SINOVAC Board of Directors Prevails Against Advantech/Prime's Lawsuit in Hong Kong
BEIJING--(BUSINESS WIRE)--Jun 27, 2025--
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 prevailed against the latest lawsuit filed by Advantech/Prime Success ('Advantech/Prime') in Hong Kong. This result follows Advantech/Prime's recently failed petition in New York last week, which was a repeated attempt by the purported PIPE Investors to block or delay a hearing for interim relief sought by the Company et al at the Antiguan High Court and to interfere with the payment of the US$55.00 per common share special cash dividend to valid shareholders of the Company as declared by the current SINOVAC Board.
On June 24, Advantech/Prime delivered via email an ex parte Summons to SINOVAC, 1Globe Capital LLC ('1Globe') and OrbiMed Partners Master Fund Limited ('OrbiMed') for an 'interim-interim' injunction application (the 'Application'). Vivo Capital also sought to join the Application on June 26. After the emergent hearing at the High Court of Hong Kong on June 27, the court refused to grant any of the relief sought in the Summons. Among other things, the judge also criticized Advantech/Prime for:
The court also ordered that legal costs incurred in the Application by SINOVAC, 1Globe and OrbiMed be compensated by Advantech/Prime, with quantum to be assessed.
Advantech/Prime's continued multi-jurisdictional lawfare is intended to interfere with rightful dividend payments to SINOVAC's valid shareholders and distract from its long history of self-serving schemes. These schemes include:
The current SINOVAC Board remains committed to its mission of restoring fairness, delivering value, and protecting the rights of all valid 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 Former 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 [email protected].
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, www.sec.gov, or from SINOVAC at its website: https://www.sinovac.com/en-us/Investors/sec_filings. 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 [email protected].
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 businesswire.com:https://www.businesswire.com/news/home/20250627358670/en/
CONTACT: Investor and Media Contact
FGS Global
[email protected]
KEYWORD: ASIA PACIFIC HONG KONG
INDUSTRY KEYWORD: BIOTECHNOLOGY PHARMACEUTICAL HEALTH
SOURCE: The Board of Directors of Sinovac Biotech Ltd.
Copyright Business Wire 2025.
PUB: 06/27/2025 07:12 PM/DISC: 06/27/2025 07:12 PM
http://www.businesswire.com/news/home/20250627358670/en
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
22 minutes ago
- Yahoo
China bans uncertified and recalled power banks on planes
BEIJING (Reuters) -China's aviation regulator will from Saturday ban passengers from carrying power banks without Chinese safety certification markings, as well as those recently recalled by manufacturers because of safety concerns. The move, which applies to anyone boarding a flight in China, follows a series of incidents globally involving lithium battery products, including power banks, overheating on planes. South Korea said a spare power bank was a possible cause of a fire that engulfed an Air Busan plane in January, and in March a Hong Kong Airlines flight from China to Hong Kong was forced to land in China due to a fire in an overhead baggage compartment. Lithium batteries in devices such as laptops, mobile phones, electronic cigarettes and power banks can produce smoke, fire or extreme heat when manufacturing faults or damage cause them to short circuit. They are a growing concern for aviation safety as passengers carry more battery-powered items on flights. Last year three incidents every two weeks of overheating lithium batteries on planes were recorded globally by the U.S. Federal Aviation Administration, compared to just under one a week in 2018. China's Civil Aviation Administration said on Thursday power banks must be clearly marked with "3C" certification, short for China Compulsory Certification, which authorities require for products that could impact health, safety, and environmental protection. Several leading power bank manufacturers in China including Anker and Romoss have this month recalled batches of battery products due to safety concerns. China's market regulator has revoked or suspended the 3C certification of several power bank and battery cell manufacturers. Since the Air Busan incident, airlines globally have been tightening power bank rules. Aviation rules generally say power banks should be carried in cabin baggage, but increasingly airlines are banning their use on board and say they must be kept within view to spot any problems. China has since 2014 forbidden passengers from charging devices using power banks during flights. Southwest Airlines at the end of May became the first U.S. airline to say portable charging devices must be visible while in use during flight.
