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Associated Press
8 hours ago
- Business
- Associated Press
Prime Success Responds to Sinovac Biotech's False and Misleading Claims
HONG KONG--(BUSINESS WIRE)--Jun 14, 2025-- Prime Success L.P., (together with its affiliates, 'Prime Success' or 'we'), a significant shareholder of Sinovac Biotech Ltd. (NASDAQ: SVA) ('Sinovac' or the 'Company') with ownership of approximately 8% of the Company's outstanding shares, today issued the following letter in response to the Company's recent false and misleading claims relating to the upcoming Special Meeting of Shareholders (the 'Special Meeting') scheduled for July 8, 2025. The full text of the letter is below and available at Dear fellow Sinovac shareholders, Prime Success, L.P. (together with its affiliates, 'Prime Success' or 'we'), a significant shareholder of Sinovac Biotech Ltd. (NASDAQ: SVA) ('Sinovac' or the 'Company'), continues to be disappointed by the current Board's ('1Globe Activist Board') distortion of the facts about what is at stake at the upcoming Special Meeting of Shareholders (the 'Special Meeting') scheduled for July 8, 2025. In our June 10 letter we addressed several of the 1Globe Activist Board's misstatements and are taking the opportunity to remind all shareholders why the 1Globe Activist Board cannot be trusted: 1. Prime Success is insisting that a dividend be distributed – for all shareholders The 1Globe Activist Board's false comments are just not credible – why would any investor be against receiving a dividend? The 1Globe Activist Board wants you to believe that Prime Success is the reason that dividends have not been distributed, but we are not the Company and are not on the Board, and dividend distribution decisions are not ours to make. We can only continue to advocate on behalf of all shareholders that they should be made. Under the leadership of a SAIF Partners IV L.P. ('SAIF') nominated Board — composed of seasoned professionals with proven governance experience, deep operational insight, and a track record of building real, lasting value — we are confident that the pattern of internal conflict and ongoing litigation fueled by the 1Globe Activist Board can be broken, and shareholders can look forward to more future dividends. But that will not be possible with the 1Globe Activist Board in power as they have made clear they prioritize endless litigation over the Company's long-term success. 2. The 1Globe Activist Board is deliberately baiting shareholders by setting the dividend distribution date for one day after the Special Meeting. We call upon the Company to make dividend distributionbeforethe Special Meeting The 1Globe Activist Board deliberately set the dividend date for one day after the Special Meeting which creates the false impression that shareholders must vote for the incumbents to receive the dividends. But the upcoming Special Meeting will determine the Company's future direction and the long-term interests of all shareholders. We call on the 1Globe Activist Board to allow for a fair, pro rata distribution of dividends and to move the date of the dividend distribution to before the Special Meeting so the meeting can refocus on its proper purpose: electing a competent Board. 3. The 1Globe Activist Board distorts historic facts to aggrandize 1Globe and smear legitimate investors Let's compare facts against rhetoric of the 1Globe Activist Board. Over the past seven years, what have we contributed to the Company? The critical lifeline investments from Prime Success and Vivo Capital, LLC, combined with management's determined efforts, enabled Sinovac to seize a pivotal opportunity: the development of CoronaVac. This initiative ultimately resulted in the delivery of billions of doses to over 60 countries, generating substantial revenues while saving countless lives. Without the success of CoronaVac, there would not be any sizable dividend to distribute now. In contrast, what has 1Globe done for the Company? It has initiated multi-jurisdictional litigation against Sinovac, leading to a waste of company resources. The 1Globe Activist Board's mischaracterization of 1Globe and Prime Success' relative contribution to Sinovac and its shareholders reveals its deeply partisan nature. 4. Shareholders: looking forward, it's time to focus on what truly matters – the future of your investment in Sinovac Sinovac needs a Board that will roll up its sleeves and run the business, guiding the Company forward on a stable, productive path. The slate put forward by SAIF, consisting of representatives from all shareholders owning more than 5% of the Company's equity stake, many of whom possess deep industry experience, achieves exactly that. We urge all shareholders to focus on the future and choose the leadership that will best secure our Company's success in the years to come. We look forward to continuing to make our case for change to our fellow shareholders and encourage them to wait for and read SAIF's proxy materials before voting for the Special Meeting on July 8, 2025. Sincerely, Prime Success, L.P. About Prime Success, L.P. Prime Success is an investment vehicle established by Advantech Capital specifically to invest in Sinovac and Sinovac Life Sciences; Advantech Capital is a private equity fund established in 2016 with a focus on innovation-driven growth opportunities in China. View source version on CONTACT: Media Contact Longacre Square Partners Dan Zacchei / Miller Winston [email protected] KEYWORD: ASIA PACIFIC HONG KONG INDUSTRY KEYWORD: ASSET MANAGEMENT PROFESSIONAL SERVICES FINANCE SOURCE: Prime Success L.P. Copyright Business Wire 2025. PUB: 06/14/2025 12:00 AM/DISC: 06/13/2025 11:58 PM
