Core Viewpoint - The company, Sinovac Biotech Ltd., is facing delisting from NASDAQ due to failure to submit its 2024 annual report on time, following the resignation of its auditing firm [2][6]. Group 1: Delisting and Financial Reporting Issues - Sinovac received a delisting notice from NASDAQ on November 12, 2025, and must request a hearing by November 19 to avoid suspension of its securities on November 21 [1][2]. - The company failed to submit its 2024 annual report by the extended deadline of November 11, 2025, after its auditor Grant Thornton resigned on April 15, 2025 [2][10]. - The company has hired a new auditing firm, UHY LLP, and plans to appeal the delisting decision [2][10]. Group 2: Historical Context and Governance Issues - Sinovac's stock has been suspended since February 22, 2019, due to "chaotic corporate governance" [3][6]. - The governance issues trace back to a significant disagreement between the company's founders in 2016, leading to a prolonged power struggle that included various disruptive actions [5][6]. - The internal conflict has resulted in operational disruptions, including a power cut in 2018 that led to the destruction of vaccines worth 15.4 million yuan [5][6]. Group 3: Financial Performance and Business Developments - In 2021, Sinovac achieved a record revenue of $19.375 billion and a net profit of $8.467 billion, significantly higher than the total profit of the previous six years [6][7]. - However, the company's revenue plummeted to $448 million in 2023, a decline of 97.7% as global demand for COVID-19 vaccines decreased [7][9]. - Despite the financial downturn, the company has made some progress in its vaccine business, including approvals for flu vaccines and a polio vaccine [9][10]. Group 4: Dividend Controversy and Shareholder Impact - In June 2025, Sinovac announced a substantial dividend of $55 per share, totaling over $7.5 billion, which was perceived as a "liquidation-style dividend" amid declining business performance [8][9]. - Major shareholders have benefited from significant dividends, while small shareholders have been unable to trade their shares due to the prolonged suspension [9][10]. Group 5: Future Plans and Market Strategy - The company is pursuing a secondary listing on the Hong Kong Stock Exchange to restore liquidity and address shareholder losses [10]. - The board approved plans for an H-share issuance, aiming to raise funds for drug development and operational needs, with the application submitted to the Hong Kong Stock Exchange on November 6, 2025 [10].