Moderna’s work on a vaccine for coronavirus has made its founders into paper billionaires. Gilead Sciences has added $10 billion to its market value since the start of 2020. And a rising tide of Covid-19 speculation has sent one major biotech index to its all-time high.

But Sinovac, a Beijing-headquartered company with a coronavirus vaccine already in human trials, has been entirely left out. Thanks to a yearslong battle for corporate control — involving a secret coup, a poison pill, and an office raid — trading of Sinovac’s shares has been halted since early 2019, making for Nasdaq’s longest ongoing suspension.

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