Yahoo
23 minutes ago
- Yahoo
Aston Martin sues Italian supplier for freezing deliveries
Aston Martin has sued a key supplier that halted deliveries fearing that the carmaker would not pay its bills. Warwickshire-based Aston Martin has been forced to take legal action against IMR Industries after the Italian manufacturer stopped deliveries of vital components. IMR, which also supplies the likes of Ferrari and Maserati, is understood to have ceased shipments because of concerns that Aston Martin's financial troubles would leave it unable to pay for the parts delivered. A source close to Aston Martin insisted the company always paid its suppliers on time. It comes as Aston Martin, which is overseen by billionaire Lawrence Stroll, battles to stem years of losses and get debts under control. Like other carmakers, the luxury marque has also been buffeted by Donald Trump's tariffs on vehicle imports, which prompted the company to temporarily suspend deliveries to the US this year. IMR is understood to have stopped delivering parts to Aston Martin around a fortnight ago. Production has so far been unaffected by the disruption thanks to sufficient stockpiles. However, Aston Martin has now taken legal action against IMR, filing a lawsuit for breach of contract in the UK's High Court on June 19. An initial hearing was held last Thursday, where the case was adjourned while IMR builds its defence. But a High Court judge issued a temporary injunction ordering IMR Industries to restart deliveries. Aston Martin has received supplies in the days since. The carmaker is now seeking a permanent injunction to force IMR Industries to continue making deliveries for the remaining period of the contract. Aston Martin has enlisted lawyers from City firm Gowling WLG to make its case. A spokesman for Aston Martin said: 'In keeping with Aston Martin policy, we do not comment on ongoing litigation.' IMR Industries and Gowling WLG were contacted for comment. IMR was founded 60 years ago and has two sites based near Milan and Pescara in southern Italy. The manufacturer, which employs around 1,300 staff across six plants, makes exterior parts used on luxury cars as well as interior leather trims. Clients include Bentley, Ferrari, Maserati, BMW and Porsche. Aston Martin has a multi-year contract with IMR to supply components, including both body and interior parts. The clash comes as Aston Martin struggles to find a firm footing for its business. Shares have lost more than 90pc of their value since the company first listed on the London Stock Exchange in 2018 and Aston Martin has been through a succession of chief executives, each of whom has struggled to find a path to profitability. Aston Martin issued back-to-back profits last year, blamed on issues with its supply chains and an economic slowdown in China. The company lost £289m last year and saw its debts jump by 43pc to £1.1bn. It has also been severely affected by Mr Trump's 25pc tariffs on all cars and car parts imported into the US. The levies caused Aston Martin to temporarily pause all shipments to America, a key market, for a month. In February, Aston Martin outlined plans to cut 170 jobs in a bid to reduce its costs by £25m a year. It has also outlined plans to sell its stake in the Aston Martin Aramco Formula One Team for £125m to help reduce its debts. The British carmaker, which was founded in 1913 and is known for its association with James Bond, is aiming to turn around its performance by ironing out issues with production that have dogged the business. Adrian Hallmark, the chief executive who formerly ran Bentley, said this year his focus was on 'operational execution and delivering financial sustainability'. Mr Hallmark was appointed last year by Mr Stroll, the Canadian tycoon who seized control of Aston Martin in 2020 through a bailout. Broaden your horizons with award-winning British journalism. Try The Telegraph free for 1 month with unlimited access to our award-winning website, exclusive app, money-saving offers and more. 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
23 minutes ago
- Yahoo
Goldman Sachs warns tariffs won't help the U.S. boost manufacturing productivity as tech in American factories continues to lag
