Now is the time for Sinovac shareholders to stand up, speak out, and demand fairness from the Company's Board of Directors
Now is the time for Sinovac shareholders to stand up, speak out, and demand fairness from the Company's Board of Directors
Sinovac Fairness
For six years we Sinovac shareholders have been frustrated by management actions that left us unable to benefit from a historic bull run in vaccine stocks during the COVID-19 pandemic.
There is an opportunity to correct this by distributing Sinovac's excessive cash with whom the cash belongs - we shareholders.
Join us to insist Sinovac's board do the right thing and return the cash to its rightful owners to compensate for this epic missed opportunity.
Our Mission
Welcome to the Sinovac Fairness Page, a resource for shareholders and other stakeholders in Sinovac Biotech Ltd. (NASDAQ: SVA) the leading Chinese vaccine-maker. Heng Ren Silk Road Investments is an institutional investor and long-time Sinovac investor advocating for fairer treatment of common shareholders who have weathered years of corporate turmoil and unfortunately sacrificed huge returns.
Sinovac has great potential to both grow its business and to reward shareholders with dividends it can easily afford. We are advocating for this potential to be fulfilled for long-suffering shareholders.
Shareholders scored a major victory in July when Sinovac issued a dividend, approved by its recently Replaced Board of directors, of $55 a share, the first dividend for common shareholders for which Heng Ren and many shareholders advocated.
That was just the beginning of what needs to be done to set the company on the right path. Too much about the company remains in flux with uncertainty over who is in charge and what the future holds for further dividends the company has promised to pay.
Heng Ren is calling on the Sinovac board to immediately implement an EIGHT-POINT SINOVAC ACTION PLAN that will restore confidence among shareholders and enable Sinovac shares to begin trading again.
The Heng Ren Eight-Point Action Plan Click each point for details
- 1. Pay the $19 Declared Dividend.
We demand to be compensated equally to those who already received $2.7 billion in dividends from 2021-24 - when we received nothing. The recently Replaced Board made progress by paying a promised $55 dividend in July that covered part of the discrepancy; the declared $19 dividend finally would put independent shareholders at par with those paid previously.
- 2. Hire an Auditor. DONE, October 24, 2025
This was done by the recently Replaced Board in October. As the core of the Old Board has returned it remains to be seen if this new auditor remains. Audited annual financial statements must be submitted to the U.S. Securities and Exchange Commission (SEC) for Nasdaq to allow Sinovac’s stock to resume trading.
- 3. Declare a Dividend from Excess Cash.
Sinovac’s cash pile is excessive. The Company can easily pay $20-$50 per share more in dividends – after the declared $19 dividend - and still have plenty of cash to finance operations and research for years to come. Shareholders suffered from being denied liquidity going on seven years and missing out on the bull market in Covid-19 vaccines. It’s time to repair this damage to shareholders.
- 4. Document Dividends Paid.
From 2021-24 Sinovac’s subsidiaries paid $2.7 billion in dividends to their shareholders but none to independent shareholders of the Nasdaq-listed company (NASDAQ: SVA). This information needs to be disclosed to shareholders. We should know where the Company’s cash, which is owned by all shareholders, went.
- 5. Update on Nasdaq Listing. November 18, 2025*
Nasdaq has warned that Sinovac’s stock, currently halted from trading, may be delisted if its annual financial statements from 2021-24 are not filed by the new auditor.
*Delisting notice received from NASDAQ
- 6. Correct Inaccurate SEC Filings.
This point – to revise announcements in July that stated prematurely the Old Board was back in charge - might be moot now if the Replaced Board fails to win an appeal to stop the core of the Old Board from returning.
- 7. Update Shareholders About Legal Proceedings.
Most of the current litigation regarding Sinovac is in Antigua. Documents filed by attorneys are difficult to obtain, as are announcements about court rulings on a timely basis. The board should inform shareholders about these important matters that affect all of us.
- 8. (NEW) Explain to Shareholders the Change in Corporate Structure.
In 2024 under the Old Board a new entity in China was inserted into Sinovac’s corporate structure as the direct owner of the most valuable asset, the Chinese subsidiary Sinovac Life Sciences (SLS). This replaced Sinovac Hong Kong – a non-China entity - as the direct owner of this most valuable SLS. Our Nasdaq-listed Sinovac owns 59.24% of SLS. A majority stake. Yet there was no disclosure of this transfer to us about a new Chinese entity assuming SLS, our most valuable asset. Why? What are the implications for shareholder dividends?
