# EDGAR Filing Document

**Accession Number:** 0001084201
**File Stem:** 0001213900-25-063364
**Filing Date:** 2025-7
**Character Count:** 21377
**Document Hash:** 461724fc8b35090dea61fa64ee6b875c
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001213900-25-063364.hdr.sgml**: 20250711

**ACCESSION NUMBER**: 0001213900-25-063364

**CONFORMED SUBMISSION TYPE**: SCHEDULE 13D/A

**PUBLIC DOCUMENT COUNT**: 3

**FILED AS OF DATE**: 20250711

**DATE AS OF CHANGE**: 20250711

**SUBJECT COMPANY**: 

**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:** SCHEDULE 13D/A
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 005-79318
- **FILM NUMBER:** 251119802

**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
**FILED BY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Vivo Capital VIII, LLC
- **CENTRAL INDEX KEY:** 0001618789

**ORGANIZATION NAME:**
- **EIN:** 471761992
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** SCHEDULE 13D/A

**BUSINESS ADDRESS:**
- **STREET 1:** 192 LYTTON AVENUE
- **CITY:** PALO ALTO
- **STATE:** CA
- **ZIP:** 94301
- **BUSINESS PHONE:** 650 688 0822

**MAIL ADDRESS:**
- **STREET 1:** 192 LYTTON AVENUE
- **CITY:** PALO ALTO
- **STATE:** CA
- **ZIP:** 94301

## Ex-99.K

**Exhibit K**

**United States District Court of Massachusetts Bars Activist 1Globe Capital and Jiaqiang Li From**

**Making Further Materially Misleading Statements Regarding Sinovac**

 

*Court Found That 1Globe and Li Likely Violated Disclosure Obligations; Mandates Both File Updated Disclosures Within 5 Days of Order*

*Decision Cites Prolonged Pattern of Corruption and Deception by 1Globe and Li*

 

*Vivo Calls on All Shareholders to Support SAIF's Slate of Qualified Nominees, Reject 1Globe's Deception, and Stand Up for Transparent Corporate Governance Ahead of Special Meeting of Shareholders on July 8, 2025*

PALO ALTO, Calif.--(BUSINESS WIRE)--Vivo Capital ("Vivo" or "we"), a leading global investment firm focused exclusively on healthcare and life sciences and a long-term shareholder of Sinovac Biotech Ltd. (NASDAQ:SVA) ("Sinovac" or the "Company"), today announced that the United States District Court of Massachusetts ("the Court") granted Vivo's motion for a preliminary injunction against 1Globe Capital, LLC and its owner Jiaqiang "Chiang" Li (collectively, "1Globe"), barring 1Globe from making further materially misleading statements regarding their shareholding or intentions with respect to Sinovac and mandating that they file an amended and accurate Schedule 13D disclosing their beneficial ownership interests, control relationships, group affiliations, and plans and proposals relating to Sinovac.

Effectively, the decision compels 1Globe to "come clean" after years of deliberately circumventing proper disclosure laws to mislead other shareholders of their true ownership position and intentions regarding their investment in Sinovac. As Vivo demonstrated to Judge Myong J. Joun by a substantial likelihood, 1Globe failed to provide disclosures mandated by federal securities laws while they clandestinely formed a group with ally OrbiMed, took control of Sinovac's Board of Directors, carried out plans and proposals to weaken the corporate governance and business of Sinovac, and attempted to enrich themselves at the expense of all shareholders, including by attempting to illegally disenfranchise Vivo and certain other shareholders.

Judge Joun cited multiple examples of 1Globe's coordinated activities that formed the background of their repeated disclosure violations, including:

● Mr. Li involved three relatives to discreetly build positions in Sinovac, later used to the activists' advantage in the 2018 Annual General Meeting for Shareholders ("AGM"); the relatives' stock positions and relations to Mr. Li were not publicly disclosed.

● In the lead-up to the 2018 AGM, and during 1Globe's legal battle against the Company, 1Globe failed to make any Sinovac-related disclosures until after the shareholder vote occurred.

● 1Globe and its allies were found by both the High Court of Hong Kong and a regulator from the People's Republic of China to have forged documents on separate occasions in 2018 and 2020, respectfully, to unlawfully change the directors of Sinovac subsidiaries.

