<SEC-DOCUMENT>0001104659-25-041640.txt : 20250430
<SEC-HEADER>0001104659-25-041640.hdr.sgml : 20250430
<ACCEPTANCE-DATETIME>20250430060150
ACCESSION NUMBER:		0001104659-25-041640
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20250430
FILED AS OF DATE:		20250430
DATE AS OF CHANGE:		20250430

FILER:

	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:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-32371
		FILM NUMBER:		25890633

	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
</SEC-HEADER>
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<TYPE>6-K
<SEQUENCE>1
<FILENAME>tm2513485d1_6k.htm
<DESCRIPTION>FORM 6-K
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>WASHINGTON, DC 20549</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>FORM&nbsp;6-K</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>REPORT OF FOREIGN PRIVATE ISSUER</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>PURSUANT TO RULE 13a-16 OR 15d-16 UNDER</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>THE SECURITIES EXCHANGE ACT OF 1934</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
the month of </FONT>April&nbsp;2025</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Commission
File Number: 00</FONT>1-32371</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">SINOVAC BIOTECH LTD.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">No.&nbsp;39
</FONT>Shangdi Xi Rd, Haidian District</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Beijing 100085, People&rsquo;s Republic of China</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Address of principal executive offices)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Indicate by check mark whether the registrant files or will file annual
reports under cover of Form&nbsp;20-F or Form&nbsp;40-F:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Form&nbsp;20-F&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-family: Wingdings; font-size: 10pt">&#120;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;
Form&nbsp;40-F&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-family: Wingdings">&#168;</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">SIGNATURE</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SINOVAC BIOTECH LTD.</FONT></TD></TR>
  <TR>
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 43%">&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>
    <P STYLE="border-bottom: black 0.25pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">/s/ Chiang Li</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dr. Chiang Li</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chairman of the Board of Directors</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Date:
April&nbsp;30</FONT>, 2025</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Exhibit&nbsp;Index</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<TD STYLE="width: 10%; text-align: left"><A HREF="tm2513485d1_ex99-1.htm">Exhibit 99.1</A></TD><TD STYLE="text-align: justify; width: 90%"><A HREF="tm2513485d1_ex99-1.htm">Press Release &ndash; SINOVAC Announces Record and Distribution
Dates for Special Cash Dividend</A></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 10%; text-align: left"><A HREF="tm2513485d1_ex99-2.htm">Exhibit 99.2</A></TD><TD STYLE="text-align: left; width: 90%"><A HREF="tm2513485d1_ex99-2.htm">Press Release &ndash; SINOVAC Board Issues Letter to Shareholders
to Set the Record Straight on the Hostile Actions and False Claims by Vivo Capital</A></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>tm2513485d1_ex99-1.htm
<DESCRIPTION>EXHIBIT 99.1
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="text-align: right; margin: 0"><B>Exhibit 99.1</B></P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SINOVAC Announces Record and Distribution Dates
for Special Cash Dividend</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">BEIJING &ndash; Sinovac Biotech Ltd. (NASDAQ: SVA) (&ldquo;<B>SINOVAC</B>&rdquo;
or the &ldquo;<B>Company</B>&rdquo;), a leading provider of biopharmaceutical products in China, today announced that a special dividend
of US$55.00 per common share, as previously announced on April&nbsp;1, 2025, will be paid in cash to valid holders of SINOVAC&rsquo;s
common shares as of the close of business on May&nbsp;23, 2025, ET. Such cash dividend is expected to be paid on or about July&nbsp;9,
2025.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>About SINOVAC</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sinovac Biotech Ltd. (SINOVAC) is a China-based biopharmaceutical company
that focuses on the R&amp;D, manufacturing, and commercialization of vaccines that protect against human infectious diseases.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SINOVAC&rsquo;s product portfolio includes vaccines against COVID-19,
enterovirus 71 (EV71) infected hand-foot-mouth disease (HFMD), hepatitis A, varicella, influenza, poliomyelitis, pneumococcal disease,&nbsp;etc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The COVID-19 vaccine, CoronaVac<SUP>&reg;</SUP>, has been approved
for use in more than 60 countries and regions worldwide. The hepatitis A vaccine, Healive<SUP>&reg;</SUP>, passed WHO prequalification
requirements in 2017. The EV71 vaccine,&nbsp;Inlive<SUP>&reg;</SUP>, is an innovative vaccine under &ldquo;Category 1 Preventative Biological
Products&rdquo; and commercialized in China in 2016. In 2022, SINOVAC&rsquo;s Sabin-strain inactivated polio vaccine (sIPV) and varicella
vaccine were prequalified by the WHO.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SINOVAC was the first company to be granted approval for its H1N1 influenza
vaccine Panflu.1<SUP>&reg;</SUP>, which has supplied the Chinese government's vaccination campaign and stockpiling program. The Company
is also the only supplier of the H5N1 pandemic influenza vaccine, Panflu<SUP>&reg;</SUP>, to the Chinese government stockpiling program.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SINOVAC continually dedicates itself to new vaccine R&amp;D, with more
