- SAIF Partners, the largest investor in Sinovac Biotech Ltd. (SVA, Financial), calls for shareholders to vote for their director nominees to unlock shareholder value.
- The current Sinovac Board has not prioritized resuming trading or paying dividends, prompting action from SAIF Partners.
- Shareholders are urged to vote the GOLD proxy card at the upcoming special meeting on July 8, 2025.
SAIF Partners IV L.P., the most significant individual investor in Sinovac Biotech Ltd. (SVA), holding about 15% of outstanding common shares, has issued an open letter to Sinovac shareholders. The letter criticizes the current board's failure to prioritize shareholder interests, particularly in resuming stock trading and distributing dividends, amid a six-year trading halt.
The letter emphasizes that the current board's composition largely includes directors not duly elected by shareholders nor sanctioned by the Privy Council. Consequently, these directors have not effectively guided Sinovac or engaged well with the management team. SAIF Partners asserts that they have nominated ten proficient candidates who are dedicated to achieving the full value of shareholders' investments, which has been neglected in recent years.
SAIF Partners has asked Sinovac shareholders to cast their votes for their nominees using the GOLD proxy card in the special meeting scheduled for July 8, 2025. They underscore the need for new leadership to address crucial priorities like declaring additional dividends, resuming common share trading, and resolving shareholder disputes.
Sinovac holds approximately $10.3 billion in cash, and if trading were to resume, shares could be valued significantly higher than the current halted price of $6.47 per share. SAIF Partners advocates for an effective board that can ensure the distribution of dividends and provide liquidity for shareholders, urging investors not to engage with the company’s white card proxy.