Yahoo
10 hours ago
- Business
- Yahoo
Prime Success Responds to Sinovac Biotech's False and Misleading Claims
For More Information, Visit HONG KONG, June 14, 2025--(BUSINESS WIRE)--Prime Success L.P., (together with its affiliates, "Prime Success" or "we"), a significant shareholder of Sinovac Biotech Ltd. (NASDAQ: SVA) ("Sinovac" or the "Company") with ownership of approximately 8% of the Company's outstanding shares, today issued the following letter in response to the Company's recent false and misleading claims relating to the upcoming Special Meeting of Shareholders (the "Special Meeting") scheduled for July 8, 2025. The full text of the letter is below and available at Dear fellow Sinovac shareholders, Prime Success, L.P. (together with its affiliates, "Prime Success" or "we"), a significant shareholder of Sinovac Biotech Ltd. (NASDAQ: SVA) ("Sinovac" or the "Company"), continues to be disappointed by the current Board's ("1Globe Activist Board") distortion of the facts about what is at stake at the upcoming Special Meeting of Shareholders (the "Special Meeting") scheduled for July 8, 2025. In our June 10 letter we addressed several of the 1Globe Activist Board's misstatements and are taking the opportunity to remind all shareholders why the 1Globe Activist Board cannot be trusted: 1. Prime Success is insisting that a dividend be distributed – for all shareholders The 1Globe Activist Board's false comments are just not credible – why would any investor be against receiving a dividend? The 1Globe Activist Board wants you to believe that Prime Success is the reason that dividends have not been distributed, but we are not the Company and are not on the Board, and dividend distribution decisions are not ours to make. We can only continue to advocate on behalf of all shareholders that they should be made. Under the leadership of a SAIF Partners IV L.P. ("SAIF") nominated Board — composed of seasoned professionals with proven governance experience, deep operational insight, and a track record of building real, lasting value — we are confident that the pattern of internal conflict and ongoing litigation fueled by the 1Globe Activist Board can be broken, and shareholders can look forward to more future dividends. But that will not be possible with the 1Globe Activist Board in power as they have made clear they prioritize endless litigation over the Company's long-term success. 2. The 1Globe Activist Board is deliberately baiting shareholders by setting the dividend distribution date for one day after the Special Meeting. We call upon the Company to make dividend distribution before the Special Meeting The 1Globe Activist Board deliberately set the dividend date for one day after the Special Meeting which creates the false impression that shareholders must vote for the incumbents to receive the dividends. But the upcoming Special Meeting will determine the Company's future direction and the long-term interests of all shareholders. We call on the 1Globe Activist Board to allow for a fair, pro rata distribution of dividends and to move the date of the dividend distribution to before the Special Meeting so the meeting can refocus on its proper purpose: electing a competent Board. 3. The 1Globe Activist Board distorts historic facts to aggrandize 1Globe and smear legitimate investors Let's compare facts against rhetoric of the 1Globe Activist Board. Over the past seven years, what have we contributed to the Company? The critical lifeline investments from Prime Success and Vivo Capital, LLC, combined with management's determined efforts, enabled Sinovac to seize a pivotal opportunity: the development of CoronaVac. This initiative ultimately resulted in the delivery of billions of doses to over 60 countries, generating substantial revenues while saving countless lives. Without the success of CoronaVac, there would not be any sizable dividend to distribute now. In contrast, what has 1Globe done for the Company? It has initiated multi-jurisdictional litigation against Sinovac, leading to a waste of company resources. The 1Globe Activist Board's mischaracterization of 1Globe and Prime Success' relative contribution to Sinovac and its shareholders reveals its deeply partisan nature. 4. Shareholders: looking forward, it's time to focus on what truly matters – the future of your investment in Sinovac Sinovac needs a Board that will roll up its sleeves and run the business, guiding the Company forward on a stable, productive path. The slate put forward by SAIF, consisting of representatives from all shareholders owning more than 5% of the Company's equity stake, many of whom possess deep industry experience, achieves exactly that. We urge all shareholders to focus on the future and choose the leadership that will best secure our Company's success in the years to come. We look forward to continuing to make our case for change to our fellow shareholders and encourage them to wait for and read SAIF's proxy materials before voting for the Special Meeting on July 8, 2025. Sincerely,Prime Success, L.P. About Prime Success, L.P. Prime Success is an investment vehicle established by Advantech Capital specifically to invest in Sinovac and Sinovac Life Sciences; Advantech Capital is a private equity fund established in 2016 with a focus on innovation-driven growth opportunities in China. View source version on Contacts Media Contact Longacre Square PartnersDan Zacchei / Miller Winstonadvantech@
