Core Viewpoint - Sinovac Biotech is planning a massive dividend payout of 75 billion USD (approximately 538 billion RMB), raising concerns about the company's financial health and governance structure [2][4]. Group 1: Dividend Payout - The company intends to distribute a total of 75 billion USD as a "clearance-style" dividend, which is unusual for a healthy company [2][4]. - The dividend payout is over 20 times the current stock price of 6.47 USD, with a total market capitalization of 389 million USD [4][5]. - If the dividend plan is executed, major shareholders stand to gain significantly, with the largest shareholder, SoftBank Group, potentially receiving up to 9.6 billion USD [6][7]. Group 2: Shareholder Dynamics - The company's ownership structure is highly fragmented, with no single shareholder holding more than 30%, leading to a lack of absolute control [5][6]. - The upcoming shareholders' meeting is a critical event, and the founder, Yin Weidong, is likely using the dividend to secure support from other shareholders amid ongoing power struggles [7][10]. - Historical conflicts between co-founders have created a tense environment, with past legal battles affecting current governance [8][10]. Group 3: Financial Performance - Sinovac's financial performance has deteriorated sharply, with net profits dropping from 8.4 billion USD in 2021 to just 1.08 billion USD in 2022, followed by consecutive losses in 2023 and 2024 [10][11]. - The company has substantial cash reserves, which shareholders view as an attractive target for distribution, especially given the uncertain future and lack of a controlling shareholder [11].