On September 14, Sinovac BiotechSinovac Biotech Co., Ltd. (hereinafter referred to as " Sinovac Biotech " or "the Company") issued a shareholder inquiry transfer plan.The shareholder of the pre-IPO shareholder inquiry transfer (hereinafter referred to as "this inquiry transfer") is Shenzhen Keyi Pharmaceutical Holdings Co., Ltd. (hereinafter referred to as "Keyi Pharmaceutical" or "the transferor"); the total number of shares to be transferred by the transferor is 10,062,800 shares, accounting for 5.00% of the company's total share capital; this inquiry transfer is a non-public transfer, not conducted through centralized bidding or block trading, and does not belong to a reduction in holdings through the secondary market. The transferee shall not transfer the shares acquired through the inquiry transfer within 6 months after the acquisition. It is worth noting that Keyi Pharmaceutical has recently reduced its holdings of Sinovac Biotech shares through centralized bidding and block trading.Cashing out. The company's net profit in the first half of the year increased by 576% year-on-year, and it is planning a Hong Kong IPO and issuing 800 million yuan in science and technology innovation bonds, among other capital moves. This intensive share reduction by shareholders may attract market attention.

The announcement disclosed that the transferor, Keyi Pharmaceutical, holds over 5% of the company's shares, making it the company's controlling shareholder. Keyi Pharmaceutical is controlled by Deng Xueqin, the company's actual controller and chairman.

Keyi Pharmaceuticals entrusted China International Capital Corporation Limited (hereinafter referred to as “ CICC”)”) organized and implemented this inquiry transfer. As of September 12, 2025, the transferor held 119,751,430 shares of the company, accounting for 59.50% of the shares.

The number of shares to be transferred in this inquiry is 10,062,800 shares, accounting for 5.00% of the total share capital. The reason for the transfer is the needs of its own business development.

CICC believes that the transferor meets the conditions for participating in the inquiry-based transfer of Sinovac Biotech shares.

It is worth noting that in recent months, Keyi Pharmaceutical has reduced its holdings of Sinovac Biotech shares through centralized bidding and block trading .

On the evening of July 9, Sinovac Biotech announced that the change in shareholders' equity had reached 1%, the completion of the share reduction plan, and the results of the share reduction. The announcement stated that on June 5, 2025, the company listed on the Shanghai Stock Exchange.The exchange website published a "Shareholder Share Reduction Plan Announcement." The company's controlling shareholder, Shenzhen Keyi Pharmaceutical Holdings Co., Ltd. (hereinafter referred to as "Keyi Pharmaceutical"), plans to reduce its holdings of the company's shares by no more than 5,989,200 shares, or no more than 3.00% of the company's total share capital, through centralized bidding and block trading.

On July 9, 2025, the Company received a "Notice of Shareholding Reduction Results and Equity Change Reaching the 1% Mark" from Keyi Pharmaceuticals. From June 26, 2025, to July 9, 2025, Keyi Pharmaceuticals reduced its holdings of the Company's shares by 5,989,200 shares, representing 3.00% of the Company's total share capital, through centralized bidding and block trading. The price range for the reduction was RMB 32.84 to RMB 48.37 per share, for a total of RMB 220,985,146.98. This share reduction plan has been completed.

On July 31, Sinovac Biotech announced that its shareholder Keyi Pharmaceutical plans to reduce its holdings by 6,037,717 shares through inquiry transfer, accounting for 3.00% of the company's total share capital and 4.80% of its shareholding ratio.

It is worth mentioning that Sinovac Biotech has been active in the capital market recently.

On the evening of August 15, Sinovac Biotech announced that in order to actively respond to the national policy on scientific and technological innovation, increase investment in scientific and technological innovation, and further broaden financing channels and optimize debt structure, the company's board of directors agreed that the company would apply to the Bank of China for aThe Interbank Market Dealers Association shall apply for registration to issue science and technology innovation bonds with a maximum amount of no more than RMB 800 million (including RMB 800 million).

Sinovac Biotech stated that if the technology innovation bonds are successfully issued, it will help the company further broaden its financing channels, effectively improve its cash flow, enhance its liquidity management capabilities, and provide medium- and long-term financial support for its core business activities such as new drug research and development and overseas commercialization.

On the evening of August 22, Sinovac Biotech released several announcements. The two most significant were: the company's planned IPO in Hong Kong and its release of its 2025 semi-annual report, which showed impressive performance.

Regarding the planned IPO in Hong Kong, the announcement stated that in order to deepen the company's "innovation + internationalization" strategic layout, accelerate the development of overseas business, further enhance the company's overall competitiveness and international brand image, and at the same time make full use of the resources and mechanism advantages of the international capital market, optimize the capital structure, and broaden diversified financing channels, the company is planning to issue overseas listed shares (H shares) and list them on the Hong Kong Stock Exchange Limited.

In terms of performance, in the first half of 2025, the company achieved total operating revenue of 700 million yuan, a year-on-year decrease of 7.82%; net profit attributable to shareholders of the parent was 80.3445 million yuan, a year-on-year increase of 576.45%; non-net profit was 45.2791 million yuan, a year-on-year increase of 110.30%; net cash flow generated by operating activities was 29.7981 million yuan, compared with -34.0292 million yuan in the same period last year; during the reporting period, the basic earnings per share of Sinovac Biotech was 0.41 yuan.

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