<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>3
<FILENAME>sinovacexh99_1.txt
<DESCRIPTION>SINOVAC BIOTECH 6K, PRESS RELEASE, 11.22.04
<TEXT>


EXHIBIT 99.1
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                              SINOVAC BIOTECH LTD.
                              --------------------
           RELEASES FINANCIAL STATEMENTS FOR FIRST SIX MONTHS OF 2004
           ----------------------------------------------------------
                        - SHOWING SALES INCREASE OF 110%
                        --------------------------------

BEIJING,  November 22, 2004 - Sinovac Biotech Ltd.  ("Sinovac")  ("the Company")
(NASD OTC-BB:  SNVBF) has released financial statements for the first six months
of 2004 in a Form 6-K filing with the SEC on 12th  November  2004, in support of
its AMEX listing  application.  The updated  financial  statements cover Company
business  activities  to the  end of  June  2004,  during  which  Sinovac  sales
increased by 110% over the first six months of 2003.


Full Sinovac Financial Statements are Available Online
------------------------------------------------------

Sinovac  management  encourages  investors  to view this most  recent  financial
statement  filing.  Please  refer to the SEC  website at  www.sec.gov,  click on
                                                          -----------
"Search for Company  Filings",  then click on "Companies & Other  Filers",  then
input  "Sinovac" in the  "Company  Name" box, and then click on the filing "Form
6-K" dated 12th November 2004. You may also contact Sinovac  Investor  Relations
at  info@sinovac.com  to request a copy of the Sinovac financial report by email
    ----------------
or mail.

This filing contains many details of Sinovac's financial statements and business
plan.  The  second  half of the  filing is a  Management  Discussion  & Analysis
section  which details such aspects as (I)  Sinovac's  vaccine  products and the
global and Chinese  markets for these  products;  (II)  Company  objectives  and
vaccine  approvals and trials;  (III)  Summary and history of Sinovac's  vaccine
development,  R&D and production facilities,  and management; and (IV) Operating
results  detailing  sales,  expenses,  cash flow and liquidity and  management's
sales forecast for the second half of 2004.


Financial Statements  Management  Discussion & Analysis Summary (all figures are
--------------------------------------------------------------------------------
in US dollars)
--------------

Vaccines and Markets
--------------------

The global vaccine market in 2001 was valued at $ 5.4 billion and is forecast to
reach $17 billion by 2010 (Datamonitor). Issues of quality and cost have created
a shortage of effective,  affordable  vaccines to prevent hepatitis A, hepatitis
B, and influenza.  The undersupply of influenza vaccines is acute, especially in
China,  with an estimated annual shortfall of some 15 to 20 million doses.  With
an aging population and a growing  health-conscious middle class, the demand for
influenza vaccines is growing as much as 30% per year in China.

Sinovac has three  vaccines  that have  completed  all three  phases of clinical
trials - Hepatitis  A,  Hepatitis  A&B  combined,  and  influenza  ("flu").  The
Hepatitis A vaccine,  Healive(TM), is currently experiencing strong sales growth
in China and  applications  have been filed for its sale in nine other countries
to date.  Sinovac's Hepatitis A&B combined vaccine,  Bilive(TM),  is expected to
receive  SFDA  approval to commence  sales in China soon and to achieve  similar
sales growth to Healive(TM).  The flu vaccine completed clinical trials in April
2004 and a New Drug  Application  has been  filed with the SFDA  (Chinese  FDA).
Approval of Sinovac's flu vaccine is expected in 2005 upon completion of the flu
vaccine  manufacturing  facilities.  Since demand for a safe and  effective  flu
vaccine in China  greatly  outstrips  supply,  sales are  expected  to  escalate
rapidly.  Furthermore,  since  individuals are vaccinated  against the flu on an
annual basis, demand is expected to remain high every year.

Sinovac is currently the only company to have  commenced  clinical  trials for a
vaccine to prevent SARS. The Company has also started  development for a vaccine
targeting avian flu.



<PAGE>






During  the  first  half  of  2004,  the  Company  generated  sales  revenue  of
$2.29million, exceeding the first half of 2003 sales by 110%, or $1.2million. In
addition to favorable  economic  factors,  the Company  attributes  this revenue
growth to its strong sales network and  increasing  recognition of the Company's
accomplishments as a world-class biotechnology firm.


Objectives
----------

The  Company's  immediate  objective  is to  increase  sales of its  inactivated
hepatitis A vaccine,  HealiveTM,  in the Chinese market and to develop  overseas
markets for this  product.  Management  anticipates  that  BiliveTM  vaccine for
hepatitis A&B and flu vaccine will commence sales in 2005.

The Company further expects to complete the Phase I clinical trial and reporting
for its  proprietary  SARS vaccine by next spring.  The level of the neutralized
antibody in the blood serum of each volunteer is being tested.  An evaluation of
the  safety  profile  and  immunogenicity  effect  of the  vaccine  will also be
released.  If the  vaccine  receives  SFDA  approval  for  Phase I, then it will
proceed into Phase II clinical  trials. A second phase of clinical testing would
include more participants from a wider demographic range.

If Sinovac  can obtain the  necessary  financing,  then the  Company  intends to
construct  a  second  split-flu  vaccine   production  line  with  much  greater
production capacity than the facilities  currently being built.  Sinovac is also
looking for and  evaluating  synergistic  acquisition  targets both in China and
internationally that could dramatically  increase corporate revenue and leverage
such  acquisitions'  existing  market  share  to  allow  faster  penetration  of
Sinovac's current vaccines.


