Part 9/13:
By the end of 2021, Sinovac amassed over $13 billion in cash—around $158 per share—yet, because of ongoing legal disputes, their stock remained frozen, suspended on NASDAQ since 2019. Despite the inability to trade, the firm announced a special dividend of $55 per share in July 2025, allowing shareholders to realize gains from the pandemic-era windfall even while the stock was halted.
Much of this cash was accumulated from the vaccine sales and remained unliquidated, trapped within a corporate limbo—a result of the protracted legal battles over control.