# EDGAR Filing Document

**Accession Number:** 0001084201
**File Stem:** 0001104659-25-067533
**Filing Date:** 2025-7
**Character Count:** 16782
**Document Hash:** a4df3c233b26d7eff0a0b6b5011c648b
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-25-067533.hdr.sgml**: 20250714

**ACCESSION NUMBER**: 0001104659-25-067533

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

**PUBLIC DOCUMENT COUNT**: 1

**FILED AS OF DATE**: 20250714

**DATE AS OF CHANGE**: 20250714

**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:** 251120085

**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:** Advantech Capital L.P.
- **CENTRAL INDEX KEY:** 0001650757

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** E9
- **FISCAL YEAR END:** 1231

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

**BUSINESS ADDRESS:**
- **STREET 1:** C/O INTERTRUST CORP SVCS (CAYMAN) LTD
- **STREET 2:** 190 ELGIN AVENUE, GEORGE TOWN
- **CITY:** GRAND CAYMAN
- **STATE:** E9
- **ZIP:** KY 1-9005
- **BUSINESS PHONE:** 1 345 749 8630

**MAIL ADDRESS:**
- **STREET 1:** C/O INTERTRUST CORP SVCS (CAYMAN) LTD
- **STREET 2:** 190 ELGIN AVENUE, GEORGE TOWN
- **CITY:** GRAND CAYMAN
- **STATE:** E9
- **ZIP:** KY 1-9005

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

## SCHEDULE 13D

### Under the Securities Exchange Act of 1934

**(Amendment No. 2)**

**SINOVAC BIOTECH LTD.**

*(Name of Issuer)*

**Common Shares**

*(Title of Class of Securities)*

**P8696W104**

*(CUSIP Number)*

**Xingluo Zhu**<br>Suite 1707-08, 17/F, One Exchange Square<br>8 Connaught Place, Central<br>Hong Kong K3 000000<br>86-10-8593-5676

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

**07/08/2025**

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

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

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**Advantech Capital L.P.** | Name of reporting person<br>**Advantech Capital L.P.** | |
| 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>**WC** | Source of funds (See Instructions)<br>**WC** | |
| 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>**CAYMAN ISLANDS** | Citizenship or place of organization<br>**CAYMAN ISLANDS** | |
| 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>**5851423.00** |
| 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>**5851423.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**5851423.00** | Aggregate amount beneficially owned by each reporting person<br>**5851423.00** | |
| 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>**8.14%** | Percent of class represented by amount in Row (11)<br>**8.14%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**PN** | Type of Reporting Person (See Instructions)<br>**PN** | |

---

**Comment for Reporting Person:** Comments to item 13: Based on 71,860,702 Common Shares of the Issuer outstanding as of March 31, 2024 according to the Issuer's annual report on Form 20-F for the fiscal year ended December 31, 2023 (the "2023 Annual Report").

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

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**Advantech Capital Partners Ltd.** | Name of reporting person<br>**Advantech Capital Partners Ltd.** | |
| 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>**WC** | Source of funds (See Instructions)<br>**WC** | |
| 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>**CAYMAN ISLANDS** | Citizenship or place of organization<br>**CAYMAN ISLANDS** | |
| 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>**5851423.00** |
| 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>**5851423.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**5851423.00** | Aggregate amount beneficially owned by each reporting person<br>**5851423.00** | |
| 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>**8.14%** | Percent of class represented by amount in Row (11)<br>**8.14%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**CO** | Type of Reporting Person (See Instructions)<br>**CO** | |

---

**Comment for Reporting Person:** Comments to item 13: Based on 71,860,702 Common Shares of the Issuer outstanding as of March 31, 2024 according to the 2023 Annual Report.

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

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**Green Vision Partners Limited** | Name of reporting person<br>**Green Vision Partners Limited** | |
| 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>**WC** | Source of funds (See Instructions)<br>**WC** | |
| 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>**CAYMAN ISLANDS** | Citizenship or place of organization<br>**CAYMAN ISLANDS** | |
| 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>**5851423.00** |
| 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>**5851423.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**5851423.00** | Aggregate amount beneficially owned by each reporting person<br>**5851423.00** | |
| 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>**8.14%** | Percent of class represented by amount in Row (11)<br>**8.14%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**CO** | Type of Reporting Person (See Instructions)<br>**CO** | |

---

**Comment for Reporting Person:** Comments to item 13: Based on 71,860,702 Common Shares of the Issuer outstanding as of March 31, 2024 according to the 2023 Annual Report.