combination vaccine products in its pipeline, and constantly explores global market opportunities. SINOVAC plans to conduct more extensive
and in-depth trade and cooperation with additional countries, and business and industry organizations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">For more information, please visit the Company&rsquo;s website at<FONT STYLE="color: #444444">&nbsp;</FONT><U>www.sinovac.com</U><FONT STYLE="color: #444444">.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Safe Harbor Statement</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">This announcement contains forward-looking statements within the meaning
of Section&nbsp;21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform
Act of 1995. These forward-looking statements can be identified by terminology such as &ldquo;may,&rdquo; &ldquo;will,&rdquo; &ldquo;expect,&rdquo;
 &ldquo;anticipate,&rdquo; &ldquo;aim,&rdquo; &ldquo;estimate,&rdquo; &ldquo;intend,&rdquo; &ldquo;plan,&rdquo; &ldquo;believe,&rdquo;
 &ldquo;potential,&rdquo; &ldquo;continue,&rdquo; &ldquo;is/are likely to&rdquo; or other similar expressions. Such statements are based
upon the Company&rsquo;s current expectations and current market and operating conditions and relate to events that involve known or unknown
risks, uncertainties and other factors, including without limitation risks, uncertainties and factors related to the timing and implementation
of the special dividend, all of which are difficult to predict and many of which are beyond the Company&rsquo;s control, which may cause
the Company&rsquo;s actual results, performance or achievements to differ materially from those in the forward-looking statements. Further
information regarding these and other risks, uncertainties or factors is included in the Company&rsquo;s filings with the U.S. Securities
and Exchange Commission. The Company does not undertake any obligation to update any forward-looking statement as a result of new information,
future events or otherwise, except as required under law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Contacts</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sinovac Biotech Ltd.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Helen Yang</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Tel: +86-10-8279 9779</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Email:&nbsp;<U>ir@sinovac.com</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<TYPE>EX-99.2
<SEQUENCE>3
<FILENAME>tm2513485d1_ex99-2.htm
<DESCRIPTION>EXHIBIT 99.2
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<P STYLE="text-align: right; margin: 0"><B>Exhibit 99.2</B></P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><B>SINOVAC Board Issues Letter to Shareholders
to Set the Record Straight on the Hostile Actions and False Claims by Vivo Capital</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">April&nbsp;29, 2025 - BEIJING &ndash; Sinovac Biotech Ltd. (NASDAQ:
SVA) (&ldquo;<B>SINOVAC</B>&rdquo; or the &ldquo;<B>Company</B>&rdquo;), a leading provider of biopharmaceutical products in China, today
announced that its board of directors (the &ldquo;<B>Board</B>&rdquo;) issued a public letter to shareholders in response to hostile actions
and false claims by Vivo Capital and certain other parties (the &ldquo;Vivo group&rdquo;) against the legitimate and lawful actions of
the Board.</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">Dear Shareholders,</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-size: 10pt">We are writing to set the
record straight in response to the Vivo group&rsquo;s recent press releases, lawsuits and other actions against SINOVAC and the Board,
particularly those related to the <U>Board&rsquo;s decision to declare a cash dividend</U> 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&rsquo;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&rsquo;s hostile actions has been to &ldquo;double-dip&rdquo; and receive even
more dividends by claiming to be shareholders of SINOVAC, a claim that goes against court rulings<SUP>1</SUP>.</FONT></P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">Events leading up to this moment and precipitated by the
Vivo group have followed a lengthy and complex chronology, which are summarized in the Addendum to this letter.</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left">As you know, our shares have been
halted from trading on NASDAQ since February&nbsp;22, 2019. Despite the trading halt, the Company continued to operate and generate
billions of dollars in profits without distributing any dividends to SINOVAC common shareholders. <FONT STYLE="font-size: 10pt">Also
during this period, a number of unauthorized transactions and actions took place that primarily benefited the Vivo group, detailed
below and in the Addendum. The Vivo group-controlled former board directly caused the NASDAQ trading halt, trapping your investment
in our shares during the Covid-19 pandemic and ensuing years. The Board considers the special cash dividend to be an initial,
corrective step in returning an appropriate share of distributions to the Company&rsquo;s common shareholders, to address the </FONT>inequities
of the past, from which the Vivo group has benefited for many years at your expense.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><SUP>1</SUP></FONT> The Vivo group purportedly
became SINOVAC shareholders in July&nbsp;2018 upon a private investment in public equity (&ldquo;PIPE&rdquo; or the &ldquo;PIPE Investment&rdquo;)
transaction approved by the former board five months after they ceded office at the 2018 AGM. Per the Privy Council Judgment, they had
no authority to do so. The new Board has retained law firms to conduct a review of certain actions taken by the Vivo group-controlled
former Board, including the PIPE Investment.</P>

