Full Press Release Details
I would like to inform you that a 2025 Special
Meeting (the "Special Meeting") of Shareholders of Sinovac Biotech Ltd. will be held on Tuesday, 8 July 2025
at 8:00 p.m. Atlantic Standard Time (Wednesday, 9 July 2025 at 8:00 a.m. China Standard Time). The meeting will
be held at Stapleton Chambers Inc., Suite No. 2, Stapleton House, Stapleton Lane, Saint John's, Antigua and Barbuda with
online participation made available at www.cesonlineservices.com/sva25_vm. You may only participate in the online virtual meeting by registering
in advance at www.cesonlineservices.com/sva25_vm prior to the deadline of 8:00 p.m. Atlantic Standard Time on July 7, 2025.
Please have your voting instruction form, proxy card or other communication containing your control number available and follow the instructions
to complete your registration request. Upon completing registration, participants will receive further instructions via email, including
unique links that will allow them to access the Special Meeting and will permit them to submit questions during the Special Meeting.
At the Special Meeting, our shareholders will
vote on the following matters either by proxy or in person:
Proposal 1: The removal of the current Board installed
per the Privy Council's order and Antiguan law and which declared and is implementing payment of a $55/share dividend to valid shareholders;
Proposal 2: If the current Board is removed under
Proposal 1, the election of new directors (Simon Anderson, Shan Fu, Shuge Jiao, Chiang Li, Yuk Lam Lo, Yumin Qiu, Yu Wang, Rui-Ping Xiao,
Andrew Yan, and Weidong Yin); and
Proposal 3: Other Business.
As Chairman, I unequivocally support the
current Board, which is dedicated to protecting the interests of all shareholders and maximizing shareholder value, including through
the payment of multiple dividends to valid SINOVAC shareholders. Our current Board has valuable industry knowledge and experience and
is best positioned to continue the Company's current momentum and forward progress by developing long term business and development
strategies to benefit all valid shareholders.
OUR BOARD RECOMMENDS THAT YOU VOTE "AGAINST"
PROPOSAL 1 AND PROPOSAL 2.
SINOVAC BIOTECH LTD.
No. 39 Shangdi Xi Road
Haidian District, Beijing 100085
NOTICE OF SPECIAL MEETING OF SHAREHOLDERS
TO BE HELD ON JULY 8, 2025
You are cordially invited
to attend a Special Meeting of Shareholders (together with any adjournments, postponements or other delays thereof, the "Special
Meeting") of Sinovac Biotech Ltd. (the "Company") to be held on Tuesday, 8 July 2025 at 8:00 p.m. Atlantic
Standard Time (Wednesday, 9 July 2025 at 8:00 a.m. China Standard Time) pursuant to a requisition made by Cede &
Co., as the registered holder of 10,780,820 common shares of the Company, at the request of SAIF Partners IV L.P., the beneficial owner
The meeting will be held at Stapleton
Chambers Inc., Suite No. 2, Stapleton House, Stapleton Lane, Saint John's, Antigua and Barbuda with online participation
made available at www.cesonlineservices.com/sva25_vm. You may only participate in the online virtual meeting by registering in advance
at www.cesonlineservices.com/sva25_vm prior to the deadline of 8:00 p.m. Atlantic Standard Time on July 7, 2025. Please have
your voting instruction form, proxy card or other communication containing your control number available and follow the instructions to
complete your registration request. Upon completing registration, participants will receive further instructions via email, including
unique links that will allow them to access the Special Meeting and will permit them to submit questions during the Special Meeting.
On June 16, 2025, SAIF
filed a proxy statement in which it asks SINOVAC shareholders to vote to reconstitute a remnant of the Imposter Former Board (the "Reconstituted
Former Imposter Board Slate") that presided over seven years of ignoring or harming shareholders' rights and economic interests,
self-serving and favoring certain members (including Advantech/Prime Success and Vivo Capital) of the Former Management Buyout Group (which
would have succeeded in buying your shares at $7.00 per share in 2017/2018 if 1Globe had not stood up to their principals despite being
invited to join them), to unfairly dilute your ownership and to syphon off billions in dividends via shady deals and subsidiary transactions.
