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Proc-Type: 2001,MIC-CLEAR
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<SEC-DOCUMENT>0001127855-04-000113.txt : 20040315
<SEC-HEADER>0001127855-04-000113.hdr.sgml : 20040315
<ACCEPTANCE-DATETIME>20040312182324
ACCESSION NUMBER:		0001127855-04-000113
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20040223
FILED AS OF DATE:		20040315

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			SINOVAC BIOTECH LTD
		CENTRAL INDEX KEY:			0001084201
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-PREPACKAGED SOFTWARE [7372]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			B9
		FISCAL YEAR END:			0430

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-29031
		FILM NUMBER:		04667328

	BUSINESS ADDRESS:	
		STREET 1:		SUITE #10-EPICUREAN, WOODS CENTRE
		STREET 2:		P.O. BOX W-645
		CITY:			ST. JOHN'S
		STATE:			B9
		ZIP:			00000
		BUSINESS PHONE:		(268) 562-3452

	MAIL ADDRESS:	
		STREET 1:		SUITE #10-EPICUREAN, WOODS CENTRE
		STREET 2:		P.O. BOX W-645
		CITY:			ST. JOHN'S
		STATE:			B9

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	NET FORCE SYSTEMS INC
		DATE OF NAME CHANGE:	19991110
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>sinovac6k022304.txt
<DESCRIPTION>SINOVAC BIOTECH 6K, 02.23.04
<TEXT>






                                  UNITED STATES
                       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 February, 2004.

Commission File Number: 0-29031

                              SINOVAC BIOTECH LTD.
                       (Name of Registrant in its charter)

                               ANTIGUA and BARBUDA
         (State or other jurisdiction of incorporation or organization)

                        Suite #10-Epicurean, Woods Centre
                                 P.O. Box W-645
                        St. John's, Antigua, West Indies
              (Address of principal executive offices and zip code)

                               Tel: (268) 562-3452
                               Fax: (268) 562-3453
                      (Issuer's telephone and fax numbers)

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

                Form 20-F  X            Form 40-F
                         -----                   -----

Indicate by check mark whether the registrant by furnishing the information
contained in this Form is also thereby furnishing the information to the
Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.

                Yes                     No  X
                   -----                  -----

If "Yes" is marked, indicate below the file number assigned to the registrant in
connection with Rule 12g3-2(b): 82-
                                   ------



<PAGE>






INDEX
- -----

Item
- ----

1.   Press Release dated February 23, 2004 - Exhibit 99.1


Item 1. Press Release dated February 23, 2004 - Exhibit 99.1
- ------------------------------------------------------------



                                   SIGNATURES

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.

Date:  March 12, 2004                           By:    /s/ Wei Dong Yin
                                                   ----------------------------
                                                       Wei Dong Yin, President
                                                       and a Director




<PAGE>








                                  EXHIBIT INDEX


Number     Exhibit                                    Sequential Page Number
- ------     -------------------------------------      ----------------------
 99.1      Press Release dated February 23, 2004                 4




</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>3
<FILENAME>sinovacpressrel.txt
<DESCRIPTION>SINOVAC BIOTECH 6K, PRESS RELEASE, 02.23.04
<TEXT>






EXHIBIT 99.1
- ------------


                              SINOVAC BIOTECH LTD.
                              --------------------
                     ANNOUNCES CLOSING OF PRIVATE PLACEMENT
                     --------------------------------------


BEIJING,  February 23, 2004 - Sinovac  Biotech Ltd.  ("Sinovac")  (NASD  OTC-BB:
SNVBF;  Frankfurt:  SVQ) is pleased to  announce  that it has closed its private
placement which was announced in a November 14, 2003 news release.  In addition,
Sinovac is pleased to announce that the private placement was oversubscribed and
Sinovac has sold 3,800,000 Units for total proceeds of  US$4,750,000.  Each Unit
consists of one share of common stock of Sinovac,  one share purchase warrant to
purchase one  additional  shares of common stock of Sinovac at US$1.50 per share
until  November 14, 2004,  and one piggyback  warrant to purchase one additional
share of common  stock of Sinovac at US$3.00 per share until  November  14, 2005
only if the holder thereof exercises the share purchase warrant.

The proceeds of the private  placement  will be used for clinical  trials of the
Sinovac's proprietary inactivated SARS vaccine, marketing of the Hepatitis A and
Hepatitis  A  &  B  combined  vaccines,  and  construction  of  state-of-the-art
production facilities for the flu vaccine project at the Tangshan Yian plant.

ABOUT SINOVAC BIOTECH LTD.
- --------------------------

Sinovac    Biotech   Ltd.    specializes    in   the   research,    development,
commercialization,  and sales of human vaccines for infectious illnesses such as
Hepatitis A and Hepatitis B, influenza and "SARS."


For further  information  please refer to the Company's  filings with the SEC on
EDGAR or refer to Sinovac's website at http://www.sinovac.com/.
                                       -----------------------


Contact:  Graham  Taylor  at  (888)  888  8312 or  (604)  684-5990  or  email to
info@sinovac.com.
- ----------------




THIS NEWS RELEASE MAY INCLUDE  FORWARD-LOOKING  STATEMENTS WITHIN THE MEANING OF
SECTION 27A OF THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED, AND SECTION
21E OF THE UNITED STATES  SECURITIES AND EXCHANGE ACT OF 1934, AS AMENDED,  WITH
RESPECT  TO  ACHIEVING  CORPORATE  OBJECTIVES,   DEVELOPING  ADDITIONAL  PROJECT
INTERESTS,   SINOVAC'S   ANALYSIS  OF   OPPORTUNITIES  IN  THE  ACQUISITION  AND
DEVELOPMENT  OF VARIOUS  PROJECT  INTERESTS  AND CERTAIN  OTHER  MATTERS.  THESE
STATEMENTS  ARE MADE UNDER THE "SAFE  HARBOR"  PROVISIONS  OF THE UNITED  STATES
PRIVATE  SECURITIES  LITIGATION  REFORM  ACT  OF  1995  AND  INVOLVE  RISKS  AND
UNCERTAINTIES  WHICH COULD CAUSE ACTUAL RESULTS TO DIFFER  MATERIALLY FROM THOSE
IN THE FORWARD-LOOKING  STATEMENTS CONTAINED HEREIN. THIS NEWS RELEASE SHALL NOT
CONSTITUTE  AN OFFER TO SELL OR THE  SOLICITATION  OF AN OFFER TO BUY NOR  SHALL
THERE BE ANY SALE OF THESE  SECURITIES IN ANY  JURISDICTION IN WHICH SUCH OFFER,
SOLICITATION OR SALE WOULD BE UNLAWFUL PRIOR TO  REGISTRATION  OR  QUALIFICATION
UNDER THE SECURITIES LAWS OF ANY SUCH JURISDICTION.





</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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