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Business Upturn
4 days ago
- Business
- Business Upturn
SAIF Partners Sends Open Letter to Sinovac Shareholders Outlining Current Board's Failure to Act in the Interests of Shareholders
Beijing, China: SAIF Partners Nominees Will Work Proactively to Help Shareholders Realize Full Value of Sinovac, Including Through the Payment of Significant Dividends and Resumption of Trading of Common Shares Advertisement Current Board – With Most Directors Not Duly Elected By Shareholders and Not Sanctioned By Privy Council – Never Prioritized Taking Action to Resume Trading or Pay Dividends, Until Pressured By Shareholders Sinovac Management – and Not the Current Board – is Working Actively to Make Funds Available for a US$55 Per Share Dividend Distribution Urges Sinovac Shareholders to VOTE the GOLD Proxy Card FOR the Election of SAIF's Director Nominees, and Discard the Company's White Card SAIF Partners IV L.P., ('SAIF Partners'), the largest single investor in Sinovac Biotech Ltd. ('Sinovac' or the 'Company'), beneficially owning approximately 15% of the outstanding common shares, today sent a letter to its fellow Sinovac shareholders exposing the current Sinovac Board's failure to act in the interest of all shareholders resulting in failure to pay shareholders dividends and to resume trading of the shares after a six-year halt. This is a stark contrast to the ten highly qualified individuals that SAIF Partners has nominated for election to Sinovac's Board of Directors (the 'Board') who are deeply committed to working proactively to help shareholders realize the full value of their investment in Sinovac, which they have been denied for many years. In fact, Sinovac management – and not the current Board – is working actively to make funds available for payment of a dividend. Shareholders will have the opportunity to vote for change by electing SAIF Partners' nominees in connection with the special meeting of the shareholders of the Company to be held on Tuesday, July 8, 2025 at 8 p.m. Atlantic Standard Time (Wednesday, July 9, 2025 at 8:00 a.m. China Standard Time), and at any adjourned, postponed, continued, or rescheduled meeting thereof (the 'Special Meeting'). In the letter, SAIF Partners highlights how the current board – which is largely comprised of directors who are not duly elected by the shareholders and are not sanctioned by the Privy Council – has failed to take action until it was pressured to do so by shareholders. Further, the current Board has not demonstrated interest in building value for Sinovac shareholders and is generally disengaged from management. If elected, SAIF Partners' nominees will work closely with management to address Sinovac's challenges, and will bring disciplined corporate governance, proper capital allocation, strategic foresight and operational excellence to the Company. SAIF Partners also reiterates its plan to address the most critical priorities for Sinovac, including declaring additional dividends, resuming trading of common shares and resolving shareholder disputes. The full text of the letter is below. June 24, 2025 Dear Fellow Sinovac Shareholders: As the largest single shareholder of Sinovac Biotech Ltd. ('Sinovac' or the 'Company'), beneficially owning approximately 15% of the outstanding common shares, we are writing to you today to share some important information as we approach the special meeting of shareholders where you will have the opportunity to choose who represents you on the Company's Board of Directors (the 'Board'). You deserve a Board that acts proactively to create value on your behalf to ensure the distribution of dividends and provide liquidity to all shareholders. SAIF Partners IV L.P., ('SAIF Partners') has nominated ten highly qualified candidates for election to the Board who will do exactly urge you to vote the GOLD card for our director candidates today, and to discard the Company's white card. We felt that nominating director candidates was necessary because the current four-member Board – with one member affiliated with 1Globe and two members affiliated with OrbiMed – has not effectively guided Sinovac after the significant chaos of the past several years. The current Board has prioritizing spending the Company's cash to continue a seven-year legal feud between 1Globe and other shareholders and management of the Company. Only when we forced Sinovac to hold a special meeting of shareholders – and they faced the possibility that they will be removed from their positions – did they react by declaring dividends and taking cursory steps to other longstanding issues. How did we get to this point? The previous Board, elected in 2017, oversaw the Company's record performance during the Covid-19 a result of their efforts, together with the