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<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">As you also know, on February&nbsp;28, 2025, we <U>announced</U> that
the rightfully elected Board was reconstituted and is actively governing the Company. This followed a <U>judgment</U> on January&nbsp;16,
2025 (the &ldquo;Judgment&rdquo;) and an order issued on February&nbsp;5, 2025 (the &ldquo;Order&rdquo;) by the Judicial Committee of
the Privy Council (the &ldquo;Privy Council&rdquo;) &ndash; the final court of appeal for UK overseas territories and the Crown dependencies
which was made up of five UK Supreme Court justices &ndash; which handed 1Globe Capital (&ldquo;1Globe&rdquo;), SINOVAC&rsquo;s largest
minority shareholder, a victory on all grounds, determining:</P>

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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">o</FONT></TD><TD STYLE="text-align: left">The slate of nominees proposed by certain minority shareholders and voted for by 1Globe Capital at the Company&rsquo;s 2018 Annual
General Meeting (the &ldquo;AGM&rdquo;) were validly elected as directors of the Company.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">o</FONT></TD><TD STYLE="text-align: left">The former Board ceded office on February&nbsp;6, 2018 following the AGM. In the Privy Council&rsquo;s own words, &ldquo;The New Directors
were therefore validly appointed and the Incumbent Directors have been <B><U>imposters</U></B> ever since&rdquo;.</TD></TR></TABLE>

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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">o</FONT></TD><TD>The poison pill adopted by former directors is void.</TD>
</TR></TABLE>

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<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In its Judgment, the Privy Council recognized that, notwithstanding
the possibility that some of the Board members validly elected at the 2018 AGM may no longer be willing or able to serve in their director
capacity seven years later, the new Board is the only lawful Board of the Company. Based on the Judgment and Order, the new Board was
reconstituted, adding new members to replace those who resigned, in accordance with Antiguan law. The Board is now led by a group of directors
who are recognized and respected industry leaders with diverse backgrounds in healthcare, science, and finance.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Rather than accept the final, non-appealable Privy Council Judgment
and Order, Vivo Capital has been blatantly interfering with the activation of the new Board and trying to undermine the Judgment and Order.
The Vivo-controlled former Board similarly refused to accept their defeat at the 2018 AGM. Instead, they chose to launch lawsuits against
a large number of SINOVAC shareholders who voted against them at the 2018 AGM. 1Globe used its own resources over the past seven years
to defend against the poison pill (which unfairly targeted the shareholders who voted against the former Board) and ask the Antiguan court
to settle the dispute regarding the Board election. Seven years later, Vivo Capital is at it again, trying to undermine the Privy Council&rsquo;s
Judgment and Order by launching lawsuits against the Board that put the Company back in litigation. The Board has offered to engage with
them to discuss their concerns, but the Vivo group has thus far refused to engage.</P>

