46 billion in 2021 [5]. - However, the company has faced declining revenues from its COVID-19 vaccine, leading to a reported net loss of $258 million in 2023 [7][8]. - The company has a substantial cash reserve of $10.3 billion, which has become a focal point in the ongoing power struggle among shareholders [6][7]. Group 4: Dividend Controversy - Sinovac announced a controversial dividend plan totaling $7.448 billion, which raised concerns given its current market capitalization of only $389 million [6][7]. - The dividend plan is seen as a way to compensate shareholders for the lack of liquidity due to the stock suspension [7]. Group 5: Ongoing Internal Conflicts - The company is currently experiencing intense boardroom battles, with a recent special shareholder meeting resulting in the removal of the existing board and the return of founder Yin Weidong [8][9]. - The legitimacy of the special meeting has been challenged by the current chairman, Li Jiaqiang, citing a court injunction [9].

7月24日晚，*ST新潮（600777.SH）发布公告称，7月24日召开了2025年第三次临时股东大会，完成董事会、监事会换届选举等。 据悉，*ST新潮此次股东大会是由6家合计持股14.99%的股东自行召集的会议，这也成为2025年A股上市公司中首例由中小股东自行召集的股东大会。值得 注意的是，*ST新潮所面临的退市风险日益紧迫，其账上有79亿未分配利润却15年未分红也引发广泛关注。 控制权之争 今年1月，浙江金帝石油勘探开发有限公司对*ST新潮发起20%股份的部分要约收购。随后，伊泰B股也发布了部分要约收购公告，宣布以总价115.85亿元 收购*ST新潮51%股权，构成了A股首例竞争性要约收购事件。最终，出价更高的伊泰B股成功完成了收购，成为*ST新潮新任第一大股东。彼时，*ST新 潮处于无控股股东及实际控制人的状态。获得超过半数股权的伊泰B股开始谋求公司的管理权。 6月19日，深圳市宏语商务咨询有限公司、宁波国金阳光股权投资中心（有限合伙）、陈开军等6位股东联合向公司提交议案，要求召开临时股东大会，提 议提前进行董事会及监事会换届选举，但均遭到*ST新潮董事会和监事会以召集程序存在瑕疵为由的否决。 对此， ...