This decision affirms Vivo's efforts to restore transparent corporate governance at Sinovac. Given the precedent set by 1Globe, Vivo believes they, along with OrbiMed, will continue their attempts to harm and disenfranchise shareholders until and unless the Board is reconstituted. Vivo has remained steadfast in its mission to restore trust in the Company's governance, and ultimately, in the Company's ability to resume trading and return cash to shareholders, despite 1Globe's attempts to illegally exclude Vivo from exercising our lawful right to vote at the upcoming 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).

Vivo echoes the calls by other long-term shareholders, such as SAIF Partners and Prime Success, to remove the current Board, controlled by 1Globe, and vote the **<u>GOLD</u>** card in favor of SAIF Partners' qualified candidates, and to discard the Company's white card.

If the new Board is elected, Vivo believes they will restore proper governance, a critical step to enable the Company to (i) retain a new auditor, (ii) accelerate the implementation of a legitimate, audited, and realistic dividend plan maximizing all shareholders' returns, (iii) get back on track towards restoring trading on the NASDAQ, and (iv) end all cost-consuming shareholder disputes.

**About Vivo Capital**

Founded in 1996, Vivo Capital is a leading global healthcare investment firm with a diverse, multi-fund investment platform spanning venture capital, growth equity, buyout, and public equities. The Firm has approximately $5.3 billion in regulatory assets under management and has invested in over 430 public and private companies globally. Headquartered in Palo Alto, California, the Vivo team consists of more than 75 multi-disciplinary professionals. Vivo invests broadly in healthcare across multiple sub-sectors, including biotechnology, pharmaceuticals, medical devices, and healthcare services, with a focus on the largest healthcare markets globally.

**Contacts**

Media<br> Pro-Vivo@Prosek.com

## Ex-99.L

**Exhibit L**

**Appeal Decision By Eastern Caribbean Supreme Court Supports Right of Prime Success and Vivo**

**Capital to Participate in Critical Sinovac Biotech Shareholder Vote**

*Decision Stays Attempt of 1Globe to Disenfranchise Shareholders*

PALO ALTO, Calif.--(BUSINESS WIRE)--Vivo Capital ("Vivo" or "we"), a leading global investment firm focused exclusively on healthcare and life sciences and a long term shareholder of Sinovac Biotech Ltd. (NASDAQ:SVA) ("Sinovac" or the "Company"), today announced that the Court of Appeals of the Eastern Caribbean Supreme Court granted a motion to stay the self-interested injunction sought and led by 1Globe to prevent legitimate, long-term shareholders in the Company from participating in its critical shareholder vote.

The decision confirmed Vivo and Prime Success were permitted to attend and vote in the July 8<sup>th</sup> shareholder meeting as valid shareholders. Allowing 1Globe's actions to proceed would have harmed shareholder rights and undermined the integrity of the Company's governance structure, and Vivo thanks the Court for granting the stay.

Since its 2018 investment in Sinovac, Vivo has contributed immensely to the Company's success to the benefit of all shareholders, including by providing incremental investment vital to the success of CoronaVac. By contrast, 1Globe obtained control of Sinovac by unscrupulous, dishonest, and criminal conduct and by surreptitiously purchasing its position in the open market without contributing a single dollar or otherwise providing any support to the Company.

Vivo has remained steadfast in its mission to restore trust in Sinovac's governance, and ultimately, position the Company to resume trading and return cash to shareholders.

**About Vivo Capital**

Founded in 1996, Vivo Capital is a leading global healthcare investment firm with a diverse, multi-fund investment platform spanning venture capital, growth equity, buyout, and public equities. The Firm has approximately $5.3 billion in regulatory assets under management and has invested in over 430 public and private companies globally. Headquartered in Palo Alto, California, the Vivo team consists of more than 75 multi-disciplinary professionals. Vivo invests broadly in healthcare across multiple sub-sectors, including biotechnology, pharmaceuticals, medical devices, and healthcare services, with a focus on the largest healthcare markets globally.

