# EDGAR Filing Document

**Accession Number:** 0001084201
**File Stem:** 0001104659-25-066303
**Filing Date:** 2025-7
**Character Count:** 35617
**Document Hash:** cb22992ba1d146cf8ecb8c124f60496c
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-25-066303.hdr.sgml**: 20250708

**ACCESSION NUMBER**: 0001104659-25-066303

**CONFORMED SUBMISSION TYPE**: 6-K

**PUBLIC DOCUMENT COUNT**: 6

**CONFORMED PERIOD OF REPORT**: 20250708

**FILED AS OF DATE**: 20250708

**DATE AS OF CHANGE**: 20250708

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** SINOVAC BIOTECH LTD
- **CENTRAL INDEX KEY:** 0001084201
- **STANDARD INDUSTRIAL CLASSIFICATION:** PHARMACEUTICAL PREPARATIONS [2834]
- **ORGANIZATION NAME:** 03 Life Sciences
- **EIN:** 000000000
- **STATE OF INCORPORATION:** B9
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 6-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-32371
- **FILM NUMBER:** 251109675

**BUSINESS ADDRESS:**
- **STREET 1:** NO. 39 SHANGDI XI ROAD
- **STREET 2:** HAIDIAN DISTRICT
- **CITY:** BEIJING
- **STATE:** F4
- **ZIP:** 100085
- **BUSINESS PHONE:** 86-10-82890088

**MAIL ADDRESS:**
- **STREET 1:** NO. 39 SHANGDI XI ROAD
- **STREET 2:** HAIDIAN DISTRICT
- **CITY:** BEIJING
- **STATE:** F4
- **ZIP:** 100085

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** NET FORCE SYSTEMS INC
- **DATE OF NAME CHANGE:** 19991110

**UNITED STATES<br> SECURITIES AND EXCHANGE COMMISSION**

**WASHINGTON, DC 20549**

**FORM 6-K**

**REPORT OF FOREIGN PRIVATE ISSUER**

**PURSUANT TO RULE 13a-16 OR 15d-16 UNDER**

**THE SECURITIES EXCHANGE ACT OF 1934**

For the month of July 2025

Commission File Number: 001-32371

SINOVAC BIOTECH LTD.

No. 39 Shangdi Xi Rd, Haidian District

Beijing 100085, People's Republic of China

(Address of principal executive offices)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F:

Form 20-F ⌧ Form 40-F ◻

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

---

| | |
|:---|:---|
| SINOVAC BIOTECH LTD. | SINOVAC BIOTECH LTD. |
| By: | /s/ Chiang Li |
| Name: | Dr. Chiang Li |
| Title: | Chairman of the Board of Directors |

---

Date: July 8, 2025

**Exhibit Index**

---

| | |
|:---|:---|
| [Exhibit 99.1](tm2520000d1_ex99-1.htm) | [Press Release – Leading Independent Proxy Advisory Firm ISS Joins Glass Lewis in Recommending Shareholders Vote to Keep the Current SINOVAC Board in Place](tm2520000d1_ex99-1.htm) |
| [Exhibit 99.2](tm2520000d1_ex99-2.htm) | [Press Release – Federal Court in Massachusetts Denies Vivo Capital's Petition for Relief on SINOVAC](tm2520000d1_ex99-2.htm) |
| [Exhibit 99.3](tm2520000d1_ex99-3.htm) | [Press Release – Final Reminder for SINOVAC Shareholders to Vote the WHITE Proxy Card "AGAINST" Misguided Proposals 1 and 2](tm2520000d1_ex99-3.htm) |

---

## Exhibit 99.1

**Exhibit 99.1**

**Leading Independent Proxy Advisory Firm ISS Joins Glass Lewis in Recommending Shareholders Vote to Keep the Current SINOVAC Board in Place**

*ISS states, "[T]he [current] board appears to be working to pay SVA shareholders their fair share of dividends, and to resume trading of the company's shares, which are the two most pressing issues currently facing SVA shareholders."*

*SINOVAC's Board of Directors encourages shareholders to follow recommendations by ISS and Glass Lewis and VOTE the WHITE proxy card "AGAINST" the misguided proposals to remove the SINOVAC Board and appoint the Reconstituted Imposter Former Board Slate*

*Special Meeting of SINOVAC shareholders to be held on July 8, 2025*

*To learn more, visit: <u>VoteSinovac.com</u>*

BEIJING, July 4, 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 that leading independent proxy advisory firm **Institutional Shareholder Services Inc. ("ISS") has joined Glass, Lewis & Co. ("Glass Lewis") in recommending that SINOVAC shareholders vote to KEEP the current SINOVAC Board in place by voting the WHITE proxy card "AGAINST" the election of the Reconstituted Imposter Former Board Slate at the upcoming Special Meeting of Shareholders** (the "Special Meeting").

