- SINOVAC Biotech Ltd. (SVA, Financial) successfully defends against Advantech/Prime’s lawsuit in Hong Kong.
- The court decision supports the distribution of a US$55.00 per share special dividend.
- Legal costs incurred by SINOVAC will be compensated by Advantech/Prime.
The Board of Directors of SINOVAC Biotech Ltd. (SVA), a leading provider of biopharmaceutical products in China, announced a recent legal victory in Hong Kong. The court denied Advantech/Prime Success's petition for interim relief, supporting the Board's decision to pay a special cash dividend of US$55.00 per common share to its shareholders around July 7, 2025.
This decision comes after a similar failed legal attempt by Advantech/Prime in New York. The Hong Kong High Court criticized Advantech/Prime for failing to provide full and frank disclosure in their application and noted that the urgency of their injunction request was self-induced. Additionally, Advantech/Prime was ordered to cover the legal costs incurred by SINOVAC, 1Globe Capital LLC, and OrbiMed Partners Master Fund Limited.
SINOVAC's Board remains committed to protecting shareholder interests, advocating for stable and fair dividend payments, and advancing the company's growth and strategic goals. Investors are encouraged to support SINOVAC's current Board in the upcoming proxy vote.
