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Yahoo
4 days ago
- Business
- Yahoo
SINOVAC Board of Directors Strongly Denounces Deceptive and Illegal Claims by SAIF and the Imposter Former Board
Special Meeting was validly adjourned until the appropriate court can make a final decision on the validity of the PIPE shares SAIF's "announcement" about voting results demonstrates blatant disregard for the law and the Company's bylaws and a repeated pattern of self-serving and unlawful actions by the Imposter Former Board Current Board remains the only valid board of directors of the Company and will continue to govern SINOVAC BEIJING, July 09, 2025--(BUSINESS WIRE)--The Board of Directors of SINOVAC Biotech Ltd. (NASDAQ: SVA) ("SINOVAC" or the "Company"), a leading biopharmaceutical company in China, categorically rejects the recent deceptive and illegal claims by SAIF and the Imposter Former Board that it purported to "reconvene" the adjourned Special Meeting of Shareholders (the "Special Meeting") and announced sham voting results of the shareholder proposals. At the July 8, 2025 Special Meeting, SINOVAC Chairman Chiang Li validly adjourned the meeting, to preserve the integrity of the Special Meeting and protect shareholder interests, pending the resolution of litigation in Antigua related to the validity of the 11.8 million shares purportedly issued following an invalid private investment in public equity ("PIPE") to Advantech/Prime and Vivo Capital (together known as the "Dissenting Investor Group"). SINOVAC shareholders should ignore SAIF's lies. SAIF and the Imposter Former Board did NOT have the authority or any legal basis to "reconvene" the Special Meeting following the valid adjournment. SAIF's self-declaration of a final tally of shareholder votes was a complete sham. SINOVAC is evaluating its legal remedies with respect to the deceptive and unlawful conduct of SAIF and the Imposter Former Board, including with authorities in Antigua and the United States. William P. Fiske, Head of M&A and Contested Situations at Georgeson, SINOVAC's proxy solicitor, stated, "At the time of the Special Meeting, according to our preliminary voting tallies, the Company's White Proxy Card secured overwhelming support from valid shareholders for the current SINOVAC Board. Had the injunction granted by the Antigua Court not been temporarily stayed, the shareholders would have voted in favor of the current SINOVAC Board." SAIF and the Gold Proxy Card secured little support outside of the same incumbent group that has propped up the Imposter Former Board to seize control of SINOVAC and destroy value for all valid common shareholders – just as they did during the seven years that they held SINOVAC hostage. The Imposter Former Board's refusal to acknowledge the lawful adjournment of the Special Meeting and their fabrication of the meeting's outcome are wholly illegal, invalid, and reckless. The rightful SINOVAC Board remains in place and will continue to govern the Company. The Board has a duty to implement the UK Privy Council's judgment and order, which includes resolving the question of the validity of the PIPE shares. The Board will continue to fight on behalf of all SINOVAC shareholders and remains committed to its mission of restoring fairness, delivering value and protecting the rights of all valid shareholders. 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. View source version on Contacts Investor and Media Contact FGS GlobalSinovac@ Sign in to access your portfolio
Business Wire
7 days ago
- Business
- Business Wire
SINOVAC Board Sets the Record Straight on July 8 Special Meeting of Shareholders
BEIJING--(BUSINESS WIRE)--The Board of Directors of SINOVAC Biotech Ltd. (NASDAQ: SVA) ('SINOVAC' or the 'Company') today issued the following update to set the record straight regarding the Special Meeting of Shareholders (the 'Special Meeting'): The Special Meeting was validly adjourned by SINOVAC Chairman Chiang Li on July 8, 2025, due to pending litigation in Antigua regarding the validity of the shares purportedly issued following an invalid private investment in public equity ('PIPE') to Advantech/Prime and Vivo Capital (together known as the 'Dissenting Investor Group'). The adjournment has been recognized by the independent Inspector of Elections who has the sole authority to announce and certify the results of the Special Meeting. SAIF's false claim that a 'continuation of the Special Meeting' occurred is intentionally deceptive and entirely illegal under the Company's bylaws and Antiguan law. Immediately after the Special Meeting was validly adjourned and the virtual meeting was terminated, a group of lawyers representing SAIF and the Dissenting Investor Group purportedly self-organized an invalid, pretend special meeting at an unannounced location and time. This group did not give advance notice to valid shareholders or give them an option to attend, and they did not contact SINOVAC Chairman Chiang Li, the only authorized chair for the Special Meeting. No inspector of elections presided over the pretend special meeting. The current SINOVAC Board understands Mr. Yuk Lam Lo attended the invalid meeting with the understanding that he had no authority to chair any such shareholder meeting. At the pretend special meeting, this