management team, Sinovac has approximately $10.3 billion in cash in its accounts. The current Board – which took office in February 2025 and is dominated by 1Globe and OrbiMed – kicked out the Board that oversaw this incredible success. After taking control, they did nothing to build value for all shareholders, as none of the Company's cash has been distributed in dividends, and the common shares have not traded for more than six years. One would think that the current Board's highest priority would be corrective action to reverse these critical issues. Other than pursue their directionless legal disputes, they have done nothing for Sinovac or the shareholders. The prolonged halt of stock trading and failure to distribute dividends are a direct result of the efforts to replace the previous Board by the current one, led by 1Globe. If the ongoing conflicts involving the current Board, management and shareholders escalate and are not resolved, it will be impossible to resume stock trading. This is a tragedy given that if the common shares were trading solely based on the $10.3 billion in cash and cash equivalents, it would be above $140 per share – over 22 times the $6.47 per share price where it is currently halted. Our nominees are deeply committed to unlocking the significant value of Sinovac for all shareholders by paying sizable dividends and resuming trading of the Company's common shares. In fact, it is the management of Sinovac – and not the current Board – that is working actively to make funds available for payment of a dividend. If the current Board had been supportive of such an action, and had worked collaboratively to bring it to fruition, the dividends would have been distributed by now. The current Board has lost its legitimacy. In January 2025, the Privy Council ruled that Haifeng Qiu, Yuk Lam Lo, David Guowei Wang, Pengfei Li and Jianzeng Cao were elected to the Board. Four of these directors resigned in just four months without explanation, and the current Board is now comprised of Yuk Lam Lo, Chiang Li, Sven H. Borho and Geoffrey C. Hsu. As such, Yuk Lam Lo was the only member of the Board duly elected by the shareholders and sanctioned by the Privy Council. Perhaps most damning is that the current Board has not demonstrated interest, ability or drive to lead Sinovac. It is comprised of individuals who are generally disengaged from management, and have caused 'disruptive impact' on Sinovac according to management. It is time to elect directors who, if elected, will execute a plan to maximize value for ALL Sinovac shareholders. This includes: Declare Significant Dividends SAIF Partners' nominees' commitment to paying appropriate dividends is a primary motivation for calling for the special meeting of shareholders. Everything we have done thus far, including calling for early payment of the $55 dividend the current Board declared, shows our commitment. As directors, our nominees will ratify the special dividends that have been declared or have been contemplated by the current Board. Address Compliance Issues to Resume Trading SAIF Partners' nominees are committed to taking immediate steps to address compliance issues to resume trading of Sinovac's common shares. Resolve Shareholder Disputes SAIF Partners' nominees will engage with shareholders to work to find solutions to amicably resolve ongoing disputes. The Company's cash should be spent driving shareholder value, not on lawsuits. The time has come to hold the current Board accountable for their failure to act. Sinovac shareholders deserve a competent Board committed to representing their best interests. Please make your voice heard. WE URGE YOU TO PROTECT THE VALUE OF YOUR INVESTMENT AND VOTE THE GOLD PROXY CARD FOR OUR HIGHLY QUALIFIED DIRECTOR CANDIDATES TODAY. Please do not return the white proxy card you may receive from the Company or otherwise authorize a Company's proxy to vote your common shares at the special meeting, not even as a protest vote. If you have already sent a proxy card to the Company or otherwise authorized a Company's proxy to vote your common shares at the special meeting, it is not too late to change your vote by using the enclosed GOLD proxy card. Only your latest dated proxy will be counted. Sincerely, SAIF Partners YOUR VOTE IS IMPORTANT, NO MATTER HOW MANY OR HOW FEW SHARES YOU OWN! Please vote today by telephone or via the Internet by following the easy instructions on the GOLD proxy card. If you have any questions or require assistance in authorizing a proxy or voting your common shares, please contact: Sodali & Co 430 Park Avenue, 14th Floor New York, NY 10022 Call Toll-Free in North America: (800) 662-5200 Outside of North America Call Collect: (203) 658-9400 Email: [email protected] About SAIF Partners SAIF Partners is a leading Asian private equity