*Delisting notice received from NASDAQ
The Sinovac Chessboard
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February 27, 2026 - The Sinovac Chessboard: The Calm Before the Storm - A Timeline for Shareholders
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Recent Chessboards
January 30, 2026 - The Sinovac Chessboard: Sinovac’s Shareholder Value is Worth the Fight
January 23, 2026 - The Sinovac Chessboard: A Quick Update From Nasdaq Raises Questions
January 9, 2026 - The Sinovac Chessboard: Two Recent Moves
December 19, 2025 - The Sinovac Chessboard: We're Not Going Anywhere and Adding an Eighth Action Point
...and dozens more Chessboards in our archive
Join Us
We would like to hear from you, too. It will take a collective, team effort from we Sinovac shareholders to persuade the company’s board to act justly and do what is right -- for the business and for shareholders -- as well as to remove doubts about its corporate governance.
Please bookmark this site, register for the weekly Chessboard newsletter for updates and latest developments, and drop us a line with your thoughts on Sinovac and what actions you want to see taken by the board.
Past issues of The Sinovac Chessboard, a newsletter on our thoughts on the company, important upcoming events and critical court decisions, are available here, in our Chessboard Archive.
We have shown that investor advocacy works; we believe the $55 a share dividend wouldn’t have happened otherwise. But we can’t relax when this was only a partial payment to compensate for the sacrifices shareholders have made, and the company has the financial strength to pay us our money. Please stay tuned and we look forward to hearing from you.
Thank you,
Peter Halesworth
Founder & CIO
Additional Resources: Our Videos on Sinovac About Dividends and Corporate Structure
Dividends Paid? Why Not Us?
Unlocking Sinovac's Full Value: A Responsible, Pro-Shareholder Dividend Plan
Heng Ren Webinar (replay) - A Detailed Look into the Voting Process and Shareholder Dividends
How to Vote and Dividends (6 mins)
A Short History of How Sinovac Shareholders Got Here
How Did We Get to This Point?
The battle for control of Sinovac essentially started in 2016 when the ex-Chairman of Sinovac's Board and current CEO, Weidong Yin, teamed up with SAIF Partners for a $6.18/share bid to take the company private. That was the first shot fired in this battle. The lines were drawn over this attempted bid. A faction of major shareholders who were not included deemed the SAIF/Yin bid well undervalued, and opposed it and made higher bids. It boiled over at a 2018 shareholder meeting where a new board representing the opponents was elected.
However, the Old Board remained in place and continued to act as management. SAIF Partners and the CEO withdrew the privatization bid. This led to a prolonged governance dispute and litigation, during which the company adopted a poison pill and issued shares that diluted existing shareholders. Trading in Sinovac shares was halted on NASDAQ in 2019, and the company became embroiled in years of litigation. All under the Old Board whose influential ex-chairman and three other directors are nominees on the SAIF Partners Slate are trying to come back on the Sinovac board.
On December 5, the Antigua Court re-appointed as an interim board the core of the Old Board or the SAIF Partners slate.
Where’s the SAIF-Backed Board on Dividends?
It’s uncertain. Over seven years, they declared no dividends while insiders received over $2 billion in distributions from a cash pile last reported at $6.3 billion. In correspondence with the U.S. regulator, the SEC, two years ago the Old Board told the regulator there were no plans to pay dividends to common shareholders. Grant Thornton, the company’s former auditor, later resigned, citing material weaknesses in internal controls during the period when the old board was in place. Lastly, members of the SAIF Partners Slate filed a lawsuit that sought to effectively prevent the $55/share dividend from being paid to valid shareholders on July 7, and reportedly failed. Given this track record, it raises questions about the Old Board/SAIF Partners Slate's reliability in advancing shareholder returns or regaining listing compliance for the stock to trade; especially when compared to the Replaced Board’s concrete and positive steps to pay dividends and resume trading of Sinovac stock.
What's Sinovac's Stock Worth?
Many Sinovac shareholders are surprised to learn that Sinovac's stock - due to the windfall from its COVID-19 vaccine sales - is worth so much more than the frozen $6.47 stock price when it was halted in 2019 from trading. One valued opinion is that of OrbiMed Advisors, a leading life sciences and biotech family of funds in the U.S., and a 3.8% shareholder of Sinovac. OrbiMed values Sinovac's stock at $67.85 per share - after the $55 dividend paid this past summer to shareholders by the board led by 1Globe and OrbiMed.