Business Wire
10 hours ago
- Business
- Business Wire
Prime Success Responds to Sinovac Biotech's False and Misleading Claims
HONG KONG--(BUSINESS WIRE)--Prime Success L.P., (together with its affiliates, 'Prime Success' or 'we'), a significant shareholder of Sinovac Biotech Ltd. (NASDAQ: SVA) ('Sinovac' or the 'Company') with ownership of approximately 8% of the Company's outstanding shares, today issued the following letter in response to the Company's recent false and misleading claims relating to the upcoming Special Meeting of Shareholders (the 'Special Meeting') scheduled for July 8, 2025. The full text of the letter is below and available at Dear fellow Sinovac shareholders, Prime Success, L.P. (together with its affiliates, 'Prime Success' or 'we'), a significant shareholder of Sinovac Biotech Ltd. (NASDAQ: SVA) ('Sinovac' or the 'Company'), continues to be disappointed by the current Board's ('1Globe Activist Board') distortion of the facts about what is at stake at the upcoming Special Meeting of Shareholders (the 'Special Meeting') scheduled for July 8, 2025. In our June 10 letter we addressed several of the 1Globe Activist Board's misstatements and are taking the opportunity to remind all shareholders why the 1Globe Activist Board cannot be trusted: 1. Prime Success is insisting that a dividend be distributed – for all shareholders The 1Globe Activist Board's false comments are just not credible – why would any investor be against receiving a dividend? The 1Globe Activist Board wants you to believe that Prime Success is the reason that dividends have not been distributed, but we are not the Company and are not on the Board, and dividend distribution decisions are not ours to make. We can only continue to advocate on behalf of all shareholders that they should be made. Under the leadership of a SAIF Partners IV L.P. ('SAIF') nominated Board — composed of seasoned professionals with proven governance experience, deep operational insight, and a track record of building real, lasting value — we are confident that the pattern of internal conflict and ongoing litigation fueled by the 1Globe Activist Board can be broken, and shareholders can look forward to more future dividends. But that will not be possible with the 1Globe Activist Board in power as they have made clear they prioritize endless litigation over the Company's long-term success. 2. The 1Globe Activist Board is deliberately baiting shareholders by setting the dividend distribution date for one day after the Special Meeting. We call upon the Company to make dividend distribution before the Special Meeting The 1Globe Activist Board deliberately set the dividend date for one day after the Special Meeting which creates the false impression that shareholders must vote for the incumbents to receive the dividends. But the upcoming Special Meeting will determine the Company's future direction and the long-term interests of all shareholders. We call on the 1Globe Activist Board to allow for a fair, pro rata distribution of dividends and to move the date of the dividend distribution to before the Special Meeting so the meeting can refocus on its proper purpose: electing a competent Board. 3. The 1Globe Activist Board distorts historic facts to aggrandize 1Globe and smear legitimate investors Let's compare facts against rhetoric of the 1Globe Activist Board. Over the past seven years, what have we contributed to the Company? The critical lifeline investments from Prime Success and Vivo Capital, LLC, combined with management's determined efforts, enabled Sinovac to seize a pivotal opportunity: the development of CoronaVac. This initiative ultimately resulted in the delivery of billions of doses to over 60 countries, generating substantial revenues while saving countless lives. Without the success of CoronaVac, there would not be any sizable dividend to distribute now. In contrast, what has 1Globe done for the Company? It has initiated multi-jurisdictional litigation against Sinovac, leading to a waste of company resources. The 1Globe Activist Board's mischaracterization of 1Globe and Prime Success' relative contribution to Sinovac and its shareholders reveals its deeply partisan nature. 4. Shareholders: looking forward, it's time to focus on what truly matters – the future of your investment in Sinovac Sinovac needs a Board that will roll up its sleeves and run the business, guiding the Company forward on a stable, productive path. The slate put forward by SAIF, consisting of representatives from all shareholders owning more than 5% of the Company's equity stake, many of whom possess deep industry experience, achieves exactly that. We urge all shareholders to focus on the future and choose the leadership that will best secure our Company's success in the years to come. We look forward to continuing to make our case for change to our fellow shareholders and encourage them to wait for and read SAIF's proxy materials before voting for the Special Meeting on July 8, 2025. Sincerely, Prime Success, L.P. About Prime Success, L.P. Prime Success is an investment vehicle established by Advantech Capital specifically to invest in Sinovac and Sinovac Life Sciences; Advantech Capital is a private equity fund established in 2016 with a focus on innovation-driven growth opportunities in China.