firm with cumulative assets under management of over $4 billion. SAIF Partners is an active lead investor working closely with its portfolio companies to develop their business both organically and through acquisitions, seeking synergistic cooperation among them, as well as enhancing shareholder value via promotion of good corporate governance and best management practices. Additional Information and Where to Find It This communication may be deemed to be solicitation material in respect of SAIF Partners' nomination of ten director nominees to Sinovac's Board. In connection with such solicitation, SAIF Partners mailed the definitive proxy statement and proxy card to shareholders of Sinovac with respect to the Special Meeting to be held in connection with the election of directors to Sinovac's Board. The definitive proxy statement mailed by SAIF Partners is also filed as Exhibit 1 to its Schedule 13D/A filed on or about June 16, 2025. SHAREHOLDERS ARE URGED TO READ THE PROXY STATEMENT (INCLUDING ANY AMENDMENTS OR SUPPLEMENTS THERETO) AND ANY OTHER RELEVANT DOCUMENTS FILED WITH THE SEC IN CONNECTION WITH SINOVAC'S SPECIAL MEETING, INCLUDING ANY DOCUMENT INCORPORATED BY REFERENCE THEREIN, CAREFULLY IF AND WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE DIRECTOR NOMINEES AND THE SPECIAL MEETING AND RELATED MATTERS. Sinovac's shareholders may obtain, free of charge, the definitive version of the proxy statement, any amendments or supplements thereto, and any other relevant documents mailed by SAIF Partners in connection with the Special Meeting at View source version on Disclaimer: The above press release comes to you under an arrangement with Business Wire. Business Upturn takes no editorial responsibility for the same.
Business Wire
4 days ago
- Business
- Business Wire
SAIF Partners Sends Open Letter to Sinovac Shareholders Outlining Current Board's Failure to Act in the Interests of Shareholders
BEIJING--(BUSINESS WIRE)--SAIF Partners IV L.P., ('SAIF Partners'), the largest single investor in Sinovac Biotech Ltd. ('Sinovac' or the 'Company'), beneficially owning approximately 15% of the outstanding common shares, today sent a letter to its fellow Sinovac shareholders exposing the current Sinovac Board's failure to act in the interest of all shareholders resulting in failure to pay shareholders dividends and to resume trading of the shares after a six-year halt. This is a stark contrast to the ten highly qualified individuals that SAIF Partners has nominated for election to Sinovac's Board of Directors (the 'Board') who are deeply committed to working proactively to help shareholders realize the full value of their investment in Sinovac, which they have been denied for many years. In fact, Sinovac management – and not the current Board – is working actively to make funds available for payment of a dividend. Shareholders will have the opportunity to vote for change by electing SAIF Partners' nominees in connection with the special meeting of the shareholders of the Company to be held on Tuesday, July 8, 2025 at 8 p.m. Atlantic Standard Time (Wednesday, July 9, 2025 at 8:00 a.m. China Standard Time), and at any adjourned, postponed, continued, or rescheduled meeting thereof (the 'Special Meeting'). In the letter, SAIF Partners highlights how the current board – which is largely comprised of directors who are not duly elected by the shareholders and are not sanctioned by the Privy Council – has failed to take action until it was pressured to do so by shareholders. Further, the current Board has not demonstrated interest in building value for Sinovac shareholders and is generally disengaged from management. If elected, SAIF Partners' nominees will work closely with management to address Sinovac's challenges, and will bring disciplined corporate governance, proper capital allocation, strategic foresight and operational excellence to the Company. SAIF Partners also reiterates its plan to address the most critical priorities for Sinovac, including declaring additional dividends, resuming trading of common shares and resolving shareholder disputes. The full text of the letter is below. Dear Fellow Sinovac Shareholders: As the largest single shareholder of Sinovac Biotech Ltd. ('Sinovac' or the 'Company'), beneficially owning approximately 15% of the outstanding common shares, we are writing to you today to share some important information as we approach the special meeting of shareholders where you will have the opportunity to choose who represents you on the Company's Board of Directors (the 'Board'). You deserve a Board that acts proactively to create value on your behalf to ensure the distribution of dividends and provide liquidity to all shareholders. SAIF Partners IV L.P., ('SAIF Partners') has nominated ten highly qualified candidates for