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董事会被血洗前,“疫苗之王”抛出75亿美元“清仓式”分红计划
Core Viewpoint - The article discusses the ongoing power struggle within Sinovac Biotech, highlighting the recent shareholder meeting where SAIF Partners successfully removed the current board and appointed its own nominees, indicating a significant shift in control and strategy within the company [2][4][5]. Group 1: Board Restructuring - On July 9, 2023, Sinovac Biotech held a special shareholder meeting where shareholders voted to dismiss the current board and elect ten new directors nominated by SAIF Partners, resulting in a board dominated by the Yin Weidong faction [2][4][5]. - The new board members include Simon Anderson, Fu Shan, Jiao Shuge, Li Jiaqiang, Lu Yulin, Qiu Yumin, Wang Yu, Xiao Ruiping, Yan Yan, and Yin Weidong [6]. - The previous board meeting was marked by controversy, as the current chairman Li Jiaqiang called for a recess, preventing shareholder participation, which led to further tensions [8][9]. Group 2: Dividend Strategy - Prior to the board reshuffle, Sinovac announced a total dividend plan of up to $7.5 billion, which is perceived as a strategy to gain shareholder support while potentially depleting cash reserves to weaken future control by opponents [2][10]. - The proposed dividends include a special cash dividend of $55 per share, a second special cash dividend of $19 per share, and a third special cash dividend ranging from $20 to $50 per share, which could result in shareholders receiving up to $124 per share in total dividends [10]. - The total dividend payout could reach $7.448 billion, while the company's total market value is reported to be less than $500 million, indicating a significant cash outflow relative to its market capitalization [10][25]. Group 3: Historical Context and Internal Conflict - The internal conflict at Sinovac has persisted for nearly a decade, primarily between co-founders Yin Weidong and Pan Aihua, leading to various aggressive tactics including attempts at privatization and shareholder dilution [12][16][17]. - The struggle intensified with actions such as seizing company seals and power outages, alongside the implementation of a "poison pill" strategy to dilute shares held by opponents [17][18]. - The company was forced to suspend trading on NASDAQ in February 2019 due to governance issues, reflecting the severity of the internal disputes [18]. Group 4: Financial Health and Future Outlook - Sinovac reportedly has $10.3 billion in cash and cash equivalents, but the proposed dividend payments could consume over 70% of this cash, leaving only $2 billion for operational needs [25]. - The company faces challenges with its core product, the "Kexing" vaccine, which is reportedly facing production halts, alongside a limited pipeline of revenue-generating products [26][27]. - The new board plans to reserve only $2 billion for operational funds post-dividend, raising concerns about the company's sustainability and future direction amidst ongoing shareholder disputes [28].
昔日疫苗之王科兴生物发布巨额分红计划 10年股东缠斗能否画上休止符?
Mei Ri Jing Ji Xin Wen· 2025-07-02 16:19
Core Viewpoint - The recent dividend plan by Sinovac Biotech has drawn significant attention, with a potential payout of up to $7.5 billion, raising questions about the company's financial strategy amidst ongoing shareholder disputes [1][2]. Dividend Plan - Sinovac Biotech announced three special cash dividends: $55 per share for the first phase, $19 for the second, and a planned $20 to $50 for the third phase, aiming to return cash to shareholders [2][3]. - The first phase of the dividend is set to be paid before a crucial shareholder meeting on July 9, 2025, where board member elections will take place [2][3]. Financial Performance - In 2021, Sinovac reported a net profit of $8.46 billion, but revenues and profits plummeted in 2022, with revenue at $1.493 billion and net profit at $114 million, both down over 90% year-on-year [3][8]. - The company has faced losses in 2023 and the first half of 2024, raising concerns about its ability to sustain such high dividend payouts [3][8]. Shareholder Disputes - The ongoing conflict between the two founding members, Yin Weidong and Pan Aihua, has persisted for nearly a decade, with both sides vying for control of the company [4][5]. - The board's current composition has been challenged, with allegations of governance issues and the legitimacy of board members being questioned [7][9]. Strategic Implications - The board, led by 1Globe, is perceived to be using the dividend strategy as a means to secure shareholder support ahead of the upcoming vote, while also potentially depleting the company's cash reserves [8][9]. - Sinovac's cash and cash equivalents amount to approximately $10.3 billion, and the proposed dividend could consume over 70% of these funds, raising concerns about future operational viability [8][9].