- SAIF Partners, Sinovac's largest investor, pushes for board change to enhance shareholder value.
- Sinovac’s Special Meeting of Shareholders is imminent, urging votes for SAIF's candidates.
- The current board is criticized for poor governance and lack of financial accountability.
SAIF Partners, the largest single investor in Sinovac Biotech Ltd. (SVA, Financial), has intensified its campaign urging shareholders to vote for a new slate of directors at the upcoming Special Meeting of Shareholders. SAIF, which holds approximately 15% of Sinovac's outstanding common shares, emphasizes the urgent need for board reform to restore credibility and unlock long-term value for all shareholders.
The Special Meeting, scheduled for July 8, 2025, at 8:00 p.m. Atlantic Standard Time (July 9, 2025, at 8:00 a.m. China Standard Time), is a pivotal moment for stakeholders. SAIF Partners is advocating for the use of the GOLD proxy card to support its ten director nominees, emphasizing the necessity to end what it describes as years of mismanagement by the current board.
In its appeal, SAIF Partners highlights several critical concerns about the existing board's performance. These include a chronic failure to engage constructively with management, a lack of sound financial reasoning behind proposed dividend figures, and the failure to appoint a new independent auditor after the resignation of the previous firm in April. Furthermore, SAIF criticizes the board's governance practices, which it sees as a ploy to secure shareholder support without the capability to deliver.
SAIF Partners believes that meaningful change is essential not only to resolve ongoing legal challenges but also to lift the six-year suspension of Sinovac's common shares from public trading. The firm argues that its nominees are equipped to collaborate effectively with management to deliver the overdue dividends and establish a long-term strategy tailored to maximize shareholder value.
For shareholders who wish to participate in the vote, SAIF Partners advises checking proxyvoting.com/SVA/documents for detailed instructions and encourages them to exercise their voting rights promptly using the GOLD proxy card.
