Sinovac Comments on SEC Findings Against Jiaqiang "Chiang" Li and 1Globe Capital

May 18, 2020

Sinovac Biotech Ltd. (NASDAQ:SVA) (“Sinovac” or the “Company”), a leading provider of biopharmaceutical products in China, announced that the United States Securities and Exchange Commission (“SEC”) charged activist investor, Jiaqiang "Chiang" Li and his firm 1Globe Capital LLC (“1Globe”) based on their failure to disclose the full amount of Sinovac shares they beneficially owned and their participation in an activist plan to replace the majority of Sinovac’s Board of Directors. In the SEC order, the agency found that Li and 1Globe violated United States federal securities laws and SEC rules requiring individuals or entities whose total ownership of a company’s stock exceeds certain thresholds to disclose their ownership, intention to acquire additional shares, and plans regarding changes in company management or control. Li and 1Globe agreed to the entry of the SEC’s order without admitting or denying the SEC’s findings of violations and agreed to pay civil penalties totaling $290,000.

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