**Contacts**

Media<br> Pro-Vivo@Prosek.com

### UNITED STATES SECURITIES AND EXCHANGE COMMISSION
**Washington, D.C. 20549**

## SCHEDULE 13D

### Under the Securities Exchange Act of 1934

**(Amendment No. 6)**

**Sinovac Biotech Ltd.**

*(Name of Issuer)*

**Common Shares, $0.001 par value per share**

*(Title of Class of Securities)*

**P8696W104**

*(CUSIP Number)*

**Vivo Capital, LLC**<br>192 Lytton Avenue<br>Palo Alto CA 94301<br>(650) 688-0818

*(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)*

**07/11/2025**

*(Date of Event Which Requires Filing of this Statement)*

| **CUSIP No.** | **P8696W104** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**Vivo Capital VIII, LLC** | Name of reporting person<br>**Vivo Capital VIII, LLC** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[ ] (a)<br>[x] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[ ] (a)<br>[x] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**OO** | Source of funds (See Instructions)<br>**OO** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**DELAWARE** | Citizenship or place of organization<br>**DELAWARE** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**1361236.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**1361236.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**1361236.00** | Aggregate amount beneficially owned by each reporting person<br>**1361236.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**1.9%** | Percent of class represented by amount in Row (11)<br>**1.9%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**OO** | Type of Reporting Person (See Instructions)<br>**OO** | |

---

**Comment for Reporting Person:** The beneficial ownership reported herein reflects that 1,196,073 of such shares are held by Vivo Capital Fund VIII, L.P. and 165,163 of such shares are held by Vivo Capital Surplus Fund VIII, L.P. Vivo Capital VIII, LLC is the general partner of both Vivo Capital Fund VIII, L.P. and Vivo Capital Surplus Fund VIII, L.P.

The beneficial ownership percentage reported herein is based on 71,860,702 common shares outstanding as of March 31, 2024, as reported in the Issuer's Form 20-F filed with the Securities and Exchange Commission on April 29, 2024.

| **CUSIP No.** | **P8696W104** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**Vivo Capital IX, LLC** | Name of reporting person<br>**Vivo Capital IX, LLC** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[ ] (a)<br>[x] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[ ] (a)<br>[x] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**OO** | Source of funds (See Instructions)<br>**OO** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**DELAWARE** | Citizenship or place of organization<br>**DELAWARE** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**4541764.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**4541764.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**4541764.00** | Aggregate amount beneficially owned by each reporting person<br>**4541764.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**6.3%** | Percent of class represented by amount in Row (11)<br>**6.3%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**OO** | Type of Reporting Person (See Instructions)<br>**OO** | |

---

**Comment for Reporting Person:** The beneficial ownership reported herein reflects that such shares are held by Vivo Capital Fund IX, L.P. Vivo Capital IX, LLC is the general partner of Vivo Capital Fund IX, L.P.

The beneficial ownership percentage reported herein is based on 71,860,702 common shares outstanding as of March 31, 2024, as reported in the Issuer's Form 20-F filed with the Securities and Exchange Commission on April 29, 2024.

**Item 1. Security and Issuer**

**(a) Title of Class of Securities:**
Common Shares, $0.001 par value per share

**(b) Name of Issuer:**
Sinovac Biotech Ltd.

**(c) Address of Issuer's Principal Executive Offices:**
No. 39 Shangdi Xi Road, Haidian District, Beijing, F4, 100085

Reference is hereby made to the statement on Schedule 13D filed with the Securities and Exchange Commission on July 11, 2018 by Vivo Capital, LLC with respect to the Common Shares, par value $0.001 per share ("Common Shares") of Sinovac Biotech Ltd. (the "Issuer"), Amendment No. 1 thereto filed by Vivo Capital, LLC and Vivo Capital VIII, LLC on July 20, 2018, Amendment No. 2 thereto filed by Vivo Capital, LLC, Vivo Capital VIII, LLC and Vivo Capital IX, LLC on August 27, 2018, Amendment No. 3 thereto filed by Vivo Capital VIII, LLC and Vivo Capital IX, LLC on March 19, 2025, Amendment No. 4 thereto filed by Vivo Capital VIII, LLC and Vivo Capital IX, LLC on April 24, 2025, and Amendment No. 5 thereto filed by Vivo Capital VIII, LLC and Vivo Capital IX, LLC on June 13, 2025 (as so amended, the "Schedule 13D"). The Items herein amend the information disclosed under the corresponding Items of the Schedule 13D as described herein. Capitalized terms used herein and not otherwise defined have the meanings ascribed to them in the Schedule 13D.