election to the Board who will do exactly that. We urge you to vote the GOLD card for our director candidates today, and to discard the Company's white card. We felt that nominating director candidates was necessary because the current four-member Board – with one member affiliated with 1Globe and two members affiliated with OrbiMed – has not effectively guided Sinovac after the significant chaos of the past several years. The current Board has prioritizing spending the Company's cash to continue a seven-year legal feud between 1Globe and other shareholders and management of the Company. Only when we forced Sinovac to hold a special meeting of shareholders – and they faced the possibility that they will be removed from their positions – did they react by declaring dividends and taking cursory steps to other longstanding issues. How did we get to this point? The previous Board, elected in 2017, oversaw the Company's record performance during the Covid-19 pandemic. As a result of their efforts, together with the management team, Sinovac has approximately $10.3 billion in cash in its accounts. The current Board – which took office in February 2025 and is dominated by 1Globe and OrbiMed – kicked out the Board that oversaw this incredible success. After taking control, they did nothing to build value for all shareholders, as none of the Company's cash has been distributed in dividends, and the common shares have not traded for more than six years. One would think that the current Board's highest priority would be corrective action to reverse these critical issues. Other than pursue their directionless legal disputes, they have done nothing for Sinovac or the shareholders. The prolonged halt of stock trading and failure to distribute dividends are a direct result of the efforts to replace the previous Board by the current one, led by 1Globe. If the ongoing conflicts involving the current Board, management and shareholders escalate and are not resolved, it will be impossible to resume stock trading. This is a tragedy given that if the common shares were trading solely based on the $10.3 billion in cash and cash equivalents, it would be above $140 per share – over 22 times the $6.47 per share price where it is currently halted. Our nominees are deeply committed to unlocking the significant value of Sinovac for all shareholders by paying sizable dividends and resuming trading of the Company's common shares. In fact, it is the management of Sinovac – and not the current Board – that is working actively to make funds available for payment of a dividend. If the current Board had been supportive of such an action, and had worked collaboratively to bring it to fruition, the dividends would have been distributed by now. The current Board has lost its legitimacy. In January 2025, the Privy Council ruled that Haifeng Qiu, Yuk Lam Lo, David Guowei Wang, Pengfei Li and Jianzeng Cao were elected to the Board. Four of these directors resigned in just four months without explanation, and the current Board is now comprised of Yuk Lam Lo, Chiang Li, Sven H. Borho and Geoffrey C. Hsu. As such, Yuk Lam Lo was the only member of the Board duly elected by the shareholders and sanctioned by the Privy Council. Perhaps most damning is that the current Board has not demonstrated interest, ability or drive to lead Sinovac. It is comprised of individuals who are generally disengaged from management, and have caused 'disruptive impact' on Sinovac according to management. It is time to elect directors who, if elected, will execute a plan to maximize value for ALL Sinovac shareholders. This includes: Declare Significant Dividends SAIF Partners' nominees' commitment to paying appropriate dividends is a primary motivation for calling for the special meeting of shareholders. Everything we have done thus far, including calling for early payment of the $55 dividend the current Board declared, shows our commitment. As directors, our nominees will ratify the special dividends that have been declared or have been contemplated by the current Board. Address Compliance Issues to Resume Trading SAIF Partners' nominees are committed to taking immediate steps to address compliance issues to resume trading of Sinovac's common shares. Resolve Shareholder Disputes SAIF Partners' nominees will engage with shareholders to work to find solutions to amicably resolve ongoing disputes. The Company's cash should be spent driving shareholder value, not on lawsuits. The time has come to hold the current Board accountable for their failure to act. Sinovac shareholders deserve a competent Board committed to representing their best interests. Please make your voice heard. WE URGE YOU TO PROTECT THE VALUE OF YOUR INVESTMENT AND VOTE THE GOLD PROXY CARD FOR OUR HIGHLY QUALIFIED DIRECTOR CANDIDATES TODAY. Please do not