The choice is not difficult.
Please ask yourself, "Are you better off with your shares in the past 120 days than the seven years under the Imposter Former Board?"
and "Do your interests as a shareholder align more with the SINOVAC current Board which took office approximately 120 days ago,
or with the Imposter Former Board which presided over the seven years after the AGM in February 2018?" We are going forward,
SINOVAC shareholders deserve
better, and the current SINOVAC Board has already delivered in 120 days in office.
SAIF's proxy statement says it
is in favor of dividends, but the Reconstituted Former Imposter Board Slate it seeks to elect never declared a dividend during the seven
years it was empowered to do so. Indeed, the directors SAIF seeks to reseat doggedly pursued a "no dividends" policy while
authorizing billions of dollars in dividend payouts to themselves from our operating subsidiaries, as stated in April 2024 in the
Company's 2023 20-F:
"We have never declared
or paid any dividends, nor do we have any present plan to pay any cash dividends on Sinovac Antigua's shares in the foreseeable
future. We currently intend to retain most, if not all, of our available funds and any future earnings to operate and expand our
business." (emphasis added)
Why the sudden change of
Contrast the Reconstituted Former Imposter
Board Slate's long record of parsimony with the brief history of the current SINOVAC Board that SAIF seeks to remove.
SINOVAC shareholders, be
sure to check the dividend scoreboard before you vote.
| Dividend Commitments | Current SINOVAC Board | Imposter Former Board |
| $74 / share within four months 1, 2 | $0 during a more than 7-year period |
1 Since Privy Council ruling reinstating current SINOVAC
2 Not inclusive of the current SINOVAC
Board's stated intention to return an additional $14.73 per common share following cancellation of the PIPE shares or its
adoption of a new dividend policy that it believes may warrant an additional US$20.00 - US$50.00 per common share distribution.
| Distributions Received to Date | SINOVAC's Valid Shareholders | SAIF Supporters |
| $0 total | >$2 billion and counting |
In a rare display of veracity, SAIF
points out that SINOVAC shares have not traded for more than six years. What SAIF fails to mention is that the trading halt is the direct
result of self-dealing transactions undertaken by the very directors SAIF seeks to reseat.
The facts: In 2018, the Imposter
Former Board triggered the unlawful poison pill and improperly issued dilutive exchange shares, which directly caused the NASDAQ trading
halt in February 2019.
These same directors presided over
sham transactions and material weaknesses in financial reporting leading to the resignation of Grant Thornton, SINOVAC's independent
auditor, and causing further delays in the resumption of trading on NASDAQ. The frivolous lawsuits filed by Advantech/Prime Success and
Vivo Capital make the process of hiring an auditor firm challenging.
Promptly after being reinstated, the
current SINOVAC Board engaged with senior officials at NASDAQ, with whom they continue to work collaboratively to regain compliance with
listing standards and resume trading. These discussions have yielded full cooperation from the staff of NASDAQ in connection with the
US$55.00 per share special dividend.
the current SINOVAC Board has launched a formal exploration of a potential future listing of SINOVAC's shares on the Hong Kong exchange
in order to promote liquidity, mitigate geopolitical risk and maximize long term shareholder value with potential to achieve significant
value creation for shareholders once listed.
In four short months, the current
SINOVAC Board has made significant progress unwinding years of compliance shortcomings that directly led to the trading halt that occurred
on the watch of the very directors SAIF seeks to reseat.
Due to the shady deals and self-dealing
of Advantech/Prime Success, Vivo Capital and certain other members of the former Management Buyout Group and the subsequent lawfare campaign
waged to cover their tracks by the Imposter Former Board, SINOVAC has been saddled with multiple lawsuits since 2018. Fortunately, the
Privy Council provided a path forward for SINOVAC and its shareholders when it kicked out the Imposter Former Board, including the very
directors SAIF now seeks to reseat, in favor of the current SINOVAC Board that SAIF seeks to remove.
Advantech/Prime Success and Vivo Capital,
undeterred by the final, non-appealable ruling of the Privy Council, continued their campaign against SINOVAC and its valid shareholders,