Core Viewpoint - The company, Sinovac Biotech, is facing delisting from NASDAQ due to failure to submit its annual report on time, marking a significant decline from its previous status as a leading vaccine producer with nearly $20 billion in revenue during the pandemic [3][4][10]. Group 1: Delisting and Financial Challenges - NASDAQ issued a delisting notice to Sinovac on November 12, 2023, after the company failed to submit its 20-F report by the extended deadline of November 11, 2023 [4][5]. - The company attributes the delay in its annual report to the sudden resignation of its independent auditor, which interrupted the audit process [5]. - Sinovac's stock has been suspended from trading for over six years, with its share price currently at $6.47, resulting in a total market capitalization of $390 million [5][6]. Group 2: Internal Governance Struggles - The company has been embroiled in a decade-long power struggle between its founder, Yin Weidong, and capital representative, Li Jiaqiang, leading to significant governance issues [3][6]. - The internal conflict escalated after a split in 2015 over management philosophies, resulting in various extreme actions, including attempts to dilute shares and disputes over company assets [6][7]. - The ongoing governance issues have severely impacted the company's operational foundation, with R&D expenses dropping by 51.26% from 2022 to 2024, and a reduction in R&D personnel from 163 to 138 [8][9]. Group 3: Potential Recovery Strategies - In response to the delisting threat, Sinovac has initiated a plan to list on the Hong Kong Stock Exchange, which could provide a financial lifeline and alleviate the six-year funding lock for shareholders [9]. - The company plans to issue up to 15% of its total shares in H-shares to raise funds for drug development and operational needs [9]. - A successful listing in Hong Kong could inject new capital into the company, but it must first resolve its internal governance issues to regain investor confidence [9][10].