group announced pretend 'voting results' from a 'vote' that did not take place due to the valid adjournment. The following day, SAIF and the Dissenting Investor Group held a pretend meeting to elect a pretend Chairman. Valid SINOVAC shareholders are admonished to ignore these theatrics. The Board, consisting of Dr. Chiang Li (Chairman), Mr. Yuk Lam Lo, Mr. Sven Borho and Mr. Geoffrey Hsu, retains full authority to run SINOVAC. None of the pretend board's rogue actions are valid or legal. SAIF and the Dissenting Investor Group will be held responsible. At the time of the Special Meeting, the injunction granted by the Eastern Caribbean Supreme Court of Antigua and Barbuda (the 'Antigua High Court') on July 7, 2025 – prohibiting the PIPE shares from voting at the meeting – had not been overturned. While the Eastern Caribbean Court of Appeal temporarily stayed the injunction order, the stay is in place until a hearing is held to determine whether such stay should have been granted. On July 11, 2025, Judge Bakre of the Antigua High Court issued a ruling, which stated that granting a stay would make a 'mockery' of this case. There are ongoing legal proceedings in Antigua to determine the validity of the PIPE shares. The current Board will reconvene the Special Meeting once this issue is resolved by the proper court. During this period, voting is unavailable. All valid shareholders will have their vote counted at the validly reconvened Special Meeting. The current SINOVAC Board remains in place, is governing the Company, and is executing on its stated priorities. These include dividend distributions according to its previously announced policy, in addition to the ongoing payment of the US$55.00 per common share special cash dividend paid to valid shareholders or their brokers beginning on July 7, 2025, working with NASDAQ to resume trading, the appointment of a new auditor, and exploring a future listing on the Stock Exchange of Hong Kong to promote liquidity and maximize value creation. The SINOVAC Board urges all shareholders to rely only on official communications from the rightful Board for accurate information. The Board remains committed to transparency and the rule of law and will provide further updates as developments occur. For ongoing updates and further information, please visit 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.
Business Wire
09-07-2025
- Business
- Business Wire
SINOVAC Board of Directors Strongly Denounces Deceptive and Illegal Claims by SAIF and the Imposter Former Board
BEIJING--(BUSINESS WIRE)--The Board of Directors of SINOVAC Biotech Ltd. (NASDAQ: SVA) ('SINOVAC' or the 'Company'), a leading biopharmaceutical company in China, categorically rejects the recent deceptive and illegal claims by SAIF and the Imposter Former Board that it purported to 'reconvene' the adjourned Special Meeting of Shareholders (the 'Special Meeting') and announced sham voting results of the shareholder proposals. At the July 8, 2025 Special Meeting, SINOVAC Chairman Chiang Li validly adjourned the meeting, to preserve the integrity of the Special Meeting and protect shareholder interests, pending the resolution of litigation in Antigua related to the validity of the 11.8 million shares purportedly issued following an invalid private investment in public equity ('PIPE') to Advantech/Prime and Vivo Capital (together known as the 'Dissenting Investor Group'). SINOVAC shareholders should ignore SAIF's lies. SAIF and the Imposter Former Board did NOT have the authority or any legal basis to 'reconvene' the Special Meeting following the valid adjournment. SAIF's self-declaration of a final tally of shareholder votes was a complete sham. SINOVAC is evaluating its legal remedies with respect to the deceptive and unlawful conduct of SAIF and the Imposter Former Board, including with authorities in Antigua and the United States. William P. Fiske, Head of M&A and Contested Situations at Georgeson, SINOVAC's proxy solicitor, stated, 'At the time of the Special Meeting, according to our preliminary voting tallies, the Company's White Proxy Card secured overwhelming support from valid shareholders for the current SINOVAC Board. Had the injunction granted by the Antigua Court not been temporarily stayed, the shareholders would have voted in favor of the current SINOVAC Board.' SAIF and the Gold Proxy Card secured little support outside of the same incumbent group that has propped up the Imposter Former Board to seize control of SINOVAC and destroy value for all valid common shareholders – just as they did during the seven years that they held SINOVAC hostage. The Imposter Former Board's refusal to acknowledge the lawful adjournment of the Special Meeting and their fabrication of the meeting's outcome are wholly illegal, invalid, and reckless. The rightful SINOVAC Board remains in place and will continue to govern the Company. The Board has a duty to implement the UK Privy Council's judgment and order, which includes resolving the question of the validity of the PIPE shares. The Board will continue to fight on behalf of all SINOVAC shareholders and remains committed to its mission of restoring fairness, delivering value and protecting the rights of all valid shareholders. 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.
