Sinovac Receives Full Payment for Heping Wang's Obligations

2007-07-30

Sinovac Receives Full Payment for Heping Wang's Obligations
Friday July 27, 8:00 am ET

BEIJING, July 27 /Xinhua-PRNewswire/ -- Sinovac Biotech Ltd. (Amex: SVA - News), a China-based vaccine company, announced today that it has received full payment of Heping Wang's outstanding obligations to Sinovac. In connection with the repayment, Sinovac has agreed to the release from escrow 1.5 million Sinovac shares pledged by Mr. Wang as collateral for his obligations.

As previously disclosed in Sinovac's annual report on Form 20-F, Heping Wang, a former director, owed Sinovac outstanding obligations in the amount of approximately RMB7.7 million. This amount related to Mr. Wang's agreement to assume and indemnify certain loan obligations of Tangshan Yian Biological Engineering Co., Ltd. in connection with Sinovac's acquisition from Mr. Wang in January 2004 of the 100% equity interest in Tangshan Yian. Because the above arrangement could potentially violate the provisions of the Sarbanes- Oxley Act against the extension or maintenance of credit to directors, Sinovac demanded full repayment by Heping Wang in June 2006. After much effort at collection, Sinovac finally received full repayment.

About Sinovac

Sinovac Biotech Ltd. is a China-based biopharmaceutical company that focuses on the research, development, manufacture and commercialization of vaccines that protect against human infectious diseases. Sinovac's vaccines include Healive (hepatitis A), Bilive (combined hepatitis A and B) and Anflu (influenza). Sinovac is currently developing human vaccines against the H5N1 strain of pandemic influenza, Japanese encephalitis and SARS. Additional information about Sinovac is available on its website, http://www.sinovac.com . To be added to our distribution list, please email: info@sinovac.com.

For more information, please contact:

Helen G. Yang

Sinovac Biotech Ltd.

Tel: +86-10-82890088 x871

Fax: +86-10-62966910

Email: info@sinovac.com

Investors/Media:

Stephanie Carrington/Janine McCargo

The Ruth Group

Tel: +1-646-536-7017 /7033

Email: scarrington@theruthgroup.com

jmccargo@theruthgroup.com

About SINOVAC

Sinovac Biotech Ltd. (SINOVAC) is a China-based biopharmaceutical company that focuses on the research, development, manufacturing, and commercialization of vaccines that protect against human infectious diseases.

SINOVAC's product portfolio includes vaccines against COVID-19, enterovirus 71 (EV71) infected Hand-Foot-Mouth disease (HFMD), hepatitis A and B, seasonal influenza, pneumococcal disease, H5N1 pandemic influenza (avian flu), H1N1 influenza (swine flu), varicella, mumps, and poliomyelitis.

SINOVAC's COVID-19 vaccine, CoronaVac®, has been approved for use in more than 60 countries and regions worldwide. The Healive®, a hepatitis A vaccine manufactured by the Company, passed the assessment under WHO prequalification procedures in 2017. The EV71 vaccine, Inlive®, is an innovative vaccine, that was commercialized in China in 2016. In 2022, SINOVAC's Sabin-strain inactivated polio vaccine (sIPV) was prequalified by WHO.

SINOVAC was the first company that granted approval for its H1N1 influenza vaccine Panflu.1®, which has supplied to the Chinese Government's vaccination campaign and stockpiling program. The Company is also the only supplier of the H5N1 pandemic influenza vaccine, Panflu®, to the Chinese government stockpiling program.

SINOVAC has been continually dedicating itself to new vaccine research and development, with more combination vaccine products in the pipeline, and constantly exploring opportunities in the international market. SINOVAC looks forward to conducting more extensive and in-depth trade and cooperation with more countries, enterprises, and professional institutions.

For more information, please see the Company’s website at www.sinovac.com.

Contacts

Sinovac Biotech Ltd.

Helen Yang

+86-10-8279-9871 or

+86-10-5693-1897

Fax: +86-10-6296-6910

ir@sinovac.com

ICR Inc.

Bill Zima

U.S.: 1-646-308-1707

william.zima@icrinc.com