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Yahoo
6 days ago
- Business
- Yahoo
Newly Elected Directors of Sinovac Hold the First Board Meeting
Mr. Andrew Y. Yan elected Chairman of the Board New Board Unanimously Resolved to Explore Future Dividend Plans, Conduct Search for New Auditor for Resuming NASDAQ Trading, and Restore Stable Operations of the Company, Amongst Other Things BEIJING, July 10, 2025--(BUSINESS WIRE)--Sinovac Biotech Ltd. (NASDAQ: SVA) (SINOVAC or the Company), a leading provider of biopharmaceutical products in China, today announced the new board of directors of the Company (the Board), comprising Mr. Simon Anderson, Mr. Shan Fu, Mr. Shuge Jiao, Mr. Chiang Li, Mr. Yuk Lam Lo, Mr. Yumin Qiu, Mr. Yu Wang, Ms. Rui-Ping Xiao, Mr. Andrew Y. Yan and Mr. Yin Weidong (collectively, the new Directors), held its first meeting today at the Company's headquarters in Beijing. This meeting is the first Board meeting held after the new Directors were elected to the Board at the Special Meeting of the Company held on July 8, 2025, at 8:00 p.m. Atlantic Standard Time. At the Special Meeting, 33,248,861 votes (or 54.71% of the total votes present and voting at the Special Meeting) were voted in favor of the election of the new Directors. The meeting was attended by eight of the ten new Directors, and another new Director who was absent from the meeting due to a schedule conflict expressed his support for the Board. As the first item on the agenda, the Directors elected Mr. Andrew Y. Yan, Managing Partner of SAIF Partners, as the Chairman of the Board. Throughout the meeting, the Board stressed its unwavering commitment to shareholder value creation and its intent to explore future dividend plans. Further, as the first steps to rectify the disruptions and chaos created by the previous board of the Company, the Board unanimously resolved that it will work diligently with the management and the advisors of the Company to appoint a new auditor of the Company so that the trading of the Company's shares on NASDAQ can be resumed as soon as possible, to properly and legally resolve the Company's ongoing litigations with shareholders, and to take necessary steps to defend the election results of the Special Meeting and restore stable operations of the Company. To this end, the Board declared that no individual or entity shall be entitled to represent the Company unless they are properly authorized by the Board or the management. At the meeting, the Board confirmed that Mr. Yin Weidong shall continue to serve as Executive Director and Chief Executive Officer of the Company. The Board thanked the current management for their extraordinary efforts in the past few years in navigating the Company through various challenges and confirmed its support of the current management to continue to lead the Company. Mr. Yin Weidong thanked the Board for its trust and expressed his confidence in the Company under the leadership of the Board. Mr. Andrew Y. Yan, Chairman of the SINOVAC Board, commented, "I am honored to be elected Chairman at this pivotal moment in SINOVAC's journey. With the support of our new Board, which fairly represents all shareholders' interest, we are committed to rebuilding trust, enhancing transparency, and delivering long-term value to our shareholders. This marks the beginning of a new era for the Company—one grounded in sound governance, operational excellence, and global ambition. I am confident that, together with management, we will lead SINOVAC into a stronger, more sustainable future." 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. 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 Sinovac Biotech ir@ Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
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
Yahoo
09-07-2025
- Business
- Yahoo
Sinovac Shareholders Vote to Remove Current Directors and Elect SAIF Partners Nominees to Board at Special Meeting
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 NEW YORK, July 09, 2025--(BUSINESS WIRE)--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 Contacts Media Contacts Jonathan Gasthalter/Mark Semer/Grace CartwrightGasthalter & Co.+1 (212) 257 4170SAIF@ Investor Contacts Paul Schulman/Bill Dooley/Jon EylSodali & Co.+ 1 (203) 658-9400SAIF@ Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
07-07-2025
- Business
- Yahoo
CORRECTING and REPLACING SAIF Partners: Now is Your Last Chance to Vote for Board Change at Sinovac