return the white proxy card you may receive from the Company or otherwise authorize a Company's proxy to vote your common shares at the special meeting, not even as a protest vote. If you have already sent a proxy card to the Company or otherwise authorized a Company's proxy to vote your common shares at the special meeting, it is not too late to change your vote by using the enclosed GOLD proxy card. Only your latest dated proxy will be counted. Sincerely, SAIF Partners About SAIF Partners SAIF Partners is a leading Asian private equity firm with cumulative assets under management of over $4 billion. SAIF Partners is an active lead investor working closely with its portfolio companies to develop their business both organically and through acquisitions, seeking synergistic cooperation among them, as well as enhancing shareholder value via promotion of good corporate governance and best management practices. Additional Information and Where to Find It This communication may be deemed to be solicitation material in respect of SAIF Partners' nomination of ten director nominees to Sinovac's Board. In connection with such solicitation, SAIF Partners mailed the definitive proxy statement and proxy card to shareholders of Sinovac with respect to the Special Meeting to be held in connection with the election of directors to Sinovac's Board. The definitive proxy statement mailed by SAIF Partners is also filed as Exhibit 1 to its Schedule 13D/A filed on or about June 16, 2025. SHAREHOLDERS ARE URGED TO READ THE PROXY STATEMENT (INCLUDING ANY AMENDMENTS OR SUPPLEMENTS THERETO) AND ANY OTHER RELEVANT DOCUMENTS FILED WITH THE SEC IN CONNECTION WITH SINOVAC'S SPECIAL MEETING, INCLUDING ANY DOCUMENT INCORPORATED BY REFERENCE THEREIN, CAREFULLY IF AND WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE DIRECTOR NOMINEES AND THE SPECIAL MEETING AND RELATED MATTERS. Sinovac's shareholders may obtain, free of charge, the definitive version of the proxy statement, any amendments or supplements thereto, and any other relevant documents mailed by SAIF Partners in connection with the Special Meeting at
Business Wire
4 days ago
- Business
- Business Wire
SINOVAC Board of Directors Files Investor Presentation Outlining Decisive Actions to Protect Shareholder Interests
BEIJING--(BUSINESS WIRE)--The Board of Directors of SINOVAC Biotech Ltd. (NASDAQ: SVA) (' SINOVAC ' or the ' Company '), a leading provider of biopharmaceutical products in China, today announced it has filed an investor presentation with the U.S. Securities and Exchange Commission (SEC) as a Form 6-K and launched a website, with important information and resources in connection with the upcoming Special Meeting of Shareholders (the 'Special Meeting') to be held on Wednesday, July 9, 2025 at 8:00 a.m. China Standard Time (Tuesday, July 8, 2025 at 8:00 p.m. Atlantic Standard Time). The presentation outlines the decisive actions taken by the current SINOVAC Board to restore fairness and deliver value to all SINOVAC shareholders, end years of governance failures committed by the Imposter Former Board, and set the Company on a path of renewed growth and accountability, while countering the false and destructive claims made by Advantech/Prime Success ('Advantech/Prime') and Vivo Capital (together known as the 'Dissenting Investor Group'), whose self-serving actions have repeatedly undermined SINOVAC common shareholders' interests. Key elements of the presentation include: The SINOVAC Board's demonstrated commitment to return up to US$138.73 per common share 1 in dividends to common shareholders since it was installed by the Privy Council ruling, and in accordance with Antiguan law, just four short months ago, compared to the Imposter Former Board's failure to declare any dividends to common shareholders during its seven-year tenure. The SINOVAC Board's steadfast efforts to protect the rights of all SINOVAC common shareholders by countering frivolous lawsuits filed by the Dissenting Investor Group and ensuring that valid shareholders receive their fair share of distributions. The SINOVAC Board's strategic realignment for shareholder value creation to unwind years of self-dealing, regain compliance with NASDAQ listing standards and resume trading, and explore a potential future listing of SINOVAC's shares on the Stock Exchange of Hong Kong to promote liquidity, while executing on its global growth strategy to deliver shareholder value. In contrast, the Dissenting Investor Group has a demonstrated track record of misleading claims and exploitation, including through failed privatization attempts at below-market prices, self-dealing transactions, and its current attempts to block rightful dividend payments to SINOVAC's common shareholders. In the latest example of its attempts to mislead SINOVAC shareholders, just