The SINOVAC Board issued the following statement in response to ISS' recommendation:

"We are thrilled that independent proxy advisors ISS and Glass Lewis recommended shareholders vote to KEEP SINOVAC's current Board in place and OPPOSE the Reconstituted Imposter Former Board Slate. In making their recommendations, ISS and Glass Lewis both recognized the swift actions the current SINOVAC Board has taken to restore fairness and deliver value to SINOVAC's rightful shareholders, and they have criticized the Imposter Former Board's abject governance failures that robbed value from SINOVAC shareholders during its seven-year "de facto" tenure.

"The facts speak for themselves: over the past four months, the current SINOVAC Board has demonstrated its commitment to righting the wrongs of the Imposter Former Board. The current Board has declared a US$55.00 per common share special cash dividend and has continued to lay the groundwork for additional distributions, is working with NASDAQ to resume trading, and is launching a formal exploration of a future listing on the Stock Exchange of Hong Kong to promote liquidity and support shareholder value creation.

"In contrast, the Imposter Former Board, in close coordination with SAIF, Advantech/Prime Success ("Advantech/Prime") and Vivo Capital (together, "the Dissenting Investor Group"), continue to attempt to derail our progress through misleading rhetoric, baseless claims and frivolous legal actions. Their self-serving objective is clear: regain control of SINOVAC and deprive common shareholders of their rightful dividend payments.

"We urge shareholders to follow the recommendations of both leading independent proxy advisory firms by voting **AGAINST** the election of the Reconstituted Imposter Former Board on the **WHITE** proxy card."

**Highlights from the ISS Report include<sup>1</sup> (emphasis added):**

*SUPERIORITY OF THE CURRENT BOARD*

&nbsp;&nbsp;&nbsp;&nbsp;· *"[T]he [current] board appears to be working to  **<u>pay SVA shareholders their fair share of dividends, and to resume trading of the company's shares, which are the two most pressing issues currently facing SVA shareholders</u>** ."* 

*DIVIDEND PAYMENTS*

&nbsp;&nbsp;&nbsp;&nbsp;· *"In engagement with ISS, when [the dissident's] nominees who were former board members were asked why they did not pay dividends to SVA shareholders when they were board members, they gave several answers. […] However, neither reason is reflected in the company's statements in its  **<u>annual report for 2023, in which it states that the company 'has no intention to distribute dividends in the near future.</u> '** When the available facts outlined in the sections above are taken into account,  **<u>it is difficult to rationalize the conduct of the former board with regard to dividend distributions to SVA shareholders.</u>** "* 

&nbsp;&nbsp;&nbsp;&nbsp;· *"The former board […] presided over  **<u>transactions that enabled the payment of billions of dollars in dividends to minority shareholders of SLS, all while it told SVA shareholders that it had no plans to pay dividends to them</u>** ."* 

*POISON PILL AND NASDAQ TRADING HALT*

&nbsp;&nbsp;&nbsp;&nbsp;· *"It appears that the  **<u>former board used the poison pill as an entrenchment mechanism</u>.** The former board declared that it had been triggered over one year prior, and acted to issue shares accordingly. In doing so, it appears that the former board was using it against shareholders who had cast more votes for their candidates at the 2018 AGM than had been cast for management nominees. In that sense, it appears that the  **<u>former board was using the pill to overturn the will of a majority of shareholders.</u>** "* 

&nbsp;&nbsp;&nbsp;&nbsp;· *"During this contest, the  **<u>dissident has not provided a convincing explanation for why the former board could not remove the trading halt.</u> "*** 

&nbsp;&nbsp;&nbsp;&nbsp;· *"[…] the more than decade-long record of former board members on the dissident slate paints a picture of a board that  **<u>adopted and triggered a poison pill to disenfranchise shareholders, which led to the trading halt of the company's shares</u>** ."* 

*IMPOSTER FORMER BOARD'S SELF-DEALING*

&nbsp;&nbsp;&nbsp;&nbsp;· *"Shareholders can reasonably question whether the former SVA board acted appropriately in its appointment of SLS board members, who presumably  **<u>approved the sale of nearly 41 percent of the entity at a time when SLS was generating healthy profits</u>** ."* 

At the Special Meeting, shareholders will have the chance to send a clear message to the Dissenting Investor Group: SINOVAC will no longer be held captive to their self-dealing.

