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 seven 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 NINE-POINT SINOVAC ACTION PLAN that will restore confidence among shareholders and enable Sinovac shares to begin trading again.
The Heng Ren Nine-Point Action Plan Click each point for details
- 1. Pay the $19 Declared Dividend.
Sinovac's Board declared a dividend of $19 per common share on June 17, 2025. As of this update, more than a year later, that dividend has not been paid to shareholders and no public explanation has been provided. Confirm that the current Interim Board intends to pay the $19 per share dividend, and when.
- 2. Declare a $20-$50 Dividend from Excess Cash.
In addition to the unpaid $19 dividend, Heng Ren continues to call on Sinovac’s Interim Board to declare a new dividend of $20-$50 from the Company's excess cash position for the benefit of all shareholders which can be paid comfortably.
- 3. Explain $3.6 Billion in Dividends Paid Out - But Not to Us.
$3.6 billion in subsidiary dividends flowed out between 2021-25 with none distributed to Sinovac's independent shareholders like us. Explain how these decisions were made without shareholder consultation and what fiduciary analysis supported directing these payments while independent shareholders received none, and while they were also unable to trade their stock due to the trading halt on Nasdaq.
- 4. Transparency on $658 Million in Shareholder Funds in Escrow Account.
The $657.9 million reported as dividend payable is shareholders’ funds. Presumably the funds are in escrow. Where is the money? Who are the signatories for this account? Has any of this money been distributed? What is the plan for our funds and under what circumstances will it be distributed? If so, when and to who?
- 5. Update on Resumption of Stock Trading on Nasdaq.
Sinovac's common stock, which recently retained its listing status on Nasdaq, has been halted from trading for more than seven years, since February 22, 2019. Provide shareholders with a current update on the status of Nasdaq’s longest stock trading halt, including the specific steps and conditions required to resume trading, and a realistic timeline for the stock's return to active trading.
- 6. Correct Inaccurate SEC Filings.
Correct and supplement the 2025 SEC Form 20-F to reflect the declared $19 per share as a dividend payable, or as a liability or contingent obligation, and explain the basis for its earlier omission. Also correct or supplement SEC disclosure regarding the July 2024 transfer of Sinovac's 59.24% majority interest in Sinovac Life Sciences Co., Ltd. ("SLS"), the Company’s key subsidiary, to Beijing Sinovac Holding (Group) Co., Ltd. ("Holding"), a Chinese company, from Sinovac Biotech (Hong Kong). A two-year old transaction not disclosed to all shareholders until April 30, 2026.
- 7. Update Shareholders About Legal Proceedings.
Provide shareholders with regular, transparent updates on the litigation of two cases in Antigua.
- The validity of the Special Shareholders’ Meeting (SSM) aka the “minibus meeting” that restored the Interim Board.
- The validity of the 11.8 million PIPE shares issued in 2018 by what the UK Privy Council dubbed was an “Imposter Board.” These shares are decisive in obtaining a majority vote for board control.
- 8. Explain to Shareholders the Change in Corporate Structure.
Sinovac's majority-owned 59.24% interest in its largest and key subsidiary, Sinovac Life Sciences (SLS), was transferred in 2024 from Sinovac Hong Kong to Beijing Sinovac Holding, a newly formed entity in China. Explain why this transfer was not disclosed to shareholders, or in any SEC Form 6-K at the time, and identify who made the decision to do this and withhold disclosure until 2026.
- 9. Account for the Incentive Plan and Directors & Officers Compensation.
Sinovac accrued roughly $1.476 billion under a 2022 Employee Incentive Plan trust and roughly $684 million in Director & Officer compensation from 2021–2025 ($568 million was paid out). Disclose who approved creation of the Incentive Plan and its trust, and whether the plan was ever put to a vote, provide the full Incentive Plan document and trust agreement, including eligibility criteria, vesting schedules, performance conditions, award-sizing criteria, breakdown of payments by name and year, and who holds discretionary authority over payments.
The Sinovac Chessboard
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Recent Chessboards
June 16, 2026 - The Sinovac Chessboard: BREAKING NEWS: Sinovac Retains Listing; Write and Ask, “When Will It Trade?”
June 12, 2026 - The Sinovac The "Doom Loop" Continues; More Cash Paid Out
May 22, 2026 - The Sinovac Chessboard: Back in Antigua Court
May 11, 2026 - The Sinovac Chessboard: Breaking News: First-Half 2025 Financials Show Plenty of Cash for Dividends
...and dozens more Chessboards in our archive
A Short History of How Sinovac Shareholders Got Here
Where Are We Now?
After the Antiguan court surprisingly allowed in December 2025 the SAIF board, the core of the Old Board, to assume Sinovac's board, the two competing boards have dived deeply into litigation. The matters still to be determined are:
- Appeal of the December ruling that elevated the SAIF board.
- The legitimacy of the "minibus meeting" where, after the July shareholders meeting, the SAIF board declared itself the elected board.
- The validity of the 11.8 million PIPE shares issued in 2018 by the Old Board, which gives them a majority in a board election vote. This share issuance is in question because the UK Privy Council in its January 2025 ruling dubbed the Old Board "imposters" and raised the issue of the legitimacy of their corporate actions.
- Determining jurisdiction for the PIPE share issue matter to be heard. Is it in the Antiguan court, or in Hong Kong International Arbitration?
- The Company has said it will submit by a May 11 deadline re-audited financial statements through 2024, and an "interim" financial statement for the First Half of 2025, to the U.S. Securities and Exchange Commission (SEC). This is required for Sinovac's stock - halted from trading for over seven years - to remain listed on Nasdaq and in compliance with its rules.
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.
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)
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
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.
