2025年11月12日，科興生物因未按時提交2024年度財務報告，收到納斯達克交易所的退市通知。如果公司未能及時申請聽證，其股票將於11月21日暫停交易並正式摘牌，此消息在資本市場引發廣泛關注。此次退市事件標誌著科興在美國上市之路面臨嚴峻挑戰，也對投資者信心造成一定衝擊。

退市的直接原因在於科興未能在2025年11月11日的延期截止日期前提交年度報告，違反了納斯達克上市規則，觸發了退市程式。為應對這一局面，公司已聘請新審計機構優信會計師事務所（UHY LLP），加速推進年報的審計與提交工作，並計畫於11月19日前向納斯達克申請聽證，以爭取延緩退市的時間視窗。科興方面強調，該退市程式不會影響公司的核心業務運作，疫苗的研發、生產以及全球供應仍在正常進行。

在市場反應方面，科興股票自年初以來已下跌約40%，市值縮水至3.89億美元。然而，公司表示正積極與納斯達克溝通，爭取合規寬限，以減輕退市帶來的負面影響。對於投資者而言，短期流動性可能受限，但公司仍在努力維持業務穩定和市場信心。

從歷史背景來看，科興自2019年因訴訟糾紛在納斯達克停牌，股東長期無法進行交易。2021年，公司憑藉新冠疫苗業務實現收入達193.75億美元，但近幾年業績出現明顯下滑，2023年虧損近1億美元。目前，科興正尋求在港股上市，以緩解股東流動性壓力並為未來發展提供資金支持。這一系列事件顯示，公司在國際資本市場的合規和財務透明度問題亟需解決，同時也凸顯了疫苗行業的市場波動與政策風險。

On November 12, 2025, Sinovac Biotech received a delisting notice from the Nasdaq Stock Market for failing to timely submit its 2024 annual report. If the company does not request a hearing in time, its shares are set to be suspended from trading and officially delisted on November 21. This development has drawn significant attention in the financial markets, marking a critical challenge for Sinovac’s U.S. listing and impacting investor confidence.

The direct cause of the delisting is Sinovac’s failure to submit its annual report by the extended November 11, 2025 deadline, in violation of Nasdaq listing rules, thereby triggering the delisting process. In response, the company has engaged a new auditing firm, UHY LLP, to accelerate the audit and submission of the annual report. Sinovac plans to request a hearing with Nasdaq before November 19 to seek a postponement of the delisting. The company emphasized that this delisting process will not affect its core business operations, with vaccine research, production, and global supply continuing as normal.

From a market perspective, Sinovac’s stock has declined approximately 40% since the beginning of the year, with market capitalization shrinking to $389 million. Nevertheless, the company is actively communicating with Nasdaq to secure compliance relief, aiming to mitigate the negative impact of the delisting. While short-term liquidity for investors may be affected, Sinovac remains committed to maintaining business stability and market confidence.

Historically, Sinovac has faced challenges on Nasdaq since 2019, when litigation disputes led to a trading suspension, leaving shareholders unable to transact their shares for an extended period. In 2021, the company’s revenue surged to $19.375 billion, driven by COVID-19 vaccine sales, but its performance has declined in recent years, with a reported loss of nearly $100 million in 2023. Currently, Sinovac is seeking a listing on the Hong Kong Stock Exchange to improve shareholder liquidity and secure funding for future development. These developments underscore the company’s urgent need to address compliance and financial transparency in international markets, while also highlighting the volatility and policy risks inherent in the vaccine industry.