**Item 4. Purpose of Transaction**

Item 4 is hereby supplemented and amended by adding the following:

On May 19, 2025, the Issuer gave notice of a Special Meeting of Shareholders to be held on July 8, 2025 and announced an intention to exclude shares held by the Reporting Persons and another investor from the vote.  On May 30, 2025, the Issuer filed an application for an injunction in the High Court of Antigua and Barbuda seeking an order prohibiting the Reporting Persons and the other investor from voting their shares at the Special Meeting.  The Reporting Persons have opposed such an injunction in the High Court and the Court of Appeal of the Eastern Caribbean Supreme Court, and, on July 8, 2025, the Court of Appeal issued an order staying execution of an injunction from the High Court.  In light of the Court of Appeal's stay order, the Reporting Persons exercised their rights as registered shareholders of Sinovac to vote by proxy in support of SAIF's proposed slate of directors at the Special Meeting, including Mr. Shan Fu.

The Issuer disclosed on July 10, 2025 that a new Board of Directors consisting of the SAIF nominated slate, including Mr. Fu was elected at the Special Meeting of the Company held on July 8, 2025.  Mr. Fu has accepted the appointment and plans to participate in the future governance of Sinovac as a member of the newly elected Board of Directors as of July 8, 2025.

The Reporting Person has continued to engage in discussions with other shareholders about the board, the future of the Issuer and the Special Meeting, including with other shareholders who have also been advocating for changes to the board.

The Reporting Persons have also been involved in multiple legal proceedings related to the future of Sinovac, their shareholdings and the composition of the Board of Directors.  On June 30, 2025, the Reporting Persons obtained an injunction from the United States District Court for the District of Massachusetts, compelling further disclosure from other Sinovac shareholders affiliated with Sinovac's Chairman Mr. Li.  Other legal proceedings are continuing.

Vivo Capital, an affiliate of the Reporting Persons, issued press releases related to the legal proceedings described above, which are attached as Exhibits K and L and incorporated herein by reference.

The Reporting Persons will continue to seek to influence management of the Issuer or its Board of Directors with respect to the business and affairs of the Issuer and may from time to time pursue or propose actions to the Issuer, other shareholders or other persons.  The Reporting Persons' pursuit of such matters relate to or would result in actions described in subparagraphs (a) through (j) of Item 4 of Schedule 13D, including, but not limited to, changes in the present Board of Directors or management of the Issuer, changes in the present capitalization or dividend policy of the Issuer, changes in the Issuer's business or corporate structure, changes in the Issuer's charter, bylaws, or instruments corresponding thereto or other actions which may impede the acquisition of control of the Issuer by any person, and changes that will relate to the listing of the Issuer's securities on a national securities exchange.  The Reporting Persons will continue to engage in discussions with other shareholders concerning some or all of such matters, particularly about the Board and the future of the Issuer, including the Issuer's payment of dividends to all shareholders and steps necessary for the Issuer to retain a new independent auditing firm, become current in its SEC report and obtain resumption of trading on NASDAQ.

The filing of this Amendment shall not be construed as an admission that the Reporting Persons and their affiliates, on the one hand, and any other shareholders of the Issuer and their affiliates, on the other hand, are a group, or have agreed to act as a group with each other for purposes of Section 13(d) of the Act or for any other purpose.  The Reporting Persons expressly disclaim beneficial ownership of the common shares beneficially owned by other shareholders who may also be advocating for changes to the New Board.

**Item 6. Contracts, Arrangements, Understandings or Relationships With Respect to Securities of the Issuer.**

Item 6 is hereby supplemented and amended by adding the following:

Item 6 of the Schedule 13D is hereby supplemented and amended to incorporate by reference the information set forth in Item 4 to this Amendment No. 5 to Schedule 13D.

### SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**Reporting Person:** Vivo Capital VIII, LLC

**Signature:** /s/ Dr. Frank Kung

**Name/Title:** Dr. Frank Kung, Managing Member

**Date:** 07/11/2025

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**Reporting Person:** Vivo Capital IX, LLC

**Signature:** /s/ Dr. Frank Kung

**Name/Title:** Dr. Frank Kung, Managing Member

**Date:** 07/11/2025