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<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Vivo Capital has also erroneously claimed that the Company&rsquo;s
former auditor, Grant Thornton Zhitong Certified Public Accountants LLP (&ldquo;Grant Thornton&rdquo;), who resigned on April&nbsp;15,
2025, did so because of the new Board precipitating a corporate governance crisis in 2025. This is untrue and conflates the invalid actions
of the Vivo-group-controlled former board, with appropriate actions taken and proposed to be taken in 2025 by the new Board, which are
in the best interests of SINOVAC&rsquo;s rightful shareholders. Grant Thornton made it clear to the new Board that it had resigned because
it could not rely on the former board&rsquo;s representations about the Company&rsquo;s financials in 2021, 2022, and 2023. In connection
with its abrupt resignation, Grant Thornton also disclosed to the management and the Board that a material weakness and a significant
deficiency in the Company&rsquo;s internal control over financial reporting existed as of December&nbsp;31, 2023, none of which were disclosed
to the Company after its audit of the Company&rsquo;s financial statements for the year ended December&nbsp;31, 2023.</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">These deficiencies occurred on the watch of the Vivo-controlled former
board, who were excoriated in the Judgment, and are in no way related to the work of the new Board. We have recently added a qualified
audit committee financial expert to our board to achieve NASDAQ compliance. Despite threats of interference from Vivo Capital, the new
Board is focused on fulfilling its fiduciary duty with an unwavering commitment to correct the corporate governance issues of the past
and formulate long-term growth strategies for the Company. The Board has responded to NASDAQ&rsquo;s questions and requests for information,
with a view toward the continued listing of the Company&rsquo;s shares, the resumption of trading on NASDAQ, and the implementation of
the announced special cash dividend plan. The Board expects to communicate further business updates in due course.</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We intend to set a record date and payment date for the US$55.00 special
cash dividend as soon as practicable. In addition, the Board intends to set aside funds for the special cash dividend for the private
investment in public equity (the &ldquo;PIPE&rdquo;) shares. Vivo Capital started the lawsuit regarding the PIPE. The Board has no choice
but to fulfill its fiduciary duty to you and the Company by pursuing the proper legal proceeding which is expected to conclude with the
cancellation of the PIPE shares, at which point SINOVAC shareholders would be entitled to receive an additional US$11.00 per common share
special cash dividend.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>In summary:</B></P>