U.S. manufacturing has decelerated recently, both as a result of increased competition from China and as part of a broader manufacturing productivity slowdown. Goldman Sachs analysts argue tariffs will not lower supply chain and labor costs enough to boost reshoring, and instead, increased automation will be the most likely driver of a manufacturing productivity boost. As China continues to best the United States in manufacturing capabilities, tariffs may not be America's best bet to boost factory productivity. Instead, the U.S. should look to AI and automation to gain an edge in manufacturing, Goldman Sachs analysts argue. President Donald Trump aspires to return factory jobs to American shores by imposing steep tariffs on U.S. manufacturing rivals, but the taxes can only incentivize reshoring so much, analysts said in a note published Thursday. Instead, manufacturers should look to automation and the ever-more-accessible artificial intelligence as their best chance for boosting domestic manufacturing. 'A pickup in the pace of innovation—potentially from recent advances in robotics and generative AI—therefore remains the catalyst most likely to reverse the long-run stagnation in manufacturing productivity,' analyst Joseph Briggs and colleagues said in the note. As China capitalizes on automation and cheaper labor to grow its export footprint, the Bank of America Institute has found mounting evidence of a recent U.S. manufacturing slowdown, including U.S. Census Bureau data showing new orders for manufactured durable goods decreasing 6.3% in April. The Institute of Supply Management Manufacturing Purchasing Managers' Index (PMI) has fallen since March, also indicating a contraction. The U.S.'s productivity woes are part of a larger manufacturing productivity slowdown happening over the last two decades as a result of investment pullback following the global financial crisis, as well as a slowdown in the burst of technological advancements of the early 2000s, according to Goldman Sachs. Trump's tariff plans for China—which the president has not disclosed, despite touting a new trade deal—aim to help the U.S. claw back manufacturing opportunities from its economic rival. But while they make consumers' lives more expensive, they are not a panacea for manufacturers, the bank argued in its note. 'Tariffs are unlikely to result in much reshoring because production costs in other countries are well below the U.S.' for most products (even after accounting for tariffs), and China will likely continue to grow its exports on the back of cost advantages and industrial policy support,' the note said. Instead, analyst Briggs said, the U.S. should focus on another area in which it's lagging: automation. The U.S. has trailed other manufacturing giants in implementing AI into factory operations, according to a Boston Consulting Group (BCG) Henderson Institute report released earlier this month. Only 46% of U.S. respondents of BCG's Global Manufacturing Survey of 1,000 manufacturers reported multiple use cases of AI in their plants, falling short of the 62% average and lagging behind China's 77%. 'This is one of the key technologies that I think could drive productivity growth in a cost-competitive manner,' Briggs told Fortune. 'And we just haven't seen that occur on a meaningful scale yet.' The U.S. did not previously invest in factory automation as a result of a 'hangover' from the global financial crisis, Briggs said, but the U.S. now has a real shot at prioritizing factory technology updates, given the growing ubiquity and therefore affordability of automation and AI. Companies such as aviation precision parts-maker MSP Manufacturing have already begun to adapt accordingly. MSP president and chief operating officer Johnny Goode recently learned of an AI-powered software able to program the machine building the precision parts, reducing production time from an hour and a half to seven minutes per part—plus 15 minutes necessary for a human operator to refine it. 'I was like, holy snap, this is going to be a game changer,' Goode told Fortune's Jeremy Kahn this week. 'Going from 90 minutes to 22 minutes is a big deal, and we've seen that get even better as we've learned to use the software more.' Goldman Sachs analysts conceded that while automation provides the largest area for growth in manufacturing productivity in the U.S., it is unlikely to solve the broader manufacturing slowdown, which is global. The slowdown is 'historically unusual,' Briggs said, with the maturation of the tech sector the likely culprit. Any hope for a global uptick in productivity would come from mass advancement and adoption of AI and robotics on a large scale. 'The main thing that would drive a large pickup in manufacturing productivity and manufacturing growth would be a sharp increase in the pace of innovation,' Briggs said. 'And this type of inflection upwards and technological progress are very hard to predict.' Advancement in tech could have a two-fold benefit for domestic manufacturing productivity, both in driving factory investments and in bettering technology to be installed in factories to automate tasks. But with the specifics of the future of AI and automation applications still unknown, it's difficult to predict whether a reversal of a domestic manufacturing slowdown is truly possible. 'We just need to see it happen before we have a lot of confidence in that dynamic being a big driver,' Briggs said. This story was originally featured on
