In Depth: Disputed Sinovac Chairman Struggles to Retain Control Amid Multibillion-Dollar Dividend Payouts
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When talking with Caixin, Sinovac Biotech Ltd.’s Chiang Li describes himself as a scientist with a patriotic commitment to original innovation, not a capitalist. But this self-portrait contrasts starkly with his public image as a central combatant in a war for the vaccine-maker’s riches.
Two groups in various forms have vied for control of the company in a boardroom drama that stretches back nearly a decade. Li’s faction took the reins with a board installed earlier this year but was controversially ousted in July by a hotly contested move by the opposition. The long, complex story has now come to a head, with shareholders finally getting a taste of the firm’s Covid-19 windfall and billions of dollars in dividends at stake.
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- 2009：
- Sinovac lists on the Nasdaq.
- 2010：
- Chiang Li meets Sinovac co-founder Yin Weidong during a forum in Beijing.
- 2011：
- Li begins founding companies in various Chinese cities, expanding his business footprint.
- Between May 2013 and April 2016：
- Li and 1Globe increase their stakes in Sinovac from 6.19% to 22.5%.
- 2016：
- Tensions at Sinovac erupt as Yin and Pan Aihua fall out over a plan to take the company private; they form rival buyout groups.
- Between April 2016 and December 2017：
- Li acquires another 8.49% of Sinovac through other parties.
- February 2018：
- At Sinovac's annual shareholder meeting, Li and Pan vote together to oust the incumbent board and install a new one.
- February 2019：
- Trading of Sinovac's shares is suspended.
- May 2020：
- 1Globe and Li are fined by the SEC for undisclosed share purchases ($200,000 for 1Globe and $90,000 for Li).
- February 2021：
- Sinovac’s inactivated vaccine receives conditional approval in China.
- June 2021：
- CoronaVac receives emergency approval from the World Health Organization.
- January 2022：
- Sinovac has delivered over 2.7 billion doses of CoronaVac worldwide.
- June 2022：
- Li’s 1Globe Biomedical announces design of a next-generation mRNA vaccine for Covid-19 variants.
- By first half of 2023：
- 1Globe planned mass production of their mRNA Covid-19 vaccine, but it does not proceed as the pandemic ends.
- 2024：
- Pan Aihua is sentenced to 13 years in prison in a separate case; the Sinovac fight becomes a duel between Yin and Li.
- January 2025：
- Judicial Committee of the Privy Council in the U.K. rules the 2018 board election (with Li’s faction taking control) was lawful.
- Early 2025：
- Li’s faction is installed on the Sinovac board.
- February 2025：
- Sinovac installs a new five-member board with Li as chairman, responding to the UK Privy Council ruling.
- March 2025：
- Heng Ren Partners issues a statement urging Sinovac to distribute $8.9 billion to shareholders and to resume trading of shares.
- April 1, 2025：
- Li’s board declares a special dividend of $55 per share.
- July 2025：
- Li’s board is ousted by the opposition faction in a contested boardroom fight; Sinovac issues a special cash dividend of $55 per share, totaling nearly $4 billion.
- Early July 2025：
- The power struggle escalates as the opposing faction claims to have replaced Li’s board, sparking ongoing disputes, negotiations, and litigation.
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