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 global biopharmaceutical company headquartered in China. Guided by its mission to “Supply Vaccines to Eliminate Human Diseases,” the Company is dedicated to the research, development, manufacturing and supply of vaccines and related biological products, providing vaccine products and related solutions for disease prevention and control worldwide.

SINOVAC has a diversified vaccine portfolio across multiple disease areas, including influenza, viral hepatitis, varicella, hand, foot and mouth disease (HFMD), poliomyelitis, rabies, tetanus, and pneumococcal disease. Three of SINOVAC's vaccines have been prequalified by the World Health Organization: the inactivated hepatitis A vaccine Healive®, the Sabin-strain inactivated poliomyelitis vaccine (sIPV), and the live attenuated varicella vaccine.

SINOVAC has extensive experience in vaccine research, development and commercialization for emerging infectious diseases and public health emergencies. The Company initiated vaccine R&D in response to major public health threats, including SARS, H5N1, H1N1, and COVID-19, and developed the world's first inactivated SARS vaccine (with Phase I clinical trials completed), China's first inactivated pandemic influenza vaccine against H5N1 (Panflu®), the world's first H1N1 influenza vaccine (Panflu.1®), and CoronaVac®, the world's most widely used inactivated COVID-19 vaccine. Beyond its marketed portfolio, SINOVAC continues to advance its R&D pipeline, spanning combination vaccines, recombinant protein vaccines, mRNA technologies, antibody-based products, and other next-generation technologies and product platforms, while expanding its capabilities in disease prevention and biopharmaceuticals.

With a long-standing commitment to innovation and global health, SINOVAC continues to deepen collaboration with research institutions, international organizations, and local partners while expanding its global presence. Through technological collaboration, localized production, and industrial partnerships, the Company aims to improve access to high-quality vaccines across regions, better address local disease prevention and healthcare needs, and strengthen preparedness for future public health challenges.

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