Business Upturn
09-07-2025
- Business
- Business Upturn
Sinovac Shareholders Vote to Remove Current Directors and Elect SAIF Partners Nominees to Board at Special Meeting
By Business Wire India Published on July 9, 2025, 10:55 IST Business Wire India Shareholders Voted to Approve Both SAIF Partners Proposals at Special Meeting Newly Elected Directors Are Committed to Support and Execute the Announced Payout of Dividends and Unlock Sinovac's Long-Term Value for All Shareholders Through the Resumption of Trading of Sinovac's Common Shares SAIF Partners IV L.P., ('SAIF Partners', 'we' or 'us'), today announced that Sinovac Biotech Ltd. ('Sinovac' or the 'Company') shareholders voted to approve SAIF Partners' proposals to remove the Company's incumbent directors and to elect SAIF Partners' slate of ten highly qualified director nominees to the Board of Directors (the 'Board') at Sinovac's Special Meeting of Shareholders (the 'Special Meeting'). On July 8, 2025, at 8:00 p.m. Atlantic Standard Time, Sinovac's incumbent Chairman Chiang Li convened, then immediately purported to adjourn, the Special Meeting without allowing shareholders to participate. SAIF Partners representatives, alongside those of other shareholders, had arrived at the Special Meeting intending to participate in the meeting. Subsequently, the shareholder representatives present convened a continuation of the Special Meeting, chaired by incumbent Sinovac Director Mr. Yuk Lam Lo, the only remaining director on the incumbent Board approved by Privy Council. During the Special Meeting, Sinovac's shareholders voted to approve both of SAIF Partners' proposals, based on a tabulation of votes cast on SAIF Partners' gold proxy card and the Company's white proxy card. The newly elected directors of the Company are committed to supporting and executing Sinovac's announced payout of dividends and working closely with Sinovac's management to unlock long-term value for all shareholders by pursuing the resumption of trading of the Company's common shares to help Sinovac realize its tremendous potential. 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. View source version on Disclaimer: The above press release comes to you under an arrangement with Business Wire India. Business Upturn take no editorial responsibility for the same. Ahmedabad Plane Crash Business Wire India, established in 2002, India's premier media distribution company ensures guaranteed media coverage through its network of 30+ cities and top news agencies.
National Post
09-07-2025
- Business
- National Post
Sinovac Shareholders Vote to Remove Current Directors and Elect SAIF Partners Nominees to Board at Special Meeting
Article content Article content Newly Elected Directors Are Committed to Support and Execute the Announced Payout of Dividends and Unlock Sinovac's Long-Term Value for All Shareholders Through the Resumption of Trading of Sinovac's Common Shares Article content NEW YORK — SAIF Partners IV L.P., ('SAIF Partners', 'we' or 'us'), today announced that Sinovac Biotech Ltd. ('Sinovac' or the 'Company') shareholders voted to approve SAIF Partners' proposals to remove the Company's incumbent directors and to elect SAIF Partners' slate of ten highly qualified director nominees to the Board of Directors (the 'Board') at Sinovac's Special Meeting of Shareholders (the 'Special Meeting'). Article content On July 8, 2025, at 8:00 p.m. Atlantic Standard Time, Sinovac's incumbent Chairman Chiang Li convened, then immediately purported to adjourn, the Special Meeting without allowing shareholders to participate. SAIF Partners representatives, alongside those of other shareholders, had arrived at the Special Meeting intending to participate in the meeting. Article content Subsequently, the shareholder representatives present convened a continuation of the Special Meeting, chaired by incumbent Sinovac Director Mr. Yuk Lam Lo, the only remaining director on the incumbent Board approved by Privy Council. During the Special Meeting, Sinovac's shareholders voted to approve both of SAIF Partners' proposals, based on a tabulation of votes cast on SAIF Partners' gold proxy card and the Company's white proxy card. Article content The newly elected directors of the Company are committed to supporting and executing Sinovac's announced payout of dividends and working closely with Sinovac's management to unlock long-term value for all shareholders by pursuing the resumption of trading of the Company's common shares to help Sinovac realize its tremendous potential. Article content Article content Article content Article content Gasthalter & Co. Article content Article content SAIF@ Article content Article content Article content Article content