last weekend, Advantech/Prime issued a press release characterizing its resounding defeat in its New York lawsuit as a win. The reality is its petition was swiftly denied by the Court, marking a strong win for the SINOVAC Board. In the same press release, the Dissenting Investor Group also incorrectly stated that its right to vote at the Special Meeting had been confirmed by the courts. Your Vote is Important Your vote on or before July 8 will be about the future of SINOVAC, your receipt of your make-whole dividend payments in the near-term, and the long-term value of your investment. We urge you to keep SINOVAC's Board in place and vote on the WHITE proxy card ' AGAINST ' Proposal 1 to remove the current Board and ' AGAINST ' Proposal 2 to appoint the Reconstituted Imposter Board Slate. Your vote is critical to ensuring that SINOVAC remains on the path to stability, growth, and value creation for all shareholders. DISCARD any items you received asking you to vote for the Reconstituted Imposter Former Board Slate. If you have already voted for the Reconstituted Imposter Former Board Slate, you can subsequently revoke it by using the WHITE proxy card or WHITE voting instruction form to vote. Only your latest-dated vote will count! If you have questions about how your vote can be counted, please contact our proxy solicitor, Georgeson LLC, toll free at (844) 568-1506 in the U.S and (646) 543-1968 outside the U.S. or via email at SinovacSpecialMeeting@ About SINOVAC Sinovac Biotech Ltd. (SINOVAC) is a China-based biopharmaceutical company that focuses on the R&D, manufacturing, and commercialization of vaccines that protect against human infectious diseases. SINOVAC's product portfolio includes vaccines against COVID-19, enterovirus 71 (EV71) infected Hand-Foot-Mouth disease (HFMD), hepatitis A, varicella, influenza, poliomyelitis, pneumococcal disease, etc. The COVID-19 vaccine, CoronaVac®, has been approved for use in more than 60 countries and regions worldwide. The hepatitis A vaccine, Healive®, passed WHO prequalification requirements in 2017. The EV71 vaccine, Inlive®, is an innovative vaccine under "Category 1 Preventative Biological Products" and commercialized in China in 2016. In 2022, SINOVAC's Sabin-strain inactivated polio vaccine (sIPV) and varicella vaccine were prequalified by the WHO. SINOVAC was the first company to be granted approval for its H1N1 influenza vaccine Panflu.1®, which has supplied the Chinese government's vaccination campaign and stockpiling program. The Company is also the only supplier of the H5N1 pandemic influenza vaccine, Panflu®, to the Chinese government stockpiling program. SINOVAC continually dedicates itself to new vaccine R&D, with more combination vaccine products in its pipeline, and constantly explores global market opportunities. SINOVAC plans to conduct more extensive and in-depth trade and cooperation with additional countries, and business and industry organizations. Important Additional Information and Where to Find It In connection with SINOVAC's Special Meeting, SINOVAC has filed with the U.S. Securities and Exchange Commission ('SEC') and mailed to shareholders of record entitled to vote at the Special Meeting a definitive proxy statement and other documents, including a WHITE proxy card. SHAREHOLDERS ARE ENCOURAGED TO READ THE PROXY STATEMENT AND ALL OTHER RELEVANT DOCUMENTS WHEN FILED WITH THE SEC AND WHEN THEY BECOME AVAILABLE BECAUSE THOSE DOCUMENTS WILL CONTAIN IMPORTANT INFORMATION. Investors and other interested parties will be able to obtain the documents free of charge at the SEC's website, or from SINOVAC at its website: You may also obtain copies of SINOVAC's definitive proxy statement and other documents, free of charge, by contacting SINOVAC's Investor Relations Department at ir@ Safe Harbor Statement This announcement contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as 'may,' 'will,' 'expect,' 'anticipate,' 'aim,' 'estimate,' 'intend,' 'plan,' 'believe,' 'potential,' 'continue,' 'is/are likely to' or other similar expressions. Such statements are based upon current expectations and current market and operating conditions and relate to events that involve known or unknown risks, uncertainties and other factors, all of which are difficult to predict and many of which are beyond the Company's or Board's control, which may cause actual results, performance or achievements to differ materially from those in the forward-looking statements. Further information regarding these and other risks, uncertainties or factors is included in the Company's filings with the U.S. Securities and Exchange Commission. The Company and Board do not undertake any obligation to update any forward-looking statement as a result of new information, future events or otherwise, except as required under law.