Associated Press
2 days ago
- Business
- Associated Press
SINOVAC's Board of Directors Issues a Letter to Shareholders Outlining Clear Pathway to Restore Fairness and Deliver Value to All Shareholders
BEIJING--(BUSINESS WIRE)--Jun 12, 2025-- Sinovac Biotech Ltd. (NASDAQ: SVA) (' SINOVAC ' or the ' Company '), a leading provider of biopharmaceutical products in China, today announced that it intends to file its definitive proxy materials in the coming days 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). Valid shareholders of record as of the close of business on May 19, 2025 are entitled to vote at the meeting. SINOVAC's Board of Directors (the ' SINOVAC Board ') also issued a letter to shareholders. The full text of the letter follows: Dear SINOVAC Shareholder, We are at a critical juncture for SINOVAC and, as a valued shareholder in the Company, you face an important decision at the upcoming Special Meeting of Shareholders. A dissenting investor group led by Advantech/Prime Success ('Prime Success') and Vivo Capital (together known as the 'Dissenting Investor Group') has launched a hostile attempt to remove the SINOVAC Board. Prime Success and Vivo Capital are not legitimate shareholders of the Company. Their ownership is the result of an invalid private investment in public equity ('PIPE'), which is in the process of being unwound. The PIPE transaction was authorized by an illegitimate former board, which lost its seats at the February 2018 Annual General Meeting and failed to accept the outcome despite a clear shareholder vote. The UK Privy Council, in an unappealable ruling in January 2025, deemed this board to be an 'Imposter Board'. Yet, during the years when the Imposter Board refused to vacate office, they distributed nearly US$2 billion in dividends to themselves, while distributing nothing to the valid shareholders of SINOVAC (including 1Globe Capital and OrbiMed). Additionally, the Dissenting Investor Group and Imposter Board collaborated to buy out SINOVAC at just US$7.00 per share, below market price, which was rejected by 1Globe Capital, the largest minority shareholder. Since the Dissenting Investor Group knows they are not legitimate shareholders, they have requested the Special Shareholder Meeting through SAIF Partners to replace the SINOVAC Board with their own slate of nominees (the 'Dissident Slate'). We urge you not to be distracted by the Dissenting Investor Group's hostile actions and false claims, nor to believe their sudden support of the dividend we declared, their empty promises to distribute more cash to you in the future, or the false allegations against the SINOVAC Board in their recent letter dated June 10, 2025. As we detailed in our April 29 letter, the Dissenting Investor Group's self-serving actions blatantly interfere with the fair governance of our Company and pose a direct threat to the value of your investment and the future of SINOVAC. The Dissenting Investor Group's goal is clear: to protect the ill-gotten gains they stripped from SINOVAC subsidiaries over the past seven years and reinstate a complacent and complicit board that will allow them to continue such behavior and profit alongside. The past actions of the Imposter Board – specifically, the invalid poison pill adopted in 2018 – directly caused the NASDAQ trading halt and the subsequent resignation of the Company's former independent auditor. The Dissenting Investor Group and the Imposter Board have prioritized their own financial interests over those of all SINOVAC shareholders, while simultaneously undermining shareholder value and corporate governance and creating challenges that the SINOVAC Board is now working expeditiously to resolve. At the Special Meeting of Shareholders, you will have a chance to send a clear message to the Dissenting Investor Group: SINOVAC will no longer be held captive to their self-dealing. We are moving forward, not backward. The rightful SINOVAC Board – reconstituted in February 2025 and led by respected and recognized industry leaders following seven years of legal efforts begun in 2018 by 1Globe Capital, SINOVAC's single largest shareholder – is steadfast in its commitment to act in the best interests of ALL investors. Importantly, the SINOVAC Board is fully aligned with the interests of common shareholders. 