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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: left"><B>We urge shareholders not to be misled by the Vivo group&rsquo;s
attempts to relitigate an unappealable verdict by the Privy Council, rewrite history, and paint a fictitious picture of the last few
years&rsquo; events, while simultaneously attempting to line their own pockets at your expense.</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: left"><B>It is our fiduciary duty to vigorously defend against
the hostile actions and lawsuits by the Vivo group so that we may ensure fairness for all shareholders, restore integrity and trust,
and position SINOVAC for the future.</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: left"><B>We are confident we will prevail, and we want to emphasize
that we are urgently working to make things right as soon as possible to mitigate against further chaos and litigation, after what we
have all endured over the last seven years.</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We thank you for your continued support and confidence as we move forward
together.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sincerely,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Board of Directors</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sinovac Biotech Ltd.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><B><U>ADDENDUM: Chronology of The Vivo Group&rsquo;s Actions</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in; text-align: left">o</TD><TD STYLE="text-align: left"><B>2016-17: </B>Vivo Capital led efforts to convince the SINOVAC
management team and other investors to privatize SINOVAC at below the market price. The Vivo group&rsquo;s bid for the Company sparked
competing offers and a battle for control of the Company with another competing buyout group.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in; text-align: left">o</TD><TD STYLE="text-align: left"><B>March&nbsp;2018: </B>After the Company&rsquo;s February&nbsp;6,
2018 AGM in which the slate of directors put forward by minority shareholders won the election, the Vivo group-controlled former board
did not accept the result and used the Company&rsquo;s money to launch litigation and to use the poison pill to dilute shareholders who
had voted against them. Note that one of those was SINOVAC&rsquo;s single largest shareholder (still a minority shareholder), 1Globe
Capital, who used its own resources over the past seven years to defend against the poison pill (which unfairly targeted the shareholders
who voted against the former Board) and asked the Antiguan court to settle the AGM election dispute.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in; text-align: left">o</TD><TD><B>July&nbsp;2018</B>: Recognizing their attempted privatization
was unlikely to pass a shareholder vote, the Vivo group-controlled former board announced the cancellation of the privatization plan
and issued 11.8 million common shares to the Vivo group through the PIPE Investment at below market price on the very same day. This
is how the Vivo group purportedly became SINOVAC shareholders -in a transaction approved by the former board after they were voted out
and had no authority to act on behalf of the Company. As the Judgment has detailed, they were &ldquo;<B><U>imposters</U></B>.&rdquo;
Moreover, contrary to the Vivo group&rsquo;s claims, SINOVAC was profitable and was not in need of the cash infusion from the PIPE Investment.
Rather, the PIPE Investment was carried out primarily to ensure additional share support for the Vivo group-controlled former board while
causing about 20% dilution of existing SINOVAC shareholders.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">In connection with the PIPE Investment, the former board
purportedly appointed Mr.&nbsp;Shan Fu, Managing Partner of Vivo Capital, as a director. Mr.&nbsp;Fu&rsquo;s appointment to the former
board was invalid for two reasons: it violates Antiguan law since there was no vacancy on the board and, even if there was a vacancy on
the board, the Judgment makes clear that the former board did not have the authority to fill such a vacancy. Following Mr.&nbsp;Fu&rsquo;s
appointment, the Vivo group-controlled former board determined the invalid poison pill had been triggered and improperly issued highly
dilutive exchange shares, resulting in the NASDAQ trading halt on February&nbsp;22, 2019.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in; text-align: left">o</TD><TD STYLE="text-align: left"><B>2020: </B>In the midst of the COVID-19 pandemic and the NASDAQ
trading halt, the Vivo group proceeded to carry out a scheme to line their own pockets, at the expense of all valid shareholders of SINOVAC.
In May&nbsp;2020, they invested merely US$15 million in convertible debt for a then 15% stake in our wholly owned subsidiary, Sinovac
Life Sciences Co. Ltd. (&ldquo;SLS&rdquo;) &ndash; the operating entity primarily responsible for the CoronaVac&reg; vaccine. The company
did not need this US$15 million convertible debt. To demonstrate how egregiously unfair to other shareholders this action was, six months
later another investor paid US$500 million for an equivalent 15% stake.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in; text-align: left">o</TD><TD STYLE="text-align: left"><B>2021-2024: </B>Over the subsequent years, the Vivo group received
over US$800 million in dividends from SLS. SINOVAC &ndash; the majority shareholder of SLS &ndash; and its shareholders received zero
payment since the former Board did not distribute SINOVAC&rsquo;s pro rata share of such cash dividends to SINOVAC shareholders. At every
turn, the Vivo group has prioritized their own enrichment at the expense of SINOVAC and its rightful shareholders.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in; text-align: left">o</TD><TD STYLE="text-align: left"><B>2025: </B>Vivo Capital is taking legal action to attempt to
stop the Board from paying SINOVAC shareholders the corrective special cash dividend of US$55.00 per common share announced in April&nbsp;2025,
unless it is paid to them as well. Vivo Capital filed a complaint in the Supreme Court of the State of New York seeking, among others,
to validate shares it received through the PIPE Investment and enjoin distributing the dividend to SINOVAC shareholders. This is concerning
for two reasons: it clearly demonstrates that Vivo Capital is attempting to prevent valid shareholders of SINOVAC &ndash; who have had
their investment in the Company frozen for six years because of the invalid poison pill adopted by the Vivo group-controlled former board,
which resulted in the NASDAQ trading halt &ndash; from reaping the benefit of the April&nbsp;2025 corrective special cash dividend. And
it represents an obvious attempt by the Vivo group to &ldquo;double-dip&rdquo; by receiving a portion of the corrective special cash
dividend in addition to the over US$800 million in dividends from SLS it has already pocketed.</TD>
</TR></TABLE>

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