Winnipeg Free Press
21-06-2025
- Winnipeg Free Press
Pulling the levers behind artificial intelligence
Opinion Sometimes, artificial intelligence looks downright stupid. Other times, it just looks dangerous. A rather famous recent AI mistake/mashup involved both Meta AI and Google being asked about the time zone in Cape Breton, N.S., and both telling users that the area was 12 minutes ahead of Atlantic Standard Time and 18 minutes behind Newfoundland time. It isn't. The AI systems had merely sampled all they could find on the topic of Cape Breton and time zones — a satirical piece on the comedy site The Beaverton — and presented it as fact. As the old saying about computers goes, garbage in, garbage out FILE Elon Musk AI is getting better, especially in areas where it can sample a large variety of sources of information, but there are still cases where AI has simply invented sources. For that reason, there's a lot at stake if AI answers are accepted at face value, and if people aren't willing to go further to verify the sources of material the AI devices are using. Because many are doing just that, taking an AI one-and-done approach to 'proof.' So much so that, on social media sites like X (formerly Twitter), users regularly go to that site's Grok AI to try to establish whether things cited as fact on the site are actually true, or whether images posted by other users are accurate. It's certainly better than just accepting everything you see on social media, but it's become such an accepted form of proof that users happily post Grok's answers, and even say that Grok was their one and only source. (In unintended hilarity, Grok's owner, Elon Musk was labelled a 'top misinformation spreader' by Grok itself, a position Grok seems to have mysteriously mellowed on since then, arguing that Musk is both a spreader of misinformation and a target of those who don't like Musk's self-claimed free speech absolutism.) But think about the following situation. Elon Musk posted that 'the far left is murderously violent' after two Democrat politicians and members of their families were shot in Minnesota and the alleged shooter was misidentified at first as a Democrat supporter. When X users, responding to the post, asked Grok, 'Who commits more domestic terrorism? The 'far-left' or the 'far-right?', it responded, 'Data consistently shows far-right groups commit more domestic terrorism in the U.S. than far-left groups, both in frequency and lethality.' Musk then replied, 'Major fail, as this is objectively false. Grok is parroting legacy media. Working on it.' Working on what? Grok cited sources from the U.S. Government Accountability Office to the Department of Homeland Security to the FBI to the University of Maryland, all saying that far-right terrorism easily outstrips far-left terrorism. Only two of 15 sources were even from the media — and they were reporting on other studies. Weekday Mornings A quick glance at the news for the upcoming day. Clearly, Musk was letting his own beliefs dictate what was objectively true or objectively false — which he's welcome to do, because that's how personal opinions tend to work. You believe things to be true if you agree with them, and doubt their veracity if you don't. But 'working on it' suggests a new — and real — concern about depending on AI to determine 'truth.' Because the machine is only as accurate as its programmer wants it to be. And that leaves the possibility of a thumb on the scales. In the next few weeks, a Grok 'tweak' may well change its position on just who leads the way in domestic terrorism in the U.S. If, at the end of the day, AI is only as accurate as the rich person standing behind the machine wants it to be, we're in deep, deep trouble.
Business Wire
18-06-2025
- Business
- Business Wire
SINOVAC Board of Directors Files Definitive Proxy Materials
BEIJING--(BUSINESS WIRE)--The Board of Directors of SINOVAC Biotech Ltd. (NASDAQ: SVA) (' SINOVAC ' or the ' Company '), a leading provider of biopharmaceutical products in China, today announced it has filed its definitive proxy materials with the Securities and Exchange Commission (SEC) for the Special Meeting of Shareholders to be held on Wednesday, July 9, 2025 at 8:00 a.m. China Standard Time (Tuesday, July 8, 2025 at 8:00 p.m. Atlantic Standard Time). In conjunction with the filing of the definitive proxy statement, SINOVAC's Board of Directors mailed a letter to shareholders. In that letter, the SINOVAC Board urged valid shareholders to keep SINOVAC's Board in place and vote on the WHITE proxy card ' AGAINST ' Proposal 1 to remove the current Board and ' AGAINST ' Proposal 2 to appoint the Reconstituted Imposter Former Board Slate. While a dissenting investor group led by Advantech/Prime Success