R&D and Production Facilities
-----------------------------

Sinovac's corporate headquarters and primary research and development facilities
are located in the Beijing University Biological Industry Park at a 4,113 square
meter, state-of-the-art plant. The Company's new flu production line is situated
in a 2,600  square-meter  facility,  being  built to global  Good  Manufacturing
Practice  (GMP)  standards  and is expected to have a  production  capacity of 2
million doses of flu vaccine per year.  All of Sinovac's  facilities  conform to
the world health authorities'  recommended  bio-safety standards and the primary
manufacturing  plant has been  certified as meeting the GMP standard of both the
China   State   Pharmaceutical   Administration   and  the  US  Food   and  Drug
Administration.


Operating Results
-----------------

Sales
-----

Sales revenue is  attributed to HealiveTM,  the only product of the Company that
is currently  available in the market.  The sales of this product increased from
$1,090,856 for the first half of 2003 to $2,291,558 of the corresponding  period
of this year,  equivalent to a 110%  increase.  The Company  expects to commence
sales of its hepatitis A&B combine  vaccine,  HealiveTM,  and its flu vaccine in
2005.

Gross Profit
------------

Gross profit margin  remains high at 66.75% in the first half of 2004,  which is
approximately equal to 67.24% for the corresponding period of 2003.




<PAGE>






Research & Development Expenses
-------------------------------

Research and development  expenses are very low since Sinovac's first 3 vaccines
have completed all three phases of clinical trials: Healive(TM), Bilive(TM), and
flu  vaccine.  R & D expenses  for the first six months of 2004  increased  from
$18,099 to $137,158.  This increase in research  expenses was related to the flu
vaccine.  Research  expenses  on the SARS  vaccine  are  financed  by a  Chinese
government grant and have been netted against the grant received by the Company.
For the six months ended June 30, 2004,  the Chinese  government  grant received
was $1,639,879.


Cash Resources and Liquidity
----------------------------

As of June 30,  2004,  the Company had  approximately  $3,018,654  in cash and a
positive working capital position of approximately $3,630,907.


Assets and Shareholders' Equity
-------------------------------

As at 30 June 2004, Sinovac had total assets of $23,077,634 including $9,051,124
in current assets and $9,339,088 in property, plant and equipment. Total paid-in
capital was $14,351,944. Total shareholders' equity was $10,789,806.


Sales forecast for the second half of 2004
------------------------------------------

Sales in each of the first six  months  of 2004 have been  higher  than the same
month in 2003. The Company expects that the seasonal fluctuations characteristic
of Chinese vaccine sales - with dramatic  increases  toward year end - will hold
true and  result in sales  increasing  to $6 to 8  million  for the full year of
2004.  Sales in December  2003 alone  increased by about three times the monthly
average for 2003.

The Chinese Center of Disease  Control is the main purchaser and  distributor of
vaccines in China.  It  purchases a large  inventory  of vaccines for the coming
year in  December  or  January  immediately  prior to  Chinese  New Year.  Thus,
typically,  sales in the month or two immediately  prior to Chinese New Year are
usually  much  higher.  In 2005,  Chinese  New Year starts at the  beginning  of
February lasting for two weeks.

A more  detailed  explanation  of the  seasonality  of vaccine sales in China is
available in the MD&A section of the financial statements.


Expiry date of warrants extended to February 28, 2005
-----------------------------------------------------

Sinovac  announces  that it has  authorized  the extension of the expiry date of
warrants  issued in the private  placement  offering closed on February 24, 2004
and the  associated  finder's  fee  warrants  issued  on  March  19,  2004  (the
"Warrants").

These  Warrants,  set to expire on November  14, 2004,  are now  extended  until
February 28, 2005.  The Company has also  increased  the exercise  price of such
Warrants by $0.05 every month  starting on November  15,  2004,  for an exercise
price of $1.55 on November  15,  2004,  $1.60 on  December  15,  2004,  $1.65 on
January 15, 2005 and $1.70 on February 15, 2005.  Sinovac  decided to extend the
expiry date of the Warrants in order to raise additional capital for the Company
from the holders of such  Warrants  and to increase  the  exercise  price of the
Warrants to encourage the earlier exercise of such Warrants. It is expected that



<PAGE>






if these Warrants are fully  exercised,  $6 to 7 million will be raised.  One of
the  primary  uses  of  these  funds  will  be the  construction  of the new flu
production facilities.


SARS Media Article
------------------

In a recent CNN article,  representatives of world health authorities have again
warned recently that the world should prepare for a recurrence of SARS, but that
an epidemic is unlikely as China is now better prepared:
http://edition.cnn.com/2004/WORLD/asiapcf/11/15/china.sars.repeat.reut/
-----------------------------------------------------------------------
index.html
----------


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, "SARS", and avian flu. Sinovac is one of
the leading  emerging  biotechnology  companies in China.  Working  closely with
Chinese public health officials,  Sinovac focuses on manufacturing and marketing
human-use  vaccines and related products,  and currently markets its vaccine for
hepatitis A. Sinovac is the first and currently the only company in the world to
have commenced clinical trials for a vaccine to prevent SARS.

Management invites  shareholders and interested parties to email media articles,
or indeed  any  information  that  relates  to  Sinovac,  its  vaccines  and the
respective viruses that each one treats, to info@sinovac.com. Articles that have
                                            ----------------
already been published will be added to a media library on the Sinovac  web-site
which is currently being  re-designed,  and new articles that are received on an
ongoing basis will be posted regularly.

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

If you would like to receive  regular  updates on Sinovac please send your email
request to info@sinovac.com.
           ----------------


Contact:   Investor   Relations   at  (888)  888  8312  or  (604)   684-5990  or
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.



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