SINOVAC Board Sets the Record Straight on July 8 Special Meeting of Shareholders

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.

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