and Vivo Capital (together known as the 'Dissenting Investor Group') is attempting to distract shareholders with false claims and empty promises as part of a hostile attempt to remove the SINOVAC Board and entrench themselves, the SINOVAC Board is committed to restoring fairness and delivering value to ALL SINOVAC shareholders. Your Vote is Important Your vote on or before July 8 will be about the future of SINOVAC, your receipt of your make whole dividend payments in the near-term, and the long-term value of your investment. We urge you to keep SINOVAC's Board in place and vote on the WHITE proxy card ' AGAINST ' Proposal 1 to remove the current Board and ' AGAINST ' Proposal 2 to appoint the Reconstituted Imposter Board Slate. Your vote is critical to ensuring that SINOVAC remains on the path to stability, growth, and value creation for all shareholders. DISCARD any items you received asking you to vote for the Reconstituted Imposter Former Board Slate. If you have already voted for the Reconstituted Imposter Former Board Slate, you can subsequently revoke it by using the WHITE proxy card or WHITE voting instruction form to vote. Only your latest-dated vote will count! If you have questions about how your vote can be counted, please contact our proxy solicitor, Georgeson LLC, toll free at (844) 568-1506 in the U.S and (646) 543-1968 outside the U.S. or via email at SinovacSpecialMeeting@ About SINOVAC Sinovac Biotech Ltd. (SINOVAC) is a China-based biopharmaceutical company that focuses on the R&D, manufacturing, and commercialization of vaccines that protect against human infectious diseases. SINOVAC's product portfolio includes vaccines against COVID-19, enterovirus 71 (EV71) infected Hand-Foot-Mouth disease (HFMD), hepatitis A, varicella, influenza, poliomyelitis, pneumococcal disease, etc. The COVID-19 vaccine, CoronaVac®, has been approved for use in more than 60 countries and regions worldwide. The hepatitis A vaccine, Healive®, passed WHO prequalification requirements in 2017. The EV71 vaccine, Inlive®, is an innovative vaccine under "Category 1 Preventative Biological Products" and commercialized in China in 2016. In 2022, SINOVAC's Sabin-strain inactivated polio vaccine (sIPV) and varicella vaccine were prequalified by the WHO. SINOVAC was the first company to be granted approval for its H1N1 influenza vaccine Panflu.1®, which has supplied the Chinese government's vaccination campaign and stockpiling program. The Company is also the only supplier of the H5N1 pandemic influenza vaccine, Panflu®, to the Chinese government stockpiling program. SINOVAC continually dedicates itself to new vaccine R&D, with more combination vaccine products in its pipeline, and constantly explores global market opportunities. SINOVAC plans to conduct more extensive and in-depth trade and cooperation with additional countries, and business and industry organizations. Important Additional Information and Where to Find It In connection with SINOVAC's Special Meeting, SINOVAC has filed with the U.S. Securities and Exchange Commission ('SEC') and mailed to shareholders of record entitled to vote at the Special Meeting a definitive proxy statement and other documents, including a WHITE proxy card. SHAREHOLDERS ARE ENCOURAGED TO READ THE PROXY STATEMENT AND ALL OTHER RELEVANT DOCUMENTS WHEN FILED WITH THE SEC AND WHEN THEY BECOME AVAILABLE BECAUSE THOSE DOCUMENTS WILL CONTAIN IMPORTANT INFORMATION. Investors and other interested parties will be able to obtain the documents free of charge at the SEC's website, or from SINOVAC at its website: You may also obtain copies of SINOVAC's definitive proxy statement and other documents, free of charge, by contacting SINOVAC's Investor Relations Department at ir@ Safe Harbor Statement This announcement contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as 'may,' 'will,' 'expect,' 'anticipate,' 'aim,' 'estimate,' 'intend,' 'plan,' 'believe,' 'potential,' 'continue,' 'is/are likely to' or other similar expressions. Such statements are based upon current expectations and current market and operating conditions and relate to events that involve known or unknown risks, uncertainties and other factors, all of which are difficult to predict and many of which are beyond the Company's or Board's control, which may cause actual results, performance or achievements to differ materially from those in the forward-looking statements. Further information regarding these and other risks, uncertainties or factors is included in the Company's filings with the U.S. Securities and Exchange Commission. The Company and Board do not undertake any obligation to update any forward-looking statement as a result of new information, future events or otherwise, except as required under law.