<sup>1</sup> Permission to use quotations was neither sought nor obtained.

SINOVAC's Board urges shareholders to protect their investment and the future of their Company by voting the WHITE proxy card today "AGAINST" Proposals 1 and 2 at the Special Meeting.

For more details on the misdeeds and shareholder harm caused by the Imposter Former Board and Dissenting Investor Group, visit our website <u>www.votesinovac.com</u>.

**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!

The Special Meeting of Shareholders will 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.

**If you have any questions about locating your control number or voting your shares, 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** **<u>SinovacSpecialMeeting@georgeson.com</u>.**

**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, <u>www.sec.gov</u>, or from SINOVAC at its website: <u>https://www.sinovac.com/en-us/Investors/sec filings</u>. 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 <u>ir@sinovac.com</u>.

**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.

**Contacts**

**Investor and Media Contact**

FGS Global

<u>Sinovac@fgsglobal.com</u>

## Exhibit 99.2

**Exhibit 99.2**

**Federal Court in Massachusetts Denies Vivo Capital's Petition for Relief on SINOVAC**

*Court denies Vivo Capital's petition for relief relating to shareholder votes and corporate governance, clearing another legal hurdle for distribution of the US$55.00 per common share special cash dividend* 

 

*Marks fourth unsuccessful legal attempt in deceptive and disparaging campaign by Advantech/Prime or Vivo Capital against current Board and its Chairman*

 

*New reports from two leading independent proxy advisory firms, Glass Lewis and ISS, firmly recommend shareholders vote to KEEP the current Board chaired by Dr. Chiang Li*

 

BEIJING, July 7, 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 that on June 30, the United States District Court for the District of Massachusetts denied Vivo Capital's petition against 1Globe Capital LLC ("1Globe") for relief relating to SINOVAC's shareholder votes and corporate governance. In its ruling, the Court concluded, "relief relating to governance outcomes or shareholder votes – are <u>DENIED</u> without prejudice."

**The Massachusetts ruling marks the fourth unsuccessful legal attempt by either Advantech/Prime Success ("Advantech/Prime") or Vivo Capital (together "the Dissenting Investor Group") to strip SINOVAC common shareholders of their rightful dividend payments**. This result follows Advantech/Prime's recently failed petition in <u>New York</u> and Advantech/Prime and Vivo Capital's recently failed petition in <u>Hong Kong</u> – which were repeated attempts 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 Company's payment of the US$55.00 per common share special cash dividend declared by the current SINOVAC Board. The Dissenting Investor Group continues to interfere with the current Board's fiduciary duties to implement the <u>UK Privy Council's</u> unappealable ruling in January 2025. In this ruling, the UK Privy Council deemed the former illegitimate board an "Imposter Board" and handed 1Globe – the investment arm of a cancer-focused global R&D group and SINOVAC's largest shareholder – a victory on all grounds. In addition, the UK Privy Council Judicial Committee, comprising five UK Supreme Court Justices, concluded that there was "nothing unlawful in the conduct of 1Globe" in connection with SINOVAC's 2018 AGM.

The Dissenting Investor Group's self-serving, multi-pronged lawfare strategy is crystal clear: (1) block actions taken by the SINOVAC Board to distribute rightful dividend payments to valid SINOVAC common shareholders; (2) protect the ill-gotten gains it stripped from SINOVAC subsidiaries over the past seven years; and (3) regain control of SINOVAC in order to continue to loot the Company. Having failed in the courtroom, the Dissenting Investor Group has decided to instead use deceptive and false stories to attack 1Globe and its founder Dr. Chiang Li, who chairs the current SINOVAC Board. As noted in SINOVAC's <u>proxy materials</u>, Dr. Li is an accomplished clinician, scientist, inventor, entrepreneur and a seasoned executive with international recognitions. Dr. Li and 1Globe have successfully challenged the Dissenting Investor Group's abuse in court for the past seven years and championed the rights and interests of all valid SINOVAC shareholders.