1Globe Capital and OrbiMed will vote their collective stake in SINOVAC AGAINST the Dissenting Investor Group's misguided proposals. Dr. Chiang Li, Chairman of the SINOVAC Board, despite being nominated to the Dissident Slate, unequivocally stands with the SINOVAC Board and firmly opposes the Dissenting Investor Group's proposals at the Special Meeting of Shareholders. As the founder and Chairman of 1Globe Capital, Dr. Li's track record over the past eight years speaks volumes about his unwavering commitment to governance, fairness, and shareholder value – including defending against multiple attempts by the Dissenting Investor Group at undervalued privatizations (US$7.00/share) and other transactions dilutive to SINOVAC shareholders, as well as personally financing the litigation that resulted in the non-appealable Privy Council ruling. SINOVAC's Board is focused on making shareholders whole, following years of self-serving practices by the Imposter Board, by: In contrast, the Dissident Slate, which includes several members of the Imposter Board, will continue the Dissenting Investor Group's track record of self-serving actions by: Actions Speak Louder Than Words: The SINOVAC Board Has Already Announced a Special Cash Dividend to Shareholders and a Commitment to Further Dividends The SINOVAC Board has taken decisive steps to make shareholders whole by restoring fairness, integrity, and value to SINOVAC's rightful shareholders after years of unfair practices under the Dissenting Investor Group-controlled Imposter Board. These steps include: The SINOVAC Board is Committed to Creating Sustainable Value In addition to distributing significant dividends to all SINOVAC shareholders, the SINOVAC Board is focused on: A Destructive Future Awaits Under the Dissident Slate We urge you – do not trust recent comments by Prime Success and Vivo Capital regarding their sudden embrace of dividends. How convenient is it that after years in which they lined their own pockets while you received nothing, they now are in support of dividends for all? These misleading comments are clearly an effort to further swindle shareholders and loot SINOVAC. And don't just take our word for it – refer to the Company's 2023 20-F, issued under the Imposter Board in April 2024, right after they granted the Dissenting Investor Group over US$800 million in dividends from SINOVAC's operating subsidiary: '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) Here's what you can expect if the Dissident Slate is elected at the upcoming Special Meeting of Shareholders: We cannot allow this pattern to continue. Your Vote Will Be Important This vote 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 look forward to sharing more details about the Dissenting Investor Group's misguided proposals in our proxy materials, which we intend to file in the coming days. Your vote will be critical to ensuring that SINOVAC remains on the path to stability, growth, and value creation for all shareholders. Moving Forward Together The SINOVAC Board is committed to restoring trust, fairness, and value for all shareholders. We are taking the necessary steps to correct the injustices of the past, investigate conflicts of interest, defend against the Dissenting Investor Group's hostile actions, and position SINOVAC for a brighter tomorrow. We thank you for your continued confidence and support as we work to protect your investment and the future of SINOVAC. Together, we can ensure that SINOVAC remains in the hands of leaders who are dedicated to acting in your best interests. Sincerely, The SINOVAC Board of Directors 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 will file with the U.S. Securities and Exchange Commission ('SEC') and mail to shareholders of record entitled to vote at the Special Meeting a 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. When filed with the SEC, the proxy statement and WHITE proxy card will also be mailed to shareholders of record. 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 proxy statement and other documents, free of charge, by contacting SINOVAC's Investor Relations Department at [email protected]. Other information regarding potential participants in any such proxy solicitation will be filed by SINOVAC. 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, including the Company's statements related to the Compliance Plan, and timing and actions taken to regain compliance with Nasdaq listing rules. Such statements are based upon the Company's current expectations and current market and operating conditions and relate to events that involve known or unknown risks, uncertainties and other factors, including without limitation risks, uncertainties and factors related to the timing of engaging independent auditors and completion of the audits of required fiscal periods, completion and filing of the 2024 Annual Report, the Compliance Plan, and actions taken to regain compliance with the Nasdaq listing rules, all of which are difficult to predict and many of which are beyond the Company's control, which may cause the Company's 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 does 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 CONTACT: Investor and Media Contacts FGS Global [email protected] KEYWORD: CHINA ASIA PACIFIC INDUSTRY KEYWORD: BIOTECHNOLOGY PHARMACEUTICAL OTHER MANUFACTURING GENERAL HEALTH HEALTH COVID-19 INFECTIOUS DISEASES MANUFACTURING SOURCE: Sinovac Biotech Ltd. Copyright Business Wire 2025. PUB: 06/12/2025 07:04 PM/DISC: 06/12/2025 07:02 PM
