<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.





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