During those seven years, The Dissenting Investor Group, in coordination with the former illegitimate board (the "Imposter Former Board"), pursued the following schemes:

&nbsp;&nbsp;&nbsp;&nbsp;1. Privatization attempt at a below-market price in 2016, which would have succeeded had it not been for the efforts of 1Globe (who declined
an invite by the Former Management Buyout Group to join and profit from its privatization attempt);

&nbsp;&nbsp;&nbsp;&nbsp;2. Invalid PIPE transaction at a below-market price in 2018, which materially diluted SINOVAC shareholders and was made at a time when
the Company did not need the capital;

&nbsp;&nbsp;&nbsp;&nbsp;3. Commitment by the Imposter Former Board to invest ~US$139 million of SINOVAC cash into a venture fund managed by Vivo Capital –
creating a clear conflict of interest. This would be in addition to the approximately US$100 million SINOVAC has already invested into
Vivo Capital funds.

&nbsp;&nbsp;&nbsp;&nbsp;4. US$15 million debt investment into Sinovac Life Sciences Co., Ltd. ("SLS"), a wholly owned subsidiary of SINOVAC, in exchange
for a 15% equity interest in SLS in 2020, at a time when the Company did not need the capital and which has resulted in over US$1 billion
of distributions made to the Dissenting Investor Group. In contrast, SINOVAC common shareholders have received no dividends and haven't
been able to trade their shares for the past six years. To add insult to injury, the Imposter Former Board publicly stated in April 2024
in the Company's 2023 20-F that it had "no plan to pay any cash dividends on SINOVAC Antigua's shares in the foreseeable
future";

&nbsp;&nbsp;&nbsp;&nbsp;5. Barrage of baseless and wasteful legal action in 2025, after refusing to accept the Privy Council's non-appealable ruling, with
the goal of interfering with the dividend payment unless the Dissenting Investor Group is able to double dip on dividends already received
from SLS;

&nbsp;&nbsp;&nbsp;&nbsp;6. Deceptive and disparaging campaign against current SINOVAC board members that is meant to intimidate them and interfere with the stability
and function of the current Board.

The Dissenting Investor Group's hostile actions, baseless claims and wasteful litigation are evidence that it poses a direct threat to the value of your investment and the future of SINOVAC. Don't let the Dissenting Investor Group, which is working in coordination with SAIF and is represented on SAIF's Reconstituted Imposter Former Board, regain control of the Company. If the Reconstituted Imposter Former Board succeeds, it will put all valid shareholders' future dividend payments at risk – this includes the current Board's announced plans for an additional US$11.00 per common share cash dividend, contingent on the cancellation of the unauthorized PIPE shares, and its adopted policy to issue regular dividends out of surplus cash.

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 <u>SinovacSpecialMeeting@georgeson.com</u>.

**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, <u>www.sec.gov</u>, or from SINOVAC at its website: <u>https://www.sinovac.com/en-us/Investors/sec filings</u>. 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 <u>ir@sinovac.com</u>.

**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.

**Contacts**

**Investor and Media Contact**

FGS Global <br> <u>Sinovac@fgsglobal.com</u>

## Exhibit 99.3

**Exhibit 99.3**

**Final Reminder for** **SINOVAC Shareholders to Vote the WHITE Proxy Card "AGAINST" Misguided Proposals 1 and 2**

*SINOVAC's Board of Directors encourages shareholders to follow recommendations of leading independent proxy advisory firms ISS and Glass Lewis and VOTE to KEEP the Current Board in Place*

*VOTE as soon as possible – only the latest-dated vote will count*

*Due to limited venue capacity, shareholders are strongly encouraged to participate in the Special Meeting electronically*

*To learn more, including how to vote, visit: <u>VoteSinovac.com</u>*

![](tm2520000d1_ex99-3img01.jpg)

BEIJING, July 8, 2025 – The Board of Directors of SINOVAC Biotech Ltd. (NASDAQ: SVA) ("SINOVAC" or the "Company"), a leading provider of biopharmaceutical products in China, today sent shareholders a final reminder to vote ahead of the Company's Special Meeting of Shareholders (the "Special Meeting") on Tuesday, July 8, 2025 at 8:00 p.m. Atlantic Standard Time (Wednesday, July 9, 2025 at 8:00 a.m. China Standard Time).