Yahoo
4 days ago
- Business
- Yahoo
Prime Success Sends Letter to Sinovac Biotech Shareholders
Details Why Change is Needed on Sinovac's Board in Order to Restore Company's Previous Success and Reverse Value-Destructive Path Taken Under Current Board Affirms Commitment to Seeing Company Reinstate Trading on the NASDAQ, Fairly Issue Dividends and Overhaul Corporate Governance Encourages Shareholders to Support Slate of Director Nominees Proposed by SAIF for Election at Upcoming July 8 Special Meeting For More Information, Visit HONG KONG, June 10, 2025--(BUSINESS WIRE)--Prime Success L.P., (together with its affiliates, "Prime Success" or "we"), a significant shareholder of Sinovac Biotech Ltd. (NASDAQ: SVA) ("Sinovac" or the "Company") with ownership of approximately 8% of the Company's outstanding shares, today issued a letter to shareholders in connection with the upcoming Special Meeting of Shareholders (the "Special Meeting") scheduled for July 8, 2025. The full text of the letter can be viewed here and by visiting In its letter, Prime Success outlines the need for change on Sinovac's Board of Directors (the "Board") and presents key reasons to support the election of SAIF Partners IV L.P.'s ("SAIF") nominees, who are committed to taking the following value-enhancing actions: Oversee a fair, equitable, and timely distribution of cash dividends, including fully supporting the payment of the announced dividend of approximately $55 per share to all shareholders, but also actively advocating for the distribution of future dividends from the subsidiaries. Prime Success wants to ensure that the value accumulated in the Company under the management team's leadership over the years is rightfully returned to all shareholders in a timely manner. Reinstate normal trading of the Company's shares on NASDAQ and stabilize operations by resolving the uncertainty created by the current Board and taking steps to put the external auditor back on track. Overhaul governance and rebuild investor trust by adhering to corporate governance best practices, promoting greater transparency and enhancing board accountability. Lay the groundwork for sustainable long-term growth by leveraging the candidates' independence, backgrounds, and expertise to support the Company's continued development and expansion. Prime Success contrasts this with the current Sinovac Board members, who have: Taken actions leading to and prolonging the 2019 NASDAQ halt of trading in the Company's shares, significantly harming Sinovac's growth. Impeded the Company's ability to issue dividends over the past seven years through prolonged litigation stemming from 1Globe Capital LLC's ("1Globe") undisclosed efforts to seize board control, causing significant shareholder harm. Wasted Company resources on multiple lawsuits across various forums at the broader shareholder base's expense. Weaponized Sinovac's allocation of capital as part of their attempt to invalidate the shares of long-term investors by attempting an unjust and potentially unlawful scheme of dividend distribution. Prioritized personal interests over fiduciary obligations to all shareholders by seeking to void the Company's contractual obligations to benefit current Board members. Created significant operational uncertainty by attempting to invalidate the decisions made by the prior Board that directly led to the Company's tremendous global commercial success in the past few years, resulting in the resignation of Sinovac's external auditor. Alienated management to such a significant degree that the Sinovac management team issued an unprecedented public statement calling for a new Board election.1 Appointed directors with flawed ethics through questionable and potentially unlawful procedures, resulting in disproportionate representation of investors and eroding shareholder trust. Prime Success shares its belief that supporting SAIF's slate is essential for the future success of Sinovac and encourages shareholders to wait for and read SAIF's proxy materials before voting for the Special Meeting on July 8, 2025. About Prime Success, L.P. Prime Success is an investment vehicle established by Advantech Capital specifically to invest in Sinovac and Sinovac Life Sciences; Advantech Capital is a private equity fund established in 2016 with a focus on innovation-driven growth opportunities in China. ____________________________________ 1 Press Release: SINOVAC Management Statement Regarding Auditor Resignation (April 22, 2025) View source version on Contacts Media Contact Longacre Square PartnersDan Zacchei / Miller Winstonadvantech@ 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