Sinovac's Special Meeting of Shareholders is Just Days Away; Your Vote Matters No Matter How Many Shares You Own SAIF Partners Urges Shareholders to Vote the GOLD Proxy Card "FOR" its Director Candidates to End Years of Chaos, Restore Credibility and Unlock Long-Term Value for All Sinovac Shareholders NEW YORK, July 02, 2025--(BUSINESS WIRE)--Third paragraph, second sentence of release should read: These include the current Board's failure to actively engage with management, its lack of sound financial reasoning for its proposed dividend figures, its apparent unwillingness to hire a new independent auditor after it drove Sinovac's prior public accounting firm to resign in April, and its poor governance practices. The updated release reads: SAIF PARTNERS: NOW IS YOUR LAST CHANCE TO VOTE FOR BOARD CHANGE AT SINOVAC Sinovac's Special Meeting of Shareholders is Just Days Away; Your Vote Matters No Matter How Many Shares You Own SAIF Partners Urges Shareholders to Vote the GOLD Proxy Card "FOR" its Director Candidates to End Years of Chaos, Restore Credibility and Unlock Long-Term Value for All Sinovac Shareholders SAIF Partners IV L.P., ("SAIF Partners", "we" or "us"), the largest single investor in Sinovac Biotech Ltd. ("Sinovac" or the "Company") which beneficially owns approximately 15% of the Company's outstanding common shares, today urged shareholders to immediately vote "FOR" the election of SAIF Partners' ten highly qualified director candidates to the Company's Board of Directors (the "Board") using the GOLD proxy card. Sinovac's Special Meeting of Shareholders (the "Special Meeting") – scheduled for Tuesday, July 8 at 8:00 p.m. Atlantic Standard Time (Wednesday, July 9 at 8:00 a.m. China Standard Time) – is just days away, and time is running out to cast your vote for change. SAIF Partners firmly believes that Sinovac's current Board – the majority of whose members were not duly elected by shareholders or sanctioned by the Privy Council – does not act in the interests of all shareholders, and in fact only began to do so when it was publicly pressured. Further, we believe the current Board lacks integrity, industry experience, management expertise, and respect for the law necessary to fulfill its lofty promises to shareholders. As such, we do not believe the current Board has the capability to resolve the Company's most pressing issues, including concluding its numerous lawsuits and ending the six-year suspension of the trading of Sinovac's common shares in the public markets. Most importantly, however, we are highly skeptical of the current Board's ability to follow through on its plan to issue significant dividends to shareholders for several concerning reasons. These include the current Board's failure to actively engage with management, its lack of sound financial reasoning for its proposed dividend figures, its apparent unwillingness to hire a new independent auditor after it drove Sinovac's prior public accounting firm to resign in April, and its poor governance practices. These issues, among others, lead us to believe that the current Board has put forth its massive dividend distribution plan simply to win shareholders' support and retain their positions, even though it lacks the capabilities to follow through on its stated promise. Ultimately, we believe that meaningful change is urgently needed on Sinovac's Board to restore the Company's credibility with investors and regulators and unlock the tremendous long-term value embedded within Sinovac for all shareholders. If elected, our nominees will work closely with management to deliver shareholders the long-overdue dividends they deserve and establish a long-term business strategy that will maximize the value of the Company for all shareholders. Now is Your Chance to Elect a Board that Will Act in the Best Interest of ALL Sinovac Shareholders Vote the GOLD Proxy Card Today "FOR" Proposal 1 and Proposal 2 to Remove Sinovac's Current Board and Elect SAIF Partners' Highly Qualified Director Candidates VISIT TO CAST YOUR VOTE USING YOUR UNIQUE CONTROL NUMBER LOCATED ON YOUR GOLD PROXY CARD. IF YOU RECEIVED A GOLD PROXY CARD BY EMAIL, CLICK THE LINK IN YOUR EMAIL TO CAST YOUR VOTE IF YOU DID NOT RECEIVE A GOLD PROXY CARD OR IF YOU HAVE LOST YOUR GOLD PROXY CARD, CHECK YOUR SPAM FOLDER OR CONTACT YOUR BROKER TO ASK FOR YOUR CONTROL NUMBER. IF YOU HAVE ALREADY VOTED USING THE COMPANY'S WHITE PROXY CARD, YOU CAN STILL CHANGE YOUR VOTE BY USING YOUR GOLD PROXY CARD. 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 Contacts Media Contacts Jonathan Gasthalter/Mark Semer/Grace CartwrightGasthalter & Co.+1 (212) 257 4170SAIF@ Investor Contacts Paul Schulman/Bill Dooley/Jon EylSodali & Co.+ 1 (203) 658-9400SAIF@ Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
