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BEIJING--(BUSINESS WIRE)--Sinovac Biotech Ltd. (NASDAQ: SVA) (“SINOVAC” or the “Company”), a leading provider of biopharmaceutical products in China, today announced that its board of directors (the “Board”) issued a public letter to shareholders in response to hostile actions and false claims by Vivo Capital and certain other parties (the “Vivo group”) against the legitimate and lawful actions of the Board.
Dear Shareholders,
We are writing to set the record straight in response to the Vivo group’s recent press releases, lawsuits and other actions against SINOVAC and the Board, particularly those related to the Board’s decision to declare a cash dividend of US$55.00 per common share to SINOVAC shareholders. The Vivo group is now attempting to block the special dividend payments to you via lawsuits and by sending threatening letters and messages to the Company’s stock transfer agent and board members. It is particularly concerning that the Vivo group is trying to prevent all SINOVAC common shareholders (who have received nothing over the past seven years) from receiving the special dividend even though the Vivo group have themselves already received over US$800 million in cash dividends from 2021-2024 from a majority owned subsidiary of SINOVAC. The driving motivation behind the Vivo group’s hostile actions has been to “double-dip” and receive even more dividends by claiming to be shareholders of SINOVAC, a claim that goes against court rulings1.
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