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

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**Prime Success, L.P.** | Name of reporting person<br>**Prime Success, L.P.** | |
| 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>**WC** | Source of funds (See Instructions)<br>**WC** | |
| 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>**CAYMAN ISLANDS** | Citizenship or place of organization<br>**CAYMAN ISLANDS** | |
| 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>**5851423.00** |
| 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>**5851423.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**5851423.00** | Aggregate amount beneficially owned by each reporting person<br>**5851423.00** | |
| 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>**8.14%** | Percent of class represented by amount in Row (11)<br>**8.14%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**PN** | Type of Reporting Person (See Instructions)<br>**PN** | |

---

**Comment for Reporting Person:** Comments to item 13: Based on 71,860,702 Common Shares of the Issuer outstanding as of March 31, 2024 according to the 2023 Annual Report.

**Item 1. Security and Issuer**

**(a) Title of Class of Securities:**
Common Shares

**(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

This Amendment No.2 to Schedule 13D is being filed on behalf of Advantech Capital L.P., Advantech Capital Partners Ltd., Green Vision Partners Limited and Prime Success, L.P. (each, a "Reporting Person") to amend the Schedule 13D relating to the common shares, par value $0.001 per share (the "Common Shares"), of Sinovac Biotech Ltd. (the "Issuer"), filed by the Reporting Persons on March 25, 2025, as amended by Amendment No. 1 filed by the Reporting Persons on April 10, 2025 (collectively, the "Original Schedule 13D"). The items herein amend the information disclosed under the corresponding items of the Original Schedule 13D. Capitalized terms used herein and not otherwise defined have the meanings given to them in the Original Schedule 13D.

**Item 4. Purpose of Transaction**

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

On July 7, 2025, the High Court of Antigua and Barbuda granted an interim injunction prohibiting the Reporting Persons and certain other shareholders from voting their shares at the Special Meeting (the "Injunction Order"). On July 8, 2025, the Court of Appeal of the Eastern Caribbean Supreme Court issued an order staying the Injunction Order (the "Stay Order").

After the Court of Appeal issued the Stay Order, the Special Meeting of Shareholders of the Issuer requisitioned by SAIF Partners IV L.P. ("SAIF") (the "Special Meeting") was convened. Mr. Chiang Li delivered a short statement and then purported to adjourn the Special Meeting. The Reporting Persons understand that the shareholders attending the Special Meeting then continued with the Special Meeting chaired by an incumbent director of the Issuer. The Reporting Persons voted their shares by proxy in favor of SAIF's proposals at the Special Meeting. The Reporting Persons understand that the shareholders of the Issuer approved both of SAIF's proposals at the Special Meeting and elected the nominees proposed by SAIF, including Mr. Yumin Qiu, a partner of Advantech Capital, to be the directors of the Issuer. Mr. Yumin Qiu accepted the appointment and intends to serve as a member of the board of directors of the Issuer. The Reporting Persons understand that on July 10, 2025, the previous directors removed at the Special Meeting issued a press release disputing the election results of the Special Meeting, and on July 11, 2025, the new board of directors of the Issuer elected at the Special Meeting issued a press release announcing the convening of the first board meeting.

Except as set forth herein as may be necessary for defending their lawful interests in the Issuer in relation to the 2018 Private Placement, either alone or in coordination with any one or more shareholders of the Issuer, the Reporting Persons have no present plan or intention that would result in or relate to any of the transactions described in clauses (a) through (j) of Item 4 of Schedule 13D. Depending on discussions with other shareholders of the Issuer, the financial condition, results of operations and prospects of the Issuer and other factors that the Reporting Persons deem relevant, the Reporting Persons may take steps and pursue other plans or proposals that relate to or would result in any of the matters set forth in clauses (a) through (j) of Item 4 of Schedule 13D. The filing of this Amendment No. 2 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 of the Issuer.

**Item 5. Interest in Securities of the Issuer**

**(a)**
—

**(b)**
—

**(c)**
—

**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 4 of this Amendment No. 2 to Schedule 13D is incorporated herein by reference.

### 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:** Advantech Capital L.P.

**Signature:** /s/ Yan Yang

**Name/Title:** Yan Yang / Authorized Signatory

**Date:** 07/14/2025

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:** Advantech Capital Partners Ltd.

**Signature:** /s/ Yan Yang

**Name/Title:** Yan Yang / Authorized Signatory

**Date:** 07/14/2025

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:** Green Vision Partners Limited

**Signature:** /s/ Yan Yang

**Name/Title:** Yan Yang / Director

**Date:** 07/14/2025

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:** Prime Success, L.P.

**Signature:** /s/ Yan Yang

**Name/Title:** Yan Yang / Authorized Signatory

**Date:** 07/14/2025