CHINA

Sinovac Wins Nasdaq Reprieve as Governance Fight Drags On

Published: Jan. 23, 2026 7:35 p.m. GMT+8

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Sinovac Biotech announced on Jan. 22 that it has received approval from the Nasdaq Hearing Panel to maintain its listing on the Nasdaq Global Market. Photo: VCG

Chinese vaccine-maker Sinovac Biotech Ltd. has averted a potential delisting from the Nasdaq, with the bourse granting it a temporary reprieve after failing to file required financial reports on time.

The Nasdaq Hearings Panel’s decision gives the U.S.-listed company more time to resolve disclosure lapses rooted in a nearly decade-long fight for corporate control that has disrupted audits, governance and shareholder payouts.

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Sinovac Biotech avoided Nasdaq delisting after a panel granted more time to fix reporting delays caused by a prolonged corporate control battle.
Its boardroom dispute since 2016 led to audit disruptions, Nasdaq trading suspensions, and uncertainty over dividend payouts, despite $10 billion in pandemic profits.
Sinovac must file its 2024 annual and 2025 interim reports by May 11, 2025, amid ongoing legal battles and a newly appointed auditor.

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Who’s Who

Sinovac Biotech Ltd.: Sinovac Biotech Ltd. (科兴生物) is a Chinese vaccine maker that recently averted delisting from Nasdaq. The company failed to file financial reports on time due to a long-standing corporate control dispute. Sinovac was highly profitable during the pandemic but its governance has been severely affected by the internal power struggle. A new auditor has been appointed and the company aims to meet Nasdaq's extended deadline.

1Globe: 1Globe is led by Chiang Li and serves as an umbrella for his portfolio of life-science companies. Chiang Li represents a faction of investors involved in a control battle for Sinovac Biotech Ltd., an early investor in Sinovac Biotech that was involved in a long-standing dispute over corporate control.

Heng Ren Partners: Heng Ren Partners is a Boston-based investment firm. They recently criticized Sinovac Biotech Ltd. for holding onto its substantial pandemic profits, which amounted to over $10 billion in cash and short-term investments. This pressure from shareholders like Heng Ren Partners contributed to Sinovac issuing a special cash dividend of $55 per share.

Zhonghua Certified Public Accountants LLP: Zhonghua Certified Public Accountants LLP has been appointed as the new independent auditor for Sinovac Biotech Ltd. after its previous auditor resigned. This firm is now tasked with completing Sinovac's overdue financial reports, including the 2024 annual report and the interim report for the first half of 2025, to meet Nasdaq's May 11 deadline and prevent a potential delisting.

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What Happened When

2016：: Sinovac becomes locked in a control battle between factions led by co-founder Yin Weidong and early investor Pan Aihua.

February 2019：: Nasdaq suspends trading in Sinovac's shares due to the ongoing control battle.

April 2025：: Sinovac management issues a statement that Grant Thornton Zhitong Certified Public Accountants LLP resigned as the 2024 year-end auditor.

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