Press release
SINOVAC Board of Directors Prevails Against Advantech/Prime’s Lawsuit in Hong Kong
Hong Kong Court denies Advantech/Prime’s petition for Interim Relief Clears another legal hurdle for distribution of the US$55.00 per common share special
About this update from Sinovac Biotech, Ltd.
[{"type":"text","content":"\nHong Kong Court denies Advantech/Prime’s petition for Interim Relief\n\n\nClears another legal hurdle for distribution of the US$55.00 per common share special cash dividend declared by the current SINOVAC Board to be paid on or about July 7, 2025\n\n\n BEIJING--(BUSINESS WIRE)--\nThe Board of Directors of SINOVAC Biotech Ltd. (NASDAQ: SVA) (“SINOVAC” or the “Company”), a leading provider of biopharmaceutical products in China, today announced it has prevailed against the latest lawsuit filed by Advantech/Prime Success (“Advantech/Prime”) in Hong Kong. This result follows Advantech/Prime’s recently failed petition in New York last week, which was a repeated attempt by the purported PIPE Investors to block or delay a hearing for interim relief sought by the Company et al at the Antiguan High Court and to interfere with the payment of the US$55.00 per common share special cash dividend to valid shareholders of the Company as declared by the current SINOVAC Board.\n\n\nOn June 24, Advantech/Prime delivered via email an ex parte Summons to SINOVAC, 1Globe Capital LLC (“1Globe”) and OrbiMed Partners Master Fund Limited (“OrbiMed”) for an “interim-interim” injunction application (the “Application”). Vivo Capital also sought to join the Application on June 26. After the emergent hearing at the High Court of Hong Kong on June 27, the court refused to grant any of the relief sought in the Summons. Among other things, the judge also criticized Advantech/Prime for:\n\n\n\nFailing to comply with the duty of full and frank disclosure in the Application; and\n\n\n\nThe alleged urgency of the Application being self-induced by Advantech/Prime.\n\n\n\nThe court also ordered that legal costs incurred in the Application by SINOVAC, 1Globe and OrbiMed be compensated by Advantech/Prime, with quantum to be assessed.\n\n\nAdvantech/Prime’s continued multi-jurisdictional lawfare is intended to interfere with rightful dividend payments to SINOVAC’s valid shareholders and distract from its long history of self-serving schemes. These schemes include:\n\n\n\nPrivatization attempt at a below-market price in 2016;\n\n\n\nInvalid PIPE transaction at a below-market price in 2018, which materially diluted SINOVAC shareholders and was made at a time when the Company did not need the capital;\n\n\n\nUS$7.5 million debt investment into Sinovac Life Sciences Co.,...