Valid shareholders are urged to follow the recommendations of leading independent proxy advisory firms, <u>Institutional Shareholder Services Inc.</u> ("ISS") and <u>Glass, Lewis & Co.</u> ("Glass Lewis"), to vote the **WHITE** proxy card **"AGAINST"** proposals 1 and 2. Shareholders should vote **<u>AS SOON AS POSSIBLE</u>** to **<u>RETAIN</u>** the Current Board and **<u>OPPOSE</u>** the Reconstituted Imposter Former Board Slate.

![](tm2520000d1_ex99-3img02.jpg)<sub>1</sub>

**SPECIAL MEETING INFORMATION**

The Special 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 <u>www.cesonlineservices.com/sva25_vm</u>. Due to limited venue capacity, shareholders are strongly encouraged to participate in the Special Meeting electronically. Once the in-person attendance limit has been reached, any additional shareholders arriving at the venue will be unable to enter, with the expectation that they will participate electronically.

SINOVAC shareholders may only participate in the online virtual meeting by registering in advance at <u>www.cesonlineservices.com/sva25_vm</u> **prior to the deadline of 8:00 p.m. Atlantic Standard Time on July 7, 2025 (8:00 a.m. China Standard Time on July 8, 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, shareholders 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.

**ISS AND GLASS LEWIS RECOMMENDATIONS**

Leading independent proxy advisory firms ISS and Glass Lewis recommend that SINOVAC shareholders vote to **<u>KEEP</u>** the current SINOVAC Board in place by voting the **WHITE** proxy card "**<u>AGAINST</u>**" the election of the Reconstituted Imposter Former Board Slate at the upcoming Special Meeting.

**Highlights from the ISS and Glass Lewis Reports include<sup>1</sup> (emphasis added):**

&nbsp;&nbsp;&nbsp;&nbsp;· *"[T]he [current] board appears to be working to  **<u>pay SVA shareholders their fair share of dividends, and to resume trading of the company's shares, which are the two most pressing issues currently facing SVA shareholders.</u>**" (ISS Report, July 3, 2025)* 

&nbsp;&nbsp;&nbsp;&nbsp;· *"The former board […]  **<u>presided over transactions that enabled the payment of billions of dollars in dividends to minority shareholders of SLS, all while it told SVA shareholders that it had no plans to pay dividends to them</u>** ." (ISS Report, July 3, 2025)* 

&nbsp;&nbsp;&nbsp;&nbsp;· *"  **<u>[T]he current board has demonstrated credible progress in restoring governance stability and operational normalcy</u>** . [...] The Dissident Group's proposals, by contrast, rest on an inconsistent platform,  **<u>rely on individuals linked to the governance failures of the past, and raise material questions about their ability to credibly resolve the challenges ahead.</u>**" (Glass Lewis Report, July 1, 2025)* 

&nbsp;&nbsp;&nbsp;&nbsp;· *"[The Dissident Group]'s shifting criticisms, from claiming dividends are insufficient to later arguing they are excessive, reflect what we view as a reactive approach that appears  **<u>driven more by tactical positioning in a campaign rather than long-term value creation.</u>**" (Glass Lewis Report, July 1, 2025)* 

<sup>1</sup> Permission to use quotations was neither sought nor obtained.

![](tm2520000d1_ex99-3img02.jpg)<sub>2</sub>

**YOUR VOTE IS IMPORTANT**

Your vote determines SINOVAC's future, receipt of your dividend payments and the long-term value of your investment. The facts are clear, and so is the choice.

We urge you to vote on the WHITE proxy card:

&nbsp;&nbsp;&nbsp;&nbsp;· "**AGAINST**" Proposal 1 to remove the current SINOVAC Board.

&nbsp;&nbsp;&nbsp;&nbsp;· "**AGAINST**" Proposal 2 to appoint the Reconstituted Imposter Former Board Slate.

**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 your vote by using the WHITE proxy card or WHITE voting instruction form to vote. **Only your latest-dated vote will count!**

For more details on the misdeeds and shareholder harm caused by the Imposter Former Board and Dissenting Investor Group, visit our website <u>www.votesinovac.com</u>.

**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.

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**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, <u>www.sec.gov</u>, or from SINOVAC at its website: <u>https://www.sinovac.com/en-us/Investors/sec_filings</u>. 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 <u>ir@sinovac.com</u>.

**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.

**Contacts**

**Investor and Media Contact**

FGS Global

<u>